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Income tax on joint rental income
My partner and I bought an investment property last year. Currently we make approx £450 pm in profit (rental income less mortgage interest repayment). We are both in full time employment, however I am on the higher tax bracket whereas my partner is on 20%. For our tax return, would it be possible for me to transfer all of…
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Is parents' support to a full-time student child a taxable income?
Hello all, The situation is as follows: - I'm a full-time student; - I live away from my parents; - I've been working part-time while being a full-time student, being an employee with PAYE but without ever reaching the maximum of personal allowance; - my parents would like to give me some money to support me as a full-time…
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Using a car or van for work in a Ltd Company
I have been researching the tax benifits of my Ltd providing a car or van to me for work purposes. This is what I have been able to gather so far - IF YOU KNOW ANYMORE, YOUR THOUGHTS ARE WELCOME CAR - COMPANY CAR Employee pays for company car benefit in kind from 10-35% of list price depending on CO2 level. Company pays…
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Valuation tribunal?
I'm new to the forum. Having had my initial challenge to my banding rejected by VOA can anyone advise me of the next step? The VOA refused to accept the value of my house based on the House price index calculator figure. I've found out that my local newspaper still keep archives back to 1991. If I research the property…
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Inheritance tax
Following the sale of my house - I am thinking of gifting some money to my daughter - 150K in total. What implications will this have on her ie taxes etc? She is in the lower tax bracket, but does gain an extra income from 3 BTL properties that she rents out. Do I need to instruct a solicitor to carry out this task?
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522lm1
Can anyone advise please? Last year my husband worked in Afghanistan on a short term contract. He returned in February 2007 and he got a job in the uk in May 2007. He has been on tax code 522LM1. Not sure how this will have affected his tax for last year. Has he paid too much?
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R105 or R85? Confused, please help?!!
Hi, I posted in the savings and investments, but I think Im more likely to get an answer here, I've read up and think I've got the gist of it so any advice would be appreciated. I will be travelling to NZ until the end of the year after giving up my job at the end of the month, so will have had 1 months pay for the…
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HELP: Mileage Cliams
Below is an extract from tax Bulletin 68 (http://www.hmrc.gov.uk/bulletins/tb68.htm) The way I read it, is that you can claim mileage if you go into the office for a specific reason (e.g. Meeting), but cannot claim mileage if you go in just for a change of surroundings. Now my question is: Can i claim this back on the P87…
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Tax expenses - entertaining clients?
Hi all, I'm self employed, and I received my tax return forms through recently. One part says (on page SEFN 5) about business expenses, and says "Some expenses are not allowable for tax purposes, for example, entertaining clients, even if such entertainment directly led to new business". I'm confused, i thought it was ok…
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Allowable expenses for landlords?
Hi, Me and my boyfriend are in the process of buying a leasehold flat. We are buying with a residential mortgage but the plan is not to move in straight away but rent it out for a year. This will let us save up to re-decorate before we move in. We will be informing our mortgage lender of this when we start renting it (and…
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£2 Heating/lighting allowance?
Hello Everyone, Im self employed and have heard a couple of times that you can claim £2 a week against your heating/lighting if you do some of your work from home. I cant find any info on this on HMRC website. Could you please tell me if they do class this as an expense and would i have to save all my fuel bills will my…
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higher tax bracket??
Please could someone tell me when I will start paying the higher tax bracket? I see it's now >£36000 for 08-09 but does that include the £5435 personal allowance? i.e. can i earn £36000+£5435=£41435 before i move into the 40% bracket? Thanks.
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Claiming tax back?
My DH will be leaving work in the next 2-3 months and will then become a stay at home dad, will he be able to claim his tax back from the tax this tax yr straight away? Thank you.
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Married people allowance?
Do married people still get a tax break? :confused:
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shares and income tax
My question is about profits from shares affecting income tax. I'm employed earning around 20k per annum after tax. I've been buying and selling shares making a profit of 30k, so after applying the capital gains tax allowance of £9600, I pay cgt at 18% on £20400. What i want to know is do i add this to my yearly income and…
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Applying taper to child tax credit?
Our family income has gone up this year , and I'm trying to work out whether it is going to be worthwhile bothering to give the tax credits people details of our income, or whether just to tell them that we don't want to claim from now on. It's a bit more complicated for me because I'm self-employed, so of course I don't…
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Reclaiming council tax for house already sold
I have successfully had our existing house rebanded and received a refund. I would now like to get a refund for our previous house as I believe this too was in the incorrect banding and I was overcharged for 9 years. I have contacted the relevant authority and told them my reasons (i.e. in 1991 the house was not worth the…
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incentive for filing online?
Hi all Someone told me that if you file your tax return online there is a cash incentive. I doubt it frankly, and couldn't find any information on the HMRC SA website. Has anyone else heard this? Or is it just one of those stupid rumours? Regards Linda
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Non-specific tax help
Hi Everyone, Im getting no help from the Inland Revenue so Im wondering if someone can advise! My tax affairs are pretty basic. The Inland Revenue have sent me a P810T but Id prefer to submit a self-assessment online as I know its been received then - I rarely receive any confirmation from the IR themselves. There are only…
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Tax Rebate?
:confused: Hi, Please can anyone tell me as to weather I am entiteled to a tax rebate, I was on the sick for over 9mths last yr and payed tax every mth even though i was not earning a full wage. Someone told me i should of had a tax rebate can anybody tell me if this is right, many thanks Walks
