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Council tax liability
I have a friend who's just been contacted by the local (Welsh) council, to pay arrears in council tax from 2 years ago, when he was living with his friend. He paid his council tax, but his friend didn't, and now they're telling him he has to pay the friend's share. They moved out after a couple of months. Is he liable for…
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Tax returns and endowment policy compensation
Myself and my husband recently received £11,000 total compensation for a mis-sold endowment policy which is held in joint names. As I am self employed, I was wondering whether this needs to be declared on my tax return and if so, in which section. The endowment policy itself is still in place and has 2 years to run before…
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Tax rebate
I overpaid my tax and have received a letter to say i will be getting a refund HOORAY but, does anyone know how long it will take before the money is in my bank :) (it says payment will be made in the method chosen on my return and that was BACS)
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MSE News: Don't forget the 31 July tax deadline
This is the discussion thread for the following MSE News Story: "Most of the nine million taxpayers who file a self-assessment return must make a payment by the end of the month ..." Read the full story: Don't forget the 31 July tax deadline
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Council Tax Error
My first Post so please be kind, Im looking for advise, We took out a First time buyers morgage with Halifax and with it they paid 1/2 our first years Council Tax. Approx £750 on full year. the bill finally arrived and it was just under £900 bill for the rest of the year. We send all the forms off and that was that, or so…
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How is higher rate tax relief on personal pension contributions calculated?
If I earn over the higher tax rate threshold, is my total pension contribution eligible for the 40% tax relief or is there some kind of sliding scale? If so is this dependent on your what your earnings are, what you contribute to your pension, or both? I've tried HMRC website but can't find the answer I'm looking for.
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Changing from self employed to Employed! HELP!
First post guys. Hi! I am a freelance graphic designer. I used to work PAYE through agencies but went self employed on April 5th. I work in house at various places around London and use the train to get there. One company has said they would like to take me on full time. My question is how is my tax sorted out. I have…
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Inheritance tax!!!!
My father died a couple of weeks ago and i have a bucket load of questions!! I know there are some very knowledgeable people on here and would be interested in answers to a couple of questions. 1. Is there a way to reduce IHT after death? (He was single so no extra allowance) 2. My dad always referred to his Shares but…
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P11D Medical Insurance and Tax Reclaim Question.
Edit: Answered elsewhere.
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how long can you keep money from house sale without having to pay capital gains tax?
I have read a few post about capital gains tax but i'm not the brightest button in the box. can anyone help with this question thks. i am selling my residentail home and moving in with partner. we want to eventually sell his home after doing it up so would be a while for my money sitting in bank until new home found. i…
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Complicated p[robate question
Hi I am really hoping for some help/advice for a friend who has got into a bad situation and is not sure what to do. Basically she is one of six siblings and their mother died in April. She had access to her mother's money and was struggling with income so in November had borrowed £25K from her mother's £375K account to…
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Can Income tax be reclaimed from Life insurance payout?
Following the death of an aunt, Pearl Insurance have paid out on her life insurance which had been held for 22 years. During this period she had not paid income tax due to low income. Pearl have sent a "Certificate of chargeable gain". I assume as a non tax payer and with a chargeable gain over 22 years of less than £3000,…
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How is "savings income" portion of PAYE coding notice calculated?
I was just submitting my tax return for 2009 / 2010 and noticed an oddity in my recent coding notices. I'm a higher rate tax payer and get no tax credits and have nothing particularly complicated in my tax affairs (salary, savings interest and gift aid only). Here are the figures for the "savings income taxable at a higher…
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When do I pay 40% tax on my income?
Hi I earn a salary of about £38,000, taking home about £2100 per month after deductions. I sometimes do overtime and was wondering if on the overtime I would be very close to paying the 40% tax which Id rather not. Baz
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Taxation on gifted portion of property
I hope someone can give me some advice please? On the death of my mother I moved back into the family home to care for my aunt (owing to her health issues). In gratitude she gifted me joint ownership of the house in 2002. I forget the exact phrase for the moment, but I think it's 'tenants in common' (where the surviving…
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Self-employed but now PT employed
I have just started a three-day a week part-time job. Prior to this I was self-employed but the income just kept going down until it just wasn't practical to continue. I started the job 22.6 and will get my first pay 25.7. I would like the PT job to be my only source of income and am trying to run down what little of the…
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Fo you have a deferred pension - HMRC could come after your estate for IHT?.
Traditional IHT tax planning says the your pension fund is a trust outside of your estate. However your pension is probably payable from a given retirement date BUT you can defer taking it (up to now until the age of 75) or generate an income by taking "draw down". This latter option is being encouraged by the new "Condem"…
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what amount of capital gains do you have to pay on
a property you do up? thanks
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Need to sell elderly mothers 2nd house
Ok, not sure where to start with this. Husband, myself and son (14) live overseas. We rent a villa in the country we live in and rent out our property in the UK (current value £300k, rental £850 pm, o/s mortgage £80k). My mother (77 years old) is getting very confused. She has paid council tax for when the property was…
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Capital gains on rented house
Hi All Because I am having difficulty selling I am renting out my property and moving in with my girlfreind who already rents her property with aview to putting it back on the market in a couple of years, as I will only own 1 property does anybody know if I will be liable to capital gains tax should the house have…
