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Capital Gains tax
Hi, if I set up a ltd company and have me and the wife as the owners/shareholders, can i pay us both dividends of say £5k each at the end of the year and thereby pay no CGT or income tax? Thanks for reading
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can one partner reduce tax on others job loss?
Hi, My brother has just been made redundant after 20 continuous years of work, but his wife is still working, she is a nurse and seems to pay a lot of of tax each month. Is there any way she can get a reduction in her tax because her husband has lost his job? And who does she need to talk to because he has found that…
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Self-Assessment question re expenses
I am employed and having to fill out a tax return for the first time due to having a property which is rented out but I am very confused by the subject of "employment expenses". I've read the notes but it is still unclear so I'm hoping someone one here can help. I don't have a company car and don't use my car for business…
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Tax Query - IT Contractor
Hiya all, Not sure how to word this, but will try my best.. I did 5 months of IT contract work, got paid via an Umbrella company... Umbrella company received my weekly wage from agency, took off employers NI contributions first, then did: Weekly wage @ £5.80 an hour Holiday pay - changed all the time between £50 upto £80…
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Company Share Save Scheme - Help
Hi All. This is my first post - as I had a question and couldn't find a definate answer in the other posts etc. I have recently started on my company's share saver scheme, which is run through RBS. I save £250/month out of my wages which goes into the fund, which after 5 years will give me £15k + a bonus of about £500. I…
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Inheritance Tax from Offshore Estate
Hi, Is UK inheritance tax applicable from an estate that is offshore. A relative who lived in Guernsey has passed away and left me money in the will. I am a resident of UK but my domicile of origin is Guernsey. Is it correct that any inheritance tax is applied to the estate based on the domicile and residence of the person…
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Will trusts and inheritance tax
Hello. My wife and I just made wills - simple mirror wills leaving everything to each other on first death and then to the children on second death. Our assets are worth approx 600k. My IFA tells me we should have Will Trusts. I have read about Will Trusts and for the life of me, I can't understand the benefits. I must be…
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Beating the VAT increase
Just a reminder to us all that the 2½ % VAT increase is now little more than two months away. All the following are items VATable, so it’s time to think seriously about future needs, stock up now wherever possible or bring forward domestic maintenance plans. Fridges, freezers, washing machines, dishwashers, TV’s,…
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Will I be fined?
I am a self employed avon rep and cleaner. I registered for national insurance and tax and filled in a self assessment form for 2008-2009 and sent it off. I received an exemption from NI and filed it away. I realised a few days ago that I had not had a tax form for 2009-2010 so looked on the website for information on when…
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Tax code changed Rebate due??
Hi my husband has just had a PAYE notice today saying that his tax code code has changed from 347L to 647L he earns about 33000 a year and has just given up his company van (wasn't big enough) and opted for a 2000 car allowance instead . The leter says the new code applies from 6th April 2010 to 5th April 2011, does this…
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Quick Self Assesment question
I work part time and pay tax and NI in that job. I signed up to do mystery shopping last year and they told me I had to register as self employed, which I did. But I found it was a lot of hard work for not much reward and I only did 6 jobs and didn't actually earn anything from it once costs like petrol had been…
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Running a company van
I plan on seeing an accountant about a recent sole trader start-up but was looking for info on the best way to run a company van. Would it be better to buy a van for around £5000 cash then pay myself 40p for the first 10,000 then 25p after that and pay all the running costs myself. Or get a new van on HPI or the like and…
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Quick Question SA timescales
Just a quick one, submitted my tax return online on Monday and calculation showed I was due a reboot of around £1900, could actually really use this money right now. How long does it take them to process the online return and issue a refund? TIA C
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Gifting of property to spouse
Husband and wife jointly own a buy to let property. Husband is higher rate tax payer and wife is basic rate tax payer. Husband would like to gift his 50% share of the property to wife, so that rental profits are taxed at the wife's basic rate. There is no mortgage on the property. There is no hurry for the property to be…
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Complicated Tax Situation- Student in need of rebate!
Hi there, I am a student, so money is always tight as you can imagine! I've been in a part time job for about two years now. I have paid about two thousand pounds in tax over the two years which I shouldn't have been paying. I called up the tax office today and they were less than helpful, so I was hoping that someone here…
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Deferring Expenses on Taxable Rent Income?
Hi, I recently rented out my old property and within 3 months the boiler which served us quite nicely for a number of years ceased to perform. As this was quite an old system we were forced to fork out for the switch to a combi. I don't mind doing this as this should now work quite well for a number of years, so is in fact…
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company car and taxable income
Hi, I earn £42.5k a year and I pay more than £300 into my pension each month, which makes my taxable income (as indicated on my salary slips) around £39k. I also have a company car. If I add my taxable income (£39k) plus my expected interest from not inconsiderable savings, the total comes to less than the £43,875.…
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Tax rebate question: I'm rather confuddled!
Please someone help me as my head hurts from not understanding! I've made two calls to the tax office and one to my works HR dept and I'm still 'not quite there' in terms of understanding. So........ My work wrote to me telling me that I should nit have been taxed on certain travel expenses over the last six years (stating…
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Self Assessment
Hello. I currently rent my property out, and have a self assessment form to complete. I have a question though. For the 1st year of renting, it was costing me £160 per month, due to paying management fees and have the Buy to Let mortage on repayment terms. Does this go into my expenses???? Typically, I'm finding the…
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Income tax snatch backs
Today I received a letter from the income tax pirates telling me I must repay nearly £800 tax for the last two years which I am supposed to have underpaid. I have been retired for nearly ten years and my finances havent altered in that time yet suddenly there is an error. How am I supposed to find that kind of money? Lets…
