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Self Employment Questions
Hi, I've recently become self employed and I have a few questions. If anyone could answer them that would be great. 1) What can I do to reduce tax? Can I put through lunch? 2) I am going to lease a car, is it worth putting it through the company? It will cost around £220 (Inc VAT) and I am VAT registered. The car is 105…
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Taxed after death?
I am looking for some tax advice please? My friend's husband was recently killed in an accident. At the time of his death he had been fully empolyed, in a job he'd been in for 30+ years. My friend has just had another payslip from his company (she's already received a payout & her first months pension) the latest payment…
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Giving Family Members Money.
Is there any rules about family members giving others money for help with paying morgages etc? For example, I am thinking of helping my parents pay a lump off their morgage (£10,000ish) My uncle and auntie are also willing to pay off £5k each. My parents will try to pay this back, but this will take time. Does this have…
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Tax relief on accommodation?
Hi, I want to know if I am entitled to claim some sort of assistance with the cost of my accommodation. I live in York but work in Milton Keynes. I have a mortgaged house in York which is my main residence and my home. The cheapest and best solution for me to be able to work in Milton Keynes is to rent a lodge/rent a room…
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New job and Tax code
I was just wondering how long it usually takes to get your tax code sorted properly once you start a new job. I started a job on 15th October and gave them a current P45 on the 18th (when I received it from the job centre). My first pay slip on 5th Nov had my tax code as BR, and my second pay slip today still has me as BR.…
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son 16 being taxed to much help
my son is a full time student at sixth form has a part time job for the past 6 weeks he is paid fortnightly and is on his wage slips it says br and he is being taxed and im sure that at his age and being a student he shouldnt be paying any tax ( if im wrong apologies) what dose he have to do to sort this out - he only work…
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Vat help please
Hi Everyone I am going to need to register for business vat quite soon , could someone answer some basic questions please? I understand that I will charge vat on my services, which in turn will be payed to hrmc. I can claim traveling from my main place of work ,I guess then I cant claim the vat back on the fuel also like…
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How can I get round the vat rise in January?
We are due to have the common parts of our building refurbished in January 2011. The problem is that we have to pay the extra VAT. We can't bring the works forward by even 1 month because we have to adhere to a section 20 notice. Has anyone got any ideas how we can avoid or minimise the extra VAT without breaking the law?
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How is tax calculated if do 2 jobs?
Hi, I am having difficulty undertanding the tax calculations for doing 2 jobs. I currently have a full time job within the NHS but want to apply for a part time post elsewhere within the NHS. I would want to drop my hours in my current job so I work a total of full time hours over the 2 jobs. I want to know whether I would…
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Self employed and going on maternity leave
I am a self-employed sole-trader, I have applied for and been accepted for maternity allowance based on my NI contributions. All I have to do now is to send back the form saying when I want my maternity leave to start. MA will be paid for a maximum of 39 weeks and I'm not allowed to take on any work during this time…
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tax overpayment. can i claim interest??
Tooday i recieved back from the tax office p800 informing me for 2008 -2009 i paid £917 to much. For 2009 - 2010 i paid £ 918 to much. Can I claim interest for the £917 for 2 years and 1 year for the £918?? Seems only fair as they got it wrong. I don't earn much and this is a life saver for me at the moment. thanks in…
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tax for self employed and pensions
i am self employed & forward planning for my 2009-2010 return (already 95% completed online) & my 2010-2011 return... i am cannot get my head around how a pension works for the self employed (and therefore submitting a self assessment)... i understand if if were an employee on paye for every £80 I paid into a pension my…
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Confused about VAT rise to 20%
I have a question and o2 don't seem to have no clue. I signed an o2 contract on a smart phone for 24 months at £25.00 back in June 2010. As the phone to buy is almost £500 upfront it can be assumed the deal I signed was for a free phone but then through a deal consisiting of paying for the phone and including line rental I…
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UTR no - had one issued in 2002 on tax return, can I use same number in 2010-11
Hi All, As it says on the tin and hopefully not a 'stupid' question: I used to have to fill in tax returns and the last one I filled in was in 2002. I am about to go freelance/self employed and one of the organisations I might get work from has said that I will need to get a UTR (unique taxpayers reference number) before…
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Umbrella company vs Ltd company
I am about to resign my permanent job in IT to become a contractor. I would like to know if it is better to contract the services of an umbrella company to sort out tax or start a limited company. Does anyone know what is the best thing to do? What would give me the best take home income after tax for earnings of £350 per…
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Offsetting JSA against overpaid tax?
Hi, Hoping someone can help! As of tax year 09/10 I was at Uni until October 2009 and then I couldn't find a job for a few months. After eating up my savings, I eventually signed on to JSA which I received for about a month before I got a job. My tax rebate is just going through at the moment, which should be around £700,…
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Help with my Ebay Business Idea TAX
Hi all, wondered if you could help me. Im currently thinking about the idea of setting up an ebay business account and to start selling items. Now this would be a part-time thing as i already have a job. The thing im unsure about though is the tax and NI part. Now i currently have a tax code of 647L and earn 24K from my…
