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Taxis and Vat please help
As a Taxi firm you have a meter fitted in the car that has a rate set by the local council ,if you charge more than the amount shown on the meter you can be prosecuted by the council in court . When you start you will be below the VAT threshold and not be liable to charge the consumer the TAX. When you go over the limit…
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Reclaiming import duty and VAT on returned goods
I'm importing my wedding dress from America. The company have kindly agreed to send me a few different styles so that I can try them on and decide which one to keep. I am aware that I will have to pay import duty and VAT when they come into the country- is there any way of reclaiming the taxes for those dresses that I…
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Overseas NT coding status, and for following year?!?!?! please help clarify!!!
I have a income tax question for expats. Currently i am working outside the country for a middle eastern company. I have been seconded from a UK based company, but i am no longer on there pay role (i.e. i am on overseas payrole). I sent a P85 form to the inland revenue so that i could get a NT coding, i was instructed to…
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Selling land below market price & CGT query
I am looking into buying a small piece of land from a parent for IHT and other reasons. My Mother paid £16k for it approx 10 years ago, it is now worth £50k and I may buy for £10k. Does anyone know CGT/ IHT implications of this? Many thanks for your help.
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Tax Bands
Hi, I've got a really basic question, sorry if it's been posted elsewhere - i've been searching the web for the answer, but no luck. Tax bands, I understand that there are 3, but if I go over one band and enter another, does the total profit get taxed at that amount or is the taxation done in bands as well. For example if…
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Stamp Duty Land TAX question
Hi, I have a question relating to the Stampduty Land TAX (SDLT). We are trying to re-mortgage our property. On our Property Deeds, there are three names on it . Me & Mywife as well as of my Mother's name on the deeds. Unfortunately, 2 years ago, my mother died. Now, We need to remove her name from the mortgage deed.…
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Self employment for 2nd & 3rd job
Hello, I do not normally post on this part of the forum, so please be kind :D I have a full time job, which I pay tax on a PAYE basis. However, I have a second job cleaning the office and also another job with AQA. I now need to register as self employed for these two extra jobs. Am I able to register and then have two…
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Who gets my 2007 tax return?
Hi, Someone may know the answer to this one.:confused: I am a bit confused as to who has the best claim to the income tax I will have to pay after filing my tax return for 2007. The first four months of last year I was living in Germany but working across the border in Switzerland. The swiss take 4.5% of your pay and issue…
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Self Employment CIS Scheme & National Insurance
Hello, My questions are that I have a chance to go self employed and I am confused by what amount of National Insurance I am required to pay, some say I have to pay class 2 contributions and the some say if I go as a sub contractor on the new CIS then I will be deducted 20% tax at source and also 8% class 4 contributions,…
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Should he be paying VAT?
My partner has run a franchise for the last 6 years. The company told him to register for VAT and he is on the flat rate scheme. I am confused as his profits have never gone over 30k. He has not registered voluntarily and his profits are not anywhere near the 63k (is that right?) where it becomes compulsory. Should he be…
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Tax relief on residential mortgage
I have a house that I rent out which is worth £160,000. I used to live in the house and remortgaged for £90,000 when I moved out and started to rent it. At that time the house was worth £150,000. Since then I have been claiming tax relief on the interest charged on the £90,000 but it occured to me that I could be claiming…
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Sole Trader - Tax Year, Separate Bank A/C
I'm going as a Sole Trader from 1st March and I will be working for a couple of clients. What should I chose as my year end, as I've read that it is better to have a year end of 30th April for various reasons ? Therefore if I start on the 1st March, I can do self assessment of my earnings under PAYE using my P45, P60 etc…
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claiming mileage on paye
I work through an agency as a builder; the agency does not pay any mileage or anything else apart from my weekly wage. Next month I’ll be starting a job where I’ll be travel about 500 miles a week to get there and back (100 miles a day). I did read somewhere that you can claim this mileage because the building site is…
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lump-sum mortgage from company accounts?
hi hope someone can advise me. My current mortgage fixed term expires in the next couple of months and I am considering paying off a lump sum (e.g. circa £30-35k). I run my own Ltd Company (in Computer Services industry) and the books have more than the required amount to fund the payment BUT I am not clear; a. Whether…
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council tax backdating
when the council tax first came out late 80s i was 18-19 years old and was on yts getting £35 per week my mum was unemployed so i had to pay it (poll tax)then, i had to pay about £300 a year until i left home which i thought was a bit much we were only in a 3 bed maisonette could i claim that money back?
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Salary Sacrifise On Bonus
Hi All, Imagine I d like to waive my bonus into my pension using salary sacrifise. Also say my bonus was 100 pounds for arguments sake. The employer does NOT share any of the savings they make by me doing this. Is it fair to say that the pension will be credited by 100 pounds? No tax / national insurance taken ? Are there…
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Capital allowances / annual investment allowance
I'd just like to check my understanding of the new AIA from April 2008 please: Say I qualify as a small co so get the 50% in year 1 and buy a laptop costing £1000: Old system, ie buying this tax year: basic rate tax saving = 1000 * 50% (FYA) * 22% = 110, subsequent years 20% pa capital allowances (previously 25%); or if…
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Am I on the correct tax code?
hi, How can I tell whether I am on the right tax code? I started work through an agency in November and on top of my wage slip it says Tax Code: 522L is this correct? However, the wage slip I have just received has me taxed at nearly £20 on a wage of around £181. Thanks Jen
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tax refund questions
Hi guys, wonder if any of you can give me some advice? Year 2005/2006 I returned to work in june 2005 after taking some time off. On 10th december 2005 I was envolved in a crash on the M1 motorway (as a passenger) and one of my mates died. I did not return to work until the begining of March 2006. On or around March 14th…
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income/CGT whilst abroad
Have posted this on here as well as part of it is relevant to tax My Brother-in-law has been in Bermuda with his girlfriend for over a year now and has just got himself a job there he intends to stay there for probably another two years until his girlfriend finishes the third degree she is doing and then they may move back…
