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HMRC Confidentiality
Wouldn't have posted this but as it took me five minutes of listening to options, I will. I have just received Mr. XXX tax return in the doctor's surgery which I manage from time to time. Looking at it, I think that Mr. XXX has an overpayment as it would appear that he is paying too much tax on his occupational pension.…
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Helping a friend with bad credit
I want to know if there are income tax implications for myself in the following situation. A friend wants to have his salary into my bank then have their personal bills paid from this account. We trust each other implicitly. Will HMRC get involved - as it'll look like income for me although it isn't I shall simply be…
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partnership statement
Hi, I need to submit a partnership statement. I'm not sure what the date for this is. I didn't do it right last year and ended up getting myself and my dad fined £480 each! Wiping out any profit we made (selling on eBay). Can't afford to be stung this year (pretty much stopped trading and made £9 each - going to close…
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2 x single occupancy discount?
Hello all, My girlfriend is moving in with me in January - YAY! We both own our properties and both get single occupancy discount on the council tax. Her property is going to be left unoccupied for some time (some decorating - and then probably a lot of time on the market). I would like to know how is the best way to…
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Delayed self-employed tax return help
Merry Christmas everyone! I have been very negligent about my tax return. I was registered as self-employed 7 years ago then moved abroad. I moved back 2 years ago and this is the situation: I earn 70K as PAYE. For the last 15 months I have also made about 35K as self employed (from Sept 2011). In the last 15 months my…
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Nothing to declare 2011/2012
Evening all, I registered for self-assessment this year to cover some additional weekend/evening work I was going while being full time employed. I've been asked to submit a tax return for 2011/2012 however I have nothing to declare as I didn't earn any additional income during this period. I know I still need to submit a…
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Company car or allowance?
Okay, this is my first post so bare with me.. I am due to start a new job in Feb 2013, the basic salary is £38,500 with a £5,700 car allowance, or company car, which I can select from a list. My question is which will I be better off with? I am getting really confused with the higher rate tax on company cars - If I take…
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Closing partnership and starting PAYE work
Hi, I've been working in a partnership for a couple of years, but as the money has been going down I will be starting to work for a company soon, usual PAYE style. Looking at the HMRC website, it's unclear just what steps are involved in doing this. In particular: Is there any advantage in closing down the partnership…
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tax on joint Savings account
Could some one please help Joint Account one tax payer and one non-tax payer Tax deduction certificate shows gross interest Tax deducted interest received Do I as the non-tax payer just enter half of the final interest received figure on my tax return? Thanks in Advance
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Tax on divorce settlement?
On divorce my settlement was money from the value of our shared house (no mortgage). He managed to settle without selling the house from savings handing me nearly £90k to my bank account. This was all done through the solicitor and documented etc. Im now in the process of buying my own house for which im using the whole of…
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partnership statement
Hi, I need to submit a partnership statement. I'm not sure what the date for this is. I didn't do it right last year and ended up getting myself and my dad fined £480 each! Wiping out any profit we made (selling on eBay). Can't afford to be stung this year (pretty much stopped trading and made £9 each - going to close…
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Tax Newbie - questions
Hello, I was made a director of a Ltd company (not one I am employed by) just before the end of the last financial year. I received a dividend for that year, which I now need to declare. So, I have contacted HMRC who are sending out details on my self assessment. They say that because I only just declared myself a…
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Claim expenses on second hand goods
Hi all. I'm a self employed freelancer. I need a new laptop and dont want to go to the expense of buying a new one. My cousin is selling her old one. Am I able to buy this and claim it as an expense on my SA form? If so, what would be acceptable as a receipt? Thanks
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Capital Gains tax on rental property
I posted this on the property forum but this might be a better place. If you sell a property, that was once your residence but then let for say 3 years, when you come to sell it do you pay CGT and if so how is it worked out? Thanks
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Am I Paying too much income tax?
Hi Everyone I am new to this website and wondered if anyone could point me in the right direction. Basically I am re-evaluating my life and I want to start planning/fixing my future. I am 31 years old and worked full time for the last 12 years however feel like I have nothing to show for it, I think I am going through an…
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Giving a lump sum to a friend – Are there tax implications?
I’d like to give a lump sum to a friend, not a spouse or family member, and was wondering what are the tax implications? I understand that Inheritance tax is not an issue, since if I were to die within 7 years my estate would be less than £325,000. However would the friend pay tax on the lump sum gift? Or if they invested…
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1.4% credit card fee an allowable expense on SA?
Hello, It's that time of year again where I hand over too much money to HMRC! Does anyone know if the 1.4% transaction fee HMRC charge for paying by credit card is an 'allowable expense' for my next Self Assessment? I've tried a search here and elsewhere, but haven't been able to find a definitive answer. TIA :)
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Reclaiming Tax from a pension lump sum
Hello I recently cashed in a retirement investment account and had to pay tax on part of it. They issued me with a P45 with the details. I am currently employed. Should I send the P45 to my local tax office, or should I hand it in to my employer for tax adjustment purposes?
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Why do HMRC need to know interest earned with banks?
I don't understand when filing a tax return for self employment why they need to know my current and saving bank account interests earned for the year. Tax has already been deducted within the accounts so no need for HMRC to tax again or am I missing something ?
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Getting married - CGT of 2nd home
Hi there. I’m gettingmarried next year:beer:, which is great new but unfortunately it might have a negativeeffect from a tax point of view :o . Girlfriend boughther house 10 years ago for £80K it’s now worth £110K . . . . so £30K capital gain. The house is in her sole her name and she hasbeen renting it out for the last 4…
