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Vat on Postage
We currently sell goods online and are a Vat registered business. We currently charge Vat for postage on Vat Rated goods. All the carriers we use charge us Vat on their services which we claim back on our quaterly Vat return. When my accountant works out the Vat chargable to our company based on profit he calculates it the…
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Monthly Standing Order to UK Charity | HMRC SA form help
Hi there I have a monthly standing order set up to pay a UK charity and have had it set up for two years. Through my own oversight I forgot to claim this back for the previous tax year but am doing so for this tax year (presuming I can;t claim the previous years payments?) I am filling out my SA for the last tax year and…
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Buying free of VAT or reclaiming VAT when leaving the country
Hello all, I saw an old thread (recently revived) but since it seems largely inactive, I thought I'de start a new one. I'm thinking of buying an engagement ring in the near future and am considering where I should buy it. I have seen a number of suitable rings in the UK but with the hefty 20% VAT, was wondering if there…
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Rental Income and the Tax Year
I use an accountant for rental income from a property I own. The property is managed by a management company and I receive regular statements of expenditure and rental income. For the last tax year the rental income from the statements added up to one figure but my accountant calculated a higher figure for the tax year.…
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Gift from rich uncle abroad.
Hello everyone, I have had an offer of a lifetime but I am concerned about any tax implications. My uncle who lives abroad has offered to gift me the money to purchase a house for myself and a flat for my son. I however, am concerned about what tax implications that would hold for me. He now resides in the West Indies and…
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Selling my property abroad and capital gains tax
Hi I have a property in Turkey that is worth €200,000 and have been offered the full value for it. If I sell it and bring the money back into the UK, how much capital gains will I have to pay? Thanks
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Unknowing Underpayment of Tax #2
Just following on from my comment in the other thread. I mentioned that I had an unexpected bill for £2,600 for the year 2010-11. In that year, I had income from one source - a single PAYE employment. Nothing else as all my savings are in a cash ISA; we're overpaying our mortgage with savings after filling our ISAs each…
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Uniform tax rebate query
Hi, I've written a letter to HMRC that goes like this: "Dear Sir/Madam, RE: Expenses Allowance NI number: D.O.B. I was employed at Name, Address , from date until date. Staff numberand tax reference number. The last tax code I had was_____. I was employed as a job title. During that time I wasobliged to wear and launder…
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R85
I'm not sure if this has been posted before, but if you haven't heard of an R85 and you don't pay tax it might be worth looking into. I've been paying tax on my savings the past few years not knowing that there was a way for me to avoid it. I don't earn enough to pay tax and thought it was just the way it was with interest…
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Most tax beneficial way to set up Ltd company
Hi, My other half and I are setting up a limited company together and are wondering what is the most tax beneficial way of doing it. We were thinking of both being set as directors with 50:50 shareholding. I know there is a way also to still be 50% owner, but just be a shareholder. How exactly does this work? I called…
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Work from home part time - how much can I claim?
Hi. I am registered as self employed and work from home about 30% of my time. I would like to claim a flat rate for using my home as an office (rather than work out a proportion of bills, number of rooms used etc...). What would you say is a fare amount (ie one that wont prompt a tax investigation). I have spoken to an…
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being employed & self employed
Hey, As of April next year I will be employed and self employed at the same time. My starting salary in my employmemt will be £12k and over the course of the following 2 years will raise to approx £18K. Whilst I am employed I will be making £4800 per annum through my self employment. I understand I will need to do a self…
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Principe private residence - lodgers free accomodation
I live in a house and share with one lodger quite a large place in my road they go for about £1million, I only have one lodger as the HMRC if I have two lodgers I would be liable to CGT on the rooms they would take up about 30% of the house. I claim rent a room allowance and if I let out to another lodger would pay tax on…
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Tax Query
Hello, Any help would be much appreciated. My father is in a care home and is self funding we have been trying to sell his house,unsuccessfully) to fund the care home fees however after three failed house sales over the last 2 years we have decided to take it off the market and rent it out to generate some much needed…
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Should I be declaring my share dividends
I have a bit of money that was left to me when my uncle died, it was put into a trust which is being managed by an investment management company. I receive a lump sum every 3 months which I think equates to the dividends paid on the shares and interest on the savings. It usually works out at £2k a year if i am lucky. Does…
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Unknowing underpayment of tax
My wife has received a letter from HMRC saying that she has to repay the sum of £1512.40 in unpaid tax. This is calculated over a 4yr period. At the time my wife was employed in two seperate part time jobs. One of which is a major Supermarket and the other a local Deli. Both jobs were legitimate, in the sense of that she…
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Reclaiming overpaid PAYE tax for previous years
Hi, Sorry hopefully very easy question. I've recently realised I have been on a BR tax code meaning I haven't received my personal allowance, certainly for 11/12, i'm pretty sure this is also the case for 10/11. Is there a form or something I need to complete? I phoned up after getting throughly confused by their website…
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hmrc self-assessment
This is probably the most stupid question, but it's on my mind ... Did my first self-assessment this year. No probs, was told how much I would owe and this matched up with my calculations. Paid it right away to get it over and done with as was holding in a separate account. Just had a letter from hmrc to say I have…
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really comfused..TAX..NI...Carers Allowance..Pension Contributions! help!
:Please can anyone shed some light, in a nut shell: i recieve carers allowance @ £3039.40 pa i am self employed after all expenses net profit is £4990 pa total £8041 -as i am just under my allowance i dont pay tax or NI ( i get ni contributions through my carers allowance) with carers you are able to earn 100 per week, and…
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TV License, how to prove that I am not watching the TV?
Hi, Since in the UK paying the TV License is optional as long I do not see live programs in any form (TV/streaming/cable) and since I am not interested in watching TV I decided to not pay the TV License. However, even if I have communicated that I do not need the TV License, the TV License company is pretty aggressive with…
