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Advice needed for sister
Firstly, I just want to apologise if this is in the wrong place. I'm seeking some advice for my sister - she came to me in tears tonight to say that she was been investigated for council tax fraud. She split up with partner bout 4 years ago, then got back together bout 18 months ago. When they were apart, she claimed 25%…
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VAT registration - should I set it up myself
Hi, I'm looking to become VAT registered, not because of earnings but because I recently moved premises and my new rent is subject to VAT, which I could obviously save if my company was VAT registered. I can set this up online, in the same way I did with my limited company, but I don't know much about VAT so I'm not sure…
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National Insurance Query
I realise that Income Tax is cumulative so that it naturally corrects itself over the course of a year if your income spikes a month or two throughout the year but as far as I can see your NIC appears to depend upon the current month only. Assuming the above is true, if overtime is an option for an employee, would it be…
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ltd company for property and other investments
Hi, Just as title suggests, can someone outline pros/cons of investing in a btl thru a ltd company. It would not be in the near future. It could end up growing into more than 1 property tho i suspect. Many regards
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Worked this tax year but paid next...
I will have worked for 4 days this month but won't be paid for it until the end of april. I'm registered self-employed (although I'm an employee in this job). When I come to fill in my tax form, will the money count as income for 2007/08 tax year or for 2008/09? It won't make any difference to this tax year as I haven't…
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Would Inland Revenue be able to help?
I have re-started employment with a local authority after being employed elsewhere for a number of years. I was previously employed by then from Sept 1992 to Aug 1996 and before that, I was with a different local authority from Nov 1991 to Sept 1992, a total amount of 4 years and 9 months service. If I can produce…
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when does dividend tax kick in if allowances
Hi there I runa limited company and pay myself about £18k salary and the remainder in dividends. My udnerstanding is that I would personally pay 0 tax on the £18k dividends that then make up the £36k high rate tax threshold. However, what happens if on top of my salary I get income from rental, but then also deductions…
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Maximising deductions from renatl income
Hi there I am strugglign with something and was hoping one of you tax savvy people could advise. I have a property I rent out for holiday lets and when vacant I use it myself. We get very few bookings and in fact will ikley fall below the holiday let requiremetns for tax and just be treated as normal rental income. Within…
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Late Tax Return £100 Fine
I've been filling in a tax return every year for about the last five or six years, although this yearm I simply forgot, and missed the deadline. The thing is, I've always paid tax through PAYE on my sole income (approx £40k), and whenever I've submitted my tax return, I've maybe got a letter saying that I owe them a pound…
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paying council tax late
does anyone know what will happen if i pay my council tax 3 days late?
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I owe tax and don't want to keep it quiet
I was in full time education until June 2007, and earned very little money during that time anyway so presume I didn't have to pay taxes. Since June 07 I have had two full time jobs, and I have been on 'basic rate' tax code for both. The first job, which we'll call Mail-job, was from July 07 - Oct '07. My gross earning was…
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Changing Tax Code?
Hi all. I need a bit of advice. I've been working for a company for around six months and was originally on a 8 hour contract. Although I did do extra hours some weeks, especially over Christmas, it wasn't enough for me to have to pay tax. Recently though I've been offered a better contract of 22 hours a week, which I…
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declaring rental income
Is it possible to declare rental income from a house as my wife's income even if the property is only in my name?
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Maximising PAYE Allowances
Hi All, I currently work f/t and pay all of my tax after personal allowance at basic rate. I have always known that certain factors increase your personal allowance and have got a small flat rate allowance based on my job role. Thanks to this site I am in the process of claiming my laundry allowance but this has got me…
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40% Tax relief
Hi There, I'd be really grateful for any help here. My Current tax code is 1121L It's high because I get 22% Tax relief on my business miles. This year my tax code was changed rather than getting a refund.What I would like to know how much do I need to earn before I can get 40 % tax relief. Is it £34,600 +£5220 or £11210…
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Is the taxman a thief? - understanding tax allowances on pension contributions
Hi all. I am a 40% tax payer. I have received a bonus (let's say £10,000). Ignoring National Insurance, I will have paid £4000 tax, giving me a net payment of £6000. I want to invest this in a pension savings plan and, quite reasonably I assumed, I thought I would get my £4000 back if I did so, accepting that it would be…
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Contracting - Ltd?
hi I am going to go contracting and was wondering the most tax efficient way to organise my tax affairs. I while ago I looked at a Ltd and taking money out through - Salary just under tax allowance - Rest as dividends However the rules have changed alot since I last looked at this. I realise that first I need to know if I…
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single person discount
We have 2 houses, one is our family home and the other is "his" - an almost completed renovation project. We are about to sell both, and go off travelling in the autumn. It has just occurred to us that if he moves into "his" not only will we avoid capital gains (which would be minimal anyway) but presumably could also…
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Passenger mileage allowance
Morning all, I'm evaluating mine and my girlfriend's tax situations pre tax year end and have come across the 5p per mile passenger allowance. Despite being an accountant, this is something I've never come across nor had to use, mainly I guess as it's such a small amount! I need to know how it's treated if possible.…
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What Is The Optimal Salary To Benefit From the 2008/09 Budget
If I m not mistaken I think those on 42K will be paying 22% and be £300 better off then if they were earning the same in 2007/08. Its not much but not bad What Is The Optimal Salary To Benefit From the 2008/09 Budget Thoughts?
