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Adjusting profit to basis year
Apologies if you have covered this previously. I have done a search but there was nothing obvious. My friends accounts run from August 07 to July 08. His basis year is August 07 to April 08. I have some first year allowances available but do not want to use them if not necessary. I therefore want to work backwards to see…
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Tax return query for 2007/2008
Hi I came to uk in Feb-2008 from NZ and started working since 3-march as full time employee.. My company paid my salary on 30-04-2008, 6666 before tax and 4576 after tax including NI deduction for two months. If I break it down then for march 2008 for which they charged me tax, even though I was on Emergency Tax code at…
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HM Revenue + Local Compliance
Could someone please help me on this one? This morning I received a letter from "Local Compliance, HM Revenue and Customs". It is a questionnaire asking for all my details over the past 6 years (this bit being altered by them in pen); it seems to be worded as though they are trying to find out whether I am running a…
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Tax Code Question
Hi All, I was a director of a limited company that ceased to trade a few years ago (employed by that company on a sslary so I can get a p45). Since then I have been unemployed but have a got a new job starting next week (woo hoo!). My question is, do I have to go anywhere to get a new tax code? Following on form that, when…
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IHT on Property.
My grandfather is looking to pass on the property that i currently reside in with my mother to myself. trying to find the best way to minimise the inhertence tax that we will need to pay. His overall total estate is much higher than the nill rate tax band. This has left me with a few questions. 1. after the 7 years will we…
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IR35 Liability
I used to be the managing director of a limited company set up purely as a vehicle to allow me to work as an IT contractor. In one year I took out more money from the company than I declared as salary and at my accountants advice this sum was declared as a director's loan. In the following year IR35 regulation was…
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Capital allowances question
Hi I am trying to do my first ever tax return. and would be grateful if I have got this right. I have been doing mystery shopping work since August 2007. for the capital allowances question, I have a car worth £5000, I understand I can only claim 25% of its value (£1250) and for 8 months (Aug 2007) to (April 2008) this…
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Tax in genereal
Firstly I don't know a great deal about tax etc so I am sorry if I am just wasting peoples time. I just want to be sure that my tax is correct, I don't want to have paid too little or too much. My pay changes each month as I work different hours each month usually down to the amount of overtime available. Also I am aware…
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bringing in money from abroad.
I have been told that it is possible to bring back 9k (or so) back every 35 days from abroad tax free? If not what could he be talking about? Thanks.
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Capital Gains Tax
Hi Just to clarify, the capital gains tax rate is currently 18%. But what was the rates in 2005/6? Because we are currently in consultation with the tax office over a capital gains bill in that year. But there is a chance that there is no tax to pay at all because the capital gains was in my mothers name and she doesn't…
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Self Employed Tax Returns
Hi all. Wanted some advice if you please Im a self employed builder (but no reg company), and have been for the past 3yrs, i have had an accountant fill in and do my tax returns, but due to the cost i've decided to do it myself (for the first time!) . Im going to do it online, i have reg, and got all the login details i…
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Claming Back VAT on exported Laptop
Hi, I am moving to Oman in December for 3 years and looking at buying a Laptop in the next couple of weeks before i go, question is how do i claim back the VAT when i depart through Heathrow? Do i have to buy from a retailer who deals in export sales? or can i just buy from any retailer and produce the receipt at the…
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Less than £60 rebate
My tax code for Sept 603L & for Aug 543L Got a rebate of -44.80 on my Sept pay slip (paid 20.40 tax in Aug) I work part time & term time & did reduce my hours from the 1st Sept from 15.05 per week to 14.38 Should I still have received £60 rebate? Any advice appreciated
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Mileage Expense Claims
I have read on the Inland Revenue that you no longer need a dispensation or P11D for mileage claims provided you are not paid more than the 40p per mile which is fine. However on my current contract I live one side of the city and the site is on the other. The direct route is 12 miles a day shorter than the route I use but…
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Gifting money to family
My mother recently passed away leaving my father. He now wishes to gift around £5000 to each of his 2 children & spouses and 6 grandchildren by individual cheques from building society accounts etc - in all around £55,000 Are there any pitfalls or restrictions that may effect this project??? What ways are avaiable to avoid…
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Very small business and very large tool cost
I'm self employed, part-time, in two very different types of business. Mostly I'm an architect and sell my services as advice to another company. This makes for a very simple tax return form which I can do myself. I add up all my invoices and deduct the cost of government registration and professional indemnity insurtance…
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Capital Gains Tax Advice
Morning. Wonder if anyone can help me? Can't work this out myself! In March 2004 my brother died. In his Will he left me a property that he rented out. The property was valued at £58,000 in March 2004. It was finally transferred into my name in November 2005 and I subsequently sold it in October 2007. No valuation was…
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N I Contributions - Class 2
Would anyone be able to tell me what benefits there are to paying class 2 National Insurance contributions. This is for a self employed person, this person is paying them I believe at the moment voluntary because they are not earning enough to pay tax. About 3k a year. At the moment they are paying be direct debit for…
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claiming back tax
Dear friends of the forum i wonder if anyone can help me. i have been in the motor vehicle trade for over 15 years recently i heard that i could claim back the tax i have paid when purchasing tools for my job. Q 1. can i claim back the tax on all the tools i have puchased over the past 15 years? Q 2. how do i go about…
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Fuel Card Taxation Query
Hi. Hopefully I have posted this in the right place. I have had a company fuel card with my own car for a number of years and so am familiar with how the fuel card is taxed i.e. the total fuel cost is a benefit in kind and I can claim tax relief at 40p / 25p per business mile. Due to my high business mileage this normally…
