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Time limit on executors realising assets?
Basically, relative died 6 years ago leaving will naming the 2 surviving daughters as executors. Assets were a house which was left jointly to the daughters and a small amount of cash in bank accounts to be divided amongst grandchildren when 18. Grant of probate issued without involving solicitors etc and cash assets…
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Capital Gains Tax calculation Help
Hi Could anyone please help with a tax calculation? What would be the CGT on the sale of a second home... Proceeds £140,000 Purchase Cost (1987) 26,500 Extension 1 (1988) 5,000 Extension 2 (1995) 10,000 No other gains in the year. I seem to remember that you could uplift the cost of an asset to take into account inflation…
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Capital gains query
my wife has just inherited a half share of her fatehers estate, the other half goes to charity. part of the estate includes his house aprrox value 160K the rest is cash. If we moved to his house and sold our house aprrox value 100K could we make up the rest of the 50% value of inheritance due the charity from our share of…
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tax refund?
hi i was made redundant in dec 2004 and have just started working again. i have been a stay at home mum not claiming any benefits for the past few years. i have a few odd payslips but due to moving some have been misplaced. is there any way i can find out if i am entitled to a tax refund. if i need to contact a local tax…
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Just Inherited a third share - need advice on CGT
My two siblings and I are just inheriting equal shares of my dad's estate including his house and my brother is the executor. I have been offered the house as the other two don't want it; they would take a third each of the market value of the house from the estate, but I'm not sure of the CGT effect for me if/when I sell…
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Company's car - Help needed
Hello Guys, I will be joining a new company next week and I just received a list of the cars currently available....tu cut a long story short: 1) I need to pick one of the cars 2) My monthly allowance is 400GBP 3) I would like to pay the less possible amount (e.g. taxes and picking a car over the allowance) Monthly cost…
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Profit last year, loss this year
I am a self employed taxi driver, i paid £2000ish in tax last year (2008-2009) but this year (2009-2010) i have had expenses and had to reduce my hours to look after my mrs and i,ve only earned approx £5000. Am i able to claim any of the tax i paid last year back? Thanks in advance
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Care home fees and inheritance tax
My father died suddenly several years ago and my mother (who is in good health at the moment) is concerned that after they both worked hard and saved for their retirement then should she get ill and require to go into a nursing home then she will be unable to pass on her estate as any care home fees would be taken out of…
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Change of Tax code Question
I have two jobs, one 4 hours a week in which I earn less then £3k a year and the second in which is about £2k a year. I got a letter yesterday saying that my tax code has change from 647l to 301l (or very similar to that amount). I know I will get taxed on one job as its a second one, but didnt htink my tax code would…
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End of administration period - CGT
As executor of an estate I have just recently disposed of all the assets. However, I have not yet distributed the legacies to the beneficiaries. HMRC have said that they will deal with the administration period informally. I have already told them what assets have been sold and how much untaxed income the estate gained…
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business mileage, self employed ?
hi i have done a search for this & all the posts i have found, are related to employed personnel. on the self assessment form online, where do i input my business mileage as a sole trader ? i have been searching for this for a while now & can't find it anywhere. sorry if i have missed an earlier post, but i am stumped. i…
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Simple REturn - Self Employed + PAYE within one tax year
I'm currently a PAYE employee of a company, I'll be resigning soon and undertaking freelance work for the rest of the tax year. Will I be able to fill in just the simple tax return (assuming I earn under the threshold between april 10/april 11) for self assessment or will I have to fill in the full 'Individual' return come…
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Property Rental Expenses
I've a couple of properties that I rent out, doing all the management work myself from home. When filing my tax return I claim for all the usual things - mortgage interest, repairs, insurance costs etc. But what about all those unquantifiable expenses, such as mobile phones, pc's, cars etc, even pens and paper! None of…
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claiming vat back on mileage
I thought it was possible to claim back the input tax on only the fuel proportion of the 40 per mile paid to employees for the use of their vehicle for business miles.... using the HMRC advisory rates if the car's fuel is 13p , and if the employee provides enough fuel invoices to cover this fuel, the employer can claim the…
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Tax codes -how much before tax
I have changed jobs 5 weeks ago my p45 says my earnings were 2815.44 when i left ,i have just had my first months pay in the new job,earning 537,77 they took £22 tax,i only work 20 hrs a week. The tax code on my p45 was 647L & the same on my wage slip. Should i be paying tax on this ammount
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20% VAT - How will it impact you & Did you know?
I have been thinking recently how the increase in VAT to 20% is going to affect out household. It occurred to me I wasn't really that 'up' on VAT so have started to do a very small amount of research and then thought wouldn't it be a good idea to have somewhere we can all share our knowledge. Some of the things I had no…
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hi dears
just i would like to know what 215T tax code means,i was a student but now iam married.thanks
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Help needed on how to claim double tax relief..
I would be grateful if anyone is familiar with how to make a tax credit/relief claim in a self assessment tax return. The background is: The individual is a US national who has been in the UK since late 2008. He came here for 2 years but his average days have gone well over 91 in the UK in 2009-10 so that makes him…
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Capital Gains Help please
Hello eveyone, I was wondering if anyone could help me work out CGT on our property, I've done a bit of research but want to know if I have fully understood everything. We bought our house in joint names in October 1998 for 92k We lived in our house as our only residence until August 2008, 9 years and 10 months. We now…
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A question broadly around Principal Private Residence relief
Hi, I'll firstly set out my scenario: My parents divorced four years ago. For a number of reasons, including stability given that I was starting a new job, I bought my dad's half of my parents' home, and so now own the property with my mum as tenants in common (with a small mortgage remaining). I am getting married in 2…
