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CGT/IHT - my father owns my home and wants to gift it to me
For 20 years I've been living in a house owned by my father (but never his PPR), and paying him rent. He's 73 now and wants to gift it to me. He paid £90k for it and it's now worth £600K. I understand from previous threads on this issue that there should be no IHT liability providing he lives for 7 years. Is that right?…
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ISP / Broadband and allowable expenses
We pay a fixed fee for broadband which is mainly used by my husband in his capacity as a self employed web designer. Since it's the same price no matter how often we use the service for non-business, does it follow that we can claim 100% as an allowable expense or should I just put down a percentage? (Probably 25 %…
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Question re Expenses (particularly entertainment) from a Sole Trader
I'm aware that I can charge my clients my mileage expenses at a level that we both agree on, then offset 40p for the first 10.000 miles etc from my taxable income. I note that Entertaining expenses are not tax deductable - as I'm doing some Sales Consulting which may/will involve an element of entertaining on my Client's…
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Can the Revenue do this ???
IR are investigating a coule of tax returns of mine in connection with a tax exemption I am claiming. They naturally don't think I should have it, and I have had a letter to say they are going to get a change in the law to remove this exemption and then apply it RETROSPECTIVELY !!!!! Oh, and they have suggested I pay some…
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Lowering VAT on healthy foods
I'm sure it's been posted elsewhere, but I think it's a useful thing to push for and doesn't take very long. Basically, Asda are using the Number 10 petitions site to lobby for a lowering of the VAT on fruit juices to 5% from 17.5%. Assuming the supermarkets pass the saving on, it's got to be worth a go, doesn't it?…
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When are tax rebates paid?
Our accountant submitted my DH self assessment for his first year as self employed back in January for year 06/07. The calculation identified that there was an overpayment of tax to the tune of around £450. How and when will this be paid?? Thanks
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Council tax advice
I have been having trouble paying my council tax. I was in a job that gave me 9 hours only a week. I paid what I could. When the new tax book came out last year they combined what was left witht he new one. Once again I struggled. When I got a new job with more hours I paid what they was asking for every month with a…
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tax earnings query
Hi there, I have a problem with my new (ish) job and the company's accountant, so I'd really love some advice please. I was employed in the media from April 2007 - August 2007 and earned about 2k per month. Was paying tax, it was all fine. I was then made redundant, and took the opportunity to go back to college. Then I…
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Help - Absurd tax demand and tax office are "too busy" to deal
Really worried about this one. I have a tax demand for £10,000 which I don't owe. I have been talking to a really helpful chap at my local tax office who say this is clearly wrong and he can prove it as I have handed all the documents to him personally at the Euston Road tax office (have proof of this). However, when I…
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Tax on life insurance endowment policy ?
Took out a life insurance endowment policy abroad whilst working there in early 90s.Continued paying into it for couple of years when returned to uk in mid 90s then stopped.All monies paid in were post tax. As well as life insurance the policy has a cash value.If i terminate the policy will any uk tax be due on the cash…
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hmrc tax enquiry
Can anyone offer advice on tax enquiry which I currently have. Am self employed and have been for 20 odd yrs. i have accountants who have sent in all my paper work for year in question 3 weeks ago waiting to hear now. how long do these things take am obviously concerned have major financial situation with c/c debts etc…
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capital gains tax advice
could some one throw some light on my situation, I have asked what if problems before but now need advice on my current situation. I brought house A morgage free in April 2005, all family lived in it. Oct 06 I took out £130,000 mortgage to enable son to buy house that needed extension and renovation, HOUSE B (I pay morgage…
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could some one throw some light on my situation, I have asked what if home.
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Council Tax Advice Please
Hello, can someone please help, or advise if this is right and if not how to go about resolving it. i live in a 1 bedroom flat, this is a quite big house that has been converted into 4 flats, so all 4 tenants will be paying approx £1000 per year council tax each, thats 4 grand to the council, surely this would not be…
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Tax Rebate Question
Hi all I am due a tax rebate in April ... I have already filld in all the forms and sent them back. Just curious does anyone know roughly when in april we are likley to get our money back .. will it be start , middle or end of the month ... I already have plans for the money so really want to know when I will have it to…
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File separate or jointly
We have always filed joint returns, but this year I started collecting social security as my only income. My wife doesn't work but has sold on eBay for 6 months. What would be the best way of filling, jointly or separate? And how would it effect our deductibles? Any help would be appreciated. Thanks.
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Getting a job in the same year as a redundancy payment
Hi there I am about to be made redundant where the total payment (inc PILON) will be less that £30,000. largley this will be mad up of a severeance package, PILON, unused hols & 18 months of pension contributions paid by the company. Whilst i understand that PILON and hol payments are subject to tax, does anyone know what…
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advice needed re tax rebate
Hi, I'm hoping someone can help cause I have no idea how this works. I was on maternity leave at the start of the 07/08 tax year and then went onto sick leave in June til I handed in my notice and left in August. I have paid tax on these earnings but have done no further work this tax year. I think I may be due some tax…
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Tax questions
Newbie alert! I am about to inherit £80K from the sale of a deceased relatives house. I have a 6 month old baby and a wife whose maternity pay is about to run out, and does not want to go back to work. If the money is in her name in a savings account will she pay tax on the interest? Anything else to look out for? Having…
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Help with cutting sole trader tax
Hello, hope someone can help us please with some straight forward advise. My husband works full time and does some contract work. Due to this he pays 40% on his contract work. He was talking to a friend and they said to lower the tax, he could pay me a small wage to do his paperwork( which i do do just not paid ?) etc and…
