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Transfer of tax liability for land and property from wife to husband
My wife and I have 2 properties which we let out as buy to lets. They were not bought commercially as buy to lets - one was my wife's house before we married and the other is a separate flat in my house which is now the house we live in. The rental from both is paid into a joint current account. For tax return purposes we…
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Higher Rate Tax Question - Am I poor for the rest of the financial year?
Hello all - Happy New year and all that jazz... I am hoping someone can help me with a query on tax. I have just moved into the higher rate tax bracket for the first time in my life (total gross pay of £38,282.26 in December). I am on tax code 647L and I was wondering if I should expect my ENTIRE pay packet for the…
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How much do accountants charge for tax returns
Hi there, was just wondering if anyone can give me an idea what their accountant charges for doing a tax return. My husband's seems a bit pricey especially as it's a fairly straightforward return (he's a self-employed plasterer - no employees). I would have a stab at doing it myself but unfortunately banks want certified…
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Do I need to notify HMRC of CLBG Directorships?
Some years ago I received a letter from HMRC telling me that I no longer need to complete a tax return unless certain events / conditions occur, one of which was - If I became a Company Director. I am a member of a small members club which is set up as a not-for-profit Company Limited by Guarantee, the Directors of which…
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MSE News: Government defends VAT rise
This is the discussion thread for the following MSE News Story: "Chancellor George Osborne insists today's rise is a "tough but necessary step" towards economic recovery ..." Read the full story: Government defends VAT rise
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Tax code help?
Morning guys, not sure if this is the correct part of the forum for this kind of question... I have had a second job now (p/t) for nearly 4 years and have always been on BR code, which I thought was normal. Someone mentioned to me that I should have been given a tax code thou, is that correct guys?
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Current higher rate taxpayers to pay £80 more tax next year?
Just noticed that while the tax-free personal allowance has been raised by £1000 (i.e. saving of £200 per year), the higher rate (40%) threshold has been lowered by £2400, i.e. the band width reduced by £1400 (i.e. £280 more tax per year). This means £80 more tax overall from next year. Apparently, with the NI increase, it…
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Company Car fuel per mile farce!!!!
i started a sales job in september and i am provided with a company car citreon c5 1.6 hdi........ i have a tracker in my car and from 8am until 5pm it is classed as business miles i pay the diesel and the work give me 11p per mile........ however this is far from enough ... i have pointed this out and they state its a tax…
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VAT Question
In November a firm of plumbers began a bathroom installation for me. Due to no fault of mine, they have not yet finished and I have not yet been billed, although all parts were ordered last August. I am now waiting for replacement of damaged parts, after which I assume I will be billed. My original quote included VAT and…
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Applying for a second job - what do we need to know about tax & NI?
Hi Guys, Just wanting some information about tax and national insurance. My partner and I are both employed full time, but to raise some cash we're thinking of both applying for part time jobs. Considering that we're probably only going to be able to give 15 hours per week to the second jobs, will our tax and national…
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I think I'm in the wrong tax band - not sure how to fix it?
I am a total tax newbie so please bear with me! Basically out of last months wages of £1202.80 I lost £132.40 to PAYE and £79.97 to NI. It was a similar story the month before, but I got a raise which took effect in November so the amounts were slightly different. To me this seems really high. I don't know - I could be…
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Self Assessment + P528 Electorral payments
Hi I am employed, but also do on line surveys so need to fill in a self assessment form. Last year I worked on the elections so I got paid and a P528 cerrtificate of pay and tax deducted under special arangement. Any ideas what section I would complete this under in the self assessment? does it co,e under an employment…
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Declared income in 08-09 yr when should have done in 09-10 yr
Just checking my tax return for the 09-10 year before submitting. I've realised I've made a stupid mistake: I declared a small (about £60, but paid in $US) income from some self-employed work in the 08-09 year when I should have declared it in the 09-10 year (the work was done in the earlier year but I invoiced and was…
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Can a wealthy parent pay for son's holiday?
Not mine as fortunate not to need 'handouts' from parent :-) Just a neighbour - a worrier at that thinks this would be a 'gift' and has got himself into a muddle along with parents. He has a brother in Oz who he visits twice a year and has been doing for quite a number of years. He also has taken a few trips to exotic…
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MODS - Please DELETE
Apologies, I've not done enough research! Thank you to those who took their time to answer my questions.
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Carry forward PAYE personal allowance?
Hi, Anyone know if one can carry forward their PAYE personal allowance following a tax year of unemployment? If so, anyone know where on the HMRC website this is clarified/stated? Thanks in advance! I
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Allowable travel expenses - boats
I have a furnished holiday let house on an island and when I need to carry out maintenance have a choice of using a massively overpriced car ferry to get there or taking my own boat and going straight to my destination faster than by ferry. I also lose the hassle of having to book miles in advance and check in times if I…
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amap when both employed and self employed?
I've worked as both self employed and employed this year with both incurring travelling expenses. My query is how does hmrc deal with the AMAP in this scenario. My understanding is that I actually get two sets of tax relief on the first 10000 miles @ 40p, one through my employment and one through my self employment. This…
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how best to pay tax due in past years
Hi Can anyone give advice on how best to pay tax due from previous years? If someone has never filled in a tax return, but say has held several buy to let properties for the previous 5 years, how is it best to approach the tax office? The net amount owned (rental income minus expenditure etc.) won't be a great amount, but…
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Advice for letting home
Hi all Forgive me for what is probably straightforward for seasoned readers... My wife is in the process of buying a house that will be our family home - this will be in her name only as the property in which we currently live is in my name only. We intend to let my existing house when we move. Q1) Will I will need to pay…
