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Council Tax rebanding - opinions please!
Hi all - first up, if this would be more appropriate in a different folder, by all means move it! I recently had a crack at getting the council to reband my house to a lower council tax bracket and I'd be grateful for some opinions on the answer I received (Oh and I'm not allowed to post links so you'll have to paste into…
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Tax investigation - stressed!
I've recently been sent a letter from the HMRC asking why I've got so much savings in my current account. As I'm trying to buy a new house I've let all of my e.g. 1 year fixed rate savings mature and transfered the money back ready to pay a large deposit on the house. I think this large increase of savings in one place…
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40% Tax on Savings Interest - Query
Because I was made redundant in June 2009 my redundancy pay and my earnings YTD have pushed me into the 40% tax bracket for this year (only). If I open a savings account now with my redundancy pay-out, will I be liable for 40% tax on the interest I receive even if the interest from the account is payable annually - in this…
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Confused about tax i'm paying
Hi, I'm not sure if this is the right place as I don't think I'm trying to cut tax but I just have no idea how to work out how much i should be paying. My total income will definitely be under the £6475 allowance for the whole year but is very unbalanced. My income comes from 2 jobs and a pension. I've been on the payroll…
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Outsourcing tax returns to India
I understand that some accountancy firms are now outsourcing completion of tax returns to India, would you mind?
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Buy To Let Mortgage coming to end - tax implications
I currently have a buy to let mortage (interest only) which comes to the end of its term in 2010. Once the endowments have paid out, there will probably be a smallish shortfall. Can I then re-mortgage the property for as much as I can release in equity but continue to claim the interest payments against tax? or does it…
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car tax releif for cycling to work?
I don't know how true this is but a lifeguard I know told me if you cycle to work and own a car that you can claim a percentage back off your road fund from the dvla for doing so...I have looked everywhere and can't find any evidence, the only thing I can find is the cycle to work scheme where you don't pay tax on a new…
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Import Charges - Vat
Hi guys and gals. Few questions I need some help with please. Iv tried looking at the HM website but I cant work it out. If im buying mobile phone accessories from Hong Kong - what charges/ tax and VAT will get charged?? Is there limits/ minimums etc? Thanks
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Tax code
Hi Can you tell me why my husband's tax code is 633L and not 647L. No reason that we know of. It has been like that for some time i.e always slightly lower than the norm code. Thanks
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Tax Code change 647L to M1 367L
Hi all, I have a question on something I've just noticed on my payslip - I've seen that between my April and May payslip my tax code has changed. In April it as 647L and from May onwards it's M1 367L. Now I understand that an M1 indicates my tax is being worked out monthly and not cumulatively but I cannot see why that…
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Is it best to set up Ltd company
May wife works four days per week but is also working very occasionally in a sales job earning commission. She already earns way above the single person allowance in her full time job but not enough to pay 40%. She will earn approx £2.5k from sales job but also have a lot of miles to claim as expenses(around 3000) plus…
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NI for directors
I am a director of my company and I want to pay myself £110/week (2009/10) to avoid paying NICs but still accrue a state pension year. Since I have taken this directorship up in September, my NICs have been pro-rated for this year. Therefore I can only pay myself approximately £3000 before attracting NIC fees. How can I…
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P46 or not?
Hi guys. I am currently a self employed tutor and file a tax return each year. However, now all my children are in full-time school i have decided to do the odd day supply teaching for a local agency. I still intend to stay tutoring for myself. I know there is space on my tax return for any other income recieved . However,…
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houses and tax cutting
ok, my mother owns her house alone now (father passed away) and this will be her principal residency, she has now inherited another property and we want to decide the best way to sell this property without getting hit for capital gains tax, is there any solution? I at present do not have any property (i rent), can she…
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Paying National Insurance twice
I think I am paying National Insurance twice. I'm not really sure, the wording of the HMRC website is confusing. Last tax year I earned about £8000, my only job, self employed. Naturally I had to pay tax and National Insurance, Class 2 I believe. This year my situation has changed and I am now working two jobs, self…
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Should I opt out of Class 2 NICs?
Hello, I look after my 3 year old child who receives Child Benefit in my name. I believe this gives me automatic Home Responsibility Protection of my NI record for state pension purposes, even if I pay no NICs. I am registered self-employed and I currently pay Class 2 NICs which costs £125 per year. But my earnings are low…
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House Ownership
Hi I posted this on Debt free wannabe board and was advised to post here as well: Hi - not sure if this is the right place to post. I would be grateful for any advice on the following: I have a son aged 24 from my first marriage (wife now dead). Son lives with my Mum in her house which is jointly owned by Mum and myself.…
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Time period for tax rebate
Just wondering if anybody can answer a quick question. My 2008/2009 tax return has just been completed online by my financial adviser and i am due a rebate of around £700 :j Will it be a cheque/PAYE payment and how long will it take for me to recieve this? Or, Will it be added to next years allowance? Many Thanks
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Capital gains tax on house sale
We are looking at out options if we let out our current house and moving to live elsewhere. My understanding is that we are still eligible for the main residence exemption if we sell within three years. What I am confused about is if we decide to continue letting beyond the three years - how do we establish the initial…
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Tax Returns and Demands for Cash
I'm not sure if anyone can help with this or if I'm going over old ground of someone elses. Tax confuses me. A couple of years ago I was registered as Self Employed. I made zero profit, about £600 loss in fact, so ended my self employment after about a year. During the whole time I was also employed. I had 3 jobs over the…
