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Cutting tax

Archives for June 2005

Quick question about offsetting
Hi all, just a quickie Can furnished holiday let losses from this year be carried forward and offset against TOTAL income NEXT year? (Or are the options (i) to offset against TOTAL income THIS year, or (ii) to offset against RENTAL INCOME ONLY next year?) It doesn't seem 100% explicit to me in the tax return guide.
Couple of tax issues
Hi i have a couple of questions about tax. Firstly last tax year I think ive paid too much tax.Had a horrible year of bad employer, unemployment and redundancy! The details of my yearly income BEFORE tax are as follows: INCOME FROM 3 EMPLOYERS: 1730.92 INCOME FROM REDUNDANCY PAYMENT SERVICE: INSOLVENCY PAY:£240.24 NOTICE…
Help please(moved from comps board)
Good Afternoon all, i am quite new to this forum so i hope i am posting in the right place. If you can help with my question it would be greatly appriciated. A friend of mine has won a top of the range Ford street KA convertable thing it is brand new with a value of we think around 15k. He would like to sell this car so he…
I rent out the only property I own - would I be liable for CGT?
I rent out the only property I own - would I be liable for CGT? I own a property (just the one) and currently rent it. Would I be liable to pay CGT on this property because it is a rental property or would I not due to the fact that it is my only property? Many thanks,
claiming VAT back
hi, i have a house in the UK which i have rented out for the last 4 years through a property management company, i have since gotten rid of the PM company and my parents are looking after the property. I live in new Zealand and i am a full time resident hence i do not pay any tax in the UK. I paid approx 500 pounds over…
Paying Tax on private health re-imbursements?
Do you have to pay tax on private health re-imbursements? It appears that tha taxman wants us to pay tax on the health benefit and then have to pay tax on the reimbursement from the health company. What do I have to say/show in order for them to remove this from a tax request? :mad:
Should I be invoicing??
Hi, Run a business - where people pay for product, and send confirmation form - howeverf I never actually send an invoice, and only rarely send a receipt. Should I be?? I keep good records of money in and out, but not sure if this is enough? Any thoughts - should I start invoicing? Any help appreciated, Alik
Tax credits for Home
Hi - I am a first time home buyer. Bought my house in july last year. Can i claim any tax credit eg on money spent to maintain house, built conservatory, etc Please advice
Tax Return - Working From Home
I have been reading MSE for many months but never posted before, so here goes. I am trying to complete my tax return at the moment, but I now have the added complexity of claiming for working from home. I have a dedicated office and claim telephone costs, but no other costs. I would therefore claim this off my tax bill.…
What item's are tax deductable?
My partner has recently become self employed as a courier driver, and we were wondering how much to put aside in savings for the dreaded TAX MAN:eek: . The van and round are provided, but, for a cost. On a weekly basis he has to pay for:- Van Rental, £200approx Public Liability Insurance and Van Insurance, £100approx…
NI contributions after the age of 60 (male)
I have paid in the required 44 years contributions, and although I am still working, I still have to pay the contributions but I understand that this will not make any difference to the pension I receive at 65. In other words this money after 60 just goes to the Treasury and disappears down a black hole? Is this righ?, can…
Are any of these deductible for CGT purposes?
Please could those of you who are knowledgeable about tax have a look at this one for me?.. Having just sold an ex-rental property which was never my or my wife's PPR, I'm trying to figure out as accurately as I can what the CGT bill will be, and of course to get it down to as little as possible. After taper relief and the…
(Not) declaring second job
Hi there, Wonder if anyone could advise me on my circumstances: 1. I have a small part-time job which I do from home - have done for the last few years. This is self employed work and I receive the income without tax/NI. I always declare this income on a self-assessment form. 2. About 2 months ago I started part-time work…
Getting married and CGT on properties
I have just got engaged and without taking the romantic side of it away from the event I am worried about CGT on our houses. I have a property and so does my partner and we are renovating another to be a lovely new home. So hopefully this is clear:- Property 1 belongs to my partner who has lived in the property but now…
How can I avoid 40% tax on backpay?
I work for the health service and we are having a massive pay review at the moment. It has taken since October 2004 to sort it all out. The new figure that I will be earning will be back dated until October 2004. The problem is the amount owed to me is going to be paid in one lump sum in next months pay. This will attract…
Tax Worry / Problem!
Hello, I have a problem relating to my tax and was wondering if any of you kind folk :) cud give me some advice.... I am a student and therefore pay low tax, I work part time and this job has my main tax code. I am also a part time actor and have a agent, all the money I get paid from them is self declair as they do not…
sale of business
my sister has agreed to sell her business and property and will make about £35 k profit . what steps can she take to minimise tax bill. is the tax 30% after first £8k or what. can she reinvest in property so she does not have to pay as much tax or do they just tax you anyway. also can she write off any set up costs ie…
capital gain offsetting
if you purchase 2nd home and make a capital gain on sale, can you offset that capital gain against costs i.e. building work, legals, interest, stamp duty etc?
Tax on casual work
Hi, I'm a postgrad student at Uni and I do some casual work for them- this is demonstrating practical classes, a little teaching etc. This usually involves 18-36 hours every 6 months. Every time I claim the money for it (in this case £328) I get taxed at 22%. This is my only source of income with the exception of being…
BTL properties and a LTD
I have a BTL portfolio with equity in it and I am looking to release the equity. Is it possible for me to remortgage without paying tax. Am I correct to assume tax is payable at the time that capital gains is crystalised i.e. at sale and no income tax is due on a preferential remortgage? All 10 properties were purchased in…

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MSE News

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Cutting tax

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