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cash gifts for grandkids
Hope you can clear up the rules on this for me. Mum came to me and said, she has a bit of savings and would like to get the amount down to just below the max before benefits she may be entitled to would stop. she is 66 and about to retire. Is the personal savings limit still 16k? if so how much can she give away as gifts…
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North Tyneside Council Tax Charges
Ive been hit with an £80 council tax charge and Im wondering how legal it is? Simply they sent me a summons for the local council court & claiming I had ingnored a reminder. No such letter/reminder had arrived at my house so I didn't know about it. They told me I could pay the whole years concuil tax in one go to avoid the…
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entrepeneurs relief
I'm in the lucky position to have made a gain in this tax year that qualifies for entrepeneurs relief. Question--- when am I supposed to pay the tax, is it 31st Jan 2014, or 2015 Thanks Paul
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HMRC have taken underpayments straight from my wage. help!!!
Hello, I went bankrupt MAY 2011 and had a NT tax code for 12 months. I contacted them asking why it hasn't changed back and they replied saying they had now changed it. All of a sudden my next wage had £600 in underpaid tax taken and left me with only £690.00 to pay my rent, bills, food and other living expenses. This…
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Unmarried, buying a property, CGT implications
Hi I am unmarried. My partner has a property in solely her name which she bought in 1999 for about £80k (now probably worth about £180k). She lived there until Aug 2008 where we both moved into rented property. We are now about to buy a house, and from and IHT perspective I was looking at tenants in common or joint…
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Personal Allowance Query
Hi, My wife just received her new tax code. My query relates to her personal allowance which includes a reduction of £155 employer benefits. This amount relates to a scheme run in the NHS whereby she purchased a laptop and the repayments were taken from her wages each month before deductions. What was the benefit/point of…
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Inharitence money from land sell
My dad is not a uk domicile and stayed outside uk. I am going to get £300k from a land sell which was part of my inheritance from my dad. The cost of land has not changed much after we got the land as an inheritance. So what would be the best way to get the money in uk/ what would be the tax on the money. As I have not…
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single person occupancy discounts - 2 people, 2 houses
Hi, I own a house. I get single occupancy discount on council tax. My girlfriend owns a house. She get's single occupancy discount on it. Currently she is staying with me as her job moves around the country but is near based near me at the moment. As I understand it, I shouldn't lose my discount despite the fact there are…
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Profits increased 4-fold, now in the 50% tax bracket
Afternoon all, Long time lurker, first time poster! I know you'll have the answers so here is my quandry. I started my business a few years ago and in the first 3 years made a modest profit, £20,30,£29k respectively. This year, the business has really taken off and already (10/12 months complete) I have accumulated £100k+…
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Inheritance tax and property in trust
Please could anyone shed some light on my situation. My mother is talking about reducing inheritance tax. The brief circumstances of her estate as far as I know are Tenant in common with her husband (remarried) in a house worth approx £220000 - no mortgage Outright owner of 2 rental properties each worth approx £200000…
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How is Tax Relief on Pensions worked out.
Hi Just a quick question,we we're wondering how Tax relief is worked out for pension contributions ie, someone pays a lump sum for additional pension which does not see relief at source. The amount is £16,000. We thought that the relief would be £3200 and that's what would be received as a refund, but apparently not. So…
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Unsure about what to claim expenses for...
[FONT="]Hey guys and girls,[/FONT][FONT="] could anybody give me some kind advice on self assessment taxing? [/FONT] [FONT="]I run my own business as a freelance broadcaster and entertainer earning under £20,000 per year.[/FONT] [FONT="]It’s my only source of income. What sort of expenses could I claim as…
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How much wil I take home from a £12,000 severance payment?
I have earned £13,000 this current tax year (inc. July) and have been offered a severance payment by my current employer of £12,000. Can anyone tell me what I will actually receive after tax/NI deductions? Not sure if it's relevant but if I do leave, I may set up my own business & earnings for the rest of the tax year are…
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Reclaiming inheritance tax
My bother-in-law died in Sept 2007. Everything was put in the hands of a solicitor. Probate was granted in February 2008 and the appropriate inheritance was paid then. His property was valued at the time in the region of £100K. The property has only just been sold after being on the market all that time. It was sold for…
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re. level of use of the rent a room scheme
I have been renting a single room out since 2009 and have kept the rent low to satisfy requirements of the rent a room scheme. There have been two main reasons for that: 1. I am a standard rate tax payer and have no other income to declare so wanted to avoid the hassle of keeping detailed records and completing a tax…
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Can my partner use some f my tax allowance?
Grateful for any advice or info to point me in the right direction. First things first. We are an un 'married' same sex couple , together for 17 years. We are both self employed, I run a small bed and breakfast, he is a self employed handy man.i don't earn enough to use up my tax allowance, at the most I use is about £4000…
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P800 Correction
I have been sent 3 P800 statements for previous years. All 3 have inaccurate information. The net result is that I have overpaid in each of these years. What's the best way of informing HMRC, do I phone them knowing it will be pot luck if and when answered or put in a letter and just wait for a response.
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State Pensions
Presently doing our tax returns. Our State Pensions are paid weekly in advance to our bank on Mondays. The dates for Easter 2012 meant Monday 9th April was a BH, so our pensions for that were in the bank on Thursday 5th April. Do I count those payments (at the new higher rates) as income for 2011/12, making 53 payments?…
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P87 tax relief. Can I claim?
Hi folks, new here and looking for some advice. I work offshore and the lastest thing around here seems to be everybody claiming their P87 form tax relief. I keep hearing 'you can claim for this' & 'you can claim for that' yet i don't think everybody really knows the score. So here's my situation and i'm just looking for…
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Inherited Property - CGT/IHT query
My father recently died and left a will. His only asset was a property (approx £225k full value) owned with his wife as Tenants in Common. In his will his half is left in trust for myself and my 2 sisters with his widow having a Life Interest. She has a mirror will. I am an executor/trustee along with my step mother and…
