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Building house on agricultural land - tax implications?
My mum was left agricultural land from my grandad in his will. My dad currently uses it for grazing animals. My mum is going to give me some of the land, as a site to build a house on. What are the tax implications of that? Is it different because its agricultural land? Should we go to an accountant or a lawyer for advice?
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Renting out our house, what to do re tax
My wife and are lucky in the fact that we are mortgage free on our current house. We are in the process of moving to a new property soon and are going to rent out our current house when we move out. In order to help us my parents have bought half of our current house, they will be getting half of the rent. I work full time…
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Tax on bonus
My mum is receiving a bonus of 2k for December only. She earns 29k per year so she is not taxed upper limit. Since the 2k will be added to her monthly wage, will the bonus be taxed more because it goes into the upper tax limit? Can she claim any of the tax back ? Thanks!
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Are these capital allowances?
Hi i know that things like vans, cars, toolos etc are capital allowances but are these: ( i run a pet sitting business) * baby gate *new phone:p *leads/ harnesses for dogs *waterproof boots, clothing etc or is it just more expensive items?? Also where do i record these in my general records. do i put them in with all the…
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Help pls with CGT calculation
Hi All, I wonder if anyone could assist us please. I am trying to calculate how much CGT myself and my wife need to pay if we sell a rented house that we own. We purchased this house in 1996 for £82K and lived in it until 2001. It was valued at the time we left it around £200K. We have a mortgage on the house now of £160k…
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Friendly Society tax free life policies
My friendly society life assurance policy/bond of 10 years standing is coming to an end. I think you can invest /pay premiums of up to £270 a year, and theoretically get tax free gains. Which are the best qualifying friendly society products on offer now? Should Martin do an article on this topic?
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Capital Gains and selling to yourself
Just wondering whether there is any way to sell property to yourself in order to avoid capital gains tax. Story is we have a house that we have lived in for a long time, and its current value is well above what it was when we bought (even after the crash!) If we sell the house now we wont have to pay any capital gains tax.…
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One Man Ltd Company
Hello, I present work in the Oil industry and have started up my one man LTD Company. I have an Accountant who advises me what I need to pay for tax,ni etc. Presently I pay myself and my wife a small wage and the rest in taken as dividend payments. Every quarter I pay PAYE and NI for both of us as well every quarter I pay…
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Probate IHT205 and Joint Accounts
Hi, I'm trying to fill in the Inheritance Tax form IHT205 as part of my Dad's Probate submission and I don't understand how to handle cash in joint accounts. I know that everything will pass to my Mum without any IHT although: This link says that the executor can ignore cash in joint acounts:…
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offshore gilt fund - how do i bring it onshore
hi have just come into an offshore usd class gilt fund (lloyds) . i don't really think i need it offshore and am thinking of paying off mortgage with it - but can't really see any clear idea of how to go about this and pitfalls of bringing it onshore . Are there things i need to be aware of ie tax / exchange rates - ?…
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Tax
If I am on tax code br for my normal job and quit my cleaning job that's is only 3 hours a week will my tax code return to normal? Thanks for any help.
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Help me understand gifts
Hi there, I read direct.gov.uk and hmrc.gov.uk but I'm none the wiser on gifts. From what I understand, any gift to you is tax free but if the person gifting dies within 7 years, you must pay inheritance tax on it. As I'm not originally from the UK, I just want to make sure that gifts themselves are not taxed in any shape…
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Advice: Tax Underpayment
Hi, Im a regular poster here recently and i am very careful with money but something has gone amiss. Not sure if you can advise further on this, i put it in the debt forums already. The story is i got my first job, which was my university placement (miles away down in london) and outside of tax on bank interest this has…
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On single persons Council Tax rate..but partner is moving in,advice pls?
Hello, I have lived in my flat for a couple of years on my own paying the Single Persons Council tax rate (25% discount I think). My boyfriend is now moving his stuff into the flat and living here permanently, so obviously i need to contact the council and stop paying the discount rate. Can I just confirm that I need to do…
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council tax girlfrind moved in??
My girlfriend just moved in with me a few weeks ago i own my house etc but as we want to move to oz together we have to start adding both our names to stuff to get the 12 months relationship thing to allow her to come with me. I have never really looked into this but was told i could add her to my council tax which is one…
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£100 fuel limit allowance for self employed??
hi is it true that you can only claim a maximum of £100 fuel allowance if you are self employed? ive been reading all the posts on here and my other half actually said this, so im not sure if its true. I currently spend around £120 on fuel and its growing, so am a little worried that i shouldnt be putting them all in the…
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Tax deduction for professional membership fees?
Am I correct in thinking that I can deduct tax for professional membership fees? Or am I talking rubbish?? I belong to four learned societies as part of my job, and pay the membership fees (£50-100 each) out of my own pocket. Can I deduct this from my income tax bill? If so how? My income tax is deducted by my employer - I…
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How Long ?
How far back do you need to keep records of rent earned and money paid in and out ....I sold a house 6 years ago and made a small profit...i have now recived a letter from the taxman with tax return from 2003/2004 ..the problem is i have nothing as i have moved a few times since and lost all the paperwork...i can still get…
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Holiday Letting Tax Advice please.
Quite a few years ago I started selling Dvds on Ebay. Although I didn’t make much profit I did end up with a high feedback rating. I stopped this a few years ago because the retailers I was buying from were selling the Dvds themselves on Ebay so I could no longer compete. I only sell on Ebay very occasionally now and not…
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inheritance tax help
Hi I have a friend who inherited a property from a family member 10 years ago,he has rented the property out for 10 years has never lived in it himself. My question is since it was purchased origionally in 1988 for about 40000 and is now worth approx 230000 how much inheritance tax would he have to pay if he was to sell…