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CGT Tax on House/Home Question Plz help
Hi Guys, Need some advice for my friend... Here goes: My friend has 2 houses, one he lives in with a mortgage (House A) and one without a mortgage (House B) which is on rent. Say in the few months/years He moves out of House A -which has a mortgage and moves into House B without a mortage and then makes that his Home.…
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Inheriting house - how does it work?
Just wondering, we have a mortgaged house in which we live. We have been left a house in a will which is to be sold and the proceeds to be split between my sister and I. Would I be liable for 40% tax as it isn't my principle residence, or it is treated differently as it is an inheritance? The value is way below the…
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Tax confusion
Hi im a newbie here with a query, im currently very confused!, I as with many others was notified as to an underpayment of Tax for year 2007-2008 and this was repaid over the last Tax year, there was various phonecalls and correspondance at that time between myself and HMRC, the underpayment of Tax was corect and not in…
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Double Tax?
I have been offered a job in The Netherlands, working remotely from the UK. So I would still be living in UK, but being employed and paid (in USD) from Holland. I will be on the Dutch payroll system and Dutch tax will be paid by my employer on my behalf. Am I still liable to pay UK income tax (and NI)? Or would this be…
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Council Tax Dispute *bumped*
Good evening, I'm hoping someone can help us. My wife and I have lived in the same house since October 2010, before I moved in my wife was in receipt of Council Tax Benefit, due to me working full time this obviously changed when I moved in and we were sent a letter stating that our monthly council tax bill would be £65…
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help with principal residence rules
I own a house which i rent out as i live-in at my job as a housekeeper. I have owned and rented out the house for 18 months under a private mortgage and do not declare the rent. I want to sell the house soon so i can leave my job and buy a new house for me to move into. What documents do i need in place to show the house…
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Form P87 Completion
My wife is making a claim for mileage for the last tax year. Part of the claim relates to a company car, the rest to a private vehicle. Section 2 provides a clear place for "own vehicle". Am I right in saying the claim for company vehicle related should be submitted in Section 4 for other expenses?
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I have been waiting for my tax rebate for over 6 months now...don't know what to do!
Just wondering if anyone has some advice they could give me... In November, I called up the tax office to explain that I had never received a tax rebate since I began working in 2006 even though I know I should have received them. It turns out it was my fault as I have had a lot of temp jobs and they didn't have all the…
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When is a gift, a gift with reservation
Hi, this is in reference to this post (cant link - see below for details) but this post is self contained really. I spoke to a solicitor today and he said that if I was to put £325,000 of my £500,000 house into a Nil Rate Band Trust on death then this would not be effective as it would be a GWR as i had been living in the…
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Probate & inheritance tax
1st off, how long does probate take to be granted? Scenario The 1st spouse died 10 years ago …..& now the 2nd spouse has died One persons Inheritance Tax limit is £325k, correct? Also if someone dies can they use their previous deceased wife’s allowance too? ….So therefore a tax free limit of £650k – correct? Now the…
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10/11 Tax Refunds
Has anyone who requested one (e.g. using an R40) received their refund for the 10/11 tax year? I sent my R40 in early April and haven't heard anything yet. Just wondered if there was a "widespread" problem before I contacted them.
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BTL MORTGAGE TO REDUCE TAX or NOT?
(ALL ADVICE GREATLY APPRECIATED) I am about to rent out a small flat which was my only and main residence. I have since moved into my partners place, As my flat is now mortgage free would it be wise applying for a BTL mortgage on the flat as a way to reduce my tax bill which will be high as there is no debt on the flat. I…
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company car vs cash allowance
Hope this is on the right section, posted it earlier on a different section. Anyway, here goes. . . . . . i am trying to decide between a company car and cash allowance. currently on cash at £4750, company car offered has BIK value of £2833. I am on a base salary of £36k, with bonus forecast of £8650 plus medical BIK of…
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Notional Income/Deprivation of Income or Not?
Haven't posted for a while but I wanted to further a thread started by another post. In the other thread, the op states how they want to contribute to an additional Pension and realises that their entitlement to WTC would increase. I'm not suggesting their only intent is to benefit from this increase and it would simply be…
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Tax situation query
Hi there ... Just a quick one to see if anyone has any advice or experience of a situation I have found myself in .... Last month my tax code changed and my tax contribution jumped massively - I contacted the tax people who said that they were taking money due to a wrongly awarded tax rebate from the 08/09 year of £2000.…
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Company Van tax
I have been given a form to sign from my company and have the choice of private use or not. I have looked up the taxable amount and it says £3000. I do not have a vehicle and live alone so would be handy to be able to use it anytime but just wondered how much this would equate to on a monthly basis? Do you think the…
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Tax situation query
Hi there ... Just a quick one to see if anyone has any advice or experience of a situation I have found myself in .... Last month my tax code changed and my tax contribution jumped massively - I contacted the tax people who said that they were taking money due to a wrongly awarded tax rebate from the 08/09 year of £2000.…
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TAX code pension and income
Hi I am in reciept of a Police pension which is partly injury related and therefore the bulk of the monthly sum is free of TAX however the small remainder which is taxable is taxed as my first income. I am also employed and receive a monthly wage which is taxed at basic rate and therefore I am paying a great deal of tax on…
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Capital gain tax question...
Hello My husband and I are thinking of buying a second property to live in and we would like to rent out our current house. I was wondering, if we come to sell the house in about 5 years how much capital gains tax are we liable for? Is there any tax relief? Our current house is owned by my husband, am I right in thinking…
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R27 tax form.
Hi, My Father died in February this year and unfortunately he didn't leave a will. I have been nominated by the family to act as the executor of his estate. I have applied for and been given probate to enable me to deal with this. I have recently received a R27 tax form to fill out as Dad may be due some tax back. Is there…
