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Early retirement and NI
Two colleagues have just been offered early retirement from teaching with 2 years enhancement. They have 32 & 34 years of service and have paid NI for those years too. However they won't receive their state pensions until 2014 at the earliest. Am I right in saying that they won't need to pay any more NI if they take this…
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Capital Gains Tax Help Needed
If somebody could help me out with this it would be wonderful and really help me sleep a bit better at night as I am very worried about it. When my mum died a few years ago she left me a quarter of the house she shared with my dad in her will. A year or so later my Dad sold the house and bought a new one at the same value.…
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Urgent help with council tax advice please??
Right where do i start.....my now husband (27/10/07) moved into this house on the 28th aug 26th 07 and all was dandy till today i realised hubby has not been paying council tax and the landlord filled the form out as just hubby living here, the letter says he owes £772.62 this is from a sheriff officers. warrant date…
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council tax
hi this is a bit of a naughty query..ive got a council tax bill of 212.00 due on the 1/1/08 and ive already paid 100.00 and due to the balance been due on new years day i would like to pay the rest of it late...how long do they give you before sending out a reminder?? obviously dont wanna get in any court trouble
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Working part-time tax arrangements
hi there, I have been told that if you live abroad for six months of the year you will not be taxed, either on work you may do in uk for the other six months or on your pension, does anyone know if this is true? scarlet.
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Private medical insurance benefit and tax
My son has private medical insurance as a benefit from his company. I have been asking him if he was given a P11D but he has no idea what I'm talking about. His tax code is the normal 522L. His payslip shows the medical insurance as a payment and then the same amount as a deduction. As the payment is added on the his…
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Business Asset used for Private Use
Hi, I have a Limited Company with excess company profits in the bank and I'm wondering whether I'm allowed to purchase assets for non-business use. For example, I'm looking at purchasing a piano for around £15,000. Can my company purchase this and treat it as an investment/asset and retain the profits when it is sold?…
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Understanding Tax - basic Question Help Please
Hi Apologies in advance as I am sure that this must be a very simple question! I would like to know if, as a higher rate tax payer all my income is taxed at the higher rate or is it just the amount that is earned over the £40k (ish)thresholds? Thanks in advance
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Second job, income tax query
Not quite sure where to post this query... I currently earn £32k and this will increase to £35 from January next year. I'm considering a second (part time) job to boost savings before returning to Australia next year, but want to ensure I understand the tax bands properly. I believe the amount you can earn before tax…
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Benefit in kind - loans/mortgages
Hi All, How is the tax worked out for a benefit in kind. eg 100,000 mortgage at preferential rate of 5.5% compared to the benefit in kind rate of 6.25% How is the actual maths worked out? TIA
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BTL tax query
Hi All, My wife and I own a BTL house 50/50. But she manages the whole process of getting tenants and annual maintenance of the house etc... So when it comes to earnings, is it possible to declare that all earnings are made by the wife and all expenses are therefore incurred by her too. I am in full time employment and she…
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Received letter from HMRC requesting P11D...whats it about
Hi, I have received a letter from HM Revenue & Customs asking for me to send then the P11D for the tax year ending 5 April 2007 for them to check that i have paid the correct amount of tax. Can anyone tell me whats this is about? Should I be worried? Thanks
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Inheritance tax situation!
I need some advice on an inheritance tax situation! My father (divorced) is living with his partner and has a considerable estate comprising of another property, savings, pension etc. He has informed us he has written a will which leaves his estate to his 4 children - however we will only be entitled to this inheritance…
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Can anyone please advise
Im in a real mess Work have paid me a some of money (all of my start maternity pay) in one go instead of weekly This has attracted quite a chunk of tax and NI to be taken that I normally wouldnt pay Is there a way I can apply for the tax back before the end of the tax year and the same with ym NI taken? Im really needing…
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How long to keep records for self-assessment tax?
I've been self-employed for about seven years, and I'm wondering when my earlier tax returns will go past the time limit when they might be investigated by HMRC so that I could throw them out (or more likely, stick them in a box in the attic!) I'm a sole trader, not registered for VAT and no employees or company car or…
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Redundancy Payment in Leiu - taxable?
Hello, I am about to take a "compromise agreement" rather than return to work after maternity leave. There is no clause in my contract about payment in leiu of notice. They are paying me a considerable sum for my notice period. I'm told that as it is not mentioned in my contract the company can pay this money to me tax…
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Self Employed Newbie PROBLEM ***NEED HELP***
Hi people i am in a sticky situation. I have recently registered as self employed. Unfortunatly i registered 1 month late, and was told i was to incure a £100 fine. I was told on this forum previously that it wasnt likely that i would actually recieve this fine. But i walked in the door today and there it was, a fine for…
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Tax on a second income
Is the tax on your second job a higher rate than your first job or does it just depend on the total amount of money you earn in a tax year? I'm trying to decide if it's better to work overtime in my current job or get a second job. The 'overtime/second job money' is going to go into a saving account so it's not essential…
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New Will - What to do about the house?
Hi Please can someone direct me to the correct board for this. We are soon to re write our wills and remortgage the house at the same time. We are married and own the house together. I know that the rules were changed in Oct but Martin has not updated his article yet on Inheritance tax. Should we change the mortgage to…
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Baby Coming - Bit of Financial Planning
Hello, I would really appreciate some simple advice please. My wife is due to give birth in May next year (She is currently a higher rate tax payer and I am a lower tax payer for the 2007-2008 tax year). However due to a job move, for the 2008-2009 tax year I am likely to become a higher tax rate payer and she will become…
