Cutting tax

Archives for October 2008

Gifting money and IHT
quick question in regards to IHT and gifting. If a person gifts a large sum of money (over the yearly 3k allowance at least) and lives after the 7 years of that gift, that sum of money will not be subject to IHT. Would that be correct? Thanks
council tax banding incorrect
Hi Wonder if anyone could give me some advice. We have had the voa (i think) checking the house size etc and we received last night a letter saying that us and other home owners have actually been in the wrong council tax band since 2000. They say they are notifying the council but how do we go about claiming back what we…
Tax situation on UK rental house when living abroad
I have quite an interesting tax situation and would like some help: I am currently living in the USA as an expat, and have rented my house in the UK. My house was purchased in my name, and I have paid off all the mortgage (except £1) so I don't have to own the deeds. The rental profit on the house is about £11,000 per year…
self employed tax assesment
my OH went self emplyed in April this year. does she need to fill out a tax return this year for submitting by oct 31st or jan?. we are guessing it is only for the 07/08 tax year and she doesnt need to do anything. thanks
TAX Codes
Can anyone explain what the T tax code means? Since I've been changed to it my tax payment has nearly doubled.
Probably a very silly self-assessment question
Hey, I know this is probably a stupid question to ask but I just want to be absolutely sure. I made a mistake while filling out my self-assessment form that was sent to me. I am able to just download and print out the main (and any additional forms) from the HMRC website and send those, right? Or should I have asked them…
Payment & deduction Statements - not rcvd!!!
:mad: I've been chasing these for my husband from a contractor for months now - they assure me that my statement (to them) showing gross/net payments/ tax is correct - but - I'm nervous - so I can work out what should have been paid more or less - but what happens if a) I produce a figure which does not quite correlate to…
Short term second job
I have two jobs one working F/T in an office for £28003 and one as a canvasser for City of Westminster council. The job spans 7 weeks but I will be paid in one lump sum of roughly £400-£500 before tax in December. I was wondering how the tax/NI and SLC stuff would work out with this and if I would be charged the higher tax…
Council Tax Banding Challenge Rejected - What now?
Hello all I have tried searching and can't find anything exactly the same. My case seemed clear cut;- A neighbour (he's Nr14 i'm at Nr26 diagonally opposite) challenged his banding several years ago and got reduced from from a band E to a band D, this was as a result of a Code V – Valuation Tribunal determination. This is…
Inland revenue quick as a flash
What's up with HMRC this year? I did my tax return online and due to problem with my tax code I was owed a large repayment. My tax return was filed online last Friday and the repayment hit my bank account this morning..I wasn't expecting it for months. Is this normal or have I just been lucky?
self assessment on extra earnings
hi guys, first post here, and sorry if this has been asked before, I just can't find it in black and white to give me peace of mind. I am full time employed, and pay tax through PAYE of course. Just recently I have had the option of taking on a steady extra income through freelance work on evenings, weekends etc. Before I…
why will accountants not advise me
Dear All I want to form a limited company for my businesses to ensure that i do not have any hassle from the tax credit people who seem to be able to able to get the simplist thing wrongs and cometo you with their hands out.( Currently i do counselling, writing, and trainee mortgage consultant including protection and…
why will accountants not advise me
Dear All I want to form a limited company for my businesses to ensure that i do not have any hassle from the tax credit people who seem to be able to able to get the simplist thing wrongs and cometo you with their hands out.( Currently i do counselling, writing, and trainee mortgage consultant including protection and…
Self-Employed - A Question Regarding Stock
I've scrapped many of my own computers over the years and built up a small collection of spare parts (RAM, power supplies, graphics cards etc.) "in case of emergency" Can I now use and sell these parts in the day to day running of my business? If so, how do I go about it because they wouldn't be shown as being bought from…
Tax relief on new car
Hi all Just wondering if anyone could advise me on the most tax efficent way to purchase a new car. My situation is that in this tax year my income will be derived approx. 90% from self-employed work and 10% from employed work. I am keen on buying a new car and do a lot of mileage up to 25000 p.a. I've heard that it is…
Tax questions
Hi An agency I've started doing some work for have paid me without loading my P46 before putting through the payment. They have instead lost the P46. I'm going to send them another one. They claim the tax deducted from the payment they made would have been the same amount whether the P46 was recieved or not. Is this true?
CGT on monthly Savings into an OEIC
Hi all, I have had a search for this question but could not find it posted, so apologise in advance if it has been asked before. OK, I have been investing monthly into an OEIC for a number of years and am at the point where I am thinking of encashing part of the investment. As I understand in order to work out my possible…
Ltd comp advantages for BTL
I have 2 BTL`s no mortgage and have been thinking about putting them both into a LTD company. If I sell them both to the company on an interest only mortgage (the rent coming in is about 100wk each) so 200wk income, what expenses can I claim? Is it possible to get the tax liability right down to almost nothing? What would…
Quick Question For My Sister
Hi My sister Pays full rent (council) and Council Tax she works full time and goes to uni part time. She has a partner (who is a house husband) and two little ones in Primary school. She earns about £13200 pa before tax, and gets working Tax and CTC. Is she entitled to any discounts on her Rent or CouncilTax. And will she…
Question about capital allowance
Hi, Im just starting to sort out my tax return for tax year 2007/2008 (Im self employed) and was just wondering about the rules for capital allowances. I know that previously it was 50% of the value of the tools but Im sure that I read somewhere that from this return onwards all tools under £50k are 100% deductable for…

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Cutting tax

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