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Business Mileage
Trying to work out HRMCs mileage stuff is a nightmare, can anyone help me clarify my situation? I am an IT professional, the majority of work will require that I am at a client site to perform my duties. These will mostly be short engagements week - month at various locations anywhere in UK. When I am not on client site I…
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Thoughts on a possible ISA tax (Lifetime Allowance)
Given the fact that there is a current Lifetime allowance on pensions of £1.5Million, and any benefits taken over this are taxed over and above the income tax from receiving a pension... Does anyone think that the government would be able to impose a lifetime allowance on a stocks and shares ISA? Over time compounded…
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Can an ISA be put in a trust?
The subject says it all really. Some ISA especially stocks and shares ISA's. Could be worth a substantial amount of money in the long term. I'm wondering if it's possible to put an ISA in trust so it's outside of a person's estate to avoid inheritance tax?
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left work, can I claim back tax?
Hi, I've been working on a student placement for the last year. I finished at the end of July. Obviously I've been paying tax for the current tax year, (I'm talking about the period from April to July here). I have not earn't the full £7475 income tax allowance but I was still paying tax. As I understand it that's because…
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Council Tax Rebate
Hello All, I've been a very frequent visitor to this site for many years, and enjoying reading everyones ideas on various things from mortgage free wannabe or increasing your income. Anyway, i have been in my property for 6 years now, I bought it from a plot before it was built. I have been thinking that i was getting…
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Capital Gains Tax
I own a house, on a mortgage, with the last payment due this month, with a value of about £200,000. The house was recently extended and totally ‘fixed up’, new wiring, new plumbing and plastered throughout. It’s location would make renting out very easy. My father owned a house, fully paid for, valued at about £230,000. It…
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A business promotion and tax implications
Hi all hope someone can help We run a small childrens nursery and are trying to get more children in. We are concentrating on 3 and 4 year olds who get 15 hours funded care per week paid for by the government. My idea is to offer the parents £100 as a welcome bonus after they have been with us for 3 months. Now my question…
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Stakeholder pension and self assessment
Hi, I am looking at filling in my tax return for last tax year. I have a stakeholder pension which I need to add to the SA100. HMRC says to calculate the gross payment which they say should be payments divided by 80 multiplied by 100 (to take account of 20% tax relief). I understand that, however when I look at my…
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Inheritance tax query!
Hi I'd appreciate any help. My partner has inherited 1/6th of a house abroad and we've decided to purchase the other 5/6ths of the house ourselves. The mortgage has been approved and our inheritance amount is £60,000 - we are just doing a straight purchase of the other 5 inheritors. My question is are there any UK…
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Dreams Beds Store
Hello This is my first posting but I really need some advice from anyone who has bought a bed from Dreams Bed Store in the last few years. Has anyone had problems with the Equinox mattress or the more expensive Sultan mattress? I really would appreciate your experience with Dreams Bed Store. Thank you for looking xxx:)
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Paying tax with 2 jobs
Hi all, I'm needing some help and advice on how my finances will work in this situation: I currently work for Comet as my main and only job, part time and have done so for the last 4 years. This tax year with Comet I have made £2500 gross and my tax code is 746L. Now that's simple enough. However from 16th of August I am…
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help with VAT
I am after some advice. I have set up a limited company in april 2011 (turnover about £80000/annum). applied for VAT registration straightaway in april. HMRC took quite a bit of time and I only received my registration last wk. The effective date is from 1st april 2011. It also says vat returns to be made end of oct 2011…
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Work, pension & tax
Hi I'm about to stop for early retirement aged 57 with £14k pension. I'm also fortunate enough to start a full time, easier, job paying £17k. It will be paye for tax on £17k but how will I be taxed on my pension? This is the bit I'm not sure about, will the tax man know about my pension or will I have to tell them? I'd…
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IHT Deed of variation
Hi, I'm looking for some fairly detailed info so I'm hoping there are some bright sparks here that can help me. Situation: My dad, myself and 3 brothers and sisters are going to inherit (once probate granted) a private limited company worth about £250k and a ploit of land valued at £15k but with a good chance of planning…
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Self assessment
Sorry if this is wrong place.. I recently registered as self-employed for this tax year, 2011-2012, so was expecting to have to do a return in Jan 2013. However, I've just received a self assessment form for the previous tax year, despite the fact I was PAYE then. I'm guessing it's a mistake due to me recently registering…
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Tax
If my parents gift me the maximum exemption amount per annum (£3,000 plus £3k for previous year if unused), to reduce the IHT value of their estate, does this affect my own tax liability in the tax year that I received the gift?
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Help with self assessment please
Hi, Have just completed my first ever self assessment (I had a CGT to pay which obviously calls for me to complete one). I've got to the end and the calculation page but their figures differ from what I had worked out myself beforehand (ironically in my favour) but this bothers me so I have looked at it again. The result…
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help with expenses & getting my tax bill down
I have a little gift shop, i dont work from home & open the shop 6 days a week. I am just taking my books into my accountant & just wanted to know what sort of things i can put down on expenses as i had a really high tax bill last year & i wasnt even claiming for my petrol when travelling to wholesalers :-( so this year i…
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Transfer of Equity
My dad wants to do a transfer of equity in his house to myself and my two siblings. Does he have to remain on the title deeds in order to stay resident in the house? There is no mortgage owing on the house. Also would there be any stamp duty or tax implications? Current value of the house is around £200K.
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starting new job
My daughter has just started work after finishing her PhD. She had some employment at the university for which she was paid. The final work was done in the previous tax year, but the pay was received just after the start of this tax year. She was then living off savings till she started work on 1st August. She has no P45…
