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tax on foreign exchange gains
My uncle apparently changed a substantial amount of pounds to Australian dollars in cash a few years ago. He intended to bring it over to give to another relative, but this didn't end up happening. He recently changed it back to pounds making a profit of about £5000 from his original sum. He is only resident in the UK and…
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Paypal HRMC need some help of you.
Hello At the moment I am looking for some help in internet. I will need to tell my story first to get some advice. In last year I start buying and selling for profit items on ebay after 3months running my home ebay business. I went to taxassist.co.uk to help me with declare my income. It was easy because I was buying stuff…
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Could someone tell me why tax changes every month?
My tax code seems to be a moveable feast. On earnings of £24790 I paid: April 2011 187T - 354.80 May 2011 187T - 355.00 June 2011 BR CUMUL - 449.00 (I can understand this is a change because I qualified for a full state pension) July 2011 - BR CUMUL - 386.40 August - K159 NON CU - 412.80 September 2011 -K159 NON CU -…
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Can HMRC ask for anything they like?
Hi there - I took voluntary redundancy from work a few months ago. I was overtaxed on my redundancy payment to the tune of £10k which I was prepared for. I won't be claiming benefits or earning in the rest of the financial year, so I filled out a P50, enclosed my P45 and statement outlining my redundancy settlement. I…
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Extra‐Statutory Concession A19
Hello all, Thanks to some advice I saw on the forum a few months ago I have been successful in appealing to the HMRC about unpaid tax from the year 2007-08. This was due to switching jobs halfway through the year and my personal allowance being applied twice. Needless to say I am very happy so if anyone needs a template…
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Expat tax, HMRC concessions, can anyone help?
Thanks Sam, post removed, will ring HMRC when they open.
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share save scheme
good evening i am currently coming to the end of a 3 year sharesave scheme with work, i paid in £250 a month which equates to £9000 over the three years. selling the shares now would leave me with £28000. as this is going to be a deposit for my first house i need it out in one lump sum. my question is basically how much…
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Back dated tax allowances
I am in the process of claiming tax allowance on items I didn't know I could. Professional registartion fees of £72 a year Union Subscriptions of £200 a year Tights and shoes Laundering uniform at home I believe the claim can be back dated to 2005/06 Can anyone give me a rough estimate of what I am likely to get back and…
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Capital Gains Question
Hi I am looking to buy my mother house, she has one of thos lifetime mortgages that charge stupid interest rates so am looking to pay this off release a small amount of capital for her and then sell when well you know the inevitable happens :( What I want to know is how this will be treated for capital gains etc as this…
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Transferring Rent to my wife
Hello My sister and I own a house which has been converted into 2 flats which are rented to a local housing association. My sister and I have set up a joint bank account into which the rent is paid each month. The property is held in joint names. From this account a share of the income is transferred into my personal…
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Temp agency have taxed 1st payslip
Hi My daughter who is 18 has just started working for a temp agency. She has been taxed on her first wage slip. My question is how long will it take for her to get the tax back, as she has no previous earnings? Thanks Sue
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Tax code change
Can somebody explain how the tax code works please? I know it is related to the size of your personal allowance, which in itself is related to any taxable benefits that you receive, but I'm unclear how my employer has figured mine out. For the last 6 months or so my code has been 000555L, and I have been paying around £483…
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List of approved professional associations?
I have to register as a data controller under the ICO. This costs me £35 a year. However on the list of approved subscription associations I cant find it. Am I looking in the wrong place, is this an allowable expense?
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Heating and lighting expenses for working from home - self employed
Can anyone help me with this. This is my second tax return as a self employed and last year I completed it using £3 per week for use of home, which I thought was the standard amount I thought I saw on here recently some people talking about taking a percentage of their heating/lighting bills as expenses? Is this right. I…
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Tax at 40%
Might be a bit of a dumb question but I will ask it anyway. I pay tax at 40% on £6500 and I currently save 8% of my work wages (£2880) into my pension. If I can afford it should I just put the whole £6500 into my pension to stop the taxman getting his hands on 40% of any of my pay. Do I need to do anything other than let…
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Paypal and Income Tax
I have started creating websites freelance on top of my full time job and take payments through paypal (not talking big money here - max. £200 as and when needed so not every month). How do I go about paying tax for this extra income?
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BTL income - transfer to spouse?
Hi everyone Hope someone can help. I pay tax at 40%. My spouse pays tax at the lower rate 20%(?). We got married last year. I have a buy to let flat in my own name. I am currently liable for tax on the profits at 40%. Is it possible to transfer the profits to my spouse, so that the tax liability is reduced to the lower…
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Why have I been taxed £3.80 more..?
I know it's only £3.80, but every penny counts! I'm salaried so my gross pay is always the same, and likewise my net pay is too. Yet this month, I paid £3.80 more? My tax code is exactly the same. Can anyone think of a reason why this may have happened?
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Selling a business: tax?
Hello. My wife has built an online business over the last few year and now we are on the verge of selling it to someone else for five figures. My wife is self-employed and earned money from this business (and other businesses). Would she have to pay tax on the funds received if/when she sells? Thanks.
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Do I have to tell the Tax Man?
My dad gifted his house to us in 2000, he has since died and we are now selling for less than it was valued in 2000. Do we have to tell the Tax Man.
