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Where Taxpayers and Advisers Meet

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by D&C
Thu Aug 10, 2017 10:22 pm
Forum: Income Tax
Topic: Tax back
Replies: 1
Views: 1361

Re: Tax back

Gut feeling is you probably owe a chunk of tax rather than being owed anything back but as you have only provided details of one income source and two tax paid figures it's pretty difficult to know for sure. Actually scrub that, it's impossible to say. It isn't even clear if either tax figure is fro...
by D&C
Tue Jul 11, 2017 5:27 pm
Forum: Property Taxation
Topic: Tax Liability whilst making a loss
Replies: 1
Views: 579

Re: Tax Liability whilst making a loss

You may wish to take professional advice. Is the property yours or joint? At one point you refer to renting "our" joint property then later on you refer to "my" monthly mortgage charge. Also, you cannot claim a "monthly mortgage charge" as an expense. You may be able to claim loan interest (or a sha...
by D&C
Mon Jul 10, 2017 9:57 pm
Forum: HMRC Administration, Practices & Methods
Topic: Anyone Else Experienced HMRC Snaffling 2015/16 Overpayments for SECOND 2016/17 Payment on Account?
Replies: 4
Views: 2620

Re: Anyone Else Experienced HMRC Snaffling 2015/16 Overpayments for SECOND 2016/17 Payment on Account?

Lambs, Haven't you explained this in your own post. There is an overpayment from 2015:16 which was used to clear the first payment on account for 2016:17. Any additional balance has sat on the clients statement of account for the past few months and is now being used, within the 45 day window you re...
by D&C
Sat Jun 24, 2017 12:31 pm
Forum: Income Tax
Topic: Income tax and dividend calculation for 2016/17
Replies: 3
Views: 2009

Re: Income tax and dividend calculation for 2016/17

They might look correct from the income details provided but what about the op's self employment income which isn't mentioned when he moves into his earnings? Was there a loss which could be offset, or has a profit been forgotten or was there no profit/no loss?? Or is the op confused and isn't actua...
by D&C
Sat Jun 24, 2017 12:26 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Best offer
Replies: 1
Views: 705

Re: Best offer

Are either you or you spouse in your 80's? If not you cannot claim the Married Couples Allowance and your salary will almost certainly preclude your spouse making a successful application for Marriage Allowance. The allowance (salary in all but name) will give you a lower taxable income (£58000) tha...
by D&C
Sat Jun 03, 2017 10:36 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Do you know why my Tax Code has changed?
Replies: 1
Views: 777

Re: Do you know why my Tax Code has changed?

Only HMRC can really say but you might start by looking at your 'Personal Tax Account's on gov.uk. This should show you what information HMRC have for you and also what details your employer has sent into them. There is no need to wait until July, simply phone HMRC (or try web chat if they have it?)...
by D&C
Sat Jun 03, 2017 10:21 pm
Forum: Income Tax
Topic: Tax reclaim for previous year earning, but paid in this financial year
Replies: 2
Views: 1631

Re: Tax reclaim for previous year earning, but paid in this financial year

No, I can't think of anyway you can do this, principally because there is no tax due for 2015:16 tax year, the payment being made in 2016:17 is what matters.

How much did you earn in 2016:17 (including the money you are referring to as march-16 salary)?
by D&C
Sat Jun 03, 2017 10:13 pm
Forum: Business Tax
Topic: Does this look right?
Replies: 2
Views: 1150

Re: Does this look right?

Not really sure exactly what you're asking as you are mixing up company and personal tax details. If the tax year you are considering is 2016:17 then are the company accounts which end during the 2017:18 tax year relevant? Secondly the tax amount relating to the dividends is completely wrong. You, o...
by D&C
Sun Apr 30, 2017 5:01 pm
Forum: Income Tax
Topic: child benefit/marriage allowance and self employed tax return
Replies: 1
Views: 1670

Re: child benefit/marriage allowance and self employed tax return

Child Benefit isn't based on either turnover or profit but adjusted net income - see gov.uk explanation at https://www.gov.uk/guidance/adjusted-net-income You seem to be getting your tax years mixed up as far as Marriage Allowance is concerned, also income isn't a factor for this it's whether you ar...
by D&C
Thu Dec 22, 2016 10:16 pm
Forum: Income Tax
Topic: Maximise annual SIPP drawdown without paying tax
Replies: 5
Views: 1796

Re: Maximise annual SIPP drawdown without paying tax

If by £1000 tax free interest allowance you are referring to the Personal Savings Allowance then on the figures you've quoted you won't actually be entitled to it. Your taxable income would still be £12000 as all interest remains taxable (unless ISA etc) But on your particular £12000 income you woul...

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