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Can I pay my partner to reduce tax?
Hi everyone, I pay high rate tax in my full time job and earn money each month as a self employed consultant for a friends business. To reduce tax could I get my partner, who is a housewife on no income, to invoice me for work I could get her to do? My point is the extra income is not much and 40% of it going in tax makes…
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What would you do ?
My brother recently passed away unexpectedly aged just 39. I have inherited his home worth aprox 300k. The home is about 80 miles from where I live and has 3 tennants in it. I have a house worth about 190k but with a 70k mortage on it. I am 37. There is no capital gains to pay on the inhertance as under the limit. What…
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Is the Moneysaving taxchecker working correctly??
I am really confused here. I have used the Moneysaving and the listentotaxman tax checker and they are giving me different amounts to the inland revenue. Can anyone assist me in telling me why there is a difference? For example, in 2008-2009 I earnt 65503. I paid 2075 from my income into my personal pension (before…
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CGT on 2nd home sale
Not quite sure how the new system works for CGT. Difficult for me to explain what I'm unsure of so would appreciate it if someone could calculate the tax payable on each of the two scenarios and I should be able to work it out from there. 1. Husband and wife sell 2nd home at £210,000 after paying all fees etc. purchased…
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Tax question (Small Business)
Hi there, I'm new to the site but have found it very interesting and informative so far. I own a small Engineering firm started out through business gateway, I work alone and have a small turnover with modest profit. Since I started out 3 1/2 years ago I have paid myself a wage which mainly goes towards a loan I have for…
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R85
Can anyone help me with this. I'm not the most vigilant person at going through my bank statements so I've never noticed before, but I got my annual statement of interest for the year on my bank account and found I wasn't being charged tax on my interest on one particular account. I think I should be. I'm not a tax dodger…
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Paying to much tax (BR tax code)
hopefully someone can help recently started a second job (3weeks ago), with my 2 jobs wages combined i shouldnt be paying tax because im under the yearly threshold. Despite this i've had my first payslip from my second job and im being taxed under a 'BR' tax code. I have rang HMRC to try and explain and they said they cant…
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Can I legally avoid paying tax?
Hello, I'm a single person earning £25,000 per annum and I would like to keep as much of that money as possible in my pocket. Current I pay about £600 a month in tax and national insurance. I know avoiding tax is usually reserved for the wealthy but at my current level of earnings, is there anything I can be doing to trim…
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CGT and Letting Relief
Hi Hoping some of the experts on here can help re trying to reduce CGT and letting relief. Basically, scenario is as follows - Mum in law owns a house she lives in at present, but is going to sell fairly soon to move somewhere smaller. However, she also owns a second property which she could move in to for a period (after…
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2 part time jobs and tax
Hopefully someone can offer some straight forward advise because after phoning HMRC I'm none the wiser... Basically I have one part time job, c. £400 month, then over the next 4 weeks will be additionally working on a freelance basis part time. This will bring my earnings above the personal allowance threshold. I was…
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Partner leaving LLP - tax?
Hi all, I recently joined an LLP as a partner but unfortunately things aren't working out and I will be moving on. We are currently negotiating a settlement amount and I was wondering if there was any provision for a tax free amount as with the £30k severance allowance, or is that for employees only? Thanks, Semantic
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Moving abroad (technically back home)
Hi there, I am on the verge of taking a job offer to go work on a yacht. I am a Swedish citizen who has lived in the UK for 4 years now. I will be working at sea and will therefore not be paying tax as I am not working in any country. I will be working 3 months on, 3 months off (so 6 months onboard and 6 months ashore). I…
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What can be claimed as expenses if you sell a second home to reduce CGT
Please tell me what can be detucted when a second home is sold to reduce CGT. I have heard all legal fees incurred when you bought and sold. All improvement to the property,would this cover the cost of a new kitchen,carpets,wood flooring total redecorating interior and exterior and what about kitchen appliances left with…
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Selling Second Home - Reducing Capital Gains Tax
I have a second home which i currently rent out (rent covers mortgage). Someone told me that if i sell my second home and put the profit into my primary residence (that i currently have mortgage on) that i do not have to pay Capital Gains Tax. Q. is this true or what would be the best way to reduce tax. many thanks.
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Self Assessment Tax cutting
Hi just a couple of questions. I fill in online surveys at home and am therefore liable to do a self asessment. i would like to reduce the amount of Tax I have to pay. 1. I will claim a portion of my broadband, but what kind of proportion of Gas /electricity can I claim as an expense? 2. I needed to buy a new computer to…
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Payment of tax
My husband is employed by a company in the UK but works in Europe - his salary is paid into his bank account in the UK in pounds. He has been working away for the last 2 years - after the first year he was told his NI insurance was stopping and he should go onto voluntary contributions as he was not resident in the UK as…
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P87 - Claim tax on meals/drinks when on official business?
I spend about 3 days a week where I do not go to my base place of work, and I visit other sites. I have a company car and I understand I can claim all the mileage when I go from home to a place of business, and home again if I do not go into my usual place of work? Seems odd though as I often do less miles than if I go…
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Sell now or rent. Tax liability
The property in question is valued at £130K and was gifted in a will. I have two questions that hopefully one of you MSE's might be able to answer: 1. Would one have to pay CGT if sold now? 2. If it is let then any rental income is liable to tax and incur CGT if sold in a couple of years. So is it worth selling now? Pj
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Avoiding Tax Returns - Large Lump sum
Hi, I've never filled in a tax return and have no desire to, although I suspect it will happen sooner or later. I am currently a lower rate tax payer (£39.6k) with no savings. However, I have just sold my flat and will shortly have around £50k cash, which I am concerned will cause HMRC to ask me to complete a tax return…
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Tax advise needed for limited company and completing self-assessment tax form
I need some help and advise. Lasy year, I set up my own limited company to work as an IT contractor. I haven't yet got any income into this company as I haven't yet got any employment as an IT contractor. However, I have incurred some set-up costs for the business; for example car travelling costs for training, PC costs…
