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gifting of capital gains allowance
My neighbour mentioned something about 'gifting' her and her husbands capital gains allowance to her parents so that when they come to sell one of their investment properties they won't be liable to pay as much. It has been drawn up through a solicitor and basically my neighbours parents will give the 'gift' back, its a…
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Taxable Income on Rental Property
I remember someone saying that the taxable income on the rented property is basically the rental income less interest on the property loan (I understand there are a few other things that can be offset). My question is, if more money is borrowed against the rented property, then the difference between the income and…
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Council Tax. Are You Paying More Than Your Neighbours? Check It Out
THIS THREAD IS NOW CLOSED. INSTEAD READ THE FULL COUNCIL TAX COST CUTTING ARTICLE or Discuss it here Official insert Council tax eats up a huge chunk of many people’s budgets, yet there’s an easy way to check you’re not paying too much. What’s the score? How much council tax you pay depends on your property’s “banding”; a…
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Working from Home
Hi, I work for a company (not self employed), but I work from home; is there any tax reduction or can I charge my utility, rent, telephone costs to my tax declaration? any suggestions? thanks DR
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Petrol
OK I'm not self employed, but I've heard you can claim petrol allowances back from the tax man. I get paid 30p a mile in expenses at work, and been told by a friend that I can get another 15p per mile back from the taxman. Is this true? If so, how do I go about claiming it? cos I do loads of miles for work
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Cash Gift from parents - Do I need to pay income tax on this gift ?
I am about to receive a cash gift from my parents of £100,000. From an IHT perspective I fully understand that as long as they live 7 years this cash will not form part of their estate and will therefore be free from IHT. However, as this is a gift to myself, Should I be paying income tax on this money ? I fully understand…
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foreign property tax liability
I am thinking of purchasing a property in Spain for use as a holiday home. I have no intention in the near future of leaving the U.K. and I have a fulltime job ( PAYE) paying the higher tax band. Do I have to notify the Inland Revenue about my second property. I have already registered to pay Spanish tax ( I have a NIF…
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CGT and owning 2 properties
when moving between properties what is the maximum length of time (or test) does the IR apply for the purposes of capital gains? for example, if I am in property A and purchase property B to move into, but dont manage to sell property A for 6 months or if property B requires work before I can move in.
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Property
Can anyone help me with this property related query? Is it possible to buy a property then immediately gift it into a company at current Market Value, ( creating little or no capital gain). Is this possible with no other tax implications and if so does it follow that a Directors Loan account can be setup for the value of…
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please help me with my tax return
i started self-employment last year in dec 04 with inbiz (still recieving income support) i went out on my own without inbiz in feb 2005 the IR have told me to do my tax return from dec 04 i got 3 grants last dec (jobcentre/action team for jobs/princes trust) and a loan from princes trust IR tell me i dont have to include…
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Selling shares - any way of saving tax on this additional income?
Hi there, My husband owns shares and share options given to him by his company as a way of supplementing his income. We have decided to sell some shares, as well as share options in order to pay off some of our debts. I am wondering now if there is any way of reducing the tax we pay on this "additional" income. My husband…
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planning IHT
Sorry if this question has been asked and answered recently, but as everyone's circumstances are slightly different I really wanted a more exact answer. my mother is in her mid 60s and owns a house; valued at £360k. We are starting to look for ways to plan IHT so as to minimise it. can anyone suggest ways on how we can…
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Dividing Profit between spouses
Myself and my other half are partners in a fairly new business and after a lot of investment have ended up with profits of £6788 and £5278. Would there be any benefit in moving some profit from the lower one onto the higher one to take one of us under the NI threhhold for class 4 self employed contributions (which I think…
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Buy Railcard myself or get work to buy it?
Hi, Here's my quandry: My annual rail card is £3k I'm a higher rate tax payer employee Should I buy my railcard outright (I've got the money available) or Get an interest free loan from work which is recovered from my salary every month and stick the money in a high interest account. The area I don't understand is if I get…
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giving away the family home
My parents are considering putting the deeds of their house into the names of their children in order to avoid future inheritance tax. I'm pretty sure that this won't work, and that it will still count as part of the estate, but can anyone tell me for sure?
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Iht
Help Please. Is it possible to put my property in trust for my children?. I have lived alone with my 3 children ( now grown up, 2 still at home ), My partner moved in 10 years ago and although he only pays 'rent to me as he does not want to commit or deprive my offspring of their Inheritence. I am concerned however, that…
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parents helping to buy me a house
hi can anybody give me some advice i own a right to buy property which i will be able to sell in december 2006, my sisiter lives in it to pay the mortgage. my parents brought a house last year which i live in, to do this they remortaged there own property and have a mortgage on the property i live in. i intend have this…
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Should I go self-employed?
I am currently undertaking temporary work through an employment agency. I wonder if it would be better for me to go self-employed and then invoice companies direct istead of going through the agency. I know an introduction fee would be payable if I was offered full time employment by the company but as self-employed I…
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Am I paying too much National Insurance?
Hello, I have used the caluculator website and entered my details. It comes up that I should be paying £10.00 less National Insurance A WEEK than I am currently paying. I wonder whether this is because of an ongoing mistake from my company's Account's Department? Anyway, could anyone help / confirm? My weekly gross is…
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Inheritance-PROPERTY
Could anyone assist with an inheritance issue regarding a property? My father lives alone and is elderly(currently in good health). He wants me to inherit his home(£350k)when he passes away however does not know how to go about this so that the government do not receive most of it through inheritance tax, or, if he has to…
