-
CGT question
Hi, I own 49% of a private unlisted company, my son owns the other 51%. About eight years ago I gave 25% of my shares to my other son at nil cost. He drew the dividends due whilst he worked for the company. Two years later he parted from the company and gave the shares back to me, also at nil cost. My question is: In my…
-
No Idea What To Do
Okay I've just got my first council tax bill through of £128 a month, to pay on my own as I live with two students. I've been told that I can't get 25% single person discount until I've paid for a third of the total year although they have put me on reduced payments of £84 a month until march- There is no way I can afford…
-
Underpaid Tax Letter - V confused!
Hi All Looking for some advice... My husband recieved an underpaid tax letter yesterday stating he owes just over a grand for the tax year 2008-09 and that this will be taken over the tax year 2011-12 (starting in April) This was completely out of the blue and caused a bit of a panic - I had a dig around in my paperwork…
-
Underpaid tax
Hi I worked full time up until Aug 08, and then took a career break until Jan 09, when I started working part time. The Inland Revenue then asked for my P60 for the tax year ending April 09 which I sent and received back in May 09. I received a basic covering letter thanking me for sending it, and that was that. Now,…
-
Underpaid tax !! help !
I got a letter from HMRC saying that i have underpaid tax. I have 2 part time jobs and and the total PAYE income is £16992 and tax paid £796.60. They have then charged me 20% BR on £10517 ?!?! after my personal allowance, and total amount they want back is £2525.80 ! Surely it should have been BR on only one of the jobs ?
-
Income Tax Thresholds
Hi all, Sorry if this is a stupid question, but I'm trying to work out the Level after which someone would start paying higher rate tax. According to the HM Revenue & Customs site, it's £37,400-£150,000. So, assuming a personal allowance of £6475, that means everything over £43,875 is charged at higher rate tax, correct?…
-
completing ct600 (short)(2008) version 2
I have a small company with a turnover of £4,029 and a profit £3,429 for 2008/09. There are no disallowable expenses. I have £6250 of losses carried forward from 2007/08. Can someone be kind enough to confirm the boxes 1, 3, 4, 5, 21, 37, 70, 79 and 86? I have put in the following (in pencil) box 1 - 4029 box 3 - 3429 box…
-
newbie
hey frns i am newbie here,need your concern so as to share my views!!! looking for you advices!!!!
-
selling shares
Not too sure if this is the correct forum to use but will try !. I am the executor on my mothers estate with my brother and sister having power reserve. We have decided to sell the shares that my mother had, which are still in her name, though I do have an executors account for her estate. Can anybody advise the best way…
-
Calculating tax on dividends
Hello, I'm not entirely sure if this is the correct forum but it's about dividends so I think there will be many here who understand this. I'm trying to understand how dividends are taxed. I've not yet paid myself a dividend, but most likely will in 2011. My accountant will sort it out for me, but I do like understanding…
-
Tax Needn't be Taxing...but HELP!
Hi everyone, I know they say tax needn't be taxing. But I am confused. I recently left the military after 22 years service. I have a pension which is worth £8,533 per year. I am now employed with a temporary salary, until after probation period, when my salary will increase. Currently my salary is equivalent to £34,000…
-
hijacked for tax scam
basically partner is now non existent as tax and NI number have had the name and addresss changed Tax office are aware of this and have been for a while, but today received working tax credit notification and low and behold i now have a new partner, the thing is partners notification has been sent to god knows where and…
-
Tax deduction for car loan being on wife's name
Hello! I am self employed and looking to buy a car on finance. I know that car costs are tax deductible in business : private proportion of mileage and so would be the interest on the car loan finance. My wife has better credit rating, ie getting better quotes for interest terms on the loan. The car would be still on my…
-
Gifting money
What is the best way to gift money to avoid paying tax on it. Potentially looking at gifting £30k each to our 2 adult children. The money is coming from a successful compensation clam from the death of a loved one.
-
Unpaid Tax - Rental Property Help
Hello. I am new to this forum and have came here for some help and advice. I hope this is the right page to post on? I put it on the Rentals page too?? Sorry if I'm not allowed to do that? Maybe someone will tell me which is the right page?? I am a busy working mum of 2 kids who has a rental property in my name. The house…
-
tax overpayment?
I have posted this in the debt free wannabe section, but just realised that it's probably better suited to this section ... Hi guys, I don't know where exactly to post this, but I have had a letter through today from HMRC about tax overpayment and was wondering if I could have some advice. This is the letter I received Now…
-
Inheritance Tax
My father sadly passed away in June this year. I have been helping my mother, who is 89, with her finances. This has included doing the probate with my husband who was the executor and helping mum put in an offer for a retirement apartment and let out her bungalow. We have all been quite shocked at the amount of money my…
-
Paying bills & Tax
Hi If my parents pay my stamp duty or pay off a loan for me would it be classed as gift giving and therefore liable for Inheritance Tax? Thanks in advance
-
Underpaid tax!!! Letter from inland revenue
Ok so I was one of the unlucky ones who apparently hasnt paid enough tax for 08-09, apparently underpaid by £744. The letter I've received doesnt talk about when they want the money back by, it simply tells me why i've underpaid. Is this recoverable? was speaking to someone at work who said that in actual fact they've…
-
Tax on Rental Income
Hi, I am a newbie to this forum, also a newbie landlord. The background here is that in June this year I let out the flat that we (me and my wife) jointly own, we have now moved to a rental property closeby. I am yet to notify HMRC & the mortgage company about the letting. The deposit that we received from the tenants was…
