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Do I have to declare rental property earnings to Inland Revenue?
I have been left a property which I am now renting out. My income from my job together with the rental income still leaves me under the higher tax rate bracket. Do I have to declare my rental income to the inland revenue? And do I have to fill in a self assessment tax return form? Also, can anyone clear up for me why some…
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Loan being transferred into 'my' account instead of his....
Hiya, I wondered if anyone could offer some advice.... My other half has applied for a loan for our wedding next year and to help 'do' up our new house. He is self employed and uses his current account as his business account so he asked if he can transfer the money (£10k) into my savings account so he doesnt get it all…
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Stamp Duty....applicable
Ok does anyone know the laws around stamp duty? Is it based on the price paid or the valuation of the house? Theoretical question - I.e. If a house is worth £200k, but I get it for £1 - would I have to pay any other costs? Its not important - its just something useless I want for my knowledge :rotfl:
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Working at home
Hi I am self-employed and work at home 5 days a week, 9 to 5 ish hours. What percentage of my rent, gas and electric can I reasonably claim as expenses? I live in a 3-bed flat and one bedroom is my study. I used an accountant for a while and he claimed 50% for me but I am worried that this is too high. I am now doing my…
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Yet another expenses question!
Sorry to be a pain, but the expenses part of my self assessment is confusing me ( it don't take a lot at my age! ) I bought a car solely for work for £1200 I had fuel bills for £2000 Tools £450 Other expenses including public liability,insurance,van hire,phone etc £500 Just not sure where to list them on the form! Would i…
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Dividend question
My dad receives some small dividends from his employers share save scheme, he is a basic rate tax payer, so the dividends fall into the 10% tax band, and he obviously receives them net of the 10% tax credit - does he still have to make this information available to HMRC? Obviously the admin burden of having to do a self…
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Self assessment - help please!
Hi there, I'm currently doing a self assessment online and have hit a couple of issues I haven't come accross before so I'm hoping someone on here can help. 1. Disallowable Expenses Ok I understand what expenses are allowable and what aren't. But when I input my disallowable expenses (personal drawings) it adds them on,…
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Self Assessment Q - Fuel Expenses
Hello, I am due to submit my tax return but I am worried at the amounts I have got for my vehicle and fuel expenses. Im a self employed sole trader offering a service of repairing instruments and teaching at local schools in my area on a part time basis (Iam also employed part time as an employee) Previous to me having my…
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Tax due and tax on account
Apologies for a really stupid question, but I'm late in filing a paper return, and hope to avoid the penalty by paying all the tax that is due, so I'd appreciate some re-assurance. last year I paid two lots of £470 on account for 08/09 I have just calculated that I actually owe £949 for 08/09. I assume that means that I…
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Leeter in From HMRC - TAx code for 2010 -2011 is BR
?? Been with my present employer since feb 09 and before that was in employment from AUG 08. Was self employed Aug 07 - Aug 08 but advised HMRC of my change in status at the time I became employed. so now I'm confused as to why my tax code has changed. I'll call them today but does anyone have any input that could help me…
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Moving to Libya : Tax Advice
Good Morning Guys! Wondered if someone could give me some advice? I'm due to leave the UK on 05/04/10 to work for a Brazilian company working in Libya. My salary will be £3000 a month with me paying Libyan income taxes at source (@ 1.6% of total I gather?) I'm making a complete move over there; obviously initially it's…
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Tax Return - my heads been in the sand!!!
I've got a tax return to do for 08/09 and I am up the preverbial creek. 2008 was a dreadful year as my business went to the wall. I had a short spell on JSA before I got a job - but that only lasted 2mths. The problems are I have literally no paperwork for my Tax Return. I only have Wage Slips for my period of employment…
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Does Inland revenue check your paye at end of tax year?
Hello, I am curious as to whether the inaland revenue does a computer check on your paye tax paid at end of financial year to make sure that you havent had an underpayment or overpayment? Than you
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Need urgent help please - Tax on private car used for work
Hi, I am struggling to see how I express the following on the SA form which I need to get back online by the end of the month. I opted out of our company car scheme and receive £437.50 per month via my normal pay which is taxed. I have used this money to buy my own car that I use for work purposes. My company provides a…
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Do I actually owe anything on my tax return?
Hi Everyone, I know i'm late in filling my tax returns (i've only just registered online tonight & it takes 7 days to activate my account, argh!) Bascially I set up as a freelance graphic designer around the end of March last year (2009), I didn't earn any money until May this year. I only freelanced for a few months…
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K code
Hi all i have just recieved a letter from revenue and customs telling me my tax code is k151 what does this mean. I work for the nhs as a nurse so my tax is paid every month through my employer how can i owe them money anybody know what this is ?
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SA Tax deduction question
Acquaintance works as a taxi driver - was on payroll for this period. Later was self employed, but trying to tie the pieces together. Basically he had an accident in a company vehicle. In order to keep his job as it was his negligence (plus it was in his contract) he agreed to and did pay the vehicle repair cost, and has…
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Self assessment Total tax how to calculate ?
I am trying to use the online self assessment form, does it calculate the amount of tax that I need to pay ? or Do I have to calculate the amount of tax using other software ? I hope the online form calculates the whole thing :) Can anyone help please
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Inheritance/gift tax?
My mother died 20 years ago and did not use any of her Inheritance Tax Allowance leaving everything to my father. My father's estate is now worth £550,000 well under the combined Inheritance Tax limit so am I right in thinking that there will be no Inheritance Tax to pay? He is now living in a care home and and has…
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Inputting figures on Tax Return
I`ve just started to input the info on my tax return, just wondering if someone can answer me a question. I was sent a short tax return (also did one of these last year by post) yet when I get the the expenses page it wants me to list everything when last year we lumped it all together. Is this just what happens on-line or…
