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Cutting tax

Archives for August 2007

HMRC are sending me mad...
Anyway HMRC sorted it last year and she is up to date and repaying tax back over 3 years. Currently in the 2nd of 3.
Gifts and Inheritance tax
I understand up to £3000 may be given away each year tax free and tax payable on amounts above that if you die within 7 years. However is it possible to give any amount tax free if you don't die within this period, or does the recipient have to declare this as income and therefore pay tax. For example, is it possible for…
Tax Allowance
I currently work a few hours a week so do not qualify to pay tax. As I have some savings I am considering finishing work and claiming tax free savings. Is there a limit on the amount I can claim?
Self-employed. What really is my salary before tax?
I am self-employed and my salary is made up by paying myself a small salary PAYE and then making the rest up by taking directors dividends. Basically, I pay £3500 from my business account to personal account each month and then my accountant deals with the income/ni/dividend tax. I am soon going to be applying for a…
National insurance contribution
I'm with a recruitment agency who deduct the tax and NI from my gross pay and pay me the net pay. I'd just like to check they're deducting the right amount! Can anyone tell me how to work it out please? I looked at the sticky threads but couldn't find what I needed to know.
Fully Expensed Fuel Vs. Private Mileage
I am trying to determine at what level it becomes more economical to pay for Private Mileage rather than pay the tax on fully expensed fuel. Does anyone know of a formulae to work this out?
Selling and CGT!
Just to follow up my last post: I have a house in London bought for £550 000 2 years ago. When we were buying the house I was told i owned the house and my mother was the guarantor by the mortgage lender and solicitor. However, looking back at the documents from the sale I noticed that the house was under mine and my…
Council tax & Incapacity benefit
I am curently in dispute with council re some arrears from previous property my son was renting, which i am in contact with the ombudsman about. I have been in contact with the community legal service and they have suggested also finding out if my sons previous c.tax bill was correct or not. Question.... My son is on long…
Tax free payments?
Just about to start a new job as a ships pilot. When in port I will be paid a small houly rate to hang around before leaving. During this time I can't go home just stay close to ship etc so will go and get food and may have to stay in hotel over night. Basically I get paid monthly for work done plus expenses. So these…
Business Asset Taper Relief
Hello Please can anyone tell me if I can reduce my Capital Gains Tax on the sale of a commercial property, by applying Business Asset Taper Relief? The shop is empty. I have only owned the shop for 6 months? Many thanks Sarah
Tax and NI contributions on a bonus
Hi everyone, Quick question. My net monthly pay is in the region of 77% of my gross monthly pay. I have recieved a bonus in this months pay which I get taxed on etc. I've worked out that I'm only taking home around 67% of this bonus payment. Is this right? I assumed I'd take home 77% of it.
FREE PERSONAL/SMALL BIZ TAX HELP. Self assessment deadline looming
30 September is the last day to send in your self-assessment paper form and be 'guaranteed' the Inland Revenue will calculate your tax for you, ready for payment on 31 January. Tax Accountant Tony Tesciuba, (who also happens to be my Uncle) has offered to answer your basic tax queries. Why's he doing this? First because I…
Roll over relief v. reinvestment relief???
Hello, Well, I am well and truely confused after visiting the Inland Revenue website! I was wondering if one of you would kindly help!? I have an empty shop situated on the outskirts of town, which I am in the process of selling in order to purchase a more centrally located shop in town, where I plan to start a business.…
Driven to Distraction
It's 11pm and I have just registered for the site, hopefully that will give you an idea as to the level of frustration I am suffering right now!! Here's the deal.... Received a revised tax code through the post today from our friends at the tax office. My code has been reduced from 808 to 265 or thereabouts. On enquiring…
Reducing Corporation Tax - How do the Big Firms do it?
In the Financial Times I've been reading how Sainsbury's pays lots into Pensions and ends up with a Tax credit? My business is about to pay just over £11k in Tax yet I broke even!! Sainsbury's has made a lot more than me!! What are the ways to reduce this Tax? I found the following examples; hmm I'll try & find them, I did…
Working in the US/UK Tax Relief?
Hi all, I started a new job just before the New Year and as a result I live/work in the USA for 4 weeks before returning home to the UK to work for 1 week before repeating the cycle. I've been working on this cycle since 1st Jan and will continue with it until at least the end of my current project which is scheduled to…
capital gains on house rented to parents
My daughter purchased a property for my husband and me to live in in March 2002 (she has her own home). The property was £87k and my daughter funded this with a £67k BTL mortgage. Since then she has remortgaged the house as we remodelled the property for my husband's disability. The mortgage is now £123k - the property is…
is it possible to claim back Inheritance tax
me and my family inherited a large some of money which was to be divided equally between us. however the inheritance was tax a ridiculous sum- so is it possible to reclaim any of it back through any means?
Out-of-the-blue Self Assessment form
I've also posted this on the Benefits & Tax board, and been advised to ask here as well as there are probably a few MS who know more about the tax system. I had a real shock when I opened my post today - a Self Assessment Statement (number "2"), saying I owe £100 plus £3.09 interest. I've contacted HMRC and they've said…
Are National Insurance Contributions tax deductable?
I was just wondering if things like National Insurance contributions are taken off your total earnings before they are taxed? I know company pension contributions are, and you have your personal allowance but dont' know about NI. If they are not tax deductable then it seems that we are paying twice for tax, doesn't it?

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Cutting tax

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