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Demand from Taxman - Very worried!
Hi folks, I won't bore you with the full story, so here are the bullet points. I was self employed for 3 years up until Jan '08. I had an accountant who submitted my accounts to the taxman in year 1. Year 2 and 3 I submitted the tax returns (late) and incurred the £100 fines which were paid. For the 07/08 year I have…
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Been on BRM1 tax rate for 3months, now had to leave job, how and what rebate do i get
Hi i started getting paid for my employment from mid June onwards. Was put on BRM1 rate though, so been paying roughly 35% of my income out in tax and NI ect... I was last week forced to resign/have my probabtion ended, however will be getting about £1,000 more i get paid on 10th working day after month ended, so around…
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Corporation Tax Vs. Dividend payments
I'm so confused! lol What is the relationship between corporation tax and a dividend payment? Corporation Tax is the tax on your companys net profits and a dividend is paid before or after the corporation tax? Coporation Tax is 21% Dividend is 10% ? and sth about a tax credit? I am just trying to figure out how I am…
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what is taxable
I Ive opened a drop shop using ebay and my home to sell peoples unwanted small items of furniture and other items, I need to know how I would go on about the tax. The items Ive sold at the minute are mine or donated from family members that were throwing them away or giving them to charity. Ive used the money to pay for…
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Will we be liable to CGT?
Hi Before I raise the question with the Tax office, I’m wondering if anyone can advise? OH & I have lived in rented accommodation supplied by OH’s employer (Council) for over 13 years, and the rent we pay is the same as council house tenants pay. He’s a groundsman and our house is adjacent to the bowling greens he works…
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Reclaiming 14 years tax
Hi there everyone, We've recentely just found out that my Mum has been on the wrong NI number aswell as the BR tax code for her widow's pension for the last 14 years. After my Dad passed away 14 years ago, my Mum was left to deal with all the finances without any help whatsoever, nor any previous experience as my Dad was…
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Capital Gains on Selling previously rented property
My husband and I bought and moved into a bigger house one year ago. Because the market was bad we decided to rent out our original house. We lived in this house for 7 years before renting out. We are now wondering what happens re capital gains tax when we decide to sell. Is it better to sell within a fairly short period of…
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What does anyone know about week-one, month-one?
Hi, Last tax year I had two employments. When I receieved my P60, it only showed the income and tax from the second employment. I gave the Tax Office a ring to query this, since I had handed in a P45 when I started the second job. I was told I had been paying tax on a week-one, month-one basis. I suspect this was a mistake…
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Can education be a business expense?
The scenario is a computer hardware and software self-employed business partnership whose services included repairing computers and troubleshooting computer problems. The son of the two partners of the business gained a BSc (Hons) in Computing at Cambridge. The software side of the business was sold in 2008 to a third…
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Advice re 'non taxpayer' please
My wife is generally a non tax payer with us using some of our savings to maximise her tax free allowance by receiving gross interest. We had an exceptional year last year with some additional temporary funds and in good fixed rate accounts coming to an an end in June, and the interest was paid which appears to have taken…
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Statutory interest received not taxed
Hi Ive received some statutory interest from a complaint on PPI that's not been taxed. I'm both self employed and employed with PAYE Should I pay in the cheque in my bank account that gets self employed taxed and declare it as stat interest at the end of the tax year?
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Advice on CG losses
I could be grasping at straws here but if you don't ask the question you'll never know, so here goes. In October 1997 I bought and sold on the same day a number of shares in my then employer's Unapproved Share Scheme and subsequently paid in excess of £19k to the Inland Revenue in tax. Following the outcome of the…
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Tax refund scam; watch out for email apparently from the Tax Office
This is probably old news? One of the guys at work received an email from what looked like the Tax Office, offering tax refund, you then fill out a document with all your bank details including 3 digit security number from the back of the card. Fortunately he checked it out by phoning the tax office and the sites been…
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Tax on Employees Health Insurance
If I get taxed on health insurance provided by my employer, yet I don't make any claims (i.e. benefit from the service) should I be able to reclaim that tax paid? Both legally as it stands today, and morally? i.e. Should I pay tax on a benefit which.... is not a benefit.
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Tax Reclaim for working part year only
My daughter worked for about 4 months of the last (08/09) tax year but was taxed each month as if she would be working all year. In the 4 months she did not earn more than the tax-free allowance and so should be able to claim the tax back. However after the 4 months, she then went to Germany and did some language teaching…
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New job P45
Hope somebody can help. I received about four weeks of job seekers allowance at the beginning of the tax year but I stopped claiming as I was not looking for work for personal reasons. This is my only income so far this year and totalled just under £300. I am going back to a new job next week and realise that I do not have…
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Capital Allowances for 2008/09
Hi, Im just in the process of filling out my tax return and have a question about the rules for capital allowances. I am a self employed gardener and have to claim against my purchases. Am I right in thinking that the rules have now been changed and I can now write off the full 100%, rather than the previous first year…
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reclaiming tax on 2nd job
I work full time and have a 2nd job working on a nurse bank, I'm now being taxed at 40% on my 2nd job, I'm assuming because my earnings are above the threshhold. Can I reclaim the difference in tax or do I have to grin and bear it? Thanks DOCC109
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Mr Dog's Estate: Losses on sale of equities and confusing IHT35 tax reclaim form
I'm struggling with form IHT35.on behalf of the late Mr Dog. http://search2.hmrc.gov.uk/kbroker/hmrc/forms/viewform.jsp?formId=3369 f The situation should be simple. Mr Dog owned a reasonable slug of Barclay's bank shares, together with some other equities (fortunately he had decided that playing with shares was not a good…
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part time jobs
Hi, I'm sorry if this is a silly question but I know zilch about tax (other than I pay it). I work part time and am considering taking on another part time job aswell. Would I pay more tax on a second part time job than I would if I worked full time in my current job? Thanks in advance