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Properties offshore company ?
Do I declare rent as income if it's an overseas property owned by my offshore company in a tax haven I have a houses in uk If I set up a company in-for example- the British virgin islands, and transfer ownership to the company, so rent goes to the company (not to me), do I have to declare UK income tax, even if I don't…
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Tax code & Self Assessment - paying twice?
Could any of you knowledge folk help me out? Last year my tax code was reduced by £141 due to mileage in excess of standard rates paid by my employer – presumably my employer gave the IR this information. I also complete a self assessment form every year as I earn some money from freelance work. Every year I have included…
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Mileage alowance claims
I need some help on this, our boss is really clamping down on anything he can. Let me start by saying what I do. I am a Social Care Worker. Not self employed. The company pay me 20p a mile. We don't clain to our first job nor from our last job back home at the end of the day. BUT? I work for 4 hours in the morning, I go…
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Help re taxman threatening bankruptcy please
Hi - i have tried the bankruptcy forum but it was suggested i posted here too - i hope someone can help. basically, the taxman has given me 14 days to pay off £9000 or he makes me bankrupt. I cannot find £9000 in 14 days. I am self employed and admit i made a mistake but have paid tax to them in the past and have been…
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Millage Allowance Claims
Recently I've noticed that you can claim back milage if your company pays less than the 40p per mile allowable. Does anyone have any templates / links for information on doing this? My company pays at approx 20p per mile or less depending no fuel prices and I've been with them for 4 years so I have a fairly large claim to…
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Dividend tax question
Newbie question so apologies if it's considered a basic question. My question concerns dividends and the rate at which they are taxed. Assume I'm a basic rate taxpayer, then if I understand things correctly no tax is due on dividend payments from my shares in Standard Life due to the tax credit. The bit I'm not sure of is…
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Me and Tax
Hello everyone, I was wanting some advice on self assessment, I have not done this before but I think I should be starting to soon. Here is my situation (in nice handy bullet points)... * I am full time employed, over the non tax payer threshold, but about 10k below higher tax rate. * Next month or the month after I am…
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Think i might have paid too much tax
Hi guys hoping someone can advise: I worked last year for the same company from may until September then had 3 months off and started with a new company. i have my P60 from the new company however i never received anything from the old company as to my p45 or anything showing how much tax i had paid with them. Is there an…
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CGT on BTL disposal
Thinking of disposing of a BTL property, as longer term it's not ideal property for the purpose, got the general overview of Sale Price less Purchase price less purchasing costs less capital costs less selling costs equals capital gain less capital allowance (£10,600) equals taxable gain (works out to a £100k taxable gain…
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Calculating tax for 2 jobs
Hi guys I was wondering if anyone can help me with calculating/checking the tax paid from 2 jobs for tax year 2009/10. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - I was working part time (11.25 hours per week) for one company from the start of 2009/10 tax year and left in March 2010. I earned £3539.92…
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self assesment repayment query
my partner is owed around 1800 after doing his online self assesment tax teturn. on calculation it showed amount available to request back, he did this, then 48 hours later its showing as available to request again, no pending etc and obviously no payment made. when rang they said it takes up to 4 weeks for payment to be…
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Tax Return Query
Hi All My friend registered as self-employed in July last year and spent a few months doing some work, (self employed) alongside his job. He has been sent a tax return form to fill in and return, and has been sent the larger document to fill in. However, I have seen that there is a shorter form that you fill in if your…
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Underpaid Tax
Hi all I'm an ex-UK resident (actually, still have residency) and I now live in Australia. Recently, I've received letters from HMR&C about underpaid tax, annually since the 2007-08 financial year. My bill is apparently over £5k :( Since I moved overseas, I've not really followed the news in the UK, so didn't hear about…
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Tax & claiming overtime...
Hi all. I have a question tax and claiming overtime. I earn £2159/month basic before tax. This month I have earned £2550 in overtime before tax, so a total of £4709 when you include my basic salary before tax. When I am taxed on my earnings, is it worked out on a monthly basis? As in, if I submitted my overtime claim in…
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Anyway to avoid import tax whist shipping from other countries?
My mum is currently in Hong Kong and if she buys an imac there it would save me a lot of money but is there any loop holes in shipping it back to the UK that would avoid me being taxed? Cos just shipping is likely to cost £200. Anyone with any sort of advice would be greatly appreciated. Thanks
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repeatedly sent abroad - Tax rebate?
Hi In the last tax year my UK employer has sent me to work in various offices around the world. I've been out of the UK for a total of 36 weeks in periods of 1 week to 5 weeks. But all my salary has been paid in GBP in to my UK bank account. As i have only been in the UK for 16 weeks does this entitle me to a tax rebate?…
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What difference are the effects of allowable expenses and capital allowance?
Hello, I understand that allowable exepenses are deducted from your total profit and so you dont have to pay tax on that portion of money. Then AIA or capital allowance isnt this have exactly the same outcome, e.g this comes of your profit and you dont pay the tax? or am i getting it wrong? thanks
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Lost P60's (Statement of Earnings request from employer)
Hi I would like to look back on the last 6 years income tax in order to check over/under payment. However, I've misplaced my P60's so I requested a 'Statement of Earnings' for the last six years (2005/06 - 2010-2011) from my employers during this time, and they have provided a Statement of Earnings for the last 4 years,…
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New tax code......y?????
I have just received a letter off the tax office telling me my tax code is changing. I work for the local County Council, and have done so for the last 13 years and have never had a new tax code in that time. I am now being put onto BR code paying 20% of my income. Does anyone know if this seems right.......Have I always…
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Inheritance tax on Joint tenancy for BLT/Commercial property
Hi I wonder if anyone one know if inheritance tax would be payable when my Dad passes on. He had a commercial peroperty comprising of a ground floor shop and 4 flat. he lets the 4 flats and leased the shop premesis. He gifted half to me about 8yrs ago (so past the 7yr rule). We took out a mortgage as joint tenants. He paid…
