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Capital Gains on Holiday Cottage - help!!
Hoping somebody can help me work out what I might be liable for in Capital Gains Tax on a holiday cottage I'm about to sell... The details - Purchase date - March 2007 Purchase price - £210k (Joint Mortgage) Sale Price - £250k Provisional sale date - November 2010. House has never been our main residence and has been let…
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National Insurance. Employed and Self employed.
I wonder if someone could help me please? I am in full time employment and am a high rate tax payer but also earn a few quid each month in an advisory role for my friends business. I have registered as self employed for the second income. I have been asked to pay £2.40 each week as self employed which seems high to me…
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deliberate deprivation of assets
So exactly how do they 'work it out'? My mother is quite wealthy and has mentioned giving large sums to her 3 children, say she needs care in 10yrs would they take this into consideration? Anyone know the exact timeframe? Ps I'd be more than willing to pay her care fees out of my own pocket, i'm more interested in how my…
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Income tax exempt in uk?
Income tax exempt in uk? I want to know are there any income tax exempt in the uk and what is it ….????
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Director - swiching from self employed
Hi, I have been a self employed IT consultant for 4 years and in an effort to expand operations and with a view to employing others I registered a Ltd Co. in July 2009 and appointed myself as sole Director. Trading began in October 2010 and I am just about to employ a full time member of staff. With all the rushing around…
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Fuel Allowance
Hi everyone, I am new on here and i have a question, i work for British Airways @ Gatwick(it wasn't me that ruined anyones holiday honest) and we was told that there was jobs available at Heathrow, as our jobs at Gatwick was looking slightly grim i decided to take a job at LHR, with this i was told i would get fuel…
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Missing P60
I received a lump sum redundancy at the start of last TY which took me up to HRT - however, due to a !!!! up by DWP in Dec 09 - I had to send off my P60 to DWP - They kept it and sent me a P60U in February - hence I have no proof of my income during most of last TY - Do I need a P60 to allow my payment of tax on last TY's…
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Tax Code Problems
Hi, I know this may be a silly question but my Employer is being less than helpful. Up until May I was on Tax Code 647L and paid £139.20 each month in Tax. However, I have now been changed on to Tax Code 346L and am paying £193.60 in Tax. This seems to me to be a quite a high Tax increase when my Salary of £1256.78 Gross…
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CGT on second home sale
If I was to sell a second home that I purchased new from a house builder 20 years ago would the Inland Revenue know how much I paid for that house 20 years ago and do they check.
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is this right? refund on income tax??
ok -long story short I am a period of time off from work unpaid someone has told me that you can contact HMRC and claim back the income tax for the time you are not working or not getting paid (in my case 2-3 months) I have no idea how this would be logical (or profitable to HMRC) but just wondered if anyone knows anything…
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Tax on Car park
I have a issue which I was hoping someone could provide me some advice on. I own a field next to my house which I use as a car park of a few months in the summer. It brings in around £3000 pounds a year from which I currently pay tax at 40% as my salary from my main job is in the 40% threshold. What I have been thinking is…
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CGT on a compensation payment.
I have owned a business premises for over 20 years, from which our family business has operated, that has been irreversably effected by a recent roads scheme. Basically i suffered loss of land, which i can live with, but they also removed my direct access to a main road from which i was able to enjoy passing trade. I…
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Self Assesment query
I currently have an agreement with HMRC to pay off what is still owed from January, this includes about £800 in payments on account for the year just ended. I've not yet filed my return for the year, but when I do it will show my earnings as just under £10k, about £5k down on the previous year. IS it worth filing it now…
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Good news: Fast Repayment
For once I thought I'd post some good news. I completed tax returns for my wife and I online on Tuesday. We were both due refunds. The refunds were in our bank account on Friday. The online process is very easy - any idiot - including me - can do it assuming your affairs are straight forward. The moral - which I thought…
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Capital Gains Tax - Help Required
Hi, I'm just needing a little help with Capital Gains info. I recently moved house, selling my old flat for 106k. In order to secure a mortgage on my new flat I needed to take out a joint mortgage in partnership with my father. I bought my new flat for 182k and would assume its value now to be at around 200k, with approx…
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Council tax issue - non-payment by housemates
Hi there, guys and gals! I've just bumped into a mate in town (let's call her A), who's just had a rather nasty letter from the city council. A moved in to a house with her mates B and C about a year ago. After some time, she moved out, and in to another place with her boyfriend. She's now just had a rather nasty letter…
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Generous gift from parents - might I have to pay tax?
My parents have recently given me their share of an inheritance and while they've split the gift into 2 cheques, we still have no clue as to whether there is a limit I can receive from them in one go or will I have to pay tax on some of it (bearing in mind that they've already payed inheritance tax on it) Some advice would…
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Business Miles
My boss says I can only claim expenses on the distance between the office and the meeting that I am attending. He says that I cannot claim the inital miles from my house as I would be traveling those anyway, even though I dont use my car to get to work on a normal day. Is he right or should I be getting those milage from…
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Self Employed paying a Student loan???
Hi there Sorry if this is the wrong place for this question. It's just a quickie tho. I am currently self employed and have registered as such on the HRMC website. I will be expecting to do a tax self assessment form after April 2011 for 2010's earnings. I had a look on directgov and it says that you can also repay your…
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P11D Bluetooth
Hi I have just been advised that having a factory fitted Bluetooth system in my new car will not be added to the P11D value given it is a safety accessory,can anyone advise if this is correct ???
