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HELP!! Rent out own home, but rent another to live in??
Hi Folks, Wanted some advice please! We own a 3 bed detached house (well, mortgaged with £25k equity) We want to move areas, to a more affluent one for the schools and quality of life for our kids. Our mortgage is £824 a month, fixed until next March 2012. Properties round here of similar calibre are rented for about £725…
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Property Tax Advice
We are buying a house from a family friend. They are asking for £75,000 to spend in retirement as the purchase price. The house is probably worth about £175,000. In return they will live there rent free until they die, then the house will transfer to us. Their solicitor recently sent a few points to be answered by our…
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Notice of Coding after redundancy
Have just company on redundancy and taken early retirement (in 2011/12 tax year) and used to get company car and healthcover. The car has been returned and healthcover ceased on my last day. I contact HMRC to request change to notice of coding. Company car adjusted for but unwilling to alter heathcare - apparently I need…
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How much tax?
I wonder if anyone can help with a tax question? My husband earns £42,230 p.a. plus a monthly car allowance of £500. He has a pension with a company who is folding and he has been given the opportunity to have the cash value of his pension paid to him and for financial reasons we have decided to do this. His pension is…
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Yet another ESC A 19 question
My husband left the police in 2005 with a pension. He started another job and didn't realise that he had to notify HMRC and underpaid tax. When we realised this in 2006 he had just changed jobs and we notified the tax office of all the details. He underpaid the tax through his tax code. He has been a higher rate tax ayer…
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self employed then employed then unemployed
Hi everyone, this is my first post but myself and the missus are long time readers of the MSE boards. I also wasnt sure which board to post in this seemed like the most likely place. I'm aware that what i'm asking is very specific and likely requires a sit down with a financial advisor(I'm talking to an accountant already)…
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What was the income tax rate in the 1960s?
This is quite a random request. Does anyone know what the income tax rates were in the 60s? I specifically would like to know why the Beatles has a good moan about "1 me 19 for you". They are refering to the 95% supertax, that much I know. But wouldn't they have had a personal allowance of several thousand? And while I'm…
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company car or private
we currently have a Renault Laguna estate (08) that is a company car. We get car benefit of 7500 for the car and 5400 for the fuel benefit which takes us into the 40% tax bracket. So as I understand it the car and fuel is costing us over £5k a year! We do approx 2k private miles a year in the car. We have considered losing…
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Tax on gains made through exchange rates
If I make gains on transferring sterling into dollars and then back again several months later, what are my tax liabilities? Thanks.
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Lending family member money ... The rules?
:) Hi Can anyone tell me if this is correct. I want to lend my family some money, to be exact, pay for the house to be decorated + other little things. (this will be roughly £2000 - £3000). The money will not touch their account, but I will pay. When they are in a position to pay me, they will. Is it as simple as that? or…
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Help on P800 Tax underpayment demand
Hi there, I really need your help and suggestion please. I received p800 from HMRC couple of weeks ago. It states i underpayed tax amounting to £3957 from 2007 to 2010 (1431+1219+1306). In all honestly i never had any idea how the tax system or code technically works, but iam fully aware now. Iam working at 2 places since…
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Tax on Redundancy Payment
Found out a little gem from our friends at HRMC If you take redundancy you're first £30k is tax free. However anything about that is subject Income and NI. No suprises there really. But here is the new sting in the tail. Last year everything over 30K was taxed at flat rate 20%, plus NI contributions, this year things are a…
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Tax Rebates (Doing it yourself)
Has anyone on here filled these in online themselves? I have used an accountant the other four years I have done them but considering they charge £300/£400 and I only have four months worth to 'claim back' I would like to try to do it myself, well with the help of someone I know who has recently done it and got help, so…
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Do we need an accountant to help file a tax return?
My OH and I are both employed and pay tax via PAYE. My mother-in-law sadly passed away two years ago and my hubby co-owns her house with his sister. They rent out the property and split the profits each month. They don't use a managing agent and have luckily had to spend very little on maintaining the property (so nothing…
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Tax rebate...how long will it take?
I've been taxed on BR since november and finally managed to get my correct tax code today. I'm due a rebate but how long will it take to come through?
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Reimburse employer for private mileage fuel
Hi, I have a company car along with a fuel card which all fuel is paid for with. I have opted out of having personal fuel paid for so I complete a log book each day, separating business and personal miles. I need to reimburse my employer for the personal miles for the 2010/11 tax year. What rate do I use for the…
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Capital Gains Tax confusion
Hi It is likely I will lose my job in the next month. I am a 58 year old and together with my 57 year old wife, own a holiday home in the UK (bought with earnings that were already taxed :mad:) In the future, we will have small pensions and may have to sell this property. What can I do legally to avoid or reduce CGT on…
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Work in Saudi / UK tax
I've been resident & doing PAYE in the UK for 11 years but leaving for a year's work in Saudi Arabia (May 2011 - May 2012) then doing some travelling till July 2012. I'm renting my flat out in the meantime. Been trying to understand the info on the HMRC site but wanted to clarify a few things. 1. Will I have to pay tax on…
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Tax relief on mortgage interest
I'd like clarification on the following. I'm looking to buy a residential property and rent it out (not holiday let). Assuming I borrow the money to buy the property and the interest I pay on that borrowing is £5k pa, I know I can offset this (and other allowable expenses) against the rental income, therefore if the…
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Tax Code - will I be better off
My tax code is currently 670L. Will the changes for this year mean that my tax code changes to 770L (assuming nothing else changes). Married, 2 kids. Just put a new bike on the bike to work scheme at £69 per month (before tax) so I'm hoping I might be better off next month ? thanks
