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Getting tax back on interest paid
I am a student, unfortunately still looking for part time work. I recently found out that as I have not earnt anything this year I can claim back the tax on the interest in my savings. I'm filling out the appropriate form (r-something). I also read that this can be done retrospectively - I don't think I earnt the minimum…
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incapacity benefit/redundancy
hi,ive ben on incapacity benefit,and was made redundant in june,someone has told me i can clim back he tax ive paid this tax year,does anyone know if this is corect?
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Ltd company vs Sole trader
Hi, I am a self-employed pharmacist earning £35k a year, after expenses. I am currently a sole trader, but a couple of people have said to me that it might be worth setting up a Ltd Company instead. I am wondering how much this would save me in tax? Also, are there any bad points to being a Ltd Company rather than a sole…
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Thank you Jimmo
:beer: Hi Jimmo - I wanted to thank you for your reply to my cgt help post earlier in August, due to small children and going away this is my first chance to say thank you. I have started a new post as I wanted to make sure you saw it! I am going to cheekily ask another question, and if you would so kind to answer it would…
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CGT help
hello i need some advice on CGT I have a joint mortgage with a parent. I wanted to know when i come to sell the property will we have to pay capital gain. my parent does not live in the house and its not her main residence. however i do and it is my first mortgage. will we have to pay cgt? if we change from a joint…
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partner going self employed..help!
Can anyone advise if this sounds like a good business plan?? My partner wants to go "self employed" with his brother in a new business. So far all i know is that a third party is putting down £26,000.00 on a 3 yr lease of a shop...(to be used for tattooing), and in return for this, my partner and his brother will be self…
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Reclaim Overpaid Income Tax!!
6month ago, I have requested the Repayment claim to Inland Revenue to see if I was not overpaying the Income Tax. The reason is that the labour union, which I have joined sometime ago, showing advert about the company, which claim back the overpaid income Tax. Instead of going through the Tax refund company, I have…
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Tax on Interest
Hi I will be selling my appartment shortly and will be able to put £115,000 in the Halifax Fixed Rate Websaver account for a year at 5.04% interest net. I am 53, and currently on income support. When I sell the appartment, I will be signing off income support, and travelling for a few months. When I return to the UK, I…
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help with tax on incapacity benefit
I took sick leave from work in January 1995 and started incapacity benefit in 8/95. I received a letter 23/8/95 from the benefits Agency regarding IB saying it is a taxable benefit but no tax would be deducted. Further on in the letter it said, ‘ if you receive an occupational pension, tax will not be deducted from your…
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Capital gains and Tenancy In Common
In 1984 my father bought a house with his partner. They owned 50% of the house as Tenants in Common. In 1987 he died and my brother and I are his sole beneficiaries. Under the terms of the tenancy in common agreement his partner continued to live in the house. In 1994 she wanted to move and the agreement allowed her to do…
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Tax and London travel cards
I do some self-employed work for which I need an Oyster travel card to get to the different venues. In fact I use this travel card for at least two, and sometimes, three self-employed jobs. Before I did my main self-employed job I did not have a travel card but now use one. However, I do also have jobs in which I am…
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Urgent advice needed on Capital Gains Tax!
I'm selling a flat which I bought in 1992 for £85K (well it was at the bottom of the market). I lived there for 7 complete years and have rented it out for another 7 complete years, and am looking to sell it for around £300K. I've gone onto HMRC and blinded myself stupid trying to work out the CGT, having worked out the…
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40% tax on savings
As recommended, I have started a new thread about this.... My partner has just got into this higher tax bracket - by a very tiny amount. Should they be paying 40% on their savings interest as well? Will they have to fill in a tax return? Could they avoid paying 40% on their savings interest by giving me the money and I…
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TAX NI help.
I'm currently self-employed running a website but it's not making as much as it used to and I need a new job. Now I do my self assesment yearly and pay NI quarterly. What do I need to do HMRC-wise so income from the site keeps trickling in and with a new job I pay tax & NI on the payslip as normal ?. Sorry, don't know all…
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Getting a tax refund
I recently applied for a tax refund after leaving work in April. I had paid £4400 tax on £13500 salary and I haven't worked since. I calculated that I should be due a rebate of at least £2000 but my rebate arrived yesterday - for 40p!!! Can anyone tell me whether this can possibly be right & what I should do next?
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Tax on two jobs
Have read a few posts re two jobs but would like to ask specific question. My daughter works 3/4 nights per week on min wage but on books, she earns no more than 85 week. She is also signed with a temping agency and they have just offered her a temp job which will be full time so approx £230 week before tax. Her evening…
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Business Travel
We sell slot cars ( scalextric) and build tracks and hire them out. The IR want to disallow my 3 day trip to Spain. Spain is the centre of the universe in slot car terms. There are more clubs and manufacturers there than any other Country. I visited many manufacturers during my trip and also met other dealers at an…
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Using my own money to fund my own business - have I done something wrong? Tax?
I am not sure this is the right place to ask but here goes - it has kept me awake half the morning so needed to get it onto paper (or screen) I am a sole trader, I sell on my website and eBay - I have been trading as a business for 4 years now. I sometimes use my own money in my business, this can be for buying stock (when…
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Tax problems relating to purchasing a house for my parents
I posted this thread in the house buying section and got some good feedback on the mortgage and renting side of this issue. It was recommended that I also posted here to see if anyone could give me a view on the tax consequences of the options open to me. Thanks. My parents (both over retirement age) have decided to give…
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Council tax question
topic in wrong thread... moved! (mods - delete this thread if able!!)
