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Back dated P87 claims
Hi, Need to fill out my P87 form for business mileage soonish, but 2 simple questions: 1. what is the farthest back i can claim? i have data to FY2004/2005, but do not have P60s this far back... 2. Do i need to use old forms? or can i just use the current ones for past years? thanks! Chris
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Question about 40% tax bracket
Hi there, I've been doing alot of overtime and am going to earn above the £37,401 40% 2010-2011 tax limit. My question is do I add my tax free earnings of £6,475 onto that bracket and therefore everything over £43,876 is taxed at 40% or is it just everything after £37,401 full stop? Also how is the tax calculated, monthly…
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Self Assesment Personal Pensions Confusion. Please Advise. Thanks.
Filling in a tax return for the first time for a friend (I used to be SE under the CIS) and got to the "Tailor Your Return" page where a question asks if you have paid into any personal pensions. The answer is yes, but it's how this does or does not effect the tax calculation in their case that I would like some…
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Overpaid Tax Refund - Repayment of Bankruptcy!
Hello Everyone, Last year my brother received an £8000 "tax refund". Normal people would query this as it seems like a lot! However he blindly went ahead and banked it and over the year spent it all! :mad: He's now received a bill from HMRC asking for it back as it turned out to be a mistake (surprise surprise). They've…
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HMRC Tax demand
Have you or anyone you know been given exemption from a tax demand using ESC a19? How long did it take for HMRC to reply, I wrote to them at the begining of Oct but have heard nothing since. :(
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Working out expenditure if under personal allowance?
Wonder if anybody can help me? I am self employed and completing my tax return for 09/10. If my income is under my personal tax allowance do I still have to work out my expenses? It's going to take ages to work all of my expenditure out and if I am under the bracket for paying tax I don't want to do this unless I have to.…
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Canadian cgt/witholding tax
For a change, I am sitting on a tidy profit with some Canadian mining shares (GWG). In the past I have made the mistake of selling some US shares, without a w8Ben, and suffered witholding tax, which was too hard to claim back. I know I'll need to declare the gain for UK CGT (but I've plenty of losses to set against that).…
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Confusion with rental property
My husband and I started renting out our flat in Oct 2010. My husabnd contacted HMRC in Nov, and again in January - this time with our NI numbers. They said that we could not do self assessment and that they would just recalculate our tax code and do it that way. However I don't see how they can do that - what about the…
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Will I never get my tax refund?
I had to send the return by post due to filing for bankruptcy in the year I was doing the SA for. I know I was entitled to a refund as I earned well below the threshold but still paid full tax on my income for the first couple of months of the tax year. I posted the SA via recorded delivery and I've never heard anything…
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MSE News: State pension worry after nine million NI errors found
This is the discussion thread for the following MSE News Story: "Nine million have not been credited with nearly £1.3bn in NI which could mean reduced pensions if they fail to act ..." Read the full story: State pension worry after nine million National Insurance errors found
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Taxed at 40% after job change and 45day break
Hi, Just got this month's payslip from my new employer and Im totally confused. I spent a good amount of time in Nov calculating how my taxes will look like but Im totally lost. Any clarity will be appreciated I changed my jobs and left my old employment end of Nov 2010 and started with my new employer Jan 15th 2011. In my…
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tax on bonus- damage limitation?
Hi, Does anyone know of a way to be more efficient when it comes to recieivng an annual bonus from an empolyer for perfromance reward? i.e. are there other methods of recieving, e.g. vouchers, gifts etc? thanks.
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Tax return: Confused about pension
Trying to knock the evil thing on the head and am just so confused about the pensions section - can anyone help? So I was making contributions to a personal pension during the tax year. I have indicated as such on my return. Next, it asks you to submit the amount, but I have no idea which box the figure should go in. The…
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Selling property abroad, do I need to pay UK CG tax ?
Hi I have owned some land in Italy since 1989, when it was given to me by my later father. It is building land but it has yet to be developed. I am now in the process of selling it to a developer. Although I am a citizen of another EU member state, I have been resident in the UK since 2008. (here much longer though) I have…
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Transferring Home to Children
Hi, My parents are looking into transferring their home into the name of my sister and myself. Primarily this is to avoid any future care home fees. My parents have both worked hard and paid enough NI contributions and it is a disgrace that they have to do this. They should receive free care in their old age if required.…
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Tax return: which year should bank account interest be declared in?
Got my tax return for the 09-10 year pretty much done :D One small thing I wasn't sure about. I opened a bank account part way through this year. No interest was credited to the account in this year (paid annually, so came in the current year) and the bank suggested that I should declare this interest in the year it was…
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can I write off a loss on one rental property against another rental property
As the title says really, rental property 1 makes a profit, rental property 2 makes a lass, when I offset the tax vs interest payments, do I have to do it per house or overall. e.g. property 1 income 1000, mortgage 500. Property 2 Income 1000, mortgage 1500 do I pay tax on £500, or no tax (Figures are illustrative, if they…
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Tax offsets
I know there are lots of little things that you can use to reduce your tax bills, eg having to wash your own uniform. What I want to try and do is get some more on this thread to help people save money on tax. Please be generous and put as much data on here as possible. If the likes of Wayne Rooney can avoid tax then so…
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Allowable expenses for Self Employed working from home
Hi, I'm doing my self-assessment, and I want to calculate the expenses for working at home. I'd be very grateful if anyone who has actually done this could let me know if I've got it right, or if I'm way off base. The basis for my calculations is that I share a flat with my girlfriend, where my "office" area is in the…
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N.I Contributions?
Hi, I work full time and pay £162.70 for National Insurance. In August I registered as Self Employed as I wanted to start a pet boarding business. I am now doing this as well as my full time job. Since August I've made about £150 on my pet boarding business. In November I got a letter from HM Revenue & Customs saying I had…
