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help with probate on ICVC's and Bonds
my father died last year and we are still sorting out his affairs he has a invesco ICVC and a M&G corporate bond we have shown these on the IHT forms and we are under the tax freshold if we sell the ICVC and the corporate bond will we have to pay capital gains tax on these if they are still in my dads name (so the money…
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When am I liable for tax???
Hi, I'm researching for someone who cant access the internet. I've solved most of the queries but the most simple ones remain which is where I hope you will enlighten :D They're confused as to when they become liable for tax - is it when total savings cross a certain threshold? Or is it when income crosses a threshold?…
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Do I need to pay National Insurance
I have one BTL property .I received a leter from HM Revenue & customs to say I should be paying self employed National insurance .I already pay NI under paye for my employment ,so do I need to pay for being self employed as well
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Tax Code
Is there any online resources where I can check that the Tax code that appears on my wage slip is correct. Any help / suggestions appreciated
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Tax on unused loaned capital for B2L
Hi, Last year I was in the process of purchasing a B2L flat. This coincided with the re-mortgage of my main residence. With the opportunity I released a 20K equity from my house to help fund the B2L purchase. On this 20K I would have added funds raised with a B2L mortgage that I had also started the proceedings for. The…
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Capital Gains Tax
Can anyone offer some advice regaerding Capital Gains Tax on selling my second property to my Son at a reduced price to enable him to get on the property ladder. I have spoken to an Accountant and had a valuation on the property. Bought 9 years ago for £52,000 valuation now around £125,000. It has been suggested that I…
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personal laptop to business question
Hi, Sorry if this is a dum question I started a IT buiness in Jan and i am doing all my self assetment i brought a laptop around a year ago for £750 can i transfer this to the business as i use it for the business if i can goes it go as a capital asset or expense? Thanks in advance for any help Phil
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Best software for calculating CGT on share transations?
Hi, Ive bought and sold a lot of shares this year, much more than normal and am wondering if any good (cheap) software is out there that allows me to input the transations and comes out with the gains and losses etc than could be used for CGT purposes. Cheers
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Sold a second property - what can i claim back for CGT??
Hi, Ive sold a second property that ive had since 1982. I wanting to know what i can claim for as improvements etc to go against the capital gain for the property - eg its had a new roof etc. Can i put that cost down against the gain in selling it? any idea what i can put down against the gain? cheers
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Free tax help for elderly or those on low incomes!
The UK has TWO charities designed to assist with tax problems. They are not well-known charities, but do excellent work. One specialises in older people http://www.taxvol.org.uk/ The second - probably better known - is Tax Aid http://www.taxaid.org.uk/ Both are well worth contacting if you are having trouble or are…
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cgt tax - index allowance
Hi, I purchased a btl property in 2002 for 130k, it's now worth 160k. Can i claim 2 years worth of index allowance and how would this work?.
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employed and about to be self employed
Currently have a good job as an employee earning a decent wage, currently PAYE. I have applied to earn some extra cash through AQA which would mean I would be self employeed and expect to earn another 300 a month but need to be registered self employeed? Would it be easier to just register as self employeed and pay tax and…
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Partner never paid tax (update)
I just wanted to update everyone who was kind enough to reply to my original post. Well i took your advice and my first point of call was the Inland Revenue confidential helpline. Well what can i say!! I explained all the tawdry details and all they could say was that they could not give me any idea of how they would…
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Best (tax deductable) way to buy a car
Hi, I'm currently self employed (non vat reg) and want to buy a new car. Most of my mileage is for busuness use. What is the best way (so I can claim back the most money as a business expense) to finance the car from Bank Loan PCP Plan Lease Purchase Thanks in advance for any help Adrian
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How will they work it out?
I have just started a new job for the same employer, Job 1 originally I worked 17 1/2 hours a week and my gross salary is £13576 for that. and I am still doing that job and will continue to do so Job 2 I am now working an additional 14 hours a week, for the same employer but just a slightly different role and the salary…
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claiming income tax back on work-related spending
I work as a junior doctor. I've been told by a few people that I can claim income tax back on any money I spend on textbooks, post-graduate courses, new stethoscope etc. However, I'm not very sure how to do this... Any advise would be greatly appreciated. Many thanks
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CGT - Rented House/Holiday Cottage
Hi all, I have a house in cornwall that i rent out (long let) but plan in the next year or so to change it to a short term let, and rent it on a weekly basis to tourists. My question is would this be treated as a buiness from a capital gains point of view and therefore benefit from the more favourable buiness only Taper…
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help needed
Can anyone help me with this pl. i started to work part time in may My employer however did not pay me till june end when he gave me a cheque which was less than what i was due. To this he said he first has to cheque with his Ca about how much tax and NI is to be deducted from my salary. However now as per his CA'S advise…
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can tax be reclaimed on a loan made to start a business
I loaned my wife a sum of £12000 to fund a business. The business has now failed. Can I reclaim any tax on the loan. She was self employed not Ltd Co.
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Where to go for tax advice
Saw this opportunity. Two small flats to rent out, one got sitting tenant, other needs work first. Not worried about the tenant side of it but the tax side confuses me totally. If there is a mortgage taken out on both flats, with interest at say £200 a month each, an income of say £350 each a month then tax is due on the…
