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paying 40% on ALL my earnings, tax code D0, any help please
Hi I wonder if anyone can help me please. I was made redundant in March and my pension kicked in. This is not really good news but I had to take it. It is worth £8500 pa, and it is taxed on an emergency basis currently. (M1) I have been lucky enough to get another job (albeit just for 12 months) paying £43, 700 pa. After…
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Basic rate tax code help please!!!
Hiya, I'm a student and I have been working over the summer as a receptionist at a university hall of residence. In May, I also started work in the university shop. I only earned a couple hundred pounds from this and these have been my only jobs this tax year. When I got my first payslip from the rescptionist job I was…
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TAX on domain address? - help appreciated
I recently sold a domain name, for a significant ammount of money. I've been doing lots of reading online, some people have explained that tax on domains are classed as "intangible" because it is not a physical property or even a possesion that you can touch or feel for that matter. As you can imagine I want to take full…
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Tax on rental income/IHT in Oz/Uk advice please!
Hello there! I would appreciate some advice on my current situation. My husband's (dual Oz/Uk nationality) mum died 3 years ago in Australia (where she lived). After 3 long years he has finally managed to sell her house on the outskirts of Sydney. This will give us 70000 pounds, I have a small flat with a mortgage of…
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Wrong tax code??
Hi there, Just been having a look at my payslip and tax codes etc and noticed I am on tax code "BR". I have never been sure about tax codes so thought I'd find out if I am on the right tax code. From what I have read it looks like this tax code is for people who have a second income or are drawing a pension, I am doing…
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FT Student PT employee
Can someone offer some advice on this for me please. I am a Full Time Student and i am employed PT on a yearly salary £8101.33 (though my contract is only for 6mths so technically be half that yrly salary i will gain) i only do 20hours a week. Just got my 1st wage slip to find i have been taxed £128.20 of my wage and on a…
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Tax on US share options
I'm a retired basic rate taxpayer who doesn't have to fill in a tax return. Before too long I will have to realise some stock options for a company I used to work for which will probably realise about £5000 after exchange rate conversion. As this falls below the annual Capital Gains limit of £9600, will I have to declare…
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Can I get a tax rebate?
Hi, I have just registered as a full time student and am giving up work to study. I have been paying tax all this tax year on my salary which goes at source and I also pay BR tax on a pension of £2700p.a from the RAF. As I will have no employment income for the rest of the financial year can I claim back any tax? Many…
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Rental Income - Tax allowances and deductions
I just wondered if anyone knew what "allowances and deductions" you are able to claim for when doing a tax self assessment? I know most of them: Agent fees Interest on the mortgage loan 10% Wear and tear allowance (or replacement cost if not claiming wear and tear allowance) Costs etc. My query is can I deduct the cost of…
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Ltd Company and investment property
Can anyone advise? I borrowed a further £200K on my mortgage to finance a Short Term Rental property purchase in Florida. I lose around £20K pa in expenses against this property so had an idea. If my Limited Company were to purchase the FL property I would not have to draw £20K pa extra and therefore save on income tax.…
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Tax breaks for married couples?
Hi all, hopefully just a quick and easy question! I got married in April this year, after having co-habited with my partner for about 8 years previous to this. I'm 34 and she's 30. Are there any "tax breaks" for being married as opposed to single, for both or either of us? Thanks in advance!
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Reclaiming higher-rate tax - which form
I've put this off very late this year, as I've been waiting for details of my mileage claims from my ex-employer, which I stupidly forgot to print copies of before I left! The information arrived today, and I now realise that I don't have the details of the form I filled in last year to provide HMRC with information on *…
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Tax/take home calculation
Hi I'm single and I presently earn £21,319 pension (no NI) and take home £1529 per month and £22,152 in salary and take home £1302 per month (BR Tax) If my salary was increased to £24,013 could anyone tell me what my additional take home pay would be? I think I enter into the 40% tax threshold with this addition Thanks
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Am I being taxed too much???
Hello there. Can somebody with a bit of tax knowledge please give me som advice here, because no matter how hard I try I cannot get my head around it!! I was away travelling for the early part of 2009, so did not start employment this tax year until August. I was on an emergency tax code originally and was paying huge tax.…
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Not really cutting tax
But I thought you lot would know best. I have eventually got around to doing my online 2008-09 SA and I owe approximately £600 in tax. I work part time too earning over the personal allowance, so I opted to have this £600 taken from my wages by adjustment of my tax code. So do they adjust my tax code immediately or does it…
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Santander (Spanish) Dividends - Anyone with previous experience?
Calling former Abbey shareholders? Once upon a time, I had money saved with the Alliance & Leicester Building Society. This demutualised and I found myself with some A & L shares. A & L nearly became a victim of the credit crunch but managed to sell itself to Spanish bank Santander. I became the proud owner of 125…
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Mechanic tax refund.....How?
Hi, i've been an employed mechanic since 1998 and have heard a lot lateley about a tool tax refund for all the tools that I have bought over the years. Looking into this and found that all the companies that offer to do this claim for me wish to take at least 30% of what I am owed from the tax man. How difficult would this…
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HELP!! Lost P60U !! How do l get another?
Hi all was wondering if anyone knew how l go about getting a copy of my p60u please? I cannot find it anwhere l have searched the whole house all day and its gone! I know it says to keep it safe etc and l must of been extra careful cos l cannot find it anywhere and l really really need it :( Would eb really grateful; if…
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Making two tax claims in one year
I've just come to the end of my summer working (back to uni for rest of tax year). As usual, my employer has decided to change my tax code to BR for the last two payslips so I've been taxed about £200. I'm also being taxed on my £5 monthly reward from Halifax. If I send in a P50 now to claim back the £200 tax from my job,…
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Discretionart will trust
There have been several comments regarding the use of the Discretionary Will Trust since the changes that now allow the unused nil rate band allowance of the first to die to be passed on the the surving spouse. Some say that there is no need to use it now and it may be best to cancel such Wills, or make a deed of variation…
