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Cutting tax

Archives for December 2012

transfer of house
we own our current house and are considering buying a second house which we will move into and then rent out our current house. it would be beneficial if our current house was in my name only as i don't work. whats the quickest / cheapest way to do this
Tax Refund Query
Hi all, I hope someone can help me. I have just received confirmation that since the 1st April 2012 until now I have paid too much tax and that I would receive the ful amount which I have overpaid in my next wage slip. However today was my final day within the current employment and have received my final payslip. So my…
Property transfer to spouse - when to calculate taxes?
Hi all, My wife and I own a property in my name only, which we have now been letting for 2 years. As I'm just reaching the 40% tax bracket, and the mortage is about to end (in May), we would like to transfer the property to both our names. This should reduce our income taxes, as she is still well into the 20% bracket.…
Charity contribution question
If a small vat reg one man band company makes a charitable donation are they entitled to claim any of it or all of it back on their tax just wondering
Is this Tax Evasion or Tax Avoidance ?
Sorry not sure where to post this but I recently found out that a number of directors in my company have their spouses on the payroll , these are ghost employees , I know that they have never worked for the company , not even from home as secretarial duties. I was copied in on an email that I shouldn't have been with all…
Car insured through work- a taxable benefit?
Hi guys, I just bought into a business and so am a little skint, but long term its looking good! When I started, to make ends meet I took on a car the company owned. I paid about £85 per month in tax for this, but turns out the car is very old and only worth about£300! (a battered 02 plate clio that costs £500 pm in…
Setting up asset protection from Divorce & minimising tax liability
Hi, First of all, I hope this thread is being made in the right section - it largely relates to seeking advice / suggestions for the best way to protect assets from primarily a) divorce AND secondarily b) minimising tax liability If any one can suggest ideas, warn of pitfalls or recommend a good firm it would be…
Hmrc
i did my tax on line last jan and this month they have sent me an email to say they owe me money wanting address and bank details it is not in the spam how can i tell it is genuine thanks
A couple of questions on tax return - allowable expenses on rental property
Hi I can't find the answer on here anywhere so thought I'd ask you all for your advice (having failed to get through to the HMRC help line). I am completing my self assessment form for 2011-2012, during which time I rented out a property. Can you advise on a couple of questions I have? 1. Management company fees. I pay £x…
HMRC say I owe them, do I?
I was self-employed 10 years ago and had a small cleaning business and it ran for about 11 months. I had to close it down due to strain it caused on me and my son and finding out my son has a disability. At that time I didn't make any profit and forgot to file my taxes. Many years later HMRC have chased me for money I owe…
HMRC ON Acount?
Have a part time job (£12k a year PAYE) and also run a small business with 8 grand turnover 2011-2012 . Sent off SA form and was told I owe £1856 tax. I have a bookkeeper £400 a year doing books, but no accountant. Would it be cheaper to have accountant do books and EOY? Tax man said he will take my due tax in two hits the…
Capital Gains Tax - HELP!
I am about to sell my house which I have lived in for 28 years. After all costs have been deducted I will have £150,000 cash. My aim is to put my 3 adult sons into one house which will be in one of their names, he will get a small (£25,000) mortgage on this property. With the remainder, I am going to buy myself a small…
Partial Uniform Tax Rebate?
Hi, I am currently provided with laundry vouchers in order to dry clean my work uniform, however it only covers the jacket and trousers. Therefore am I entitled to claim anything for the rest of the uniform i.e. shirts, tie, shoes? Would HMRC accept this?
Accountants charges
In January I need to submit my self assesment accounts and have been quoted £350 for a company to to do them for me. I have worked out all the basic info such as turnover, expenses such as materials, advertising and mileage but I dont know how to work out the additional info such as the % of my bills ie water, broadband,…
Tax Code Change Help
Hi I was wondering if someone could help with a tax code change. I am an employee as well as self employed. I have also tried to seek help from my accountants, however they told me not to worry about it, but something doesn't smell right. My accountants this month have completed my self-assessment for the tax year 2011/12.…
Qualifying Years of NI For State Pension
Not really a tax question. I understand that you need 30 years of NI contributions to be entitled to a full state pension. My question is, what constitutes a year (if that's not a dumb question). Do they have to be full years? Or so many weeks per year? Or the sum of all the weeks divided by 52? Or what?
house renting any help appreciated
Hi all I have inherited my Mothers house which still has a mortgage on it of 25,000 the house itself is currently worth 88,000. Apart from the difficult housing market, I would really like to keep Mums house for us to retire in, but as we have our own mortgage to pay it would be difficult to pay a second mortgage. The…
New will and inheritance tax
Hi My grandmother (in her early eighties) and my father (in his late fifties) live together in a large house in Newcastle which she owns outright no mortgage etc. He has lived with her for at least 10 years in the house with her. She is obviously becoming rather elderly and my father is quite sick. I am sure she has a will…
Loss on shares- off set against pension tax?
Hi, I hope you can help. Can a large loss on stock market shares be used against tax on pension? Or any other way this loss can be put to some sort of use for 2 retired people. Many Thanks
Do student nurses get a uniform tax rebate too?
Hello :) I'm not sure if I'm in the right thread or not! I'm a recent nursing graduate and I spent a fortune over the past 3 years on maintaining my uniforms and buying new shoes for placement and I was wondering if its possible for student nurses to claim back for this? On my course I received £500 bursary every month and…

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Cutting tax

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