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Company Car Allowance (Workings Out Included)
All, I am in a similar position to others on this board, Car vs Cash as i have just been promoted into new position. I have used my limited knowledge of the tax system to try and work out the pennies as to which I should do. I know what car I am getting, it is just a matter of which is the cheapest way. I would be soooo…
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Capital gains tax?
Hi I am currently selling a second house. Is it too late to transfer the property into joint names in order to benefit from capital gains tax allowance? Thanks k
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Tax efficient way to shelter house proceeds
Hello, Wife and I are selling our house and moving back with family for the short term whilst we look for a suitable house (we'd like to be chainless when we next buy). Problem is that proceeds of our house will net us a few hundred thousand (oh if everyone had that problem I hear you cry) which we want to maximise the…
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Advice needed
Hi My partner and I have 3 investment properties which we are considering letting out.My partner is in fulltime employment and pays tax through paye.I also pay tax through paye. When the properties are let out and it comes time to pay tax on the income,do we need to do a self assessment return (neither of us are self…
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Where does NIC come in when you think you've overpaid IT?
I'm trying to sort out my son's Income Tax for the 2005/06 financial year but I'm confused about where NICs fit in. He earned: No 1 Job - £1385.31 and paid £9.60 tax No 2 Job - £5771.38 and paid £299.63 tax He also earned £54.43 gross interest (we forgot to cancel the R85). I've spoken to the HMRC who say that he should…
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Help, car allowance
Hi All Please help me. I have just moved job, and will be starting in two weeks. With my new job, I get a car allowance which I understand to be £4500 per year. As I understand it, I have the option of taking the money, or using it to lease a car with a leasing company (Zennith). I am confused as to what I should do. I am…
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Self-Employed Travel expenses
I am self employed and have a car for work i know i can not claim travel expenses to and from my place of work but i can claim for journey's work related ie deliveries, fetching stock etc is there an overall percentage you can claim from the total amount at the end of the year. If not how do you calculate it.
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Pensioner with income from property abroad
Hi all, My mother has moved definitively (i.e. she is ordinarily resident) to the UK. She's got an income from renting a property abroad. She's 74. What's the limit she can earn before having to pay taxes? I read on the Inland Revenue website that she has an allowance of 7090, and then the various tax bands start. Say she…
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Avoiding IHT by writing will
Half share of house worth around £250K (other half owned by daughter who may wish to move in), savings in various funds worth around £200K. With IHT allowance of £285K that leaves £165K liable to IHT? How do I protect this from being eaten up by tax? Have spoken with solicitor who suggests a Family Trust for the benefit of…
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company car allowance?
my OH gets £450 car allowance pcm. he could use the money to lease a car via his company scheme, however he doesnt use a car for work so we take the allowance as cash. he is a higher rate tax payer. we do run a car, but we own it outright as I paid off the loan a few month ago when we moved house. if/when we decide to…
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Working abroad
Hi, I'm going to start a job on 3rd july working in the netherlands but i'm being paid into a uk bank account and the contract is a uk (ie I get UK bank holidays off even though I'm over there). This is a graduate job where I'll be moved after 8 months but i don't know where, it could be in northern europe or back in…
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Where to put the £45 allowance on SA form
Hi silly question. I have a self assesment form to fill in. A couple of months ago I got the allowable expenses bit £45 per year for the Wash your uniform at home. On the self assesment form which box do I put it in please??:confused: Its probably looking at me but I cannot see it Thank you
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Inheritance tax questions
I am getting more and more confused about Inheritance Tax so I wondered if any of you clever people might be able to answer a couple of questions to help me. I asked a couple of things a few weeks ago and got some great help, but these are additional questions. Our family solicitor is away on holiday and, as I'm losing…
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Safe Solutions - Contracting/Umbrella Companies
Hey guys - apologies if this is in the wrong section, it seemed appropriate. Im 22 and just managed after uni to get a proper job, its part time and a contract role, and my knowledge of contracting is limited. The agency who got me the position recommended to use an umbrella company. Hadnt heard of this before, but from…
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CGT again, sorry!
:confused: Am selling x 3 properties which I rented out, will have CGT liability on portion of profit, if I buy another house (got my eye on one at moment) would the purchase of same give CGT relief on sale of other properties, (I think I read on some CGT web site that buying another property could be off set against CGT…
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Umbrella companies
I have been offered a position being paid £130 per day, but the company cannot pay me directly, they want either me to register as a limited company or work with an umbrella company. I've never heard of the term umbrella company though I believe its a way of being a middle man to take cash and pay me. Does anyone know of…
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Tax Troubles
Hi there, Basically, I've recently noticed that I have been on a week 1 code for a few of my previous employments over the past couple of years (from about 2004ish) I went into a tax office with a envelope full of P60's and P45's, amongst numerous wage slips and I was told I was owed quite a bit of tax back. She was just…
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Using own car for business - Tax?
Hi, For the past 3 years I have been working for the LEA using my own car for driving between sites. I currently claim "Casual user" mileage of around 42p per mile, this is only on the business miles. This totals around £120 per month. I have been informed by an ex employee that he has used a 'p87' form to claim tax relief…
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Tax Enquiry Form?
My tax affairs are quite simple: higher rate tax-payer on PAYE who also gets a few £k of investment income that has been taxed at basic rate. Up until last year, I used to have to fill in a tax return (self-assessment) to tell the taxman how much investment income I has received. Last year, I was told that I had been taken…
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State Pension
My Mother has been asked to complete a short form tax return for the last tax year. Her income comprises: state pension (paid gross, I think), private pension and investment income. She is a basic rate tax-payer. Because her state pension is paid every 4 weeks, the actual amount of state pension received during the tax…
