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Large Cash Gifts to family members
In my youth, I had a huge gambling problem and ran up huge debts via credit and otherwise in my father's name to the tune of 200k. He is superb about it and would never ask for it back (he is relatively wealthy but lives for his children and has never been interested in money). I am now in a position after many years to be…
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Calculating Tax Repayment Supplement
Hello, I recently found out that I have overpaid income tax. I have receive a letter from Inland Revenue saying that my tax overpayment in 2006/2007 attracts a repayment supplement. I am not too hot on tax etc so I have no idea what this means :confused: . Is this interest on the money owed to me? If it is how much is that…
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Sub Contracting
Hi, Am going to complete my tax return for 08/09 but during that year I had to take quite a lot of time off (family member ill) and sub-contracted work to some other people. Work was telemarketing based, and these people were paid in cash. This has obviously severely impacted on my profit and am wondering if I can put…
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CGT - principle residence
I bought a 2 bed with a friend in 2006 and we both lived in it (it was my principle and only residence). We each owned 50%. In Oct 2008 I moved back to live with the folks. For 3 months I rented my half of a two bed flat (1 bedroom) for approximately 3 months prior to selling my half to my flat mate. I sold making a loss…
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2nd job as "self employed" income
My other half has started a part time weekend job teaching spanish at a local primary school - just a few hrs on a saturday along with her full time job during the week.. her full time job pulls in circa £20,000 before income tax a year and pays tax and NI already by the time it lands into her bank account... however the…
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Council Tax questions - help appreciated!
Hi all, I generally post on the debt free wannabe board, however thought you lovely people might be more knowledgeable with this enquiry. I now work in London but my family live in Glasgow so I commute home when I can for a few days. My question is as my husband is the only adult resident in the house, can he apply for a…
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Cash as A Gift
I am not sure if this is the correct place to ask this question.but ask it i will lol. My dad living on a pension,with pension credit,as £30000 in savings.If he needs any care,i assume he will have to pay out of that.There are three of us,can he give us cash as gifts,and what are the implications. cheers
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How much income tax should I be paying?
I'm 61 and have taken a couple of my private pensions. Pension A provides me with £5,809 gross in this tax year Pension B provides me with £3,889 gross " In addition, I have Building Society interest of £2,174 gross up to April 2009 My wife is on basic state pension. Having queried what I ought to be paying with HM…
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Second Job
Hello moneysavers, I've looked all over the net for an answer to my question but I'm still completely confused! Until 6 weeks ago I was unemployed, now I have two jobs. The first job is a 37 hour a week job with a £11000 salary, the second is 12 hours a week paid per hour working out about £4000 a year. I received from the…
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I discovered serious mistakes on my p45, what shoud i do!?
I am in the process to claim back overpaid tax during my employment with my current employer( employer A). i started my employment with them half way through the tax year. i am sure i paid too much tax as i had my tax deducted on emergency tax code. To support my claim I am required by hmrc to provide a complete record of…
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CGT query
Hi Just wanted to check something re CGT. I am lucky enough to be one of 4 people who will benefit from a trust that will shortly wind up with assets of approx 750k. The total CG on these is likely to be 600k and I'm aware that as a group we will need to deal with the CGT (currently 18% so 108k or 27k each) I'm aware I…
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Can I Tax Deduct Childcare if S/E?
I've just decided to go SE, up to Christmas I'll be paying for my son to go to childcare specifically so I can work. Can I tax deduct this? Thanks!
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cutting council tax by two bands
Hi everyone. I have a question to put about council tax banding. Some years ago, when we first moved into our present home, I challenged the council tax and got it lowered from B to A. This is a one-bedroom house with one long living room downstairs. Recently, my mother moved to our area (Milton Keynes) from Norwich. She…
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tax refund question
Anglo Irish has mistakenly taken tax from my matured bond - I'm a non tax payer. They are sending me an R40 to send to the tax office to reclaim the tax. On contacting the Inland Revenue I'm told that because I fill in a self assessment tax return the R40 is no good & I have to wait until I fill in the next tax return to…
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claiming for items on my tax return
Ok, I apologise in advanced if I confuse anyone, as i'm pretty sure i've already confused myself. I am currently starting up a very small limited company and am completing my own tax returns and abbreviated accounts for companies house. What I would like to know is, Everyone goes on about claiming for Mileage, costs for…
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Transfer of joint ownership of flat to single ownership
Hi there guys, Need a bit of advice. I own a flat with my dad, mortgage is approximately half of it's market value. My dad has offered to transfer the flat in to my name if I give him what he initially put in toward the deposit. Just wondering what implications this has if any in terms of tax? Of note my dad is resident…
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Tax on US goods? I think I've been ripped off
Hi - Newbie Nickra here. I recently bought a Levi's jacket from US website Shelpers for what I thought was a reasonable $93 (£56) including shipping and handling. Today I received a card from UPS to tell me they tried to deliver the jacket but I was out and that I needed to pay an additonal £23.46 C.O.D!! For what? if this…
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Underpaid tax for bank interest
Hi, Until I got made redundant in Dec 2007 I used to work for a bank, so I had to declare all interests, benefits etc, which I did annually. The tax man wrote to me recently saying I have 'underpaid tax on bank interest' for tax year 07/08. I always declare everything since for me it is not worth the sleepless nights. I…
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income tax for self employed person
ive recently increased doing some self employed work, and i think it has taken me over the tax bracket, ive never done any self assesment as ive never thought i qualified - im probably being ignorant but ive never got round to looking deeply into it. im looking into getting a self assesment form but im worried in case they…
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new tax code HELP!!
hi all ok i am 64 have been medically retired for a number of years and my tax code was 647l. i have recently moved to the coast where i rent a small property. i have also rented out my house that i own for £8700 per annum, so i can pay the rent on my coatal property but i dont understand my new tax. personal allowance:…
