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paying council tax using creditcard
All moneysavers, Any idea whether your local council adds a transaction fee if you use a credit card to pay council tax? Personally, I think there is no benefit setting up a direct debit for council tax, and I think I'm gonna stop it from this year seeing the coucil tax increase letter in the mailbox today saying it is…
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Tax Position leaving Uk
Hi I have been working for a UK company in Australia for the whole of the 07/08 tax year so am not resident in the UK for this period. However, I have been paid out of the UK, and thus subject to NIC and Income Tax, for the whole of the period. As from March 08 I have now been transferred to Australia, on an Australian…
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How should your LLC be taxed?
The Limited Liability Company (LLC) is a terrific tax entity. The number one reason is its flexibility. Specifically, an LLC can be taxed as: - a sole proprietorship - a partnership - a C corporation - an S corporation Do you know how your LLC is taxed? If your LLC did not make an election, then it is taxed as the default…
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returned to uk after 3 years in china - right amount of tax?
Hi, I went to china in oct 2004 - shortly after leaving university. Prior to leaving i worked part time and earned approx £500 in the 2004 tax year. I came back to the UK in August 2007 (having only spent a short time in the UK over the past 3 years) I have now got a job and have been there since January this year I gave…
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Maternity Allowence and P60/tax rebate question
Hi Just 2 quick questions, I have been working part time on temporary contracts - the last one running out Feb 1st. Since then i have been claiming maternity allowence as im currently 35 weeks pregnant. I received my p45, final pay and payslip at the end of feb. I have 2 queries: 1. Who will i receive my P60 from this year…
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Tax code 522L M1
Dear all, I apologise if this is in the wrong section, however I was unsure on where I should post this. I would really be glad if someone could give me some advise on my current tax situation. First some quick details:* I moved to the UK in October 2007 and started work in January 2008 * I have never received any benefits…
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Can I offset the interest paid on my mortgage against tax if I let out home?
Hi I have searched without much success and have ended up a little more confused than before. My situation is as follows: Currently own home, repayment mortgage I am leaving London to go to back to University but want to hold on to my flat as chances are I will come back when course is finished (18 months) so I would like…
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Situation regarding employer and tax
Hello all, I apologise if this is in the wrong section, however I was unsure on where I should post this. Currently I am in a bit of a situation and need some advice on what the best course of action is to take. First some quick details:* I am a student studying at university * I have not and will not earn over 5,500£ this…
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Paying Tax On Gifts
Help! I currently "own" 15% share of a company which I have 2 years to pay off with my dividend payments. My business partner has offered to transfer £20,000 into my account from his personal account as a "gift". The deal is I then transfer £15,000 directly back to the company, thus paying off my shares, and keep £5000…
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Tax breaks for starting company
what tax breaks if any can I get if I'm invest my money into personal entrepreneurial ventures. That is, I get taxed PAYE at work. If I then over the course of the year spend £1000 on a business invetsment, can I claim back the tax I paid on that £1000 (assuming I don't make any profit) If so, am I better off having a…
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Anyone help me with my new council tax bill?
Ok have just recieved our new bill and was expecting march and april free as we pay 10 months..im guessing like everyone else..unless it is yearly. Anyway I have just rung them and they said because i was late paying it and paid the last installment in feb that the computer has automatically sent out the new tax years and…
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Council Tax - Reminder URGENT HELP NEEDED
I need some help please. I today received my first reminder for council tax - 192 pounds. Now the background. I live in the house with my brother, I am 20, he is 18. We moved in in October 2007 and we were both working full time. We received a letter from the council asking who was living there which we posted back…
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Capital Gains Tax - Help?!
Hi guys, My father owns a house which he is selling, it used to be his dads - but he passed away. The house has been in my dads name for quite a number of years, and all was fine, until suddenly this dirty topic of 'Capital Gains Tax' arose-whereby we are liable to pay tax on the increase in value from when my dad was…
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Capital Gains Tax
My mum owns her house outright. My step Father died last year and since his death she found it hard to deal with memories and also she found it hard to deal with stairs etc. due to ill health. She applied for a council warden controlled bungalow and on medical grounds she was successful. My partner and I relocated to the…
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HL CGT Calculator
Hi, can someone explain to me how the HL CGT Calculator arrives at the Taxable gain figure. I have used the following data: Date of purchase: 19/01/1994 Cost 2345 Value 30975 Owner 1 Income 0 Personal Asset I can understand the Initial Gain 30975 - 2345= 28630 I can understand the tax on 16965.54 (2230 @ 10%) = 223 +…
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Tax refund...how long?
Hi, In a moneysaving spirit, I have dug out my P80 for my last tax year (2006-2007) and reckon I might have paid too much tax...yay! (well, yay as in hopefully I can get a refund). Just spoke to the tax office who said to send in my P80 and they will have a look at it, but was wondering if anyone has any experience of how…
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Self-assessment tax return
I'm a bit apprehensive about this, so any words of advice would be greatly appreciated! I'm hoping it's a fairly simple scenario, but neither myself or my partner has tackled a tax return before, and we're scared! Here's the story: My partner works in the fitness industry (personal trainer/group fitness instructor). Most…
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Higher Rate Taxpayer
I am a higher rate taxpayer now and have no idea what this means for my tax situation. can anyone direct me to good sources of advise and/or provide a checklist please? I have established that I definitely fall in the higher rate band, even after calculating personal allowance, savings etc.
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Cash Gift
Hi there I have a query that I could do with some advice on. I am self-employed and had been providing services for a client which was fully charged out through my business, client charged VAT etc. so no problems there. However I have also developed a friendship with the same client and having now disposed of a property…
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R85 use if likely to earn more than allowance
If interest from building society is more than my tax allowance - Gov advice says "In this case it's important that you tell your bank or building society straight away, so that they can start to take tax off your interest. Otherwise you may have a tax bill to pay at the end of the year" Important yes - but can I continue…
