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Considering taking on Contract work
Hi, I am considering taking on some contract work to 'boost' my earnings. Currently, I run a small limited company abroad (which pays tax abroad). So this is my source of income and as the company pays tax in the country of registration, I am sending myself a little under the tax free allowance to avoid getting double…
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Help - fuel scale charge?
Hi I have a co financed lease car from the council, i pay £100 a month for the car. In the next few weeks im being redeployed, and need to travel an extra 20 miles each way to work. Thou i can claim for these miles, the form states: Non-business miles - redeployment miles. Payment in respect of such jorneys give rise to a…
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Low Income Part Time work - Any way to have it paid gross?
If a 16 yr old in Full Time Education has a part time job (5hrs a shift, only ever going to be a max of 30 shifts a year) is there any way to have it paid without tax being deducted? At most it will come to £750 total pay and they have no other income. I know they can claim the tax back as a refund at the end of the tax…
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Ubderstanding class 4 nic contribution
Hi, hope this is in the right place. But can somebody help please. I have received a worrying letter from the tax office and I was certain I had worked out everything OK. With regards class 4 nic contributions, do you work it out like this: Gross made = £10563.52 Minus tax threshold of £6475.00 Equal = £4088.52 So do I pay…
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Advice on tax implications for flights back to the UK when working abroad
Hello I wonder if anyone could give me some advice. If you are working overseas and your company pays for you to come back to the UK, are these travel costs taxable? Thanks for any advice - my company are not being very helpful!
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Is this tax calculation correct?
Hi All My OH was made redundant for 3 months last year and we thought he'd overpaid tax. His gross earnings were £8526.98 for the 10/11 year and he also received £576.82 in Jobseekers. He paid £949 tax and £570.79 NI. I put his taxable income of £9103.08 into a calculator and it said only £525.62 tax and £372.14 NI was…
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Capital Gains Tax and gifting to spouse
2 brothers have owned a 2nd house since 1994 (half share each) They plan to give half of their share to their spouses meaning each will own a quarter of the house. When they come to sell the house will the gain for the spouses be based on a quarter of the value of the house when they received their share in 2011 and a…
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Tax on Bonus
Hi, I have a question about the tax I pay on my bonus. My company operates a profit share scheme where 25% of the profits are shared between the employee's, great. So I get an amount £XXXX but then have to pay up to 44% tax on it. I'm only on the 20% tax bracket normally so why do I get taxed so much on my bonus? Can I…
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P50 - to claim or not to claim? Returning to study
Hi everybody, I hope this is in the right section. The background to my question - I am a 25 year old (very nearly) who has deceided to attend university this September. Using my last wageslip (to the end of August 2011) I had earnt £4667, and paid £310.20 and £198.94 Income tax and NIC's respectively. I will earn around…
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Reclaiming income tax - entitlements agency fee of 17%?
Hi moneysavers, Does anybody have any experience of dealing with the Entitlements Agency re reclaiming income tax? I have received an unexpected income tax refund - great - but the Entitlements Agency have taken a whopping 17% fee, on which I've also had to pay VAT, from my refunded amount. I know that I didn't request…
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Complicated Rental Income Tax Question
Hi, hoping there is a tax expert who can help me answer this one for a family friend: Mrs Smith owns a second property and receives rental income. On 1/1/11 she receives £12k annual advance rental. £3k is included in her tax return for 2010/11, the remaining £9k is carried forward to the following tax year. On 30/6/11 Mrs…
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Another inheritance related CGT question.
Hello My sister and I are executors for my late mother’s estate and also the sole beneficiaries. The terms of the will are a straight 50:50 split of the estate between us. The estate is below the inheritance tax threshold and consists of a house, some cash, premium bonds and items like jewellery and furniture. We’ve…
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Don't Give Up - It Pays To Fight!!
I am very pleased to say that after many Months of fighting, HMRC have at last agreed that they made a mistake (or many mistakes!) and have agreed to write off the ever increasing sum that they have failed to calculate correctly or collect over the last 4 years apparently. They now say the sum has risen to £4560.80…
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No evidence of tax paid for previous years
Unfortunately my partner did not submit his self assessemnts for a number of years and has recently completed them for previous years (2006 to 2011), however it has come to light that there are earlier years when he did not submit his self assessment form. Although he was self employed tax was deducted from all his…
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Tax Office
I'm not sure where to post this so I opted for here I have to phone the tax office to tell them of increased pension and salary incomes...I tried phoning yesterday and it took ages to plough through the introductary "did you know" and press 1 for this and 2 for that...finally got a ringing tone but waited so long I had to…
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I don't understand the whole giftaid thing!
I give to a couple of charities each year. I don't really keep good records of this but I could probably find them. I always gift aid the money. I usually ignore the bit on the tax return that asks about charitable giving - should I be filling it in and why? Surely the charities just claim back the tax off the revenue?…
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Recommend a friend payments - taxable?
I receive a recommend a friend payment of £10, every month from a particular company. Is this something I should include on my tax return? If so, which section?
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tax situation
hi all, can someone help me out I'm going to work in Denmark can anyone tell me my tax situation thanks:rotfl:
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Can we transfer house to children so that they can make use of their tax allowance?
We have a house that we rent out, its our old house that we moved from 7 years ago and it currently makes a profit of about £350 per month (it is mortgaged but still has more incomings than outgoings). We have two young sons (5 and 2) whom we plan to give the house to when they are older to either live in/continue to rent…
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SA Tax return /Umbrella Company .Help
I am in the process of trying to sort my tax return out for 2010/2011 and am getting more confused by the minute . I was employed April to November of that financial year and paid in the normal way with PAYE tax deductions then from 6th December 2010 to 18th March I was temping through and agency .They advised me to…
