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Property Tax return - carrying losses from previous years
Hi all, I've been letting out my former home for 4 years after moving to another part of the country for work purposes. In previous years I didn't bother to complete a tax return simply because I was not making any profit (actually small losses year on year). However, due to the recent interest rate reductions, I will have…
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Explain My Payslip
I'm a full time student and have recently started my first part time job. On my first payslip it has the following: NI Cat. - A Tax Code - B Can someone explain to me what tax code B is? I'm earning under £110 a week. This month's pay I've made around £330 but have been taxed £65. Is this correct? I thought you don't get…
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Returning to work after illness
I'm starting a new job after being ill for a few years. My main concern is that I never claimed any benefits, I lived at my parents and needed little money, I also took a few contributions from friends. Will I have to explain this to hmrc after filling in a P46? I also did a little work from home and never declared myself…
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CGT on share sales under new section 104 holding
Hoping there are some tax experts out there that can help me with a CGT query on selling shares under the new regulations. I'll start with a simple example, which is my understanding from help sheet hs284 where you buy and sell shares in the same company over a period of time. start by building the section 104 holding - in…
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PhD Stipend + Tax Question...
Hi, I'm a PhD student and my annual stipend amounts to approximately 15k, the actual funding I should recieve is about 18k, but my supervisor has held back the extra money as a bonus - which I am now due to recieve. I have also been doing some extra teaching work which will amount to around 1k by the end of this tax year.…
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inheritance tax
Hello everbody,im hoping someone may be able to help me. My wife and i are to named in a will and i will be the main beneficiary. The properties and assets of the will writer are off a considerable sum and she is trying to help out as best she can to keep the inheritance tax as low as possible.She has suggested that i…
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Will picking up a 2nd job change the tax code of my main job?
Hi, Please help me with an advice. I am pondering over taking a 2nd (weekend) job; but I am not sure how/if this would affect the taxation of my main job. The details: My main job: 37 hours a week £21,650 p.a. Tax code 603L monthly net wage £1,375 My planned 2nd job: 7 hours a week £6.5 p.h. Tax code ??? weekly net wage…
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K tax code
I'll explain this as best as I can. My husband has been working overseas. Last year he saw an accountant and claimed back tax (due to double taxation?) He was due £12000 (not exact figures as I don't have papers to hand). Over £5000 was deducted for tax before he got it back - he got back just over £7000. In August, just…
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Tax office question
Hey all I am writing to the taxman to reclaim tax which has been overpaid for last 9 months on a BR1 code in 2 different jobs. I have all the bits of paper (P60, P45's etc) but where do I write to? Is it my local office? i.e. Swansea, or the one local to my current employer? Thanks in advance x
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Council Tax...student life over
Once student life is over (council tax exempt) and life begins...lol....is council tax only payable in "whole" months or part therof? Scenario: at the moment renting room in a flat with shared amenities as a student, (exempt) if last exam ends 11th June, are you only liable for part of that months council tax...when does…
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Capital Gains Tax - Former Primary Residence
I wonder if anyone has experience or knowledge of my situation: I owned a flat as my primary residence from May 2000 until October 2005 ie. just over three years ago. I still own the property however in October 2005 I bought another property which has been my primary residence since that time. The flat has been let ever…
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P11D Benefit in Kind - tax code query
Hi, I got my P11D statement since taking a base rate staff mortgage which gives a figure of £1946 for the last year. Will the Tax Office reduce my tax code automatically by this amount? I got a statement last year for around £300 but my code did not change. Anyone else have one of these? Thanks, David
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Council Tax exemptions on vacant new build property
Hi All I work for a small developer in the Leeds area and we are currently in the procecss of building out our development and therefore have a number of vacant new build properties, which we are currently marketting. Leeds City Council explained that we were eligible for a 6 month council tax exemption period on each…
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Tax Rebate on Private Pension
My Dad has recently taken early retirement and so has decided to draw his private pension. However, when he started received his pension he found that he had a tax code of BR and he was paying full tax on it when in fact he shouldn't have been paying any. This was because HMRC didn't receive his P45 until after his pension…
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Gift of money
If I was to gift my son £25k and died within the next seven years would he be liable to pay income tax on this amount if i'm below the threshold level for IHT?
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How to regularise my tax situation?
In brief: - Dec 2002: Got made redundant. - Mid 2003 to End 2003: Took unemployment benefit for 6 months, then stopped signing on. Lied on application form that I had less savings-plus-redundancy money than I had. A dumb move. - 2003 to 2005. Lived off of savings and redundancy money. - 2005 to 2009: Self-employed. Started…
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Capital gains tax when selling property
Hi I have been trying to find a simple explanation of what the position is in the following scenario. I own my current house (called property A) bought a few years ago and it has gone up in value. I will now sell this and am buying another cheaper place (called property B) to live in. However, I need to buy the other…
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5% VAT on home improvements?
Hi all. First time poster! :D I'm about to start a major renovation on a house we've just bought. The work we're looking to do is going to cost around £50,000 (loft conversion, extension, kitchen, bathroom etc) and we're not at present living in the property. One of the builders mentioned that another one of his clients is…
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deed of variation
My dad passed away a couple of weeks ago and he was a regular on MSE forums.. The will gives everything to my mum but she wants it to go to me, not for tax reasons because his estate was worth <310k but for conveinence. like a lot of people on this site he has 30 accounts because he moved money when the rates changed (or…
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Rental Income - Cost of compulsory registration allowable against Income Tax?
As a family, we have inherited a few scruffy fields via two sisters of my grand mother's generation. These fields are let out on a protected tenancy so we are just by-standers. Traditionally the British accumulation of capital was achieved by leaving land to the eldest son. My great grandfather in 18-something failed to…