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capital gains tax
Advice please I am a 61 year old housewife a none tax payer living in private rented accomodation for the past 15yrs. In february 2009 i inherited my late Uncle's house,who died in 2004 and it took the solicitor until 2008 to discover that i existed . Valuation at the time of his death was put at £55k now the value is…
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Tax coding and 2 incomes
I am a PAYE with two incomes - a pension (main income) and a second employee job. Can I ask the tax office to deduct any additional tax liabilities (which I have) from my second job (using a higher tax coding) rather than my pension? My second job tax code is currently Basic Rate (BR) which appears to be normal from what I…
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Doing tax return on line
Was hoping for a little advice please. I am self employed usually submit the paper tax return which is completed by my accountant. I am wanting to change over to doing this on-line and doing it myself as my business and turnover is small and want to save on accountants fee. Can you advise me how I tell the Inland Revenue…
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classic car as advertising? costs and benifits help needed
Hello i am self employed and thinking of buying a classic car and having it heavily sign written, purely for business advertising. At present i keep a milage diary but with this sign written car all travel will be supporting my business?? Is there a right way to go about this?? Q's is the cost of car offsetable against…
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Council tax - student girlfriend moving in.
Hi, Im currently paying my council tax with a 25% single persons discount. My girlfriend has moved in which obviuously i have to let the council know. The thing is she is a full time student, i am understanding that she wouldnt be eligible to have to pay council tax. what effect would this have on my payments? I was told…
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Capital Allowances - self-employed and a bit confused...
Hi I'd be grateful if someone could help a little - I understand the rules have changed re: capital allowances, and I'd like to check what to do. 07/08 was my first year of business, and the amount entered for capital allowances was £1076 - various bits of computer/music equipment I bought for work. Now I'm doing 08/09,…
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chance of tax rebate?
My husband has just retired on medical grounds, finishing end of September. He's been paying tax on earnings of about 35K per year but obviously won't earn that this tax year due to retiring less than halfway through it. From now his only income will be his private pension. If his tax code takes into account his potential…
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Complicated Tax situation - Help pls
So im trying to cut out the tax I pay and I wondered if anyone could elucidate on the following for me. My situation: I have just started a 3-year PhD for which I get paid a tax-free stipend of £15000 (£1250 pcm). I also have a sunday job where I earn about £200 pcm. My questions: 1) Since the beginning of this financial…
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Deductions Help Please
In my new job I get a season ticket loan for the train, I believe this is taken out of my salary before deductions, I'm not hot with figures so I was hoping some kind soul could help me make a decision, I have two choices of season ticket, the express train which is £4182 Per year and the slow train which is £3290, I'm…
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Foreign income question
Hi My OH worked in Australia Jan 2008-2009. He has just had his accountant do his tax return for 2008-2009 and I'm a bit worried about how its been done. The Australian income had tax paid in Australia. His accountant has used this income in his UK tax return although I'm not sure how since exchange rates are so variable.…
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Maximum Amount I Can Pay Myself
To give you some rough background: I work am 15 and I work for a UK Limited Company of which my parents are the sole directors of. It was setup at the request of me so I could expand my ecommerce company. To be clear, my parents have no active involvement in the company except for when the paperwork requires it. The…
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Entitled to tax rebate?
Hello, I received two separate tax code notifications from inland revenue this week - one saying that my tax code was 576L a temporary job that I left about 5 years ago and another code 24BR for my current employer . Does this mean that I have been paying emergency tax throughout my employment with my current employer (…
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Another tax return question
I had a random thought at some unearthly hour of this morning... If I pay mortgage interest during the whole tax year but only get a tenant in a rented house from October Do I declare the mortgage interest as a property expense for the whole tax year or just the months from October onwards?
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Income Tax Bill
Hello All. A couple of weeks ago i recieved a new tax code in the post which was a lot lower than the tax code i had been using in previous years. I contacted the tax office who have now claimed that i have been underpaying them for around 6 years they are going to calculate the loss which will be around £18,000 and…
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Self Assessment question
I have been working s/e for a few years and do my assessment on time etc. I have just started doing more s/e work but in a different line of work. My question is, do I need to tell HMRC that it's different work or can I just submit my assessment next year having taken both employments into account? Many thanks
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Capital gains tax
Hi all Another thread got me thinking We jointly own a property (shop that we run a business from)which if sold would give us approx £188000 profit:D But what can i expect to pay in tax ???:eek: owned it for almost 11 years ..
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is this correct ..
hi can you help ive got 2 part time jobs has a cleaner 1st job i wrk 10 hours tax code 654 £57 2nd job working 10hours tax code br £52 is this correct because i thought that you where allowed to earn a certian amount before any tax is deducted.. many thanks
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Capital Gains Tax on 2nd property
Hi folks, I've tried deciphering some government websites to work out what the CGT hit will be on a property i've just agreed a sale on, but am apparently a bit dim as I can't get to the bottom of it. I will get an accountant/solicitor to complete the necessary forms once the sale goes through, but If there are any experts…
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does my son have to pay council tax now he has moved back home?
I am 78 years old and on guaranteed Pension Credit and my Council Tax is covered by this for the year. My son has recently moved back home and I have just received a Council Tax bill solely for him, is this correct that my son pays even though this is my property?
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40% tax Threshold query
Hello all Can anyone explain why on Martins mail today the 40% tax threshold is stated as £43,875 When Government sites state £37,400 Am I missing something ? Any explanations helpful.
