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Is it taxable income if my parents pay a bill?
Hello, my parents have been helping me out finiancially while I save for a deposit by paying my council tax. However I am not sure if this counts as taxable income and whether I therefore need to include it on an SA form? Thanks for any help.
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2011/12 Income Tax new £1k+ Allowance now the small print 'do you eanr over £35,500'
http://www.hmrc.gov.uk/rates/it.htm Income Tax allowances * * * * 2009-10 * * * * 2010-11 * * * * 2011-12 Personal Allowance (1) * * * * £6,475 * * * * £6,475 * * * * £7,475 Income Tax rates and taxable bands Rate * * * * 2009-10 * * * * 2010-11 * * * * 2011-12 Starting rate for savings: 10%* * * * * * * * * £0-£2,440 * *…
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Tax advise please
Hello I would be grateful for advice. I would like to give my son £30000 for a house deposit. He got married 18 months ago and I was unable to give him a present, I have now inherited some money and so am able to give him this gift. Are there any tax implications for him on this? He pays higher rate tax (40%). I am being…
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IHT - How much can be transferred
Just trying to confirm my understanding of the Revenue's rules around IHT having looked at some of the other posts on this forum. When my dad died, my mum then got the whole of his IHT allowance giving her £650000. As the total is estate is below this amount, she doesn't need to worry. However, if she now wanted to start…
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Capital gains self assessment - payment on account or not?
Hi all I think this may be a silly question, but hopefully someone can reassure. This is the first year I've had to do a Self Assessment which I am submitting shortly (still collating information). I am a 'standard' employee and pay income tax/NI through PAYE, the reason I have to submit a self assessment this time is…
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registering for Self Assessment
Hi, Hi, I have started renting a property out from 12th April 2010 and just recently asked Tax office to register for the Self Assessment. I have read somewhere that as long as I am registered for the SA by the end of financial year 05/04/11 I will not be late - is that right? I cannot find anything on HMRC website. Just…
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Whose liable
Hi would love help please. Unfortuantely my father passed away in October 2009. Then out of the blue after the announcement of all the wrong tax codes my mum receives 2 letters from the Inland Revenue address to my late father say he had underpaid in tax year 2007-2008 - 2009-2010 and that monies are owed. There are 2…
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sell less= less tax!
could alwways keep the amount you sell just under the tax threashold!
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Checking YTD Tax payments
Hi how can i check my YTD tax payments? - I've had about 5 codes this year, and have just got my code reverted to the correct one (647).... I'd like to see how my tax is looking for the current year to date.... but I'm not sure i'm doing it right so far I've used listentotaxman.com - just put in my YTD earnings as annual…
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How hard can it be?
Hi, My OH is self employed and every April we pay an accountant somewhere in the region of £400 to do his tax return however this year I'd quite like to give it a go myself (every penny counts these days). I'm not daft and the OH put 20% aside from every job to pay his tax. So my questions are: 1) Will I need to submit the…
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who needs to do self assesment?
OK, this maybe a dumb question but who needs to fill in these tax self assements? thanks
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Self Assessment tax rate
Hi I've just filled in but not sent my on-line SA form. There's a profit of just over £8000 for 2009-10 yet when it gets to the tax calculation it says I will owe £4,000! There is nothing outstanding from previous years. It looks like the calculator has doubled up my profit and not taken personal allowance into account. So…
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Self assessment - questions from a novice
Hi there, Sorting out my self assessment for 09/10 but I have a couple of questions and would fully appreciate any advice. - I worked from home 3 / 4 days a week for 3 months in a dedicated home office, can I claim for a % of my mortgage, utilities, broadband? Anything else? - Is there a maximum mileage allowance? Having…
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Professional help
Ignorance is no defence of the law. So many people that are self employed think they can get away with doing their own tax return & accounts to save money. I urge those people to seek professional help from an expert. It does not have to cost the earth to have a decent accountant.
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Mileage Claim Query
I am a new contractor and have recently been travelling to work by car, I was told that that I could claim back 40p per mile. 24.4 x 2 @ 40p p/m = £19.52 per journey 32 return journeys = £624.64 (which is what I submitted with receipts) I submitted my mileage claim from 01-Nov-2010 for 32 days (return journeys) and…
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Tax help
I received a letter from my old employer today i finished working with at start of Jan them but are still owed a wage due at the end of this month they said they had a software system error which had resulted in me not paying enough tax from April - Sept last year and as this my last wage with them they are taking the…
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question about self assessment
hi this question is prompted by reading what someone else wrote about lodger / tax return. I rent a flat with a friend, but everything is in my name and is paid out of my bank accounts. he pays me £400 by standing order every month. I am worried that HMRC might chase me further down the line, so can anyone tell me the…
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Tax code wrong since 2004 rebate quiery
Hiya Hope I'm posting in the right place. Ok, after coming on this site for some time, I came across the tax code calculator. I knew my tax codes where right, but always thought OH's were odd. Anyhow, after realising he had been on a different tax code which included medical insurance in which he doesn't get with his…
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Never been asked for Council Tax
Hope this is the right forum - couldnt find anything similar. Moved into a new place back in June, but have never had a council tax demand. Im about 99% certain no-one else is paying council tax on the property (previous tennant, landlord, etc), so its all very odd, and I have been working on the principle that you dont…
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Self assessment - quickie
Sorry, can anyone remind me how much allowance for a printed page...is it 10p?
