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Proposed Increase in Capital Gains Tax
I am surprised there hasn't been a thread on the proposed rise in capital gains tax (CGT). It is the main proposal to increase tax rates in the Conservative / Liberal agreement. It would be nice to have some clarity about what is going to happen. Is CGT going to be inceased to 40%? Is the nil reate band going to be reduced…
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Listen to the Taxman
Is the calculator correct, for gross income above £100,000? It doesn't seem to take account of the tapering away of the personal allowance. The basic rate (20%) tax for an income of £120k is the same as that for an income of £100k, whereas by my calculation the higher earner should be paying an additional £1295 pa in the…
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P60 clarification for student with 2 part time jobs
Please could anyone clarify if you should receive a P60 for a part time job that you have not paid any tax on (ie earned less than Personal Allowance for year)? My daughter has 2 part time jobs and she has not got round to getting her Personal Allowance for tax split between them. The main job she has not yet received P60…
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Freelancer on a "FIXED-TERM" contract - Tax Benefits?
Just about to take on a new job where i'm described as being a Freelancer on a Fixed-Term Contract (for the completion of certain projects up until XX/XX/XXXX date) Are there any favorable tax considerations here? Income Tax and NI will be taken at source just like any regular employee, but can any purchases made for my…
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Can I claim back the vat on my work uniform?
Just a wee question I have to buy my own uniform for work but a friend of mine has said that i could claim my vat back from hmrc just looking for some clarification on this cheers
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i need help with my tax claim
I have been working in the UK for 1 year and then I came back to my country. It was in March this year. I filled my P85 but i m not sure where to sand it? Should I put in a letter some other documents? copy or originals? (for example parts of P45 which i also got) My previous employer didn't really explained me anything.…
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Unsure of my tax form and what it means.
Hi all, I was on jobseekers for 6 months and now i have a great job. For those 6 months i was recieving £130 every 2 weeks. Now im not sure if this is beacuse ive signed off or not but i have recieved a tax letter and it reads: Year to 5 April. Previous employment: Pay: 0 Tax Deducted:0 Benefit for current claim: 679.75.…
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Single Occupancy reduction
My husband and I are in the process of selling one home and have bought another within the same council area. He is living in the new property and I am living in the old one. However, the council are not allowing us single occupancy reductions. I can't understand how they can say we have two "main residences". Has anyone…
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Help with a tax problem
this is my husbands problem not mine - basically he was working from feb 09 - end apr 09 he got made redundant, was on contribution based job seekers allowance from beginning of may 09 until 23rd nov 09. started working for nhs on 23rd nov and is still working for them, since he started his tax code has been 647L noncum,…
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P60U questions
I have received through the post this morning - a P60U - which I believe is wildly incorrect It has my only income for tax year to 5 April 2010 as being my ESA of approx £1200 - which for starters is wrong - should be around £4k - no mention is made of any tax owed - so this implies that I will not have to pay any - I…
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Self-Employed Tax Return Questions
Hi, question for a mate. Working for many years for himself only. Paid tax from YEAR 1 and fills in yearly tax returns with a previous year's accounts (1-2 years behind) He then gets a tax bill and pays it in 2 instalments Jan and July. Now that he has stopped work a few months ago, the tax office confused him BUT told him…
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Reclaiming tax relief on pension contributions
My husband has just got his annual company pension statement through and I've noticed that he's only getting basic rate relief and he's a high rate tax payer. He's been in the scheme since Mar 2008, so that covers three tax years. Now for 07/08 and 08/09 it's obviously been omitted from his tax return. Do you think he can…
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Embargo on Tax Refunds / Computer problems
Just been onto my tax office about an overdue refund which I've heard nothing more about. I've been told there is a nationwide embargo on refunds due to computer problems and that it is unlikely this will be lifted until June 1st. Is this true? Or is this my office only, putting the wrong spin on it? Anything I can do…
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Wrong tax code
Good morning, After recently cutting down to part time from my full time for job A, I am now also working for another organisation part time doing job B. I have 2 x part-time jobs A and B I work 2 days per week for job A And for my new job B, I work 3 days a week. When I look at my tax code for my new job B, it is BR basic…
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Coming out of retirement to work just 15hrs how will tax be taken?
My old firm have asked me to help them out to do some holiday cover for 15 hours during the next month. I have tax deducted off my works pension, how will I pay the tax due on my earnings?
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benefit in kind re mortgage
I posted regarding this on mon and thanks for the advise but I would just like to ask... I have a staff mortgage at 4.99 and I calculate the BIK to be nil for 2009/2010 as the rate was 4.75. My code has been reduced by 4k so my HR have told me that once my Bik statement is sent to the Inland Revenue that will amend my code…
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Savings Tax
Hey all I have a quick question regarding paying higher rate tax on savings via my tax code. Currently I am not a higher rate tax payer (Salary is £40k) however I will be receiving a bonus soon that will push me into the higher bracket. I also receive interest from my savings (net is around £2k per year). I phoned the tax…
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Certificate of Lawfulness/council tax
I am trying to help someone who has lived in a non conventional property for over 14 years. There is no planning on the property to use it for residential purposesor it appears for any other purposes. The property appears not to be known to the local council. If this person goes for a certificate of lawfulness or planning…
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Tax 'spike' on a bonus
Greetings I receive a bonus each May. Last year this was overtaxed by about £1000 to my calculations. The tax office explained that the computer "thought I would earn that every month and has taxed me accordingly". It was paid back by around £100 per month, which last year was fine. This year, now, I need as much of it…
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tax code info
hi please can someone give me info as to which tax code i should be on if my salary is £50 k with £5895 car benefit 7 £1463 medical insurance, the inland rev have sent about three different letters with different codes on due to unserpayment? many thanks J
