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CGT on Second Home
My sister is buying a second property (circa £100,000) that she intends to to renovate (circa £30,000) and re-sell after about on year. In order to avoid CGT, my sister has registered the property in her daughter's name. The chances are that her daughter will never live there, nor will anyone else (let alone my sister)…
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capital gains tax
Can anyone give me advice for the future....My brother and I are both retired, and bought this house in 1983. It is held at Joint tenants , and I have been living here solely since 1991. If my brother dies before me, would I be liable for any capital gains tax. He has mentioned that I might have to sell up after his…
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Rental properties as your pension fund?
Hi I read a while ago that from April 2006 any properties owned for rental purposes could be transferred into a pension (personal only I presume, rather than company as well) to shield the rental and capital gain from tax. However, when I went to my local tax office to discuss this further, they looked at me as if I was…
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Solicitors fee's - how much
My father passed away recently, Mammy dead too. Going through the whole will thing now. It seems like the solicitor is getting his hand in a bit. Can anyone tell me what solicitors fee's are?? The guy that my father was dealing with is charging a percentage of the estate, is this correct?? Also my father gave his business…
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Self Assessment forms - beware!
Hi I dutifully filled in my SA form at the beginning of this year. After all the calculations had been performed by the Inland Revenue's online calculator, it appeared that a sum of around £23 would be owed to me. This being a minor amount, I elected to tick the box that allowed the IR to send my credit payment to a…
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Underpayment demand for 2002-2003
Hi I had a demand last year for tax year 2002 - 2003 and successfully appealed against it on the grounds of them being too late bringing it to my attention and also, I could not reasonably have been expected to know my tax code was wrong. My mum has now received one for the same year and I've deleted the info I had. It was…
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Capital Gains Tax
I would be grateful if anyone could give me any advice regarding capital gains tax and the cgt allowance. Say myself and my girlfriend purchased a property for £115000, spent £7000 on doing it up, fees etc and sold it for £140000. Take off estate agents fees and solicitors costs totaling £3500 leaving a gross profit of…
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Help settle disagreement with taxman!
My brother has a second home he rents out to a relative. The windows were rotten and needed replacing so he had double glazing fitted. They say it's a capital addition and can only be offset against future capital gains, not income tax. Surely that can't be right if it was essential? Any guidance much appreciated.
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Is there a Tax reduction for professional magazine subscriptions
Hi, I know you can get a income tax reduction for membership to a professional body but how about reading material? I subscribe to two seperate magazines (3 year subscriptions) that provide news and articles on my industry that I am directly employed in. I had heard from a friend of a friend that it was possible to write…
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Now we have Self Assessment is an Accountant Worth having nowadays?
Now tax returns are so easy to do yourself nowadays do you think an accountant is worth having if you are a small business?
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Did you know?
The plan for the future for the Inland Revenue includes no longer being able to visit an Inland Revenue Enquiry centre and speak directly to an advisor. Instead you will be met by 1 person who will direct you either to a telephone where you will talk to someone in a call centre or a bank of computers for you to submit your…
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tax allowances for business
Hi I am in first year of setting up a business, we are paying to have a web site designed to sell childrens clothing, how much of this can we ofest against tax? I havent managed to get a straight answer from the tax office at all. I read somewhere that you could off set 40% in 1st year, a further % in second year etc but…
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Wash your uniform at home ?
MSE Insert: Do you think you're owed tax back for washing your uniform? Read the fully researched Uniform Tax Rebate guide. If you've got your tax back let us know below and you might get one of our Uniform Washer forum badges! As MoneySavers have been reclaiming tax on uniform washing on MoneySavingExpert for over 10…
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Working abroad
I'm going to be working abroad for 7 months, starting at the beginning of April. I will be working on a boat, moving countries, so I won't be resident of any one country, though they will all (I think) be EU. I will be paid, in Euros, from an offshore account, and because I will be paid in Euros I will probably set up an…
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Tax Liability on Overseas Rental ?
Hi All, With the great advice being shared I thought I may ask a question which may benefit quite a few people currently considering Overseas Investment. I am considering purchasing an offplan apartment in Eastern Europe (Bulgaria) as an investment with the cheap prices ... but as i have never bought a property for…
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Claiming Tax rebate from old summer job in 2002?
Hi guys, This may sound ridiculous to some but I thought i'd just put this question out here and see what you guys think. Anyway here is something which has been running through my mind of late being skint saving to rent a flat here in the southwest. Basically I had a summer job back when I was a student in 2002 where I…
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Capital loss from a loss within an ISA / PEP?
is it possible to claim as a loss for capital gains purposes a loss that was from funds held within a PEP or ISA? :confused: Ta
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Will I get my tax back??????????
I'm planning to go travelling in July for a year, so will I get my tax back? If so, do I have to claim it back? And when, if I do get it back, will it be paid?!?!?! I'm useless at this whole tax game - so apologies for the silly questions!!
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Self Employed Taxi Driver-never Paid Tax Yet Please Help
Hi This Is My First Post And It's Not Even For Me, My Boyfriend Has Been A Self Employed Taxi Driver For The Past 9 Years And Has Never Paid Any Tax, Obviously We Need To Get This Sorted Asap But We Are Worried Now That It Is Too Far Down The Line In Order To Strighten This Out Without A Probably Huge Tax Bill Which We…
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Any company accountants out there?
Forgive me if this is the wrong place for this post, but it's the most appropriate one I could think of. I'm currently writing some software applications & services to sell as shareware on my website. Just a few things I'm putting together in my spare time. Naturally I'd like the site to make some money, but am realistic…
