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please can you help me regarding IHT
About 3 1/2 years ago my friends Mum gave her house to her son (my friend). Unfortunately my friends Mum is terminally ill and is not expected to live much longer. The house that was gifted to my friend has been recently valued at £395000 and they are now terrified that they will have to sell the house to pay the death…
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Cash gift
My husband and I would like to buy a flat for our daughter and son next year when hopefully the price will go down. We own our own property and will have our pension to live comfortable. My worst nightware is if I become ill and the children have to sell my house to pay for the care. We intend to give them the money as a…
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Computer tax allowance
Hi. Hope someone can help. Bought a home computer in February 2005 for £500. I use it about 50% for business use and 50% for personal use. Am self employed and now that the 100% tax allowance has ended am wondering what amount I can claim as tax allowance. Thanks in advance
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Buy to Let & Tax
Hello I wonder if anyone can help me. I am currently in the process of buying a flat to rent out. I am re-mortgaging our own home to buy the flat out right, obviously this will increase my own home mortgage payments which the rental income will cover the additional payment. For tax purposes though will the rental income…
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NI Contributions for Students
Hi, I started working full time in June to gain some funds for my final year in uni. I filled out a p38(s) which meant I wouldn't pay tax until the 4985 threshold has been reached. I noticed on my payslips I am being deducted NI. Can anyone clarify that I am required to pay this? Thanks
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Sale of former matrimonial home - CGT payable?
I would be grateful if someone could give me some information or point me in the right direction. I had an amicable split from my Ex in April 2002. I agreed that he could stay in the house until it was sold, assuming that would be within 3 years. In fact that hasn't happened. There were delays putting the house up for…
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trusts - what are they?
can someone explain what are they? why people set them up? what are the risks? do you need a minimum income/asset base to have one? what is the difference between onshore and offshore? how are they treated for tax purposes? thanks!
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what records to keep for self employed GP
Mrs T is about to start working as a locum GP. What kinds of records do we need to keep to make the next tax return easier and/or to save on tax? As a start we would assume full receipts for all work cariried out and receipts for all purchases for items needed for the job (e.g. liability insurance), along with records of…
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how can I work this tax out
My wife has no income so our savings are in her name tax free,she gets the maximum allowance,what happens when she starts working does she tell the IR or will her employer sort it out ,confused.very.or is it worth working part-time
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Inheritance Tax/ Capital Gains And Gift Tax
Hi guys, I have a question which may involve any one of the follow:- INHERITANCE TAX/ CAPITAL GAINS AND GIFT TAX My father and I own a house together and both of our names are on the deeds. I want to remove my fathers name from the deeds as a mutual agreement and leave only my name on the deeds. Is this liable to Gift Tax?…
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Offset small self-employed loss against employed income to increase child tax credit?
Was after some thoughts please. Using the online tax credits "Do I Qualify" link I entered my figures for employed income and savings only and it reports than I am due £200 child tax credit from now until April. I already get paid it but at a higher amount due to them using last year's income as the basis for 2005-06. I am…
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Irish Tax On Uk Dividend Income
An Irish resident (Southern Ireland), is receiving a dividend from a UK company. His tax situation results with him being liable to Irish Tax on his worldwide income. If say the UK dividend was £9,000 with an associated tax credit of £1,000, what is taxable on his Irish tax return? Is it: 1/ £9,000 at say 20% Irish Tax if…
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Government doesn't want the mother to stay at home.
Written this letter to my MP. What do you all think??? Dear Sir / Madam, I read with interest the latest government plans to extend the number of weeks maternity leave for working mothers. While I applaud the governments attempt to benefit those with children, there are a number of issues which never seem to be addressed.…
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UK tax or French tax system?
I am a British sole trader currently based in the UK and operating as a freelance translator. Within the next 3 or 4 months I plan to move permanently out to the Bordeaux region (where I have recently bought a flat) and would really appreciate some tax advice. Am I correct in assuming that since I will be a full-time…
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Capital Gains Tax
We own some rental properties and are thinking about selling them and our home during the next 2/3 years. We are toying with the idea of buying a holiday complex with the money to enable us to retire and earn an income at the same time. Does anybody know the best way to do this utilising CGT allowance etc. Thank you in…
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offshore account for uk citizen implication?
Hi I was wondering what the Inland Revenue Serice and the Laws postitoin is with a UK citizen (me with a british passport) having an offshore account. What i want it for mainly is a place for me to store money and get interest so that inflation doesn't eat it up without having to declare it i.e. make filling in forms more…
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Do I 'really' need an accountant?
Hi I'm a self employed plumber and have been for 10 Years. I pay my accountant £500 a year to deal with my tax affairs, fill out my self assessment form and write up my year end accounts. To me that is a lot of money each year to find and I only earn 15K to 20K so how would I go about doing this myself....I have no idea.…
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Paying myself a dividend
I hope somebody can help on this. I started my own small Ltd Co a year ago today, just me and my wife as Directors. So far things have gone well. l and I feel I am now in a position to pay myself a dividend of around £2,000 from 'rainy day funds' which I put aside in a company savings account each month. My question is:…
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capital gains valuations
I bought a house as main residence in 1990 moved into my girlfriends house in 1991. Tried to sell my house it did not sell, then rented it out. Sold it in 2004 having rented it for 12 years. For cgt purposes, how do i show the residential value of it in 1992. The house sold for 250k in 2004 purchased for 75 k in 1990. I…
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Inheritance Tax / Property Funding Questions
My father owns three properties which are mortgage free - (his home and 2 properties which are rented bedsits). He is looking to buy another property to rent but would like to put it into both my brother's and my name to avoid inheritance tax. a) Should all of the properties have our names added to the title deeds to avoid…
