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Are these figures real?
Three people live in a town. They each live in a Band C house and pay around £1000 a year in full Council Tax. They are all childless. A earns £10000 B earns £20000 C earns £30000 Pre-budget A paid 10% tax on earnings (£1000) plus his Council tax (effectively another 10%) and so paid 20% in tax. Pre-budget B paid 22% on…
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do you think I should still go to an accountant
Hi this is my first self assessment return. I am anxious to get everything correct, I don't need the hassle or worry of making mistakes. My profits have been very low with my online sales and because of this I am planning to cease trading when I get rid of my remaining stock. In addition because my profits are so low I…
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Tax Liability - Gift to Parents
I can find plenty of information on tax when gifting money to children but I can't find anything going the other way. I have around £10,000 which I don't really need and which my elderly parents could put to better use as they are fit and healthy but not flush with cash. Is there any liability or limit where by I or they…
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HMRC - self assessment - paying cash to suppliers HELPP
Hi, I am not registered for HMRC self assessment but I want to by the end of this year. I sell stuff online, mostly laptops and mobile phones. Now the problem is that I buy these from individuals who receive their mobile phone upgrades or want to sell their old laptop. Mobiles are obviously are all legit because they are…
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Free Tax Guide by Tony Levene
Hi all, Which? has published its 2008/09 tax guide which is written by Tony Levene from the Guardian. Think it costs about a tenner new but Moneywise is giving away 10 copies on its website : http://www.moneywise.co.uk/questionnaire/win-essential-guide-to-tax You need to register but thats free and pretty easy. Just a note…
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Amending my Tax return - good/bad idea?
Hi to all, Quick question about submitting an amendment to my 06-07 tax return for my expenses. Situation is I have not put any expenses through my limited company for 2.5 years... after being flat out on a number of projects and naively thinking it is not worth my time and that I would get back round to it. 2.5 years have…
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redundancy pay
I am due to lose my job at the end of May. I have been with the same company off and on for around 5 years. But, in my current period i have only been with them shortly over 6 months! As such i am not entitled to any redundancy pay! However, my company is willing for my last month of salary be paid to me as a redundancy…
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"Category L" share transfer
I wish to transfer ownership of some of my shares to my wife, as I have already used my CGT allowance and she has plenty left. Am I right in thinking that this is not counted as a disposal for my CGT purposes (there will be no consideration involved) and that no stamp duty is payable?
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Tax Advice
Hi All, I am currently in full time employment earning approx 50K per annum, my fiance looks after our 18 month daughter and her only income is the standard child credits. We currently dont have any plans for her to return to work. Recently I have started making money online with these incentive websites where you refer…
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Tax Rebate Help Needed Please
Morning all, Got my P60 and just rung the Inland revenue to ask about a rebate as I have been paying tax code 522 L M1 since October. The tax office did say I was paying too much tax and there would be a rebate. As I hadn't sent in the right P45 (Long story),last year, they said they would sort it all out with the P60.…
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How to claim TAX back on interest, when classed as nonresident for tax purposes! HELP
Hello to all, I have currently been working out of the country for over a full tax year, and i am classed as a non resisdent fro tax purposes, i.e. NT coding. I have paid tax on all my money in the uk fro the year. Please could someone help me on the process i have to go through to claim the tax back, where do i start,…
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New Tax thingymebob
Sorry if this has already been asked, but today one of my work colleagues mentioned that people like us who earn a minimum wage will now pay 20 % tax instead of the normal 10%. Can anyone explain what that means. I actually earn £5.60 an hour (just over min wage) and work 27.5 hours a week. My tax code was 522L , but not…
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Council Tax Summons
Hello All, Bear with me this is a bit complex: I recently moved house (twice) from my old address to a place for six months which we weren't happy with so we moved again (rented). Anyway, the first place I was living in a friend's house and I was living as a tenant when he moved out in 2002. When I moved out to the second…
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c/tax banding
Hi l challenged my banding as l know that at least 70% of houses in my road are a C band, l am a D band/ There are 2 styles of houses but both styles are in C band. My appeal was rejected because they say the interior square footage of each house is different. I diagree as l have visited many of these houses and found the…
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Question about reclaiming VAT at airport
I Am a retailer and vat registered, if i buy goods new to sell abroad and i got the invoice, can i claim the VAT back on the airport as i will be selling them there? Your help is much appriciated.
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Income tax rebate
Hi, I have not worked for about ten years. I'm below the retirement age and am not claiming any benefits having received a small inheritance. Can I possibly claim (successfully) an income tax refund or rebate. Any help on this matter will be gratefully received. Dave
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Council Tax...have I missed out on the discount?
I recently realised that I could have got a discounted council tax rate for 2006/07 as I was earning under £16k. I was straight out of uni and took a job on £13k - I really struggled to pay all my bills and council tax and now I'm in debt. Is there any way I can get this money back? It says on the Edinburgh City Council…
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Invest in children's names to save on tax?
We have sold our house and are having to go in to rented as we can't yet find anywhere we want to buy. While this isn't what we wanted to do, in the current market it now seems like not such a bad idea. We will have £240,000 to invest while we are in rented so that the interest helps with the rent. As I am an non-taxpayer…
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Family Income Benefit and Inheritance Tax
Hello I have a question. My Wife and I both have separate Family Income Benefit insurance. My Wife owns the plan which pays out on my death. I own the plan which pays out on her Death. They are each for £20,000 a year for 25 years (starting a few months ago). The purpose of the plans are to look after the family if one or…
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Claiming repayment of tax - further advice needed
This is the first time I have strayed away from the GIOL board, well with this account anyway, so please be gentle with me. I'm certain that I have earned less than my personal allowance for the last tax year, but have been taxed over £300 for a number of the normal reasons (Two jobs for a while, temping and casual work,…
