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capital gains after holiday letting
If we have a house that we let out as a holiday let (but have lived in for 2 years) and another house that we actually live in. If we later then sell the holiday letting house would we have to pay capital gains on the profits of this sale and if so at what %?? Thank you.
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Childcare Vouchers - Which is most tax efficient
We have a 20 month old daughter who goes to a nursery 2 days each week. Both my Wife and I are able to purchase Childcare vouchers through the companies we work for. I am trying to find out which is the more tax efficient. For me to buy the vouchers through the company I work for, or my wife to buy the vouchers through the…
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What box does this go in on Tax Return??
On a P60 "Employee's Widows & Life Assurance Contributions in this employment" There is a star in the box saying it should be used for the tax return. I have pay, tax deducted and a figure of £598.88 life assurance box. Have just phoned the Inland Revenue who have told me you don't need to enter it on the tax return but…
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Tax Breaks
Hi, Can anyone advise me on tax breaks for sports clubs, in particular junior football clubs? :confused:
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Tax Rebate for kids born 1986 - 2003
:T :T :T :T :T If you have children born between 1986 - 2003 you could be owed 500 - 1000£. Go to the inland revenue website and have a look. 11ctc is a very simple form to fill in and doesn't cost anything! Beware other sites - they charge up to £100 and the form only takes minutes.
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Help needed for first tax return on rented property
Hello, I'm new to these boards, I need some advice and I'm hoping someone here can help me. I have a flat that I rented out for a year from Nov 07 to Nov 08. I was going to fill in a self assessment form for the year 07/08 (covering Nov 2007 to March 2008) and got to the bit that said I needed a Unique Taxpayer's Reference…
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help please :)
Hi there, I am currently a student and I am very confused. I have done some part time work and have been paid for a bit of work. I did 4 hours work, at £6 an hour this is £24. but i was given only £19.20. It tells me i have been charged £4.80 (20%) income tax. I have a tax code BRW1 on the pay advice sheet from my emplyer.…
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Tax on a received cheque
Another member of the family is in a position to give us a cheque for around £18000. Being a little unsure of the tax system is this liable to any form of tax as someone told me that to avoid tax only a £3000 amount can be given in any financial year. Can anyone help
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Early payment of Capital Gains tax
Apologies if this has already been asked on this forum - I did a quick search but didn't find a thread that covered my question... My accountant has created my final accounts and submitted them to the Revenue once I gave them a 'once over' to check & approve them. I now have my accountant's calculation of my corporation…
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Self assessment (self employed) - how to enter a bad debt from a previous year
Not had a great deal of success phoning HMRC helpline for advice (they keep telling me I have to speak to a technician and none are free) so... My accounts software is set to generate invoices on accrual (i.e. when I bill people rather than when I receive the money.) In a previous tax year (i.e. the return has already been…
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Offshore or onshore?
Hi, Long term lurker. First time poster! I am moving to Lithuania to start a new job. The company have told me that i will be paid 500euros locally subject to tax, and a 1500 euro retainer with the possibility of it rising to 3500 with commission, will be paid by an umbrella company in euros to any bank account i want…
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Tax Return to cover 5 days?
Hello Everyone, Sorry if this subject has been gone over already. Does anyone know if I will have to file a tax return for the year ending 5th April 2008. I realise it will now have to be done on-line. I registered as self-employed with the Construction Industry Scheme on the 31st March 2008. That would mean my accounts…
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Self Assessment - do I need to do one
Hi there, I wondered if some one could offer some help and advice. I am a PAYE 40% tax payer but have never been asked to fill in a self assessement, I have been in the 40% bracket for 3 years and every time I see an article about tax (usually around this time of year) it always says that 40% tax payers fill in self…
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Just when will I be taxed?
I have been working three part-time jobs for the last six months, in total I earn approximately £220 a week (£11,400 a year). However I am yet to be taxed at all. It's irritating to know that the money in my bank account is not all mine. I want to start paying tax now instead of having to pay out a large sum of money when…
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Self Assessment Return headache - tax on renting out a flat
Dear all, Myself and my partner (unmarried) own a flat which we rent out. We are completing our first tax return and I am really confused over a few things. Firstly we have worked out all of the expenses etc and then divided it all in half and added this amount to our individual tax returns for the year 2007-2008. The…
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Incorrect Self Assessment Filed
Hi All, I submitted my paper self assessment and have completed it incorrectly, it now transpires that I owe HMRC further income tax which they have calculated. HMRC Calculation as follows: Pay from employment £11,440 Interest from UK Bank £30,990 Total Income Received £42,430 Minus Personal Allowance £5,225 Total Income…
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House rental
Hi All can you help me out please, If my dad is to live in my 2nd house which i used to rent out then would i have to pay any tax if he does not pay me any rent and stays there free of charge?? Thanks
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Capital Item Question.
I have a quick tax question. I cannot remember how to calculate what you bring forward for a Capital Item. For example, if a Capital Item costs £1000 and in the first year you are able to claim 40%. Does that mean you bring £600 forward to the next year and claim 25% of the £600 in the next year? I always get mixed up on…
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Tax refund for long distance commuters
Hi! Im longhaul cabin crew at the moment working out of London, only problem is Im using more than 2/3rds of my bring home income on accomodation (yes this is crazy and no Im not living anywhere extravagant its just the wage and circumstances so please anyone who offers advice of just move in the area its been considered…
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instalments
I have been very bad and not saved enough tax! I had a great year but the last 6 months have not been good. I have reduced my payments on account but still owe £3250. I can give them £500 and offer to pay around £150 a month. I am worried they will not accept as it overlaps next year etc etc. Scared!!!! Help!!
