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Strange Advice from Tax Office
A few years ago I used to sell guitars on the internet and making decent money out of it I recieved a phone call from the inland revenue. I was a student at the time and a little niave but I was simply advised to fill in back dated self assessment tax forms and that was the end of that. At the time I implied that I didnt…
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another property - how do i pay taxes
i have another propery - at the moment there are freinds living in there for free (they pay the utilities taht they use etc) they are going to be moving out i was wandering to get tenants in there what do i show to inland revenue - this is income - how much am i able to earn etc do i need an accountant? can i show this as…
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Amending tax return and repayment now due-when?
I have just submitted an amendment due to tax relief on pension for 2007/08 and wondered if I will automatically receive this money back? I had originally owed tax at the end of the period (an amount of £1500) which I paid and now this has been reduced down to £800 - Can I expect a repayment sometime soon (they have my…
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Ltd company AND sole trader?
Hi. I really do apologise if this has been repeated! I searched all over the forum but I couldn’t find what I was looking for. I’m a locum pharmacist, and I started working in community (Boots, Lloyds, Superdrug, etc) on 01/08/2009. Since then I am set up as a sole trader because it was the simplest option :-) (Although I…
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Council Tax: Banding of a self-contained unit
Hi there, Question of how valuation works when it comes to a self-contained unit. The property we are renting, used to be a self contained unit, but has been converted into two self-contained units with separate entrances just before we moved in. So effectively there is now a flat that we live in (i.e. 20A) and shop…
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Foreign income tax question
I'm totally confused about this, but I can't afford an accountant. Hoping someone here can help. I have dual American/British citizenship, so I file two self-employed tax returns each year. I live and work in London. One of my clients is based in California. She pays me in dollars. The money goes into a US bank account.…
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Car mileage allowance
My wife has recently become self employed and uses her car to travel to different venues, usually church halls or schools, where she teaches yoga. There seems to be some confusion as to whether she can claim the 40p per mile for this purpose or not. She carries various necessary things with her to use during the classes so…
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I need expert for my council tax
Hi. I have a flat with 2 bed room and I rent out of them .I am working full time and the tenant working part time and she receiving her housing benefit. But barnet council asks me to pay full council tax and they said the tenant dose not need to pay council tax. In our tenancy agreement she responsible for her council tax…
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HMRC self assessment bill
hi there, ok this is a little messy but i will try and explain as best as i can. In 2000 i started up a small business with a princes trust loan.i never started trading and only paid myself £50 a week for max 3mnths.I was too young and inexperienced and ending up spending most of my money on customs bringing in clothes.i…
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is it possible to overpay/claim refund for NI conts?
Hi all, I have 2 jobs - 1 full time, & 1 which is a zero hours contract (essentially as a bank worker). My 2nd job covers sick leave, holiday, training etc. Obviously in this situation the income it generates fluctuates wildly. For tax purposes I am registered as it being my 2nd job. Been doing this for 5 years.…
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Don't pay Income Tax.
This is a query from my next door neighbour. He doesn't pay income tax. All above board. Retired, no salary, lives off interest on capital, all declared etc. He does give quite a lot to his church in the weekly collection which is done through a gifting envelope I think it's called. The envelope thing says if he is a UK…
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Help me understand gifts
Hi there, I read direct.gov.uk and hmrc.gov.uk but I'm none the wiser on gifts. From what I understand, any gift to you is tax free but if the person gifting dies within 7 years, you must pay inheritance tax on it. As I'm not originally from the UK, I just want to make sure that gifts themselves are not taxed in any shape…
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Tax Query
I am in full time job and pay my tax on p.a.y.e,but over the past six months i have also been receiving a income of £400 a month for maintaining a web site,this money is paid directly into my account.I know i will have to fill in tax return to declare this income,but is this done as being self employed on my second income…
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Tax on State Pension
Hi, I am hoping someone can help me. I have agreed to help an elderly relative with his 08/09 tax return. He receives a state pension and a private pension but we cant find a P60 or statement showing how much has been received for the state pension for 2008/09. First question is should he have a P60 for this? If necessary…
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Capital Gains Tax
Hoping for some advice here. Purchased a property that needed refurbishment with the intention of renovating and selling to our son for no profit. Now the tax man wants 40% of the gain although no gain was made. Apparently they take the market value of the property as it was at time of sale to our son and not what we sold…
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Inheritance Tax Worry
Hello, I am in a real quandary about IHT and the nil rate. My wife (age 77ys) and I (age 80yrs) own our home as tenants in common, it is worth about £300K. However I have ample investments and savings to £260K as I have always worked hard and invested wisely. My wife and has savings of less than fifteen thousand pounds.…
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not being taxed...yet...
Hi, I recently started a new job and I have just received my second Pay packet. My first pay saw me earn £2100 and my second pay, £1200. The first pay was so much larger because it was almost two months pay as I missed the cut off point for the previous months payday. Anyway, my issue is, I have yet to be taxed. My Annual…
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Tax Advice Please
I am planning to start a small sole trader business, which will require £60,000 to set up. It will be financed by a £20,000 Business Loan from the Bank and £40,000 which is coming from a savings account in my husbands name only. I expect to make a profit of approx £1,000 per month, which I plan to pay myself (on top of my…
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New Tax Code, 647L to 622L
I've just received my payslip for this month, and my tax code has changed. I was previously on the following : TC : 647L Monthly Salary : £1750.00 Tax : 242.00 NI : 140.14 Student Loan : 45 Now I am on : TC : 622L Monthly Salary : £1750 Tax : 267.00 NI : 140.14 Student Loan : 45.00 Essentially a £25.00 raise in the amount…
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Tax rebate letter?
Just recieved a latter saying thank you for sending in your p60s etc I am now returning them to you. Nothing about what happens next with my refund? Is this letter normal? Tried calling but must be really busy as cant get through. Thanks :beer:
