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Self Assessment Question - Capital Allowances
Hi, If I have a personal car that I bought 1 year ago for £15k and in Jan this year I went self employeed. I then started using this car for business, how can I claim capital allowances for it and at what rate and value?
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item needed for work can i claim and if so who from ???????
i have been working as a mig welder for 3 years and the company supply us with a bog standard welding mask. Some of my colleagues have the ones with an air filtering system which you wear around your waist, they blow cool filtered air into your mask through a hose. i have tried my mates and it is very good so i would like…
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CGT on "Gifted" Property
Hi All My mother has two house, one she is living in and another which she used to rent out but has not done so for the past 2 years due to renovation work. She wishes to give me this house as a gift. (free of charge as I have put alot of time and money into the renovation). I have been told by someone that since the house…
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County Court judgement unpaid tax
Big worry.....hope someone can clarify. My OH owes the income tax office an amount which he couldn't pay on time and kept getting delayed. It got to the point of threatening letters of council count action etc. He rang up the tax official in charge and explained our personal circumstances and the guy said to fill out a…
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CGT Question
I have put my house (second property) on the market. Im trying to avoid CGT as I will have owned this property for 3 years in August. Am I correct in assuming if the completition runs into September/Oct/Nov, then im over the 36 months threashold, and will have to calculate CGT for these months?
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capital gains question
if I purchase a property for £150k with £20k cashback and then sell it for £150k is CGT due? this is just a theory question and assuming it is not my PPR.
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Capital gains tax explained?
I am a student, and currently have a managed investment fund of ~£14000. I am wanting to move this to an easy-access savings account. Will I have to pay capital gains tax on this, and if so, how much? Is there a way I can avoid this tax? I am a newbie in need of help! Thanx a million
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Save £'s on your company car tax
Do you drive a company car? If yes, then you will be paying Benefit in Kind tax. (For those who don't know, the BIK tax you pay is calculated by multiplying the price of the car by the % of tax attributed to it) At the moment if you drive a diesel Euro IV compliant car then you will be getting a 3% tax waiver benefit. From…
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Higher rate tax
I've just got a substantial pay rise, which will put me on £36k per year. This is going to be backdated to Jan 1st, so there is four months of last years money in there as well... However, this will push me over into the 40% tax pay band for this year, is there any way that I can get this put into last years pay to enable…
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Newbie PAYE tax questions
Hi all, I've just come across this forum and would like to say it's brilliant with some good advice and responses. I'm currently employed full time and pay my taxes through PAYE. I've got a few questions about PAYE and more importantly, want to know what's the chances of me paying too much tax. 1) How does the tax office…
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Can I claim for buying all my Uniform
Hi everyone, I am employed by an Agency as an HGV driver, and have to therefore buy all my own uniform. I go to several different companies on a regular basis, so it is important to look smart and professional at all times. The annual uniform which I need is as follows. 2 pair steel toe boots £60.00 4 pair trousers £60.00…
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Claim flat as expense?
I'm self employed with a limited company. I've just rented out my house and rented a flat near work (saves time and travel expenses) for 3 months initially. I also have another house which I live in at w/ends (well - when I'm not working). How do I stand for claiming the flat rental as an expense through the company? My…
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Is tax paid on dividends non-refundable?
Earlier this year I received some dividends on shares I held. I entered these details on my tax return and expected to receive a refund of the tax paid. The Inland Revenue have today informed me that whilst the tax credit on dividends is treated as tax paid, it is non refundable. The tax paid was only a few pounds, but as…
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Do i pay CGT on 2nd home?
Hi, I initially bought a residential place in Edinburgh (late last year). My work has caused me to move permanently to London and i have just recently bought a property just outsode of London. I have just had clarification of my situation and will no longer need my Edinburgh flat. Will i need to pay CGT if i sell even…
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Child care £50 tax free/both parents claim or not?
Forgive me if this has been asked before. As from 6.4.05 i can claim the first £50 pw of my child care tax free. The notes I received from our accountant said that both parents can claim even if working for the same employer. My partner works for the same company as me....I asked if that meant we could both claim £50 pw…
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What are Loan notes?
Hi all, My mother had shares in Scottish Radio Holdings which was bought out by Emap, so has now to take the value of these shares. (225K, couldn't believe it!). Her IFA (whos other shares portfolio lost 60%+ of its value) has suggested she take some or all as loan notes to offset CGT. What are they and what are the pro's…
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SLC Repayments as Company director?
Hi, I'm looking at setting a Limited Company, I will also soon (well, next april) become eligable to repay my student loan. I was wondering if anyone knew about the rules as to what I'd pay in Tax if Im a limited company , ie, pay myself partly in salary and partly dividends? Thanks Matt
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Inland Revenue Company inspection help please
Hello Hopefully there will be someone on here with enough knowledge to help with my query. We have recently had an IR inspection to check our records. In the inspection they asked for details of freelance staff. Any freelance staff we occasionally use invoice us for their work and as such are self-employed and understand…
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Tax return random checks
Hi, I had a daunting letter from the IR saying they wish to do a check on my tax return. Are there any web sites with advice on dealing with this, or do you have any advice or experience? I have an accountant but he seems to be using this as an excuse to make money! It's bad enough I had to pay him to do the return the…
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How to sort out my Dad's tax
Hi, just looking for pointers here of how to sort out my Dad's finances, as I don't have all the figures to hand. He is retired & was widowed 2 years ago, up until he was widowed he got his state pension & a small amount from a company pension & paid no tax. When he was widowed, he started getting a portion of my mum's…
