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Capital Gains Tax - using up the annual allowance
Rumours are abound that CGT may raise to 50% soon. I believe currently there is approximately a £10,000 annual allowance before the CGT kicks in. My question is: is there a way to use up this allowance year by year on an asset that has risen in value by selling it and instantly rebuying it at the current price. eg say you…
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diesel expenses self assesment
The company that I work for gives me 40 pence per mile. I add this to my invoice for my normal days work. Do I claim petrol back as an expence on my self assesment tax return. please help as its my first time doing SA and am confused as to what to do with this issue.
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Right Tax code?
Hi all. I've just had my P60 just wanted to check tax code.. it's 647L I'm paid 4-weekly, on an average payslip I get: Total Additions 1996.43 (this includes a debit to my additions of £105 company pension contribution through salary sacrifice) deds: Tax - 299 NI - 146 I also pay £100 for company shares. leaves me with a…
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Council Tax single person discount query
Hi All, I'm a newbie here and although I have used the forums in the past for some invaluable advice I haven't posted before. But I know there are some clever and helpful people out there who can likely help. Here's my query -sorry its a bit long!! I live alone and receive a single persons discount for my council tax. I…
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How quick could a VAT increase be introduced?
I have a new car on order which will go up by around £500 if the projected increase in VAT happens. There is an emergency budget next month but how quick could a rise in VAT be introduced?
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P60 - when do you get yours?
Although we're half way through May, and I have had the tax credits form and DS has the EMA form I am somewhat stymied as I have yet to receive my P60. I am paid monthly. Is there a 'time period' during which a P60 should be issued?
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Tax Refund - Postal address of HMRC
My wife has to reclaim overpaid tax from HMRC as she has worked only 3 months in 2009-1010. After finding out that tax refund companies will charge as much as 18% on total amount , we decided to do it ourselves. We are sending her P60 , P91 (Employment history) form and covering letter detailing her NI number and work…
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mysterious tax refund
I was due a tax refund for last year. This was paid into my bank last week and I got a letter about it that same day. But then today I received a few cheques in the post from HMRC for a different, larger amount. I have no idea what this is for. There was no letter about it. What's going on? I don't want to tell them about…
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Tax Rebate Help
Hi I am due a substantial tax rebate but the tax office are dragging their feet with it. Last year i only earnt £5,068 and paid £905 in tax. I feel that I should get the whole lot back but I know that might not be the case. Is there any way to get the tax office to deal with this faster? I started my enquiry in Feb and…
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vat problem
Hello folks Im after advise, I used VAT money to pay sub-contractors from my ltd company after unforseen circumstances hit my contract which meant I couldnt cope with the workload on my own, therefore risking a breach in my own contract. Now I have a defecit of around 19k. Should I goto HMRC and tell them this or should I…
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Nation Insurance Contributions (NIC) for P60 2009/2010
Hi, I was wondering if some clever person could work out some figures for me? I've got a Gross salary of 42K. Paid per month (£3500) I am trying to work out my LEL, ET, UAP and UEL for my 2009/2010 P60 form as my previous copy was put in the wash! Reading what I can from my previous copy: NIC table- A, Employee Contribs…
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Where do I put redundancy on tax form on the on line version?
I have placed the gross redundancy amount ignoring the first tax free 30k, in section 4 'Tips and other payments not on your P60' section. Is this correct? Should this be gross or net redundancy? I seem to be amounting a whopping great tax bill despite receiving potential relief on private pension payments so something is…
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PAYE to self-employed (LLP) queries
Hi all, I am currently in a standard employed role and I have been offered a position as a partner in an LLP at another firm (financial services) with a % of profits etc. From what I have read this will mean that I switch from being taxed on a PAYE basis to something similar to self-employment (although I pay income tax on…
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Help Tax Return?
My husband was employed on a self employed basis for a couple of months before being "put on the books". So he has earnt a couple of thousand pounds without paying any tax. He has phoned the tax office twice, once to let them know he was self employed and again a couple of months later to tell them he was now an employee.…
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BUSINESS MILEAGE ISSUES AND THE TAX MAN - Help!
HI My brother has just lost his job and they have with-held his final wages on the grounds that they are reclaiming all the monies charged to a fuel card and we are somewhat stunned by this and need guidance as we can't get through to the inland revenue to clarify the situation. Basically he holds a full driving licence…
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Tax rebate help.
I worked from march to october last year, when i left i was still on BR code and am due a £495.20 rebate, I hav tried to contact my local tax office but have been in hold for an hour this time. how else can i clain my rebate? thanks
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Liable for tax of any kind?
I'm set to receive approx £90k from the sale of my late father's house in the next few months. I'm wondering if I will be liable to pay any kind of tax (CGT?) on it - and if so, how will at happen? Can anyone help? If you need more info, happy to oblige.
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P60u form missing huge chunk of tax-paid!! How to reclaim my tax still??
I got my P60u form a few days ago. I worked for 3-4months earlier in the tax year just ended, earnt £5,384, and paid £1,076 in tax. Have all PAYE payslips showing that gross income and tax paid. However on the p60 it only shows my taxable-benefit's money that ive recieved, but no mention of any employment or the pay that i…
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Full time/Part time/Freelance mix
Hi, Just looking for some clarification on this - sorry if it's been mentioned before, did have a search around. In 2009/10 I was doing a work placement from Uni at £15k, which was being taxed as expected. I went back to Uni in September, but from November was working part time at the same place (about £500-600pm pre-tax).…
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How long to get a tax rebate???
All of last year I was on the BR tax code. I only earnt 8K as this was a temping as and when job. I have paid tax on the whole lot. I sent a letter and my P60 to the tax office 3 weeks ago so was wondering when the turn around would be to get a refund. Also last week I started a new job so would the tax be refunded through…
