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Inheritance Tax Rates...
Hi all, just a quick one. Is there a different banding for inheritance tax? My Partner inherited £***k recently as did her brother and her sister. She has received a tax bill for exactly the same amount of tax as her brother and sister. Both her brother and sister were employed at the time and she is not....hasn't been…
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Council tax payment method
I've recent moved into my first rental property since coming out of university and I was wondering whether you have to set up a direct debit to pay the Council Tax in monthly installments rather than 2 lump sums over the 6 month period? It's a bit late for the place I'm currently renting but this will be helpful for future…
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What does a 75% tax rate look like?
The media (BBC included) are making it seem like French people making over something like €1 million (I forget the exact number) will be "taxed at 75%". In other words, making it look like they'd be receiving €250,000, and paying €750,000 in taxes. Not true! They're not mentioning that it's a progressive tax, where only…
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HMRC Nightmare
Advice Please. I have just received a notice of underpayment for nearly £1,000 from the HMRC relating to the tax year 2008-09. This was a cheque they sent me in October 2008 but are now saying this was sent in error and want the money back before the 22nd January. I understand there is a 4 year limitation on errors but I…
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Landlords & Council Tax
My husband has a house which he is hoping to rent out once it is re decorated and prepared for rental. Presently he is enjoying a 6 month break from council tax as the home is vacant. If he does not manage to get it rented out within that 6 months will he be entitled to a 25% reduction on his council tax charge as he will…
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Tax on Personal Injury Compensation?
Hi, I'm due to receive compensation for an injury caused in a car accident and was wondering if anyone knows if I would have to pay tax on the lump sum? I've tried google but cant seem to find an answer and it's going to be playing on my mind all night. Thanks in advance :)
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Tax bands/codes for higher salary?
Hi all, I am after some major help as I have just suddenly had something occur to me that I don't think is a great situation! I applied to, and was offered a new job recently, a promotion. My salary at the moment is £28k. I will be moving to a salary of £42k. Whilst trying to re-work my budgets etc for the next year it has…
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Higher rate taxpayer?
Rather than hijack someone else's thread, I thought I'd start a new one. For the tax year 2013-14, will I be a higher rate taxpayer? Gross income £42730 (3560/mth), but I pay pension contributions of £670/month. I know that the 40% band is payable from £41451 gross income, but do the pension contributions bring me back…
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self assesment tax help
Hi All, I am currently both employed and self employed. At my main employed I estimate I will earn 8k for the year (its only part time) and around 6.5k for my self employed. I am trying to work out my tax due to make sure I have enough money set aside. So my calculation looks like this 14500 - tax allowance £8190 (2012 -…
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Self assessment professional subscriptions
Hello Just filling out my self assessment tax form online with deadline looming. I cannot see anywhere to put in professional subscriptions as a deduction. I know I can claim as a deduction as I have done in the past but just cannot find the right part of the online form to enter them. Has anyone any ideas? Thanks
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Self Assessment HELP for Newbies
change of mind
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Extra income before tax
Hi, Looking at my payslip for last month, I noticed that I received an extra £3.12 before tax. In front of it it says "Dy Dv Eq". Not that I am complaining, but out of curiosity, does anyone know what this refers to ? Thanks Nuriel
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HMRC Payment NIERS Query
Hi All, I currently have a job in which I work for the Local Council (contract / classed as self emloyed) which I found through an Agency in which I pay an Umbrella company to deal with my Tax and N.I etc. However, Tax, N.I and ''' HMRC Payment NIERS ''' are being deducted from me each month, for example this is my…
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Self-employment - reimbursement of mileage costs
For someone who is self-employed, what is the position as regards reimbursement of mileage costs? Dad has recently started doing some freelance work. Along with the fee for doing the work, he also claims mileage which they pay, presumably at HMRC rates. How does this need to be recorded and shown on the tax return? Is it…
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Help! Capital Gains Tax And My Property
Please can you help!!!!!!! I own a property worth around £115,000 (It's in my name exclusively) In May 2010 I moved out of the property following the breakdown of my marriage and my wife remained there. She has now moved out as of December 2012. I have put the house up for sale. I have got conflicting messages one person…
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commuting costs and tax
I know that commuting costs are not tax deductible expenses but I have just been offered a job which will require me to work in a number of locations including a head office of the company in London. I think that I will work around 2-3 days in London, 1 day from home and 1-2 days in a number of branch offices close to my…
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Underpayment of tax on PAYE
Dear all, For the last two years I worked as a junior doctor in the NHS. My tax was calculate under PAYE by the hospital and deducted from my monthly salary. This April I moved to Japan as I have a new job there. I received a letter from HMRC saying my past employer (NHS) had placed me under the wrong tax code for my last…
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Paying tax on savings...twice (self employed)
Can someone please explain to me why I have to pay tax on my savings twice. The bank take their percentage and then when I fill my self assessment out I have to state any interest I have been given and then once I have filed my tax return the inland revenue take their percentage from any interest I have recieved. Seems…
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CGT on property I don't live in.
Hi, I bit of a CGT question here which isn't the easiest of scenarios. I've been reading the CGT rules and primary residence relief amounts etc. on the HMRC website but not sure whether my position was the same as someone who owns two properties or has a buy-to-let property. My case: I jointly own (50% with sister) a…
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Self-employed - ltd Company or no ltd Company
Hi, I am newly self-employed. I expect to earn around £60000 this year from a couple of consultancy contracts. I invoice my hours and am paid within 30 days of the invoice. Currently my customers pay me as an individual. However, I have been advised that setting up a ltd company and having my customers pay me through that…
