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HMRC - I'm in Trouble I Think
Hello I used to own a fish and chip shop. For the first year I had an accountant do everything for me including the PAYE stuff then because it got too expensive, I decided to do it myself. The business lasted 3yrs and during this time my husband stayed working p/t and I had a total of 5 other p/t staff work for me as well…
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cOUNCIL TAX RE BANDED
Hi Everyone Can any one help me with my query ? HAvE just moved into a chalet bungalow which we brought in March 07. We have just had a letter from The Valuation Office to say as an extension was done 5 years ago we now have to go up a to a higher band!!! Has anyone had the same experience and whether this can be done for…
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Hobby turns into business
I used to be an amateur magician. In the past few months, I have started to perform at children parties, charging £60 a time. I have done about 10 performances so far, with another 6 booked for the next month. I realise that this has become a self-employed business and I need to inform HMRC within 3 months of starting. I…
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working from home
Hello, I am employed but I am classed as field based working from home. I have a laptop and my back room is used as an office. I want to buy new office furniture (the company won't pay for it), can I buy it and claim it back from the tax man? If so how do I do it? Please note easy to understand answer would be appreciated…
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IHT and Loans & Gifts
If children have received parental loans, and the a parent decides to make a financial gift to them, must the gift be an actual payment to be recognised for IHT or is a documented reduction in the outstanding loan balance sufficient?
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allowable expenses
Can anybody tell me of any good books out there that tell you all the tricks of how to minimise your personal tax by legitimate deductions that the IR wont tell you about. I am just about to go self employed and am fairly numerate and therefore haven't gone for the expense of an accountant. I know that you can claim any…
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Council tax on stable buildings
I hope someone here can help me. We have brick built stable buildings on our land. We have never used them, we have no horses and they are getting pretty derelict, the rooves are falling in etc. Someone told me that stables were included in your council tax banding, agricultural buildings are not, but stables are not…
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Reporting a Tax Accountant
Hi All, can you please tell me which authority or regulatory board I have to complain to or report a unprofessional tax accountant to ? These are the letters after his name BSc FCA. Thanks in Advance
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Business miles - tax relief
I have done just over 11k miles this year on business. I have filled in p87 (I think that was the form) - and the total is nearly 3k (I only get 13 per mile). I am in the higher tax bracket. So the question is - what do I get back actually? I am guessing not 40p-13p*10,000miles + the remainder at the lower amount. Do I get…
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Backdating self-employment declaration when tax already paid?
I am full-time employed, a standard rate taxpayer on PAYE, and I do some other things on the side, as a result of which in May 2000 (00/01 tax year) I gained a regular additional (self employed) income of £1248 per annum which I immediately contacted the Inland Revenue about. Rather than register me self employed, the IR…
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CGT on building site gifted by Father
Hi There, My father is giving me a building site which I have already been granted planning permission on, Will there be any issue with Capital gains tax or since it is a gift will it be exempt? Thanks
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Income tax on business mileage
Hi, I've just started going through my P60s and payslips for the last 5 years and spotting some questionable numbers. I'm confused on a number of points, I'll start with this one :p I used to use my personal car for work. I got paid 41p a mile from my company for useage expense. I am aware that the limit is 40p per mile…
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Council Tax can increase when....
you buy a house! It takes place after a 'relevant transaction' If you extend your property or adapt it so that the value increases the Valuation Office hold this information on their system. When you sell your property it is known as a 'relevant transaction' and the property will be re banded. The band will only change…
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Self employed tax returns whilst employed
Hi All, I am looking for some advice. I have just started up my own web design business and i am doing this on top of my current job which i pay tax as normal. My question is, how do i go about registering for being self employed and how will this work. I have been in business for about a month and i now i have three…
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Overpayment of tax?
I thought i had paid too much tax in the year 06/07 but spoke to the inland revenue today and they assured me i have not could someone please help? My salary is 16500 but in February this year i had some shares gifted to me by my employer, (graduate bonus) this went through in my salary in February. I received approx…
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IHT or no IHT ?
My FIL died 4.5 years ago, in his will half of the property value was held in trust – so that wife (stepmother) could remain living the property. My wifes Stepmother has now asked whether my wife would be interested in receiving her share of her late fathers estate – The will stated that half of the value was to be split…
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Cutting Tax
Hello all, I always hear of how companies do clever/sneaky things to get around paying tax. Is there anything us mere mortals can do? I'm not married and don't have kids but is there anything else I can do to be more efficient tax wise? I seem to pay a lot! Thanks
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Claiming Back Tax on Savings whilst not working
I will try to be brief ..... I started maternity leave in Jan 04 and did not return to work as planned in Jan 05 - took redundancy instead. Can I claim back the tax paid on savings etc and if yes how do I do it (I'm led to believe that its possible and that I can go back 5 years). I started back to work in Jan 07 so if I…
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Primary Residense Question
I bought a flat and let it out for 4 years while i was living in rented accomodation elsewhere. I have never actually lived in this property. after 4 years I bought a second property with my girlfriend where we still live. If I sell my first property can I consider it as ever having been my primary residense for CGT…
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Council Tax Band review
Hi everyone, My wife and I completed the purchase on our apartment early April 2007 and have received a council tax bill since. We are on band C. Out of the 8 apartments on our level, only 2 apartments (incl ours) are on band C and the rest are on B. One of the band B apartments is fairly similar to ours and would like to…
