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should i be in a lower band ?
i looked through martins document on lowering your council tax, if you are in the wrong band. after finding my property via the postcode i found that most are in band C (including me), but one is in band B. as far as i know all the properties in this postcode are 2 bed maisonettes. i also checked the value of the last…
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Yet another company car tax question!!!
I would be eternally grateful if someone could tell me if I'm right with the tax implications from each option below as it's sooooo confusing... Stick with company car scheme & keep fuel card We get taxed @ 40% on the BIK value on the P11d form for car & fuel which is based on the % of the value of the car (and fixed fuel…
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state pension and Council tax at 65
i will be 65 in may this year but i do not intend to give up work for another 5 years am i allowed to collect my state pension and am i allowed to claim a reduction on my council tax also
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Inheritance tax help
my sister and i inherited a house with a piece of land from my brother when he died in december 2004, the value of both for probate was £220,000.00. we sold the house in may 2006 for £100,000. and my self and my sister had half of the money each my sister then died in 2007 and her share of the land then passed to her…
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Company car tax
anyone no were i can find a car list price on the net? Letter from the tax man this morning say i owe over £600. there is no way at all this is right. Have to call back on monday when there systems are runing and was advised to get some list prices of the cars i have drove. Thanks Martin
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Fair wage for wife's help with business
My wife is helping me with collecting and logging all financial info with my Ltd Company. She works elsewhere and unlike me she does not pay 40% tax. My question is therefore how much would be deemed a "fair" wage to give her in terms of the Inland Revenue's eyes? There is obviously a tax advantage for me (to a point!) and…
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Wife starting new job!!
Help, I need advice. My wife is about to start part time work and will earn approx £250 a month. She has been off work since 2001 since the birth of the kids but now is a good time to start again. We have savings of 8,000 each in an ISA and 21,000 in a bank account where we save £300 a month. What do we do? Is it a good…
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National Insurance calculation - help needed!
Does anyone understand the NI contribution system? If so, I need your help. My wife retires next year. She has received a letter from the NI Office saying she has underpaid her NI in a previous year (equivalent to 18 weeks) and must pay £132 for the year (2005-06) to qualify for her pension. She only works part time and…
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Inheritance tax planning - gifts from income?
Martin's Inheritance Tax article http://http://www.moneysavingexpert.com/protect/inheritance-tax-planning-iht states QUOTE Gifts from income. Inheritance Tax is a tax on your assets. However if you have an income (pension or earnings for example) and you give money regularly from that which leaves you enough income not to…
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chargeable gain and new tax code
I have some underpaid tax due from 2006-7, because of a chargeable gain in Feb 2007 which pushed me into higher rate band. This came to light when I had to fill in a tax form after I retired last September. I am now on basic rate. To cover this bill HMRC have just issued me with a new K tax code for 2008-9. I am thinking…
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CGT on exchange properties
Is it possible to exchange two commercial properties. A commercial tenant wants to acquire the freehold of premises he holds on a long lease from us. he has offered a building that is part shop part flats in exchange. They are of similar rental value so can we effect an exchange or do we have to sell and incur CGT.
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NI Class 2 & 4 Deferment
Hi All, i'm currently employed full time obviously paying class 1 NI Contributions via PAYE. I also run a small internet business on the side, over the last 3 years my profit has been less that £3k so i've got a class 2 & 4 exemption certificate... However for this tax year i'm looking at making over £8k profit, so will…
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Question re Probate...
Sorry this is probably is the wrong place but I couldn't fine where else to put it and I'm after a quick answer. My dad died last weekend, my mum is the executor and sole beneficiary of the will, but I am sorting things out for her as best I can! I have read up about probate, letters of admin, etc and spoke to the…
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Declaration of Being a Sole Trader
Hi, I'm very new to all of this so I hope you will bear with me. I recently (October '07) started on a regular basis trading items on ebay, although this was on an extremely casual basis at first. Although this is not my primary job (i'm a student), this enterprize has taken off recently and as a result I believe I now…
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Error in Council Tax Information Form
Regarding the Council Tax information form that is submitted after new residents take possession of a property, our friends' family innocently submitted an erroneous form and the Council is refusing to correct it. The family was to be there only short term and the spouse who signed the form ignorantly indicated that it is…
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P87 and company lease cars????
Hi I have company lease car which i pay the lease ,my company give me 11p a mile and i want to know if i can claim the 40p a mile back from the tax man for business mileage as i have to pay for my own fuel. mark
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Income tax
I'm about to hand my notice in, my empolyment contract states I must give 3 months notice. I'm certain that when my company find out that I'm going to work for a competitior they will want to pay me off. If I receive a lump sum payment from them (as severance) and don't actually work the 3 months for it, is this taxed or…
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Payment of IHT - did you know?
A friend of mine is dealing with an estate under which IHT is payable. Although he was initially told that he couldn't use the cash in the deceased's bank account to pay IHT and was in the process of arranging a loan to pay it, he has later found out that it is indeed possible to do this (thanks to a very nice lady at the…
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Have I calculated my tax code for next year right?
Hi Can someone confirm if I have got my tax code for next year right? My personal allowance would be 5435 I get a company car where the benefit is 6038 So tax would be due on -603 (5435-6038= -603) So I would end up with the code K70 Thanks in advance! :rolleyes:
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US tax deductions for royalties earned from music.
I am a member of the PRS and have joined a music library in the US. I have had my first statement which has not only deducted 50% from the libabry but also 30% US tax. I asked why I was taxed in the US and was told (which was new to me) that I need to apply to the US IRS for a W-8BEN tax form. Can anyone tell me what I…
