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CGT due on premium recived for lease extension?
We are the freeholder of the property and recently granted a 90 year lease extension to the owner of the flat upstairs. What tax will we have to pay on the money we received? Is this treated as Capital Gains Tax or Income Tax? The amount is well below the £10k allowance for CGT. Help!!
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Tax Demand
Hi My dear mother has been one of those lovely people to receive that always wanted present from HMRC just after Xmas... a tax demand, £3,000. My mother has: 2 old council pensions (one for her, one for my late father) Widows pension A small job She fills in her tax return every year like she should. However, it seems HMRC…
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Saving on inheritance tax
Inheritance tax is a large amount and also i am not really for it on the basis that you are taxed when you earn the money and then you die and they tax you more on the money. What ways can you save on inheritance tax? Can you sell a property to a son or daughter for a minimal amount? or is this not away around would you…
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Self employed - do I need to make payment on account in these circumstances?
So I'm putting my accounts to bed for 2009-10, and I have a tax bill for approx £5,000. Additionally, as I understand it, I have a bill of 50% for 2010-11 as a payment on account/in advance of half of the previous year's figure ie £2,500. (I didn't make the payment on account in the previous year as it was my first year as…
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tax help
sorry if its in the wrong bit i need some help i phoned up hmrc to find out about my tax and they did not have my new job on there computer so she asked me to get some number from my employer but i have forgot whats its called think it was paye code but i want to make sore its that befor i ask tomorrow hope someone can help
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Inland Revenue Tax Rate
Hi looking for help with tax!! I get my mortgage at Bank of England rate of 0.5% which is great, would have been better had I got a Tracker when they were around, but didn't! Anyway I pay income tax on the interest as a benefit in kind as I work for a bank part time and have a staff mortgage. My question is who sets the…
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Do i need to complete self assessment
hi I haven't worked for the tax year 09/10, the inland revenue have sent me a reminder to complete my self assessment online. do i still need to do it even though i didn't work or earn any money during that tax year?? thanks
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What expenses can I clain without receipts?
I am an idiot: I managed to lose my receipts when moving house. There's nothing that can be done about this now, but I am still hoping I'll be able to claim something back on what is going to be a punishing tax return this year. So what can I still claim for in my return? I'm thinking probably phone bills, electricity,…
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Esc19
I received an assessment from the revenue for 2008/9 and 2009/10 on state pension income which they knew about but did not incorporate in my tax code.They have written off the tax due under ESC19. For 2010/11 my code number was incorrect for the same reason and they have just woken up and given my employers a new tax code…
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Tax Problems caused by lying accountant
Long story short, I have been PAYE for over 5 years and keep receiving SA tax forms due to claiming temporary work mileage. So I asked my accountant to fill in my SA form and he done these for 2005, 2006, 2007, 2008 with no problems (and a rebate). But for 2009 he decided to take it upon himself and make it all up to get…
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MSE News: Tax deadline looms: how to avoid a £100 fine
This is the discussion thread for the following MSE News Story: "Over three million taxpayers yet to file their return have just days to avoid a penalty for late submission ..." Read the full story: Tax deadline looms: how to avoid a £100 fine
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PAYE BR tax code
Hi Can anyone help me? My partner is a firefighter and when he joined 2004 he only worked part time so waso n a BR tax code as his main job was elsewhere. IN march 2005 he left his other place of work and in April 2006 he became a full time fire fighter (this being his only full time job). He sent off his P45 to the local…
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Do I need an accountant?
Hi all, Do I have to have an accountant to 'sign off' my figures? My Mum is handing her small business down to me next yr. It makes around £18,000 before tax ( I think ) I also have 3 part time jobs so already have hassle when sorting out my tax. What I need to know is can I do a self assessment on the business and still…
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Mileage Personal Allowance
Hi, Could anyone tell me if any buisness mileage can affect your personal allowance code when deducted from salary? Thanks
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Do the SA notes always apply to the online form too?
Probably a really stupid question but here goes! When I did my first tax return it was on paper (for complicated reasons!) I read all the notes and filled it in and remember thinking that was really handy that I just added up all my property expenses and put them in one box. The next year, I did it online and had to break…
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Tax return help
Hi, My first post, as a friend referred me to this site and thought it might help me. I've looked around though and can't find an answer to my question, so perhaps someone can help me. I'm filling out a self assessment form for the first time. I started my own limited company last year and my husband and I are directors.…
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CGT question
Hi All I am wondering about CGT on a property my wife let out but has now sold. When she bought the property in 1997 she did the kitchen and bathroom up and spent £10,000 but she does not have the receipts for it anymore. Is she still able to claim this on CGT? Thank you in advance.
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emergency tax code, now corrected... tax refund?
Evening everyone, not sure if this is in the right forum but I would really appreciate some help I started working last year August and handed in my P45 to my employer, but months later I was still on an emergency tax code so I decided to call the tax office myself and it was sorted in my next pay check. How would I go…
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Tax Questions Help...
Just wondered if anyone could help please... It's been a while since I have had to do a SA. Here's the situation... Worked on a self emplyed basis for a Loan Company. I was covering between 250 and 400 miles a week in a car hired from the company but using my own money for Fuel. What can I claim for the fuel? I did my…
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Clothing/professional fees and tax return
Wife is a nurse and in previous years has claimed an allowance for clothing and professional fees. The first year we informed HMRC they gave a tax rebate for previous years and i think amended her tax code for future years. This year shes got to do a tax return (got small business as well now). Bit confused - do we need to…
