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CGT - PPR on house portion of resteraunt
Hi My folks are selling there there restaurant/pub...owned for 3-4 years Paid £345k for the pub/restaurant and the upstairs living quarters Will sell soon for £900k If fine working out most of the gain and reliefs...BUT shouldn't they get PPR relief on the private quarter element of the property....and how would they go…
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oversea income tax?
Hi, My friend in US started a company a year ago and I recently persuaded him to give me some projects (software development) to do. For tax purposes, will the income I got from this one be treated the same as the salary I earned in UK? Also I am thinking of catching up the property ladder this year, and I will need some…
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Class 4 contributions - Confuse me - Help??
I work self employed as a cleaning lady and I filed my tax return over the weekend as follows:- Annual Turnover 11,816.03 Allowable expenses 983.26 Net Income 10,833.77 Personal Allowance 5,035.00 Taxable income 5,826.00 How they worked tax out:- £2,150.00 @ 10% 215.00 $3,648.00 @ 22% 892.56 Interest from B. SOC. 5.60 Plus…
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Capital Gains Tax
My mum would like to sell her house and come to live with me, my husband and children. She said she would like to share the value of her house total approx £120,000 between herself, my brother and me. If she did this would we all be liable for capital gains tax? Any advice would be greatly appreciated. Many thanks.
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What a mess!!!
I wonder if anyone out there can offer any advice? My OH has spent the last 3 1/2 years working for a company that has messed him about in an appalling way. For example: During his first year they told him there was a problem with sorting out the PAYE so asked that he went self employed on paper and they would pay the tax…
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How much can I offset....
:T Hi , just wanted some advice please.. I recently set up my own business.and not sure what i can offset aginst the dreaded" Taxman " ...:eek: Not that I want to cheat.....Any advice would be most helpful Thanks... Mandi ..
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Council Tax Comparison
Hi guys, My local council (west dunbartonshire) seems very expensive compared to friends in other parts of the country ie I am paying £1189 pa for band B. Does anyone know of a website with a council tax comparison chart so I can see how my council actually compares with others nationwide. Thank you, Colin W Colclough
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Capital gains tax question.
I Have a property I bought in 1992 which I lived in as my main residence. In 1995 I moved into my then girlfriends house and rented out my own home. We married and I have lived in her house since then. She has sold her house some months ago and We have moved back into my house. We plan to sell my house fairly soon and use…
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BR tax code
I was on the BR tax code for the whole of last year, after joining my current employer at the very beginning of April (something which I have only just noticed). Why would this be? Why wasn't it changed over the year? Whose responsibility is it? I have therefore done the sums, and it seems that I will end up owing the tax…
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Council tax Banding
I received a letter from the assesor today informing me that I had been successful in reducing my council tax banding from E to D, Howevere thewre will be no money due back to me as "My appeal was not within the period laid down by the Regulations.ie: if I was a ciouncil tax payer ion 1 april `1993 I had until 30 November…
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accountant charges
Hi, I was wondering whether my accountant is charging me too much. I am self-employed. I put all my financial records (income, expenses etc) into a spreadsheet and send it to my accountant every year. The spreadsheet even calculates everything. He then puts it all into the tax return and sends it off to IR. He charges…
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Allowable expenses on BTL first year
Hello all! Just wondering of anyone can answer a quick query. I bought a BTL last year so now thinking about doing 1st tax return for it (informed inland revenue). I'm fairly happy with what's ok as expenses on an ongoing basis - i.e. mortgage interest, 10% wear and tear (it's furnished), rates, advertising, maintenance…
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CGT on parents' let property?
Hi all, I need some help about CGT. I'm a complete tax duffer, so would be grateful for any advice (especially in words of one syllable!):D My parents moved to Spain just over two years ago and are now legally resident over there. Up to now, they have let out their former home in the UK (which they lived in for about 12…
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paye job offer is it worth while
Hi I seem to recall seeing a site that allowed you to put in your annual/monthly/weekly wage and tax code, it then worked out your take home pay. Have searched this site and cannot find it anymore. I have been offered a job and am currently self employed so need to know if it will be worth while giving up business and…
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Car tax
My mums car tax is due in 13 days(may 31st), she had a letter to apply for as new one today so she tried to do it online as its easier and she got the stage where it askd for the mileage and it said it couldnt match the certificate with the insurance, can you apply for the tax up to the last minute ie 10pm on may 30th
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Should I be concerned?
Approximately three months ago, I realised that my employer had been deducting tax for a Health Insurance policy I had not had with them for over three years. Realising via an on-line salary tax calculator that I'd been paying out about £7 a month in additional tax, I contacted my employers salary Dept. They realised the…
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taxation of pay award relating to previous years
In 2006/7 my wife was one of the local nhs nurses who received a back pay award. This was a reasonable sum of money and it is possible that our combined incomes per p60s may mean we are liable to higher rate tax at 40%, The pay award relates to several years pay. Without committing myself to the revenue just yet, will the…
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Tax on Portman windfall
Hi All, I own a Portman ISA and as such I'm inline for a windfall payment from the recent Nationwide merger. My question relates to the tax on this windfall. At the moment I'm resident abroad and wanted to know if this makes me exempt from this payment? The woman I spoke to from Portman wasn't sure and actually thought…
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Interest payment on overpaid Council Tax
I have (at last) successfully got my Council Tax banding resolved after 13 years no less. I discovered, by complete accident, that all my neighbours were on Band E whilst my house, alone, was on Band F. I lodged an appeal with the local Valuation Office and they agreed to reduce it to Band E. The Council have calculated…
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Being taxed £300 on an item ordered from US! Do I have to pay it?
I ordered an item from the US which cost me £1300 including £65 postage by UPS. The item is a 3CCD camera which I ordered for a University project designing a machine vision system. Eventhough I am currently a university student myself, the item is actually for a friend who lives in a different country and I am going to be…
