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Tools.
I work as a panel beater and have recently finished my apprenticeship which lasted 4 years , in that time I have needed tools and bought them . I will almost certainly always be buying tools every year as my job will always change as cars change , I'm wondering is there any rebate or tax deduction available for some-one in…
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Online self assessment - which bit of P60 to use?
Hi all My apologies if this sounds a bit thick... I have to do an online self assessment but am confused about the bit which you have to fill in with details of pay from the P60 .... my P60 doesn't make it very clear... I have 3 sections 'previous employment' 'this employment' and 'total for the year'. Which amount must I…
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Self Employed Existing Car
Hi, I think I understand how you account for car expenses in a SA. What I don't understand is how you account for an existing car in a capital allowance calulation. Can you use capital allowances as well as car expenses or only one? Do you have to give the car a valuation when started using in your self employment and work…
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Cap Ex and AIA and Small pools
So I now have upto £50K for my annual investment allowance but my question is with regards to the small pools allowance. You can write off any small pool upto £1K - is this the value as it is transferred from last year, or is is after this years 20% write down allowance? e.g. So say my pool value carried to 08/09 is 1001,…
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Recently retired
I'm helping my MIL with reinvesting some money from fixed term bonds. She retired in Jan 09. I happened to mention had she registered for gross interest on any of her accounts, which she hasn't. then i asked if she'd completed a tax return - no again, she had done one for 07/08. She has rung the tax office today and they…
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Ebay and paying tax
Do I still need to pay tax if I'm only making about £100 profit a month by selling goods on ebay? It's also been more than 6 months, so I'm worried I'll have to pay a fine. Has anyone managed to talk them round this?
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Paying BR tax code, should I be on 647L instead?
I'm currently paying stupid amounts of tax each month on BR code. My Dad keeps calling me up on it asking why I've not contacted the Tax Office about it, but haven't thought much of it, until recently. I've been working alot of overtime and noticed a difference in pay with other associates I work with. One of which who has…
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CGT bed & breakfasting, calculations
I'm getting terribly confused with the CGT bed and breakfasting rules. http://charterconsultation.hmrc.gov.uk/helpsheets/hs284.pdf I've provided a hyptherticial senario (as using my real shares is just too confusing at the moment) 01/01/2009. Buy 100 shares at £10 each costing a total of £1,000. 02/01/2009. Sell 100 shares…
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2nd job self employed
Not sureif this is the right forum for this thread as it covers a couple of issues. A little background info first, I am currently employed and earn 23k with 1k in bonuses so 24k total. I am currently wanting to start a small business whilst keeping my current job. I expect the business will turn over around 15-20k. I am…
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Inheritance tax - Filling in Form IHT205 - Definition Question
I'm filling in form IHT205 as I attempt to administer my late father's estate but I've become stuck on one of the questions (so far...) Q9 Asks: Was the deceased a member of a pension scheme or did they have a personal pension policy from which, in either case, they had not taken their full retirement benefits before the…
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spread betting tax
Hi I am a financial spread bettor. This is tax free in the UK. However, I am thinking about moving to Spain in the future. I understand that if I am non resident in the UK (out of UK for more than 183 days per year) then I may be subject to tax in Spain. Would this be capital gains tax? What are the rates in Spain? Could…
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CGT - Declaring proceeds
hi, I've read on this forum if the net proceeds from share sales exceeds 4 times the CGT threshold £10,100 you have to complete a tax return (even if you make no profit) I can't see any reference to this on the inland revenue site, can someone point me in the right direction. Thanks Mark
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tax & mileage, is this right?
can someone check these figures over? i earn around 19412 (silly local gov pay scale!) they pay me 60.5p a mile (or something similar) which they say is taxed.. im just wondering whether the figures attached are right? :confused: in september i had a BR tax code, which is why they taxed me too much... pensin i think is 6.5%
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paying inheritance tax
Hi, I was wondering if anyone could help me with this. If a property is transfered from a parent to a child, but the parent continues to live there, I understand this is a gift with reservation of benefit. But if the parent moves out at any time afterwards it becames potentially exempt? What happens if the parent dies…
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Capital Gains Tax Help
Hi everyone, I'm really hoping that someone will be able to give us some advice, this is a very long story but I will try and make it short and too the point. In 2000 my MIL purchased her council house on the right to buy scheme, my DP and his sister provided the money for this. At the time they were told to put the house…
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Gross interest on company savings
Please can someone confirm if gross interest can be paid on a limited companies profits. It would seem logical that this should be allowed since a limited company does not have a "tax free allowance". Does this interest need to be declared to HMRC? Thanks
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VAT rise in January
I've had a serch so please move if on the wrong board. VAT is returning to 17 1/2% in January. If I pay extra on my DD for my BT phone line will this save me extra VAT in the future? For example, if I pay £20 a month at the moment, if I paid £100 on my next DD would that count as being paid now and at 15% or will it be 17…
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Help for moving abroad
I am just on the brink of moving(probably just into the new year) to thailand to live and at the same time moving to work in equatorial guinea. I will be on a 28 day rotation. I have a p85 form i need to fill in to tell the tax that i am moving abroad. Just wondering where i stand with taxes for next year, i have been told…
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Inheritance Tax
Was hoping someone can possibly help with a 'gifting' situation? Parent (in her 80s) has 4 children and has an estate worth over £350,000 (including the house). She's looking to cut inheritance tax and wants to make gifts to her 4 childen. I understand that she can make up to £3000 in any tax year plus other gifts such as…
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Sole trader versus Ltd Company
I am self employed therapist and operate as a sole trader and paying higher rate tax, but not registered for VAT. I have a book keeper to keep my accounts in order and he also does my Tax return for me ( Revenue inquiry about 4 years ago! ) I have a friend in the same line of work who set herself up as a LTD company…
