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Refinancing Tax issues
Does anybody know if you can offset the refinancing of one buy to let property to buy another against rental income. The costs are professional fees (broker costs) and valuation costs.
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Living abroad, selling a flat in a bit. Pitfalls??
I purchase a property on the right to buy scheme in the '90s and lived there for several years. In 2000, I went and worked aboroad for a couple of years, coming back long enough to complete my immigration papers for Canada, where I now live. In 2000-2002, the flat was let out through an estate agent and is now let to a…
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Quicken Tax Calc
Just to say that I have just used Quicken's Tax Calc to submit our tax returns electronically to the Inland Revenue this year and it was very easy to use and I thought it was brilliant - particularly as it worked out that they owed us money. I have used accountants (£75 each not including VAT)over the years to do all this…
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Planning ahead to minimise CGT
I currently have a flat which I have lived in for 2.5 years and for the last 3 months has been rented out. I now live in rented accomodation elsewhere. If I now purchase a property to live in what would be my CGT exposure be if I then: a) Sold my original flat or b) Sold my new flat to upgrade. Also would doing either of…
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Inland Revenue Dilema: Help me reduce my tax bill
Hi, I’ve got a major dilemma and require urgent assistance from all the experts out there at moneysavingexpert.com: I’m currently filling in my tax return.. ???, I haven’t got an accountant :( and I cant get to grips with the Inland Revenue >:(.. Can anyone get their heads around the following and help save me some money;…
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Property CGT - again
I live in a rented house with my wife and kids. If we buy a run-down property, improve it and sell it on, would we still be liable for CGT, even though we don't own another property? - If so, it doesn't seem fair... :'(
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Same Sex Couples Tax Issues
My partner has just inherited her late mother's estate, it does not exceed the IHT threshold. My partner, being the kind sharing type would like to pay off a couple of my loans, these exceed the £3000 limit for a gift in this tax year. She doesn't want to get either of us into any bother with the tax man, but is concerned…
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Liable for £5k tax? Please help!
The Inland Revenue are chasing my boyfriend for £5000 they say he owes them in tax. He was employed by a company for 10 years, and we suspect they didn't calculate his tax correctly when paying him. The company he was employed by no longer exists. Does anybody know what our position on this is? Is my boyfriend liable to…
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school is charity!
My children go to a school thats a registered charity. We pay a yearly fee and I was wondering if this was tax deductable for a partnership/sole trader? Thanks in advance
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Taxation?: Only working for 2nd half of the year.
I wonder if anyone can advise me please. Due to a family bereavement I have not worked or claimed any benefits since the beginning of this financial year, April 2004. I am looking for a job now. I know that usuallly the employer puts you on an emergency tax code, which generally speaking over taxes you, and then you can…
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capital gains on property
??? Three members of my family bought an old barn we have a number of caravans on site, and will probably run out of finance after getting the roof on. What must we do to escape CGT if we sell on. ::) To add to this, >:( the property has increased greatly in price due to the last boom we purchased it mainly from an…
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tax on interest earned
One of the articles on thisismoney.com says: For higher-rate tax payers, interest income and dividends* are also subject to tax when they exceed £7,900 in a year. http://www.thisismoney.com/20040916/tx82562.html Does that mean that interest I earn on my savings are not liable to tax if they are less than £7900?
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Advice on renting main residence please
Hello, My wife and I own a house which for the last 2 years has been our only property. Work is now taking us away from the area, so we are renting a house close to our new place of work and are considering renting our own house. It is quite possible that we'll return to live in our house in the near future, but this isn't…
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Do i need to pay tax ?
Hi, looking for some advice 14 years ago when i was in the Army i bought a flat for £27.000, i have never lived in it but always rented it out. I have since married, and we have got our own home, in my wifes name only. The flat has just gone on the market at £75.000. Will i get taxed on any profit that i make on the…
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How much tax would you be expected to pay...
...In job number 1 i have earned approx £1500 (since april), in job number 2 i earned £2200 Job number 1 have paid no tax, jon number 2 ive paid £320.00. Job number 2 has finished and by the end of the year i should have earned a further £2500 in job number 1. I know im entitled to no tax for the first £4165.00 i earn. So…
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no fee help!!
hi all I was wondering how does this work out? I have known accountants approaching soe o fmy colleagues for using their services for taxreturn. The funny thing is they claim they will help getting back from tax man atleast the cost of their fees!![100+pouns or so] is that possible?
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car allowance
Can anyone give me any info on how to work out my self assessment for car allowance , pleeease ! I receive a monthly car allowance which is taxed in my salary and I also have a company fuel card however the car is my own, I believe you have to work it out depending on your mileage/ engine size ??? ?? This is my first time…
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Do we need to filling out tax returns????
First of all - am REALLY clueless about tax issues, however, my question is: Who needs to fill in tax returns? We never have :-[ My husband is a hospital Dr, and I stay at home with our daughter. I want to know if we can claim tax relief (or something like that :-[ :-[) from the many societies my husband has to be a member…
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PAYE but "Home Worker": Tax Breaks?
hello all i will soon be starting a new job, where the company is based a long long way from where i live. i will be working away from home a couple of days a week, as well as making phone calls/admin/etc from home. so essentially my home is also my main office base. now while i guess that phone bills will be covered, what…
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Tax for temporary workers
Hi, I wonder if anyone can help me. I have been working for various temp agencies for the last couple of years since I left uni. The first agency I worked for (Reed) had an agreement with the government that gave us some tax back every week to cover travel to and from work and I seem to remember food being mentioned. I…