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  • Previous years' interest eligible for relief on qualifying loans in this year's SA filing

    Hi there, I wonder if it is allowed to claim previous years' interest eligible for relief on qualifying loans in this year's SA filing. In my case, it is the interest payable from a partnership loan to meet the capital contribution demand from the partnership. I just realised I forgot to claim the relief for past 2 years. Should I write to amend previous SA to factor in this relief or I can just add the previous 2 years' total interest payable to this year's SA? Guidance HS340 does not specify what to do in this scenario. Thanks!
  • Interest & fee from partner capital loan

    i have been in a partnership and due to the change of business outlook, i was asked to make a significant contribution to the partnership's capital. I did not have funds available to contribute. In the end I managed to apply for a partnership capital loan using my house as a collateral. i have two questions, 1) where should I put down the interest from the partnership capital loan on SA form? 2) due to the complex nature of the loan, there is a consulting fee associated with the loan charged by the bank for their consultancy/advisory work. Is this allowed to be booked an expense too? It appears the manual only mentions interest from the capital loan can be booked as a valid expense. thanks for your help.
  • Option Proceeds tax already as PAYE

    Hi there, I am self-employed in a partnership and has no other income. last FY i had £5000 proceeds from exercising options, which was treated as income (which I understand) but the partnership taxed it via PAYE (£2700 income tax) before it returned the balance (£2300) to me. Should I put this transaction under "other UK income not included on supplementary pages" and put £5000 as "other taxable income" and £2700 under "any tax taken off"? Thanks.
  • RE: how to increase the prepayment of the tax

    Thanks for your reply. forgive me if I am asking a naive question but I can only see the option of "Reduce payments on account" online. where could I amend the payment on account upwards? Thanks.
  • how to increase the prepayment of the tax

    In Jan this year, i lowered the HRMC's estimate of the coming year's tax bill to reflect the business condition. The financial year turned out to be better than expected (thanks to the business condition recovering in March) thus higher tax bill than my estimate back in Jan. I wonder how i can increase the prepayment to reflect the actual tax bill so that i don't need to pay interest on the difference between the actual tax bill and my estimated tax bill back in Jan. thanks.