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Capital allowance on a computer
hi all, can some one please help me with a quickie... It's my first year in self assessment and when I started out I,ve took a computer into my business that used to mine. I'm looking to to claim this a expense against my profits. Can I do this? And can I claim the full amount or just a percentage? Thanks in advance…
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Tax on US shares
Hello, I am due to receive US shares to the value of around £192k after the orginal outlay. I currently earn £20k annually before tax. I'm not so good with numbers and I plan on seeking professional advice but I'm just trying to work out a ball park figure of how much cgt I will have to pay and if there are any ways I can…
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Help Needed for an Urgent Decision on Salary and Bonus
Hi All, I really need help with this one.:( My company is offering a pay for performance deal whereby we get (depending on performance) a bonus in June of £1560. Sounds fantastic right? Well it does mean we will have to lose our monthly supplement of £120-£150 per month. I've been trying to calculate how much I would…
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Isle of Man - EU Exchange of Information July 2011
I`m asking this question on behalf of my grandad, please would anyone know if an account that is held in the Isle of Man that is to be closed in a couple of weeks (money needed forhome improvements ) will come under the Exchange of Information in July. Or is it only on accounts that are open from 1st July. He is a little…
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P800 - Underpayment of tax due to benefits in kind
Hi all, So this year for the first time ever I was sent a letter by HMRC saying I had underpaid on my tax by £347.40 because of £1,867 worth of benefits in kind. I spoke to my employer's book keeper about this and he said to me that taxis that had been provided for me, hotel rooms and flights (regardless of if I paid for…
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VAT and invoice/payment date
Hi Does the VAT rate depend on the invoice date or payment date please? I've just received an invoice dated 31st December 2010, but the 20% VAT rate has been used? TIA
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Council Tax query and worry.
18 months ago me and a friend signed a tenancy agreement to rent a flat. Just as we were about to move in something happened that meant he could no longer live there anymore. Since the rent was very cheap I assured him not to worry and I could handle it. I rang up to sort out the council tax and stated I was living on my…
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Rental Income Council Tax Refund
Can someone please tell me that if I have received a council tax refund for the year that I need to include this as income when filing a self assessment for property rental? Thanks
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Can I claim for home costs in my tax return
I'm self employed and work from home 80% of the week. I'm filling in my self assessment tax return and was wondering if I can claim a proportion of the costs spent on my home as an expense... I live in a top floor flat - 20% of which is my office, so I was wondering if I'm able to claim for example, 20% of the cost of loft…
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Paypal Receipts for Expenses
I wondered if any of you kind people with good tax knowledge can help me out on a small query. I have a very small business that I fill in a self assessment tax return for. Quite a lot of the parts I buy are from eBay and are paid for by Paypal - so I get a Paypal receipt. When the goods turn up they rarely have a printed…
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Company Car - Fuel
I currently drive a company car, for which I have to pay 16p a mile, and also log my trips. Can I swap to a deal where I pay tax over the year and dopnt have to to do recording and paying per mile? if so, how? and is this available to everyone? I see other people at my place who dont have to fill in such things... Thanks…
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Tax Return - help required!
Hello I am trying to fill in my tax form for 2009 -2010. - I know it is a bit last minute but hey, better late than never! I am self employed working through an agency. The "payroll" company deducts £20/wk as a fee for paying me. Can this amount be added to my tax return as a business expense. Thank you in advance for any…
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Tax Codes
Im sure there has been alot bout this but after alot of reseaching my head is spinning. Should everyone be on simler tax codes or can they differ as after a check i got this awfull feeling i may of underpaid for the last 6 or so years which worries me any help tips or advice to help check im right would be great, the worst…
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Is 647L the right tax code for me?
Hi all, An email went around at work today asking people to check their tax code. I am 21 and before I started my current job in Sept I hadn't earned any wages this tax year, I don't believe I'm entitled to anything else (I'm not disabled or blind or anything). My code is 647L. Is that right for me? Thanks
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Tax Allowances (PAYE & Self Employed) - Minimum?
Hey guys, I'm shortly going to be filling in my self assessment, and I have many questions. I'll start with this one (and create others in seperate threads later). I earn less than taxable income from PAYE, just under £4000 through a Part Time Wage. My total money received from my self assessment from the date i registered…
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450,000 people to be billed for 07/08 tax year.
Hi all, Accodring to this, http://www.bbc.co.uk/news/business-12169851 and also todays daily mail people are going to get billed for any underpayment of tax for tax year 07/08 in addition to the underpayments for the tax years 08/09 and 09/10. john
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Van bought in Jan 09, business started in Apr 09 - accounting help???
My husband bought his van in January 2009 using his own money, he bought it ready to start his business April 2009 (it was a good buy). The van was bought for £3500. The van is used 70% for business and 30% private (so I adjust the fuel costs accordingly). My questions are: 1. Can I bring the van onto his books seeing as…
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VAT as an expense on SA
I am just finalising my husbands first SA. I was just re-reading some notes and I saw that it is possible to claim Net VAT paid. The figures I include in the accounts all include VAT (apart from the motor expenses as there is a proportion of private use and I'm not sure how VAT is affected by this). If my understanding is…
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Tax Returns question
Hi, I don't know exactly where this post should go, so I thought cutting tax board might be the right one! (I hope) I get sent a tax return every year since 2007 when I briefly went self employed. Became employed again with the same firm, and the firms accountants have been doing the tax returns every year for me,…
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09/10 tax questions
hi, can anyone tell me what the allowance was for 09/10, and at what rate subsequent income would be taxed? thanks!
