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Tax Code - How to work out if I have paid correct amount?
Hi all, The HMRC changed my tax code to collect some unpaid tax on a week 1 month 1 basis (whatever that is). But after that I did alot of overtime etc so will have earn't more, so would have paid more tax? I have my P60, how can I work out if I have paid the correct amount of tax? My final tax code on my P60 in 2006/2007…
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Help with CGT example.
Hi folks! Needing some help to understand Example B tax from http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/DG_4016313 "As a result the first £3,525 of the gains is taxed at 20 per cent, while the remaining £6,475 is taxed at 40 per cent because it falls above the basic rate limit for Income…
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inheritance tax question
My Mum and I have a couple of joint accounts at the Bank in case anything happens to her, and various sole savings accounts, bonds and isa's. It came to light last night that she had thought her isa's were protected against tax and was appalled that in the event of her death all these pots of money would be eroded…
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Employing family and tax/pensions
Hi Does anyone know if you can employ your own daughter for Saturday work and pay into her stakeholder pension (which is already set up), as she would then technically be an employee, could this amount be taken off the gross profit before calculating tax or not ? I was told that any contributions an employer makes into a…
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national insurance question
I wonder if you can help me please.? I am taking early retirement (late 50’s) and have received confirmation from the Pension Agency that I have contributed the 44 years I need for the eventual state pension as apparently they “throw in “ 5 years at the end, therefore I do not need to pay anymore N.I. contribs. I have been…
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Wills and IHT - which professional to use ?
I've read through several threads on IHT and tax and would like advice on which professional to use at what stages - eg IFA, solicitor, tax specialist etc. Our situation is that we are both in our early 50s with 3 "independent" children. We both have DB pensions with our employers and do not wish to enhance them; house is…
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Local authority properties
My OH and I currently rent our property from the local authority. Does anyone know if these can be rebanded using Martins method? Problem is, I don't know what band we are currently in, but I do know how much we are paying ("too much" is the familiar cry!)
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Tax Allowances
Maybe its just my poor searching skills but I can't find a relevant answer on the site at the moment. I work for the Police Service, and was recently advised that I am entitled to a 'boot allowance' of roughly eighty pounds per year. I have called my local tax office and they have amended my tax code accordingly. Having…
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Company car tax confusion 22% or 40% or both?
Hi, I am due to replace my company car and I envisage going into the 40% tax bracket over the life of the car. My question is what happens when I reach the 40% threshold? Is there someone that can clarify which of the following is correct? 1) I earn over 35k + car and get taxed 40% flat for the car 2) I earn over 35k + car…
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Could 2 vehicles be put through the books? accounts
my oh has his own business and has a van that he had a loan for so gets the interest allowance:confused: he could do with having a second vehicle (king cab?) for collecting materials pulling trailer etc on contract/hire question is could both vehicles be put through the books and would this be the best way? when he isnt…
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tax con by the chancellor
Unless i have my figures wrong the low paid are conned again, if you check out the new income tax rates payable from 2008 and you have an income below about £12500 p.a, (say people who have taken early retirement on a small pension) the abolition of the 10% band coupled with the reduction to a 20% band will cost you extra…
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Tax query
We have sold our house and are, at present, renting. We have put some of the money into an account in my name, as I'm not working at present, and filled in the form stating I was a non taxpayer. However, with recent interest rate rises, it will likely go over the threshold if we were to stay like this for the year. In…
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Help!!! its my council tax appeal
Hi All. I have put in an appeal against the decision on my council tax banding.My appeal at the VO is June 12 07. I am renting a 1 bedroom flat and my banding is a band B when I beleive it should be an A .According to the letter from the Listing Officer..My banding is correct based on there evidence of actual sales of…
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Am I due any tax back?
Hi there I Was wondering if anyone could help. I know nothing about tax and find it hard to understand all the info out there. This is my first job which I started back in November. Today I got an end of year certificate p60 which states my pay last year was 4,127.28. It also says the tax deducted was £337.51. I Thought…
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Confused by VOA !
I sent my proposal for a change in the banding of my property on the VOA website ( both steps on Martin's pages indicated that I was in the wrong band) A "notice of invalid proposal" was issued as I have been in my property for longer than 6 months. I then sent an "appeal against notice of invalid proposal" stating word…
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How to change 1p's and 2p's
Will banks or Post Offices change piles/bags of 1pence and 2pence coins, or allow you to pay money into your account in that way?
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income tax and part time job
hi, My wife works full time but has also been doing a casual job on the side, working as and when needed. this second job generates 2k-3K per annum. We have never decalred this income simply because i never thought about it. Anyway, i ahve realised that i need to declare it. If anyone knows, my questions are: 1) how do i…
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FTB Friend - Council Tax Dilemma!
Hi, First post, so please go easy. A friend of mine has bought a property in Whitefield (Manchester/Bury) about a week ago. He is a FTB and has been living with his parents in Darwen and also been working for the last couple of years. His parents are on housing benefit and he is/was not registered at his parents property…
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Iht
Hello, Can somebody tell me, with inheritance tax, are annual exemptions such as 5k to sons and daughters an individual figure, or is that 5k between them? Also, am i correct in thinking that the 3k a year allowance can be backdated a year? Thanks for your help!
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council band - 6 months South Lanarkshire
i am looking for information regarding this 6 months rule i sent in my council band query to the valuation board in January and i have just received a letter saying that my claim if invalid due to this 6 months rule i am under south lanarkshire can anyone please give me some information regarding this 6 month ruling as i…
