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Allowable interest against rental income?
A friend owns a flat with no mortgage outstanding. He is considering buying a new house to move into. Basically he was looking to take a buy to let mortgage out on the existing flat and in effect use that money as deposit on the house and supplement the purchase with a normal mortgage. His mortgage advisor has just written…
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Customs charges
Hey everyone, just a little (ish!) query about customs charges of stuff from USA to UK (forgive me if it's in the wrong place; cutting tax seemed the most appropriate!). I'm wanting to buy some fancy dress costumes and the ones I want are only available in America. The prices are really decent, even with the postage, but I…
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Parental contributions to student life
I am soon to join the enviable ranks of those parents who are 'encouraged' to fund their off-springs university education. In Scotland this year, and because of my income, this will mean a contibution from me of around £3,000 according to the Student Awards Agency for Scotland. While I dont mind paying this, I am wondering…
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Tax and gifts
I am retired and have surplus income. My assets are already over the Inheritance Tax limit. If I give my grown up children my surplus income will they be required to declare it and pay tax on it.
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Capitol Gains and selling a buy to let property...
Hi all I have a property which I am considering selling after renting out for 6 years. Prior to that I lived at the property for 4 yrs. In 2000 I had to move out due to disability and decided to rent it out short term. The mortgage is small and the value has trebled since 1996. However I am very confused about capitol…
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First Tax year...confused????
My son started his business in august last year so its his first time at the whole tax thing!!!!! We are a bit confused as to what he can and cant claim tax on. Can he for instance claim for laundering his towels (he has a hair salon) even if he hasnt any receipts (mother does them for him, but it still costs for…
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Capital Gains Tax Question
How does this get requested. i.e. how do the tax people know when a house is sold and capital gains tax is due?
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Interest on overpayment
Hello I pay my tax through the SA process and after I submitted my 04/05 return in January of this year, the IR told me that they owed me quite a bit of money as I had overpaid. I have been chasing them for the direct credit since the middle of March, but with no joy. I keep getting the "cheque's in the post" excuse. Does…
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Tax Deduction for Charitable Donations
Just wondering if anyone can shed any light on this. I annually donate money to a USA based charity. Does this qualify for a tax deduction, or is that just for UK based charities? If it is tax deductable, how far back can I claim? Thanks in advance for your help. I always get a letter from them saying how much is tax…
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Capitalgains Tax/Capital transfer tax
i have a house for sale in ireland i have been told i have to pay capital ganes tax to irish revenue and then capitaltransfer tax to english revenue total 40% of selling price i need advice is this correct
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Can I claim tax back on child maintenance payments ?
Approximately 6 yrs ago I was able to claim tax back on child maintenance payments that I had made. I would now like to do the same again. When I claimed my taxback 6 yrs ago I went through a taxback company who obviously took a chunk of my tax rebate for the service that they provided. Can anyone advise me on what is the…
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Calculating your next month salary based on Bonus??
Hi there, Please forgive me if i have posted in incorrect forum. I got told today that I was in line for a 3k bonus this month (last financial year) - which i was chuffed about. I was also told that I am getting a 20% pay rise (25 to 30k) - again, very chuffed on this as well. My question is this. What could I expect to…
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union fees
I am a teacher and a member of a union.A few years ago I claimed a tax refund for union subscriptions.I assumed that once this was done I would get this tax back automatically but my code is still 489L. i WENT THROUGH AN AGENCY LAST TIME.cAN i WRITE TO THE TAX OFFICE AND GET THIS CHANGED AGAIN AND HOW DO i GO ABOUT IT?…
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Self-employed - invoiced in March, paid in April - which tax year?
Started self-employed work last year (this is in spare time, on top of full time employment so not a large volume of work). Got my first ever tax return today, and having been dreading it I've read it through and it's easy in my case as it's such a simple business. Anyway, just one thing I don't know and hoping someone can…
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Tax on redundancy payment ...
Hi Folks, I am about to be made redundant and would like to be sure of the tax implications I am a higher rate tax payer so AFAIK the first 30k is tax free and thereafter its 40%.... Is this correct ?? and is there any way to reduce the tax hit (legally of course !! ) thanks in advance. Adbru
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Copy of Probate
Does anyone know if you can get a copy of a probate issued six years ago approximately and if so how much does it cost and what information do they need? Any help would be much appreciated
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company cars and tax
Just about to start a new job paying the higher rate tax and supplied with a company car of my choice. A family type car is required. Can anyone suggest a car that they have found to be quite tax efficient!! i know i will be taxed heavily and the emmissions and value are all cosnidered but any suggestions would be a great…
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paye AND self employed tax
hello, I have a quick tax questionas I have heard conflicting stories on this board and just want to get this clarified. I am currently employed and paying PAYE in the higher tax bracket I am also doing about £8-10k per annum worth of sales outside of this for which I have set up a sole trader account and filing vol. NI…
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flat rate vat and claiming expenses
I'm currently looking at registering for vat on the flat rate scheme (my rate would be 11.5%). There looks like there is a definite advantage to me as, for example: bill 1000 plus vat = 1175 = money received pay to vat man = 0.115 * 1000 = 115 extra profit = 1175 - 115 - 1000 = 60 (ie the 6% of 1000) The loss is in the…
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Property Gift advice
I am a completly and utterly new to this! Am looking for advice as am a dead end. I have been 'given' a house, absolutely run down and requiring a good £15k to do it up. This is a problem in itself. However, there are also debts on the house regarding water/gas bills etc. (These were not caused by myself or family but a…
