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Capital Gains Tax Question
I have a share-holding in a family business which has recently been sold. The sale proceeds are payable to shareholders in instalments over 5 years. For Capital Gains Tax purposes, is tax due in the tax year in which the sale was completed or is it spread over 5 years when proceeds are received? I would be grateful for…
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Part But Part Rent
In October last year i moved into a part buy part rent property the house was bought at £250,000 with my share being 25% therefore i have a £62,500 mortgage, i rang my local council i asked whether the council tax was judged on my share or the whole share of the property, they confirmed it would be on the whole property…
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self assessment help: rental losses from last year not carried forward
Another self assessment help needed. Rental property that I declared an overall loss for last year, included in my tax return which correctly showed the overall loss to be carried forward. When I complete the return for this year, there is another loss. But the self assessment online form is not picking up last years loss…
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Declaring Dividends over 2 years - self assessment
My partner and I were working as consultants through his limited company in 2007. We were both 50% shareholders and he was the director. He closed the company down in 2007. While the company was running we were both paid small salaries supplemented by dividends. When he closed the company down he was told to close the…
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Problem with Self Assessment online
OK I've left things late. Started with the Self Assessment online in Jan 2009. Went to log in/register online to do the SA. OK so far but they then tell me they will send the Activation PIN by post. Unfortunately I'm now overseas and no one is able to pick up my PIN and forward it to me. I phone their Customer Service…
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HMRC self assessment online tax calculator problem.
Good evening, At what stage does the calculator show your total tax and nic liability, including payments on account from the previous year deducted from this years liability. I am 90% through the return, all my data is in and my tax and nic has been calculated, but it states that this figure does not take any monies that…
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Child tax credit claim
Can you claim for a child that is not biologically your own? My wife has a daughter who was born in the dates specified, we were married (still are!) and my wife was not working (so cannot claim), I was the only one with income. Thanks
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Self employment tax
does anyone know why some people get a tax rebate every year when self-employed and didn't pay tax in that year and i not entiteled to one with a profit of only £435 for 07/08 . i had over £4000 in expences one being accomadation claims for being away from home just as the tax man told me to even when staying in a caravan…
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Undeclared income PT work
Am employed FT, but occasionally see clients on a part time basis. The income from this is v low, say £200 for 06 and same for 07, and approx 600-800 for 08. I will obviously declare the earnings from 08, and want to for 06 and 07 but cant see how without incurring penalties etc. It really is a case of me having my head in…
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Tax on Expenses and Benefits - Self Assessment
I am employed full time, earning a salary on PAYE I travel constantly for work, and incur expenses for travel, flights, personal car, hotel, subsistence etc etc I have been asked to complete a self assessment tax return due to the volume of my expenses. I pay my expenses myself, document my reciepts, and my employer then…
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private residence relieve on business asset
I sold my guest house in 2006 and was due to pay capital gains, I defered the gain with provisional roll over relief as I wanted to buy another replacement business. I now have a change of plan and decided to pay the capital gain due along with interest. I assume that as I sold in 2006 I can still deduct the business rate…
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Was anyone listening to Jeremy Vine Radio 2 today please?
Hi I caught a bit of the Jeremy Vine show (Fri 23/1) and Mike Truman was on. He mentioned tax loopholes for ordinary people on a website. Did anyone catch the site name, please? I just caught the end of his bit.
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Council Tax Reduction and Xtra
We have recently won our case on reducing our tax band. Fantastic, thanks to Martin and the guys who have contributed to this site. After a while we decided to change our water supply to meter as there are only two of us in the house. We have noticed that the water bill was worked out on the rateable value of the house.…
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2 incomes and 2 tax offices
Hi - i'm hoping someone can help. I receive 2 incomes and each of my employers has a different tax office. Each year i complete a self assessment and both incomes are declared correctly. The only problem is i keep getting coding notice changes from 1 tax office but not the other and hence they get out of step and i end up…
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Late payment of self-assesment
Hi, I am just about to file my SA return and will get this done online by the deadline but it is also the first time that I am required to pay tax as I have been getting paid gross up till now. This being the case I am required (i think) to pay the full amount for the 2007/08 period and then 50% of this amount in advance…
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Company Car Allowance
Hello, posted the following in the TAX thread, but was told I might get a better response from here, so here goes I have recently opted out of my company car scheme, and moved to a car allowance. What I am trying to figure out is how the AMAP's tax system works. Basically this is the situation... I get paid my Car…
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National Insurance - Cheeky Blighters!
Morning all. This morning I had a bill from the N.I. people for £232. Now seeing as I am expecting a rebate for 2 years over payment of self employed N.I. I was a bit perplexed. It had the usual warnings about if I didn't pay this it may affect my pension etc and I should pay by the 26th January. So on the blower I got and…
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Urgent help needed property - tax return!!
Doing online self-assessment on behalf of someone and fine-tuning before I submit it, I have a few questions: The person receives rental income on BTL property Property was bought in March 2007 and money was spent to obtain loan,conveyancing, paint property etc... before 6 April 2007. Some furnishings were bought after 6…
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My nearest tax office?
Hi have searched high and low and cannot find out where my nearest tax office is..I am in Brixham in devon. Last night i checked my self assesment and it says Barnstaple but when i checked online it came up with plymouth? need to get my tax credit refund thing back by 31st jan so haven't gpot time to sedn to wrong place!…
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tax on earning £ 4500 pa
i was wondering if anyone can shed some light to this matter. what would be the tax implication for someone earning around £4500 in a tax year. I understand there won't be any NI or Income Tax liability. But what about self assessment, provided they earned this from a part time job as a Secretary in a Limited Company and…
