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Tax code beginning with K
I have just got a new tax code K341 as I owe some tax. Whilst I understand how this figure has been reached, I can't get my head round how this will affect my income. Can anyone help please? I receive 3 pensions: State ( gross, approx £100 per week), final salary pension and a small annuity, both paid monthly. So far, only…
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turning points into pounds- taxable?
Ok Suppose I set up properly as self employed to buy to sell. Along the way of the buying process I will collect points such as tesco clubcard, nectar, game, etc. Am I right in thinking that when I spend these points it is as if I have paid cash for the item as far as tax is concerned? I.e I get £40 worth of game reward…
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Can I declare income tax on this trust deed?
My husband has a property which he receives rental income. To prevent having to pay higher income rate, he made a trust deed on the property to me as a beneficiary, so I can declare half the rental income so both of us pay standard tax rate. But the solicitor has made a trust deed written like this: “In consideration of…
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Tax return and fuel allowance
I was wondering if anyone could answer this query... I recently became self-employed as a domestic cleaner hoping to expand into employing others in the future.The problem I am now coming up against is what records I need to keep and also if I'm allowed to claim for fuel used travelling to a job. As I have only just…
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Parent illness
Hi Just after some advice my father in law's dad has Alzeheimers but has not been taking into care as yet, he lives with his wife in the house that they jointly own. What is the rule around him being taken into a care home and having to pay for this with their equity? Is it too late to assign the house over to his son?…
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Signing over of parents house to children - help please!?
Hi All, Please excuse my very naive posting - have absolutely no idea about this area and so my question is probably very silly. My husbands parents have decided that they would like to sign the house over to their children (my husband and his brother). They like this idea as if anything happens to them and they have to go…
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Tax Question re "Benefits in Kind"
Hi, Last year I signed up my companys BUPA medical insurance in September. The scheme runs from April to March but I joined half way through. It cost around £325 (so 22% tax to pay on this) to my employer. My question is this. As this is a taxable benefit how will the HMRC take the tax for my benefit last year and also…
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2 incomes/expense claims
In my current job we get paid 30p/mile travel expenses. I know for tax purposes you can claim for 40p. Does that mean I can claim the extra 10p 'allowance' from what is currently my taxed income? (ie my employer is unaffected but I effectively get a cut in my basic pay equal to the increase in my expenses) Secondly, and…
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Claim tax rebate
Pl does anybody know how do I find which tax office to write to claim for a tax rebate? Thanks
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40 per mile allowance
just a querey , i understand that i can claim 40p per mile business usage and expenses can i also claim for rent of a garage or is this included in the 40p per mile??? thanks
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Capital Gains Tax - Government Petition
Hi All, Given the recent credit crunch and mortgage crisis, i was considering cashing in investments and paying off chuncks of my mortgage, but as a higher rate tax payer, i don't fancy giving the taxman 40% (after 9200 allowance). Then watching the PM on the telly and basically trying to force the banks to pass on the…
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Self Assessment online problems 31st Jan 2008
Hello, I've had a letter from HMRC which said that I haven't submitted my self-assessment form for last year. Being the prevaricating/lazy so-and-so that I am, I left it til the last minute and didn't complete the self-assessment until 31st Jan 2008. On that day there were problems with the website, and after trying…
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CGT/Inheritance Tax
Hi, My Grandad sadly passed away just a month ago and my Dad is the executor on his will. He had approximately £200,000 in stocks and shares portfolio, and he has asked for this to be split between my Father and my Uncle. My Dad has asked me to see if there would be any implication on CGT or Inheritance tax of doing this…
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Tax Rebate - can I claim loss of interest?
I have paid too much tax for the year 2007-08. I have to wait for my P60 which is due to me in May before I can send a letter to the Tax office to claim back the overpayment. Can I also claim for any loss of interest or inconvenience? It is quite a large sum they have taken this is because I am on a monthly tax code…
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CGT or Income Tax allowance????
Hi, can anyone help? I am a self employed electrician and have filed self assement tax returns for the last few years. My question is... last year my only work was renovating a house that i had bought to do up and sell (which did sell and i made a profit). Now when filling out tax return and calculating tax owed, do i use…
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Want To Leave Property To Son - best way to do this?
*Please move if in wrong place* I wonder if anyone can advise? I moved up to Scotland in 2000 to be with my partner leaving a property in England that I bought in 1994. My dad moved in when I left and there is a small mortgage left on this property that I am still paying off. I have recently split with my partner and moved…
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Council Tax : They let us off £300???
We have been renting a property since end of december 2007, and didnt pay council tax till april, which ment we owed around £400, from january to march is what we owed money for, which we got a summons for. at the time i only had £100 to pay so the council tax lady said pay off april and do the past three months when we…
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Is The Tax Man Taking Too Much
HELLO GUYS AND GIRLS CAN ANYONE ADVISE , a little confused to say the least, i had to take early retirement due to unforseen circumstances and now receive a pension of £12,526 per year minus £1337 tax, this is my only source of income , should i be paying tax and at what rate, i have looked at tax calculater and this is…
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How much will I bring home??
Dear all, I have just been appointed a new job with a starting salary of £40157. Can anyone tell me how much I should be taking home after tax espcially as I may be paying higher tax? My tax band is 520l? Thank you for your help.
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Income Tax
Taxation in the UK comes in many forms, but has anyone realised that we are shafted? We get a tax free allowance, or do we? earnings below around £5K are pretax level, but wait a mo, VAT is a tax on income at 17.5%. Petrol, 82%, cigs 70%?? booze 75%, councli tax of £1K is 10% if you earn £10k pa. then above your tax free…
