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Calculating/Reducing capital cains tax
I am planning on selling a property I currently rent to tenants. I own a 50% stake in the property. I inherited it in 2002 and it was valued at £280k at probate, it is now worth aprox £650k. I lived in the property for 12 months in 2002 while I renovated it. During this time it was my primary residence does this mean there…
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Lost job in Jan 2010, received P45, what about P60?
If someone has lost(or left) their job in Jan 2010 and received the P45 from the employer in Feb 2010, will he/she get a P60 at the end of the tax year (April 5 2010)? The last employer already provided the P45, will they provide a P60 as well at the end of the tax year? I am guessing that the employer will say that you…
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Sold property - when to declare CGT?
Hello I sold a BTL property in May. I believe I don't have a gain as such as this will be offset by: it was once my only residence the first 3 years exempt last 3 years exempt £40,000 lettings relief I had property as BTL for 3 1/2 years. Do I need to inform IR now of the profit I made or do I just declare on my annual tax…
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Please help I need urgent advice
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Residents of Gibraltar pay 0% tax on savings interest
I just became aware a few days ago that residents of Gibraltar do not pay tax on interest from savings accounts. Has that been a driving force for anyone from this website to move there? I believe if you have 2 homes one there and here, you can be calssed as living over there for tax puposes providing you are out of the…
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3 extra sources of income - can I use the online self assesment.
For 09/10 tax year I need to report in addition to PAYE and a small self employment income the following: Trust income as a beneficiary of an estate. Foreign income - a few hundred pounds. Capital gain of more than 10,100. Will the online system accept these three now or might I get half way through and find it won't…
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Tax Code 0647E
Hi, wondering if anyone can help? I have been trying to find out what my tax code means but I can't find any info on the E and what it means. Any idea? Thanks, H
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Tax Query? Can I save Money?
My buy to let mortgage will come off its fixed rate of 5.29% in December and I will get a significantly reduced rate as it will track the base rate from this point. As a result it will leave me about £400 better off after all deductions (interest, maintence charges etc...) have been taken into account. I dont want to share…
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Working away from home
Hi Please help, my husband will be living away from home as he is a doctor and has been offered a training post 100 miles away. We have a poor credit rating due to the 9 years in education and junior doctors pay. Is it worth us getting an accountant that we can't afford to try to help with his tax? Can he claim anything…
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Help with pension and higher rate tax
I'm looking to increase my pension contributions but wondered how it affected tax. I'm just crossing into the higher rate tax bracket this year by around £500. I could do with increasing pension provision and wondered if because I was now a higher rate taxpayer that meant I would get 40% tax relief on all my pension…
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Help!
Hello kind and venerable people of the internet. I have an issue that I hope someone can help me with or explain to me. I have recieved a P11D Benefit Statement 2009/2010 through the post today from the job I worked at 9months ago. I have just started a new job (three weeks in) andhaven't been paid yet. This form says 1-…
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IHT business property relief, confused please help.
I hope somebody can help me. I am 66 and in good health (touch wood) but a school friend of mine had a big stroke recently and it's made me think more seriously about these things, I'm unsure about the BPR, if we might be able to argue a case for it and if there are any changes we should make to be eligable for it or other…
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IHT planning, type of Will
Dear all, A Couple jointly own a property worth about 450k, the husband gifted half of the property to her some times ago. Last one remaining would cater for some grown up children through his or her will. They do not have any other cash or investments. Currently they do not have a Will, do they need one? is there a DIY…
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Summer Work and Tax
I am a student, and a couple of my ex-teachers wants a website designing for their school, and have agreed to pay £200 for the work, along with giving me the money for paying for the hosting. I don't plan on doing much more work than this, maybe earning another £200 or so. My questions are: 1. do i have to register as self…
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work clothes?
Hello to all the knowledgeable people on here. I have been told that if you wear work clothes that have the company logo on them and you wash it yourself,you can claim this back in a tax allowance. Could somebody enlighten me as to if this is true and if so how do i get my tax allowance changed Many Thanks
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Business Mileage
Hi there, I have recently become self employed and so I'm still learning the basics of everything. One area I am unclear on is business expenses - my job involves a bit travelling - I have been keeping a record of miles, dates etc but I have been paying for the fuel via my personal account and not my business account. Can…
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I'm so frustrated with Tax office
I've had my tax code for this year. Until recently I was employed & also get a small monthly pension ( £54 gross). I now get just this plus £65 week ESA, so my total income is £314 pm. They've given me a tax code of 36L, which they have translated as £74.75 pm that I can receive before I have to pay tax. IN the same post,…
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Could I make my children partners in my business?
We have been hit hard by the recession as have many others.My wife and I own our own small business and we were wondering if we made our children (6 and 8) partners in our business would that help get our tax liability down? Quite simplistic I know but it our profits were £50k(ha I9 wish) the tax liabilty would be in the…
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capital gains tax and spouse
Hello, I have shares worth £25k and paid £10k for them. As far as I can see this would attract capital gains on about £5k. However, I believe I can gift them or part of them to my wife. Can somebody explain how exactly you do this and what I tell the tax people? Thanks.
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Saving CGT when selling BTL
Hi, have posted on the selling houses Bboard but it was suggested I try here too. OH has owned a BTL for approx 7 years, has never lived in it and it was let until May 2009 when it became empty and we did some work on it. Now we want to sell it, take the equity and buy a place of our own now we're just married. Our…
