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Cutting tax

Archives for June 2006

Rules on Capital Gains Tax
Can I just ask a question please? We have a house that we have owned since 1976 and lived in from 1976-2004 as our principal residence. We then moved abroad and now our son lives in it although the house is still in our names. If we sell it, will we be liable for CGT (seeing as it was our main home for all those years)? As…
Leaving partners house to our three children?
This isn't really a tax question - I have posted here because I think that what I want to do is often related to reducing inheritence tax and I thought that those that frequent this board might be the best people to ask. I have lived with my partner for three years. The property and mortgage are in his name only. We bought…
House in son's names, is it exempt from inheritance tax?
My parents live in a property (since 1986) which is now worth around £500,000 , when i told them that inheritance tax might be an issue when they pass on, they told me not to worry it had been sorted because they had put the house in my name since 1990. Which obviously means i own the property. But i thought that if my…
PCP? Personal Hire HP? which way can i save tax?
HIya Id like to buy a new car Its a funny situation ion that i have a regular job but regulalrly sell on ebay and hence have declared msyelf as self employed to declare all the profits i get. Ebay is a part time hobby which pays well. I have put my expense such as phone stationery against this profiy Whats is the best way…
Graduate Tax Exemption
I graduated last summer and got a temp job through Reed paying £7ph. After about 3 months in the job I received a tax rebate with my normal pay and was not charged PAYE from then on. I called up the agency who explained that I would not pay PAYE until I earnt over £17k per annum. They also mentioned that this was limited…
capital gains tax - who to tell?
Hi I am selling my 2nd home and will make a capital gain -£50k. Who do I tell? If I dont tell anyone what could the consequences be? How does the Ir usually find out?The sale proceeds will be gifted to a family member so not in my bank account
How is tax relief calculated on a pension ?
Hi I'm in the lucky position of just falling into the 40% tax bracket this year 06/07 :rotfl: and am now looking at ways of avoiding paying that much tax. Am I right in thinking that what I pay into a company pension is as below (from Directgov.org). If it is then this will take my taxable income below the 40% mark e.g.…
capital gains tax - help!!!
been refered to this forum. 1996 husband made bankrupt. Forced to sell family home to pay creditors.- but - sold to Brother-in-Law (BIL) who allowed me and my family to live in it. Now BIL wants us to buy back house. £50k outstanding on mortgage though valued at over £100 k. My son wants to buy the property. Is there any…
Public holidays and national insurance
I have been told that you do not have to pay national insurance on public holidays? I believe this originally came from the building industry, however I am not sure. However, I do know of one major nationwide company that does this. Apparently it saves both the company and the employee lots of cash each year. I can't find…
Chartered Tax Adviser
Hi all Just wanting to introduce myself. As a gesture for all the valuable help this site has offered me in the recent past I thought my knowledge in this particular area would be of use. I am both a Fellow of the Chartered Association of Certified Accounants (FCCA) and a Chartered Tax Adviser (CTA) and have my own firm of…
whoops!
having recently received a big fat cheque from the revenue for DH's overpaid income tax for last year, today got a letter from DH's employer stating the value of his company private medical insurance as a taxable benefit. now I hadnt included this in my calcs as I had forgotten about it (plus they have never actually…
Shorter/Easier Self Assesment Form?
Hello, I have finally got around to looking at my very first Self Assesment Form yesterday and was agast at how complicated it looks. I spoke to a friend this morning who fills one in every year for her child minding business and she told me that she fills in a 4 page booklet and if I have made under £15,000 pa, I too…
Company Pick up truck tax
If I bought a pick up truck through my Ltd Co and took advantage of the low company car tax (I know it's going up). If I then used my own private car for business trips, could I still pay myself the 40p/25p per mile for thos trips or would I loose that benefit?
money from mum as a gift
apologises if in wrong place my mum is planning on selling her house and going into (hopefully) a council house (my dad died last month and she no longer wants to stay here and also help me on my way to buying somewhere) is there any legal/tax implication if she gave me say 2/3rds of the money as a gift, the way she sees…
Back to university... tax on a laptop
Hi guys, Firstly, I really need a great website which tells you all about tax. Any ideas...? Ok the main bulk of the question. I am currently working, earning a healthy salary but will be going back to university to do a phd (not in tax), which I am going to buy a new laptop. I was told today by a friend, that the laptop…
Are post grad education fees/interest deductible?
Hi all, I have trawled though about 30 pages of threads to try and find an answer, so please excuse me if a similar question has been asked before. Last year my girlfriend left teaching to do a masters degree in Educational Psychology. The fees for this were over £10k and she had to take out a career development loan. She…
Share option ending early
The company I work for was taken over and from how I understand things my share options are terminated early. On a certain date I have opted for the shares I have accumulated to be sold at a set rate and this will result in my making a profit from the original money I have had deducted from my wages. I have been reimbursed…
Share Options/ISA/Tax
Can anyone tell me the tax implications of putting some of the shares which I get from a company share option scheme into an ISA. Will I save myself Income tax/CGT or will the profit I make be taxed when I sell?
Car Leasing
Hi, Just wanted alittle advise on what the whole car leasing benefits were. I have my own company and do about 20,000 miles a year. Is it worth my while to have a leased car or should i continue to drive my own and charge 40p a mile and 25p a mile after 10,000 miles. It's only a small company and we make a profit of around…
capital gains tax
If we renovate a property are we liable for capital gains tax if we sell when the project is completed.

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Cutting tax

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