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Tax Q please
Is it possible to contact the tax people and ask them to have a look at the rate ive been paying over a number of years just to double check that im paying the correct amount? If so can someone please advise who I should contact and what to write Thanks:j
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Damages Award
I am due to receive a lump sum in damages from a previous employer as the proper notice of termination of employment was not given. I was wondering where I stand in regard to tax on this money?
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Tax Changes For 2007 - 2008
I heard there was big tax changes in the next year affecting people earning 40 -> 45 K. Has anyone got a link to this? Put simply who was worse off (or not) from the change to tax rules?
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Best Middle Class Salary To Reduce Tax
Please bear with me! I remember reading that there is a case when if you earn about 40K you might actually be worse off with a salary increase because of the way that tax is allocated. Is this the case ? What are the numbers here and how they are calculated?
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Salary Sacrifice Scheme - How do you reclaim? Should I?
I currently am earning a salary and have decided that I will set aside about 55 pounds a month which is a salary sacrifise. I m told that because I am a higher rate tax payer then this will only cost 27 pounds. My question is that I am starting this scheme this months payroll and will continue for 18 months. Is it right to…
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WHat are 2006 - 2007 Threshold Bands ?
I see this : Personal allowance 5,035 Starting Rate 10% 10% 0 - 2,150 Basic Rate 22% 22% 2,151 - 33,300 Higher Rate 40% 40% Over 33,300 WHat does this mean in principle ? That if you earn 38,350 you are paying only 22% tax?
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Medical Insurance Tax In KInd Benefit - Whats It COsting Me
I am a higher rate payer and each month my company pays £50 for medical insurance which is a benefit in kind. My question is that over the course of 12 months this costs the company 600 pounds - What is it costing me in terms of tax relief and tax payments? How is it worked out?
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Getting paid for freelance/consultancy work - ideas needed!
Hi I'm a teacher, with a part time post. In my spare time I do some supply teaching through an agency, but I'm looking at doing some consultancy work, visiting different schools and training teachers in an area of my subject that I'm very experienced in. I've had some interest from schools, but I'm wondering how to go…
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Setting up Limited company/effect on income tax
Hi, I'm considering taking a new job, and as part of the negotiations the job agency I found the job through is offering me a financial sweetener if I accept the job (so they meet their end of year targets I expect). To claim this money I will need to invoice them from a Limited company, like an IT contractor does. This is…
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Savings Account - Tax
Hi, A quick question about tax on a savings account. We are selling our house and going into rented for a while therefore we have a lump sum that we need to 'invest'. We are going to put it into Bank Of Scotland instant access saver paying about 6.3 (I know we could get slightly higher but I prefer to stick to one of the…
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PayPal proof of spend?
I often pay for services thru paypal for my self employed business but as the people i pay are not a business i dont get an invoice etc so i just make a note of their name and what i paid for, is this sufficient for tax inspection purposes as i have no real hard proof that i got what i paid for when it comes to expenses.…
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Wrong tax code
I had my wage slip today and found that my code was 461L, i called the tax office and they said that my previos employer had been using that one. They have no idea why as it should be 522L which is what next months will be. They now have to set up an equiry, will i be due money back or will i have to pay them? I was with…
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Self-employed - "working from home" tax relief
Hi I have started running a small mail-order business from home on a part-time basis. I want to claim a proportion of our domestic running costs (heating, council tax, etc.) against my taxable profits, but I have two concerns. First, according to the HMRC website, I can claim a proportion of our domestic insurance costs…
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Deed of Variation
Good evening Could anyone shed any light on how a deed of varition can be of benefit when 2 people have jointly inherited a property & also do you have an idiots explanation as to what it actually is! :o Many Thanks ;-)
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Any tax advantages to being married?
My partner is adamant there are still tax advantages to being married! Other than the fact that I wouldn't receive a Widow's Pension when he sadly passes away, I cannot find any financial reason to get hitched! Does anyone know of any?
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Per Diem
Hi I am new to tax and don't really understand much about it. Could some explain to me if my daily per diem is taxable. I get paid £35 per day that I am abroad to pay for my meals, it is currently payed monthly with my wages and it is taxed with my wages, should I be paying tax on it? The company that i previously worked…
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One extreme to the other
Hi All, While trying to sort out charges and loans that I have fallen foul of due to no work and PPI - I might actually be getting a windfall!! A website that I built has been getting lots of interest and I'm negotiating with a US company for a buy out, now heres the rub 40% (CGT) or Capital gains Tax to you and I. We all…
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Tax Credits
We have recieved information that suggests that due to our children being born before working families tax credits was introduced we should be entitled to £1,500 tax payment for the years 2002 2003, has any one else heard of this, we looked on website called www.refundsdirect.co.uk which gave us this info
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NI Tables
My OH and myself pay NI from different tables. I'm not sure what this means at all, I pay from A he pays from D. Does this mean we pay different amounts? That doesn't seem fair, but I can't see any other reason for it. Sorry if this is a stupid question, but I can't seem to find the answer to this anywhere. :confused:
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Tax on Freelance Work & Setting up a LTD Company?
Hi there.. I work in a creative industry for a high profile company, moonlighting or extra freelance work in this industry is frowned upon so its best to keep it quiet! If one was to partake in any freelance work or (moonlight), wouldn't that persons tax code change due to the extra income they would be getting and making…
