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Option to Tax (OTT)
I'm not sure if this is the correct section for such a question, but I was wondering if anyone could help me out. I rent a holiday home and have just cancelled my VAT registration due to the close in business. The letter I received from HMRC keeps referring to "Option to Tax", and when I asked what this term meant they…
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Capital gains tax on property?
I've just put this question on the house selling forum, but think it may be better on here. Hope I'm not breaking any rules. My husband is in the process of selling a property, which he owns jointly with his two sisters. The property is likely to sell for approx £59,000. There will obviously be selling costs and then the…
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How much will I pay?
I'm looking to rent my property out and was just asking to see what kind of tax I will pay, monthly rent will be around £500pcm. Im employed and earn less than 20k per year. Any advice be great.
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Won benefits appeal- tax question
Hi, I wasn't sure whether to post this on the benefits board or here, but figured perhaps you guys would be better placed to answer my question. I'll try and keep it simple...HM Revenue and Customs sent me a letter today saying that I have underpaid them tax. I'm 95% sure this is a mistake, but need to write to the DWP to…
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Leasing vs Company Car
My OH is being hammered for Tax on his company car. Would he be better off leasing and accepting a milage allowance from his comany- he does 40,000 miles a year on company business?
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Tax refund/rebate
During the tax year 2010/11 my husband only worked part of the year and earned just under £10,000 and paid just over £1400 in tax. Am I correct in thinking this is an overpayment and should be able to reclaim some tax? Would he be able to claim interest on what is owed? Thanks ANS
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Notice of penalty assessment
Hi, I hope you can advise on how best to appeal what I feel to be unfair penalty. I was asked to carry out part time work and started a limited company in November 2010. It was initially anticipated this would be 1 or two days per week for circa 6 months. As a director I paid myself a flat rate of £442 per month from April…
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Council tax band
Hay everyone Iv just looked on to SAA.gov.org to check the banding of all the properties on my street and noticed that only my block of flats and one other flat are band C (which is the same as the Semi detached houses on my street) and all the other flats on my street are band B. I live in a 4 in a block cottage flat and…
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SA Underpayment
I completed my Self assessment online in May of this year and received a refund for x pounds. However I have just noticed I did not tell them about 3p interest on one of my external accounts. I paid the 1p tax leaving me with 2p. I know it is such a small amount but should I make them aware of this.
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tax code confusion, same tax code but different amounts
ok need some advice, dont want to bore anyone with a long story. tax man wrote to me late last year and said i had underpaid so they changed my tax code, fair enough seems my emplier hadnt notified them of my medical insurance. they wrote to me last month and said they made a mistake and instead of £1800 underpaid its only…
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Self employment...
I've been working for a company that told me that I need to declare myself as self employed yet I was doing this alongside a full time job at the time. I started working for the company about 6 months ago and my hours working for the company have been minimal. Some weeks I could work no hours at all then the next I could…
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I have not registered as self employed
Hello, I have not registered as self employed yet I am working for a company in which you have to be self employed. I didn't understand that I had to pay national insurance tax/contributions every month and as I assumed I would be earning under the amount that requires you to pay tax I never looked in to it. Now it has…
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Mystery Shopping
I am employed and pay tax under PAYE. In addition, I do self-employed work as a mystery shopper. I have registered my self-employment with HMRC and have a certificate of small earnings so no NI is due. I understand that any profits are taxable. I am however confused by what expense reimbursements would be taxable and which…
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Family income
Hi all I receive a tax-free student stipendof £1132.5 monthly. My family is in the process of setting up an allowance of1700 a months for me (which is already taxed). This is a gift which comesout of an investment portfolio. How does it affect my taxsituation? Given that my additional £1700 a month income is already taxed,…
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Tax code confusion
Hi All, I am not sure if this is in the right place, I have had a company demo through work for about 8 years, I work for a car dealership so don't have a particular car assigned to me as such but drive the demonstrator vehicles so pay company car tax. Everything has always been fine that I am aware but 2 months ago I had…
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2 Jobs
Quick query - am I going to be taxed more doing 2 part time jobs than if I was doing just the one job? One job is 18.75 hrs and the other is 10 hours. Thanks
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VAT on Hairdressers Chair/Earnings
Hi, my daughter is a self employed hairdresser. She works in a hairdressers and pays the shop owner 50% of her takings, and the rest she keeps. She has just been told that from 1st October 2012, the salon owner will still take 50% of her earnings, but on top of that she will now be charged 20% VAT on her remaining…
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Can I gift my children my life savings?
Hello. I am now retired. I have saved £150,000 and have two grown-up children. I am comfortable and would like to help them. Can I simply give them 75k each and avoid IHT as long as me and/or wife survive at least 7 years?
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Self Assessment and AIA questions
Hello all. I am a self-employed window/carpet cleaner and this is the first year I'm doing my own return as my accounts are simple enough to not have to pay an accountant any more....or so I thought anyway! Here are my questions.... During the 11/12 tax year, I bought a new desk for my office at home. I use my office…
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Paying tax when working abroad
OH has been offered a job as a contractor in Afghan working for a Canadian company. It's 4 months on 1 month off rolling contract. The company are going to be paying him monthly into his UK bank account. I'm completely confused by the tax situation. How does it work if it's not a UK company and he's going to be out of the…
