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How much tax will I pay on my state pension lump sum?
Please note: that State Pension Lump sums are only available to persons that reached state retirement age before 6/4/16 Your state pension lump sum is taxed at the highest rate charged on other income received in the year. For example, if the highest rate of tax you pay is 20%, you'll pay 20%...
rating 26 Sep, 2019 Views: 16417
What's the deadline for my self-assessment tax return?
For the tax year ending 5 April 2018, the deadlines for self-assessment tax returns are: 31 October 2018 – paper. 30 December 2018 – online if you owe less than £3,000 and want it collected through next year's tax code. 31 January 2019 – online. If you miss the deadline you'll be...
rating 22 Nov, 2018 Views: 16372
"Can't open this file. There's a problem with the file format" when trying to print preview in TaxCalc using Windows 8/8.1
You might get the following error message instead of a pdf preview window when printing from TaxCalc using Windows 8 or 8.1: Can't Open this file. There's a problem with the file format This could be caused by one of two issues: Adobe Reader isn't installed. Adobe Reader isn't the latest...
rating 28 Oct, 2015 Views: 15253
Who is considered a connected persons in Capital Gains?
In Capital Gains, a connected person is: your husband or wife or civil partner (but see the notes on page CGN 5 of HMRC's Capital Gains Summary Notes on transfers of assets between husbands and wives and civil partners) your brothers and sisters, and your spouse’s or civil partner’s...
rating 18 Mar, 2016 Views: 14500
How do I make a claim for Enterprise Investment Scheme disposal relief?
You can make a claim for Enterprise Investment Scheme disposal relief in SimpleStep mode: Go to the Capital Gains section. Go to the Asset Details screen and enter the details. Tick the box Tick box if you are claiming Entrepreneur's Relief or any other reliefs or elections for this asset...
rating 04 Aug, 2020 Views: 12786
Claiming Marriage Allowance
Making a Claim What to do if you cannot claim When trying to check my status or eligibility, a response of invalid or taxpayer not found is given Making a Claim For 2019/20 the Marriage Allowance lets you transfer £1,250 of your personal allowance to your spouse or civil partner, in order to...
rating 24 Mar, 2020 Views: 12705
Where do I enter interest received from payment protection insurance (PPI)?
To declare interest received from payment protection insurance (PPI), go to the Any Other UK interest section of the tax return. SimpleStep mode Go to Other income > Savings and investments > Any other UK interest. Enter the relevant information in the boxes. HMRC Forms mode Go to...
rating 05 Nov, 2020 Views: 12522
What's the difference between personal allowance and Class 4 NIC rates?
Your Class 4 National Insurance contributions (NIC) for any tax year are based on your profits for that year. For 2019 - 20 you pay: 9% on annual profits between £8,632 and £50,000 2% on any profit over £50,000 You pay additional contributions on the difference between your personal...
rating 28 Jul, 2020 Views: 12148
When will TaxCalc 2021 be available?
TaxCalc 2021 will be available in late March 2021. We'll let you know when you can update your software and this will depend on which type of customer you are. In all cases, you will not be able to file your return until after 6 April 2021. This will cover the year for 6 April 2020 to 5 April...
rating 08 Jan, 2021 Views: 11329
Can I file a paper return using TaxCalc?
If you want to file a paper return, you can print your return using TaxCalc and then send this by post. PLEASE NOTE: When you print the return, you must ensure that you print the return in greyscale or colour. Black and white returns will be rejected. The paper return deadline is 31 October 2020...
rating 24 Mar, 2020 Views: 11276
How do I increase/decrease my payments on account towards the following tax year?
You can't increase payments on account towards the following tax year – you can only reduce them. You can choose to pay more on account, but HMRC will only ask for the payment on account calculated in your statement. To reduce payments on account, please follow the below instructions: HMRC...
rating 20 Feb, 2020 Views: 11172
Where do I enter Jobseekers Allowance on the return?
To enter Jobseekers Allowance, go to the Jobseekers Allowance screen in SimpleStep or HMRC Forms. SimpleStep mode Select Pension income and benefits from the left-hand menu. Tick the box Jobseekers Allowance. Click Next Step to go to the Jobseekers Allowance screen. HMRC Forms mode ...
rating 20 Feb, 2020 Views: 10267
How do I offset furnished holiday letting losses against other income?
You can no longer offset furnished holiday letting losses against other income. This change came into effect from the tax year ending 5 April 2012. You can only offset furnished holiday letting losses against future profits from the same property. For further information read 'What you can do...
rating 22 Sep, 2017 Views: 9935
How do I limit the rate of Class 4 NIC charged to 2%?
You can reduce Class 4 NIC liability so that the excess earnings are charged at 2% if one of the following is true: You pay Class 1 NIC on employment income. You pay Class 2 NIC at the weekly flat rate. The amount of Class 4 NIC chargeable at 9% would exceed the limiting amount. To reduce...
rating 03 Nov, 2017 Views: 8573
How to use HMRC Self assessment APIs for practice
What are APIs? HMRC have provided a method of obtaining information relevant to the completion of a Tax Return called Application Program Interfaces or APIs. This is the first part of their overall Digital transformation project known as Making Tax Digital. Not a practice? The following...
rating 19 Mar, 2020 Views: 8281

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