Omega Owners Forum

Please login or register.

Login with username, password and session length
Advanced search  

News:

Please check the Forum Guidelines at the top of the Newbie section

Pages: 1 [2]  All   Go Down

Author Topic: INLAND REVENUE.....  (Read 1918 times)

0 Members and 1 Guest are viewing this topic.

Allenm

  • Senior Member
  • ****
  • Offline Offline
  • Gender: Male
  • Milton Keynes
  • Posts: 644
    • View Profile
Re: INLAND REVENUE.....
« Reply #15 on: 21 July 2009, 15:04:38 »

Quote
I think Mike was saying his tax code had gone down, 'reduced' was the word he used. So he would be paying more tax.

That is what I am questioning, if it has, then a new tax has been slipped into the system without anyone spotting it
Logged

HolyCount

  • Guest
Re: INLAND REVENUE.....
« Reply #16 on: 21 July 2009, 17:48:10 »

AFAIK up to 40p per mile is considered non taxable expenses -- could be wrong of course.

As for STMO's assertion that only over 100k taxpayers need to fill out SA forms -- the key word in the qoute he used was NEED .... over 100k you need to fill in a form -- under that and you can still be required to fill in a form -- I think HMRC send them out on a rota basis to Higher rate PAYE bods.

Basically they can make you fill out a form whenever they choose.

Anyway -- back on topic -- if your expenses are 40p per mile or less -- question their move.
Logged

MikeDundee

  • Omega Lord
  • *****
  • Offline Offline
  • Gender: Male
  • Costa Del Peckham
  • Posts: 9370
    • View Profile
Re: INLAND REVENUE.....
« Reply #17 on: 21 July 2009, 19:37:09 »

They have reduced my tax code by the exact amount I received last year on my first claim for rather years e.g.,
personal allowance: 6475
taxable expenses: -74
a tax free amount of: 6401

so previous tax code of 647L is replaced by 640L >:(

So assuming I claim 400 in mileage this year, I assume next year my tax code will change to 600L :-/ >:(

My firm pays 60.01 pence per mile due to the engine size (highest rate paid)   
Logged

Allenm

  • Senior Member
  • ****
  • Offline Offline
  • Gender: Male
  • Milton Keynes
  • Posts: 644
    • View Profile
Re: INLAND REVENUE.....
« Reply #18 on: 22 July 2009, 09:29:35 »

Quote
They have reduced my tax code by the exact amount I received last year on my first claim for rather years e.g.,
personal allowance: 6475
taxable expenses: -74
a tax free amount of: 6401

so previous tax code of 647L is replaced by 640L >:(

So assuming I claim 400 in mileage this year, I assume next year my tax code will change to 600L :-/ >:(

My firm pays 60.01 pence per mile due to the engine size (highest rate paid)   

So presumably you did 369 miles last year at 60.1p per mile. (20.1p x 369 = £74 rounded).  The maximum you can claim mileage for is 40ppm for the first 10,000 miles and 26ppm thereafter.

So if you do 400 miles next year your tax code should change to 639.
Logged
Pages: 1 [2]  All   Go Up
 

Page created in 0.01 seconds with 17 queries.