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Can anyone help???
My dad has sadly had a stroke. He owes some money due to an equity release on his house. This is going up annually at an alarming rate. He is waiting for sheltered accomodation. When this becomes available should I sell his house -pay off money owed, then let goverment take rest? His money will run out quickly because he…
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How to avoid paying a lot of tax? http://www.taxbeater.com/
I came upon this website http://www.taxbeater.com/ , and was wondering how much of it was true, i don't really know anything about tax, and am only 17 so don't know a great deal anyway. But i've been reading how americans have been cheated by the IRS thinking they have to pay them tax, when actually its a volentry thing.…
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new Job- unsure about Tax.
Hi, I've just started a new job and am unsure about the tax issues. (hopefully this is the right place to post such queries) I'm only doing this job on a temporary basis and I'm only asked to work when i'm needed, however I may be taken on more permanently when one of the guy's who is doing the same role as myself, wife…
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Working AND self employed - Self assessment
Hello all, I am working for a company (PAYE) and last year I also set up a small internet business off a certain auction site...! I decided to start properly and registered for NI contributions or this but the the internet venture has made only about 5k all year. I have now a self assessment to fill in, what sections do i…
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Tax allowance on business equipment?
Hello. I recently bought a few tanning and massage beds to the value of £16,400. As they are for business use, am I right in thinking that I can claim tax allowance of 25% of this value? £16,400 x 25% = £4,100 in year 1. £3,075 in year 2? I will also be buying a used van for the business, around the 3-4k mark. Again, this…
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Is Student Loan Interest Tax Deductable?
I'm three years into my five year student loan repayment period, paying around £100 a month. It's a while since I checked but the interest accrued annually, while quite mild as the loans are strictly regulated, used to amount to around £150 per year. Does anyone know if I can add this interest to my personal income tax…
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Tax On Redundancy
Does anyone know if you are made redundant and receive a redundancy payment on top of your normal salary in the same tax year, how much can you receive before you would be taxed at the higher tax rate? I seem to think it is either £30,000 or £37,000, am I correct.?
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Deutsche Post Dividend and UK Tax Return
Is Divident from Deutsche Post and Deutsche Telekom listed on London Stock exchange count as a UK Dividend or Foreign Dividend for UK Tax Return.
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Income Tax Rebate
Hi Not being very clued up on things like this, and with the Inland Revenue's ( or whatever they're called now ) website being so damned difficult to navigate i thought i'd ask you guys. A few years ago i worked for a bank, then went abroad to work and have only just returned, while throwing out paperwork i looked through…
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Have I Been Missing A Trick Here?
We have £100k [net of CGT] from the sale of an overseas property. We are now considering purchasing a cottage with a view to using it in the short - medium term as a Furnished Holiday Let [FHL], but longer term as a retirement property. We haven't found a property yet and won't be looking until October [less buyers, keener…
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Capital Gains Tax/Inheritance Tax
Hi there, was wondering whether anyone could clarify a situation for me!! My father inherited half of my Grandad's house. He sold off some of the land and has since now sold the house. In total the house and land sold for £270,000. My father has half of this £135,000. He was worried that he would have to pay inheritance…
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inheritance tax and huge question
hi chose to re-register as guest, as worried about giving too much info, but am seriously concerned about amount of inheritance tax i am due to pay soon i know that it must be paid, but am worried about how to go about it. my sole parent is leaving everything to me, and is getting on a bit...but this is giving me…
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Capital gains tax on houses and the law?
can somebody confirm the law on captial gains tax to do with buying and selling houses. i thought the law was that you can only sell your own house (main residence) and not pay capital gains tax on it. i thought that if you owned your own house and bought another one to renovate and sell it then you would be liable for cgt…
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Tax Issues when emigrating?
What do I need to be aware of or doing with regard to Tax issues, as someone who is moving to Australia? All advice gratefully received, Thanks.
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stamp duty question
Hello. I am considering moving abroad due to my work next year and this could last some time. I purchased a property last year in the UK (my PPR) at £320k and the tie in period ends in June 2006. I used a £80k loan from my mother to assist my purchase. My mother is selling her property and has offered to purchase my PPR…
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buying and selling houses, renting them and paying tax
posted a similar question in another section but this is slightly different my current situation is that i own a house. i have a normal residential mortgage on it. i am going to be buying another property to do up and sell for a profit. if i have 2 houses then ill have to pay tax on the one i sell as far as i know. if i…
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Tax liability on investments
Can anyone please help with what may seem to be an obvious question. I understand that tax "wrappers" such as ISA's allow you to escape from paying income tax. However, if you hold any "unwrapped" investments such as windfall shares, PEP's or other funds, even for modest amounts. I assume that you will then be liable for…
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IHT legal loophole
I have just seen an article in the Daily Mail which is quite a good tip You can save more than £100,000 in inheritance tax by changing the ownership of your home from being in joint names to tenants in common, it's too complicated to give all the details. To read it in full go to https://www.thisismoney.co.uk/iht and look…
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build to sell or just sell the land?
We (me and the wife, kids etc!) have a dream of owning a second home/holiday home in France. We have a plot of land (it is building land) kindly given to us by my father-in-law. And to fund the purchase of a second home I was thinking of borrowing from the bank to build a domestic property on the land. and then sell it,…
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Joint account, who declares the interest.
Hello A close friend wants to add me to their savings account, so it is a joint account. This is so upon their death I easily inherit this account to pay for funeral expenses ect and not to confuse matters. Now, I claim Tax credits and the interest of accouts I own have to be declared (about £300 PA). The interest in this…
