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Car hire business - self employed
Around 2 years ago I treated myself to a lifetime ambition of mine and bought the car of my dreams, a 12 year old Ferrari 456GT. I paid £33,000 for the vehicle which at one time cost £172,000. In order to help pay for the high maintenance and running costs i started to ‘hire’ it out. I put together a modest website and I…
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New Labour increase the divide between the rich and the poor.
The removal of the 10% tax band has effectively reduced the gross pay of the lowest paid in this country ,including pensioners,tell the government what you feel about that in the local elections in May.
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Tax Code Question
In this new tax year instructions are giving by HMRC to increase tax codes by 21 unless a form P9 (T) has been received. We have 1 employee on a T code as she has another job. I can't seem to find anything relating to amending/increasing T codes on HMRC website. Does anyone know where I can find any info on this?
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Small inheritance
A distant relative has died and left me a small sum of money, around £4500. I am self employed, do I need to declare this sum to the tax man? How should I enter it in my books so the tax man is satisfied it is an inheritance and not earnings.
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Need Help, Over Due Council Tax, Threat of Court Procedings
i have been really silly and gotten myself into uneeded debt, and had to fork out to a bliffs agency, unfortunately, i had to pay with the money for my already overdue council tax and ive passed the dead line for getting it in so they dont take me to court. it's only 80 pounds but i'm on the sick with mental illness and…
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Is CGT owed?
In 1999 my retired, widowed mother sold her sole property that she had owned and lived in for 15 years because she did not want to worry about the upkeep and maintenance anymore, she then rented a house. She then bought a property in June 2000 which cost £60,000 but she never lived in it. I lived in it from June 2000 but…
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Council Tax banding error on new build?
I have just been looking through some official documents as I am in the process of informing everyone of a name change due to my recent marriage. I have just found documentation regarding my current property. I am the second owner of the property & there has been no building work by previous owner [or myself since] which…
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Tax return received today
Hi there, I got a self-assessment statement this morning. One of the items was '1st payment on account due for year 07/08', but I finished being self-employed in February 2007. Does this mean that this payment is incorrect and I don't owe this money? Many thanks, V xx
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some help needed
My 19 year old daughter has been told by her "employer" that as far as he's concerned she is classed as self employed. She has been with him since Sept last year and this only came out in February this year. I have some idea about filing returns etc and I understand this will be necessary. My main question is connected to…
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self employment-tax-many questions
Hi all, I have a part time job paying over the personal tax allowance so therefore am paying tax and n.i through paye as normal. I am now looking into boosting my income through a number of channels and understand that i will need to register as self employed to do that. I will be earning both by buying/selling goods,…
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duplicate please ignore
sorry duplicate thread now removed.
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Inheritance Tax
Hello Can anyone give me some advice?* My father died in January 2008 and did not leave a will * He was divorced (previous wife dead) and leaves 1 surviving son (me) * I am married with 2 student daughters, aged 21 & 24 * Estate worth £370,000 consisting of cash, shares and house (£60,000) - no trusts were set up * After…
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Overpaid tax for year ended april 2008
Hi My wife left her work in september last year...and has just her p45...i'm assuming that as her allowance wud hav been spread out over 12 months, tht she would hav ended up paying more tax thn necessary. How does she go about claiming it back...no idea what tax office she has...(she might go back to work in the next…
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Council Tax and Electrocal Register
All, I currently live alone and enjoy the benefits off 25% discount on my council tax for being single. However my partner is going to move in with me in the next month and wants to apply to be on the Electrocal Register at my address now. Will this flag up with the council tax people? I know when she does move in I will…
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How much is council tax band A please.
As the title says! I know band B is just over £100 a month.. Thanks
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Not paying tax?
My partner was working for a window company for 3 years and receiving PAYE slips weekly with no problems. The company then fell into difficulties and were facing liquidation. He was then made redundant as the company ceased trading. There was however talk of starting up again in the near future. My partner was away for a…
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Low emission company cars.
Can anyone explain to me the benefits to the company for using company cars that are either low emission or hybrid vehicles (such as Toyota Prius)? My company car is due for renewal soon and I want what will cost as little tax as possible out of my pocket (Toyota Prius looks good for a family sized car). However, I want to…
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Selling to rent - any tax due?
The sale on our house is going through, and due to the media coverage of falling house prices, etc, we have decided to rent for a while before we buy again. We will have about £80,000 equity from the house to put into savings accounts and wait until the right time to buy again. It has just occurred to me - we won't be…
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Worried about my tax return..
I have been self employed since Sept 05 and have paid my tax each year, i have been paying on account and am due my next payment at the end of July which is saved up ready. I then panicked the other day and said to my friend who works in the same job as me that was i going to be billed in April again..she said no but i'm…
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Limited Company - consistent answers required!
Forgive me if this is posted in the wrong area. I have now spoken to three accountants while looking for the best deal, and all have given different amnswers to questions within the following scenario. I am in the process of setting up a limited company as a secondary source of income. I am in no doubt that this is the way…
