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What can we do? Mum's ill, got too much cash!
Hi folks, don't know whether anyone has any good ideas about this situation, but hopefully you can help. The situation is this. My mum is very (but not terminally - yet, thank God!) ill, and has decided that she will need to go into a sheltered / warden controlled flat. Chances are though, that some time in the future (who…
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Corporation Tax Saving & Trust funds
I have been informed that by using some of our companies profit to set up a 'trust fund' we wont pay any corporation tax on the funds used to set the fund up or indeed any future payments into the fund. There will also be no tax liability on interest generated by the fund and indeed the monies within it will also be free…
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claiming unpaid child tax
sorry if wrong place but im in need of advice i came across this today http://www.ultimateresponse.co.uk/child-tax-credit-reclaim/ now ive called (or rather my sister did) inland ref and asked about it. they gave her an address to write to with all details. now is it best to do this or go with the company ?? help. dont…
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Taxed more for working at home?
I'm employed full time, but I'm looking at going self employed in addition too - as I can earn money on evenings or a weekend doing my own work. I'll be doing PC based work, so when at home I'll be using my home PC, and I also work on the train too (laptop). Someone said that if I was self employed and I worked from home,…
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CTG liable if i rent to my parents?
i'm not sure if this is the correct forum, but here goes. I own my house (valued at £250k) which is mortgage free. I'm getting married in April this year and would like to buy somewhere bigger to live. I have yet to decide if i will sell my home or keep it, but herein lies my problem. my parents live in rented…
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Avoid Paying Tax
I have a friend who is moving into another house. He is exchanging with the current owners plus he will need to pay an additional payment. For the sake of argument lets presume my friends house is worth £400k and the house he is exchanging into is worth £500k. He will need to pay the existing owners an additional £100k.…
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Company car tax & personal mileage ?
Hi there. i work all over the south as an on call plummer. i have a company car (vauxhall astra 53 plate) which is owned by the company and i am charged company car tax and for personal mileage. i also pay for the distance between my house and my first job and from my last job home. does anyone know what the rate of this…
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Capital Gains Tax query.
hi, I bought a flat in Novemebr 1992 for £52,500 and lived in it for roughly 4 years. I then rented it out from then on until when i sold it last December (2007) for £184,950. Can anyone help me as I am not sure how to work out the amount of Capital Gains Tax i am supposed to pay. Thanks:confused:
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Tax Deductions Newb
First off, apologies for my ignorance - I've googled and read up, and called HMRC a few times but some issues still aren't clear. Until recently I've been a full time student, I've just started my new full time job and I'm looking into the entire tax issue - since its costing me money ;) So far: I've managed to get my tax…
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start-up author tax advice needed
I am about to embark on a novel writing project which I hope will develop into a rich and rewarding career. The problem is that I can't afford to do this full time at the moment, I will have to write part-time and still work a full time PAYE job. My question is this (and I am sure it will be of interest to many budding…
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Capital Gains Tax on buy to let
Hi I recently got married and have a buy to let property, that I am thinking of selling at some point during the next year. As the property is a buy to let, and myself and my wife live in our current house, we would need to pay capital gains tax on the profit from the sale of the flat. However, at present the flat is only…
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Book keeping problem - info needed
Hi, I have recently gone self employed along my full time job, and would like some help starting my book keeping - has anyone got asimple excel spreadsheat with formulas etc, or example to show me what it has to look like- I am a total newbie in that dept. :( It will only be very simple as I do sales and dont have many…
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tax rebate when emigrating
I am planning to leave the UK in 2009 to live in the Republic of Ireland. This will be a permant move - I have been told that I can get a tax rebate on leaving, is this true? If so, when would be the best time to leave (this is flexible) and what percentage could I get back? Thanks, Jim
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Mobile Engineer Tax back
I've been told recently (by a few guys that i work with) that i can claim tax back for a few things such as washing of my work uniform and i should get a tool allowance of £100 a year. Also i have been told that because i'm a mobile engineer and travel the country with work then i can claim tax back for lunches and things…
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Going Self Employed - Tax Advice ?
Im being made redundant, and I've been offerred the opportunity to go self employed on a Consultancy basis, however I have the following questions: I will be starting with one contract only (selling a product in a market I know well so plenty of work) but there is another on the horizon, plus maybe a couple of others. I…
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Capital Gains on sales of land - No previous paperwork
I'm just taking over the finances for my Mother In Law who has just sold 11 acres of land. She transferred smaller pockets of land in the 90's but has no records at all regarding these transfers. They were transferred freely to members of family or friends. From what I can ascertain these transfers were all written up…
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Capital gains tax taper relief
Hi, Please can anyone help me? I have a part share (~1/4) in a family house (since 1980s); with the new captial gains tax rules, taper relief is removed, so although the rate is lower, the actual amount is higher. Apparently the taper relief can be locked in at the old rate by transferring to my spouse. The question is:…
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are gifts from my mum taxable
I am self employed and hitting hard times so my dear old mum who has lots of cash stashed "under the bed" wants to give me £1000 a month to help out! I am concerned that this will raise questions. I would like to put this money into my bank account to cover mortgage payments etc. She is 80 and her estate would not be worth…
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will I have to pay cgt
HI am in process of selling PPR initially with a view to buy house off our son as he needs to move as can't afford his house due to change of job. But it all seems to have gone bit pear shaped, we are also in process of selling a property we rent out, (DUe to very small rental income v morgage costs) but large equity…
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tax on interest
My father (69) had an old policy for his mortgage which matured in June 2005. He didn't claim his policy until May 2007, so it has been accruing interest of about 3000. This interest was obviously taxable and had tax at 20%(about 600) removed. He received the 2400 in June 2007. I believe he will only be in the 10% rate for…
