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Capital Gains Tax
Hi I am not sure if anyone can give me some advice? But here goes..... I lived in one house but could not sell to move into a village so I ended up renting a house for us and renting my old house. I then managaed to sell and used the funds to purchase a house that is my home. In all the old house was rented out for a total…
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Self Employed - Status Help Please !!
I decided to go down the Sole Trader route as I was concerned in respect of IR35 and was advised, researched that IR35 did not apply to Sole Traders. I've visited an Accountant and basically he has advised that the HMRC could potentially query my Self Employed status and rule that I am actually an employee. This obviously…
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Property tax help plus election for main residence
Hi all A family member needs some help. They bought a house back in 2006 to repair to move in, hoping it would have been done in a year but its been 2years and they need another 6months (due to financial problems, housig needing more work done and builder problems) anyway I know they have to elect for which will be their…
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Given April 5th is a Saturday.. have we got to Monday?
Given 5th April is a Saturday, have we actually got to Monday to get tax returns in? (Given I assume there will be no-one in the tax office on Saturday) How will it work if you are hand delivering a tax form? (or is this me being wishful thinking..?). I have a claim to make thats quite a few years old, on behalf of my mum.…
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help with c/tax check
2 bed flat moved in sumemr of 1976, currently charged as band B. all other flats the same, apart from one smaller f, which is A. another similar sized block in the same road is a mix of a/b/c, though room numbers are unknown. latest sale of flat in my block was £185k.. now this is where i get confused.. date 1 i put in as…
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Buying parents holiday cottage - tax benefits?
So, my elderly parents have illiquid assets and lack spending cash; they have shares, house they live in and a holiday cottage plus a small pension. The holiday cottage is very, very dilapidated; I am loath to spend money doing it up from my taxed income and then seeing any gain in value subject to IHT in due course. My…
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How do I go about paying tax?????
I work full time earning roughly £26500. I am about to start driving a taxi for a friend which will be about one night a week. I told HMRC this when I spoke to them about Child Tax Credits but i'm not sure who else to tell and how to go about paying. As you may have gathered I do not know much about tax but wish to keep…
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The 'tax to cover' on donations rule - possibility of refunds?
I could ask the Revenue this - but I'll start here first. I intend to reclaim tax on savings interest this year (2007/08) - having paid at basic (20%) and not earned my full annual allowance of 5225. But I've also donated to charity and they have claimed 22% tax relief on that lump. In addition I've got company dividends…
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Whats best for me? Car or Van
I taken up a contract with UK compnay and based on a site in Ireland and need transport! I am Ltd company through an agent and VAT reg. I already have a car for personal use and was thinking about buying a new car and me taken the existing car to Ireland and claiming the miles, however would it be cheaper for me personaly…
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Class 2 NI. Is it worth it.
Is it worth paying class 2 NI if you are self-employed on a low wage. Would it cover claiming benefits if ever the need arose.
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Allocation of non-taxable allowance
Good evening,. Just a quick question about what happens when you split your tax allowance of just over £5000 betwen jobs. I have done this during tax year 2007-2008 and want the split to stay the same in tax year 2008-2009. Do i need to contact the tax office or will my allowance automatically be split? Many thanks
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Tax implications of giving money to someone's Discretionary trust?
Hi everyone, I'm new here, so I hope this is the correct place to post this question. It's rather specific but I'll try to explain and keep it simple. My sister has severe learning dificulties and has a Discretionary Trust for some of her finances to keep them away from local government etc. She does not have the capacity…
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5% Surcharge?
Hi I am in a dilemna with HMRC over a 5% surcharge. I was re-mortgaging my house to pay my tax liability by Jan 31st 08. Of course there just had to be a world credit crunch and this took longer to sort out than thought (a mortgage company I was goin with withdrew my offer). I informed HMRC that I would have trouble paying…
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CGT rules - transfers to spouse
What exactly are CGT rules for transferring shares to spouse? I thought that they transferred at original price paid by first owner - so spouse paid CGT on total gain between original purchase and the final sales proceeds when the second spouse sells. Article in todays Daily Mail - page 4 - talks about stock exchange chief…
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Company Car Tax Question?
If I earn £32k pa, if I wanted a company car, list price £18000, emissions 150g and also the company pays for private fuel. Do I pay 22% or 40%?
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Does this mean I might get a refund?
I have two part-time jobs and on one of them I've been paying an emergency tax code (BR) for the past 12 months . I went to the hmrc.gov.uk website and found this: If you are an employee on PAYE:* If I have to pay additional tax on emergency code, when will I get it back? Your employer will normally pay it back to you on…
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Tax relief on buying shares ??
Hi, I'm trying to work out how much tax i should have paid in 2007-8 tax year compared with how much i have paid. I believe I take my gross salary and subtract my pension contributions and do I also subtract the money I have paid to buy shares from our employee scheme and then the rest is the taxable income? hope so, as…
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capital gains advice
need to complete a capital gains paper by friday, is it too late? i've just been told i might be paying 2o percent on the first 9000k earnings from buying selling shares, and i can claim it back.anyone know anything about this subject or recommend an accountant in the cardiff area? i have a discretionary dealing account,…
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will an accountant see me?
Hi I have been supplementing my income by selling tickets via ebay to concerts etc. I appreciate that some people feel this activity is not moral however it is not illegal. I have registered with the tax office and have been paying self employed stamps. I have kept spreadsheets of income/expenditure and receipts. I now…
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End of Tax year work
hey everyone. I am due to finish my holiday job on 4th April and so i will technically end employment before the end of tax year 2007-2008. Will i be able to claim the tax i have been over charged for this job under my claim for 2007-2008 tax back? OR since i wont actually get paid for these hours to mid-end april will…
