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Tax Records
I just wondered if anyone could confirm how long you should keep records for tax purposes if you're self-employed. On the HMRC website it says five years from the last date you could have filed your return: http://www.hmrc.gov.uk/sa/rec-keep-self-emp.htm (It's the second to last section at the bottom of the page). I've…
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Set up Ltd company to let out property?
Are there benefits of setting up my own property management company (Ltd) to let out my property? I was thinking of setting up my own property management company (private Ltd) as a potential way of reducing my tax liability on rental income from letting out my property. The company would earn all the rental income, settle…
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Car allowance and child benefit
Hi, I currently earn about £51,000 + £6000 car allowance. I pay 40% tax on the £6000 so i come with £300 a month, I've paid for the car i drive and its worth about £15000 so my only outgoings a month are about £50(road tax,insurance + running costs). Now I can go into a company car therefore lose the £6000 and basically…
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Tax on large gifts
Looking for advice on tax on cash gifts. My partner has a 100k share of her mums house, although this is not in name, it is only a mutual understanding that when her father died, he wanted my partner to have his half. The house is going to be sold and my partner will be claiming her half. How can her mum gift this money to…
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Query re P$5 Part 1A and Tax
My wife has received a letter from HMRC stating that in order to work out if she has paid the right amount of tax in 11/12 they need a Form P45 Part 1A, that shows pay and tax details when leaving work, from her previous employer. She did a small amount of work for which she was paid £1500 in total over the course of 4…
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NI2 Contribution
Originally when I started my self employment I was in work and had registered for the NI2 exemption. After a few months when I decided that I would do this full time and leave the "day" job I quickly got in touch and was advised to send my NI2 exemption certificate back, which I done in May'11. HMRC, after months of…
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daily subsistence allowance
What is the daily subsistence allowance you can claim for meals when you are working? I think it used to be around £5 per day or so but I can't find it on HMRC site. Thanks
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Inheritance Tax and "Tennants in Common"
Looking at changing our deeds from joint tennants to "tennants in common" and updating our wills to reflect this, to try and reduce any IHT when one of us passes away etc. This i can see, can now be done online these days for a reasonable fee (£25), but i want to go a bit further and set up our wills so the first half goes…
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I'm I too late to do a tax return? Advise needed please...
Not sure this fits in the Cutting tax forum but i can't find anywhere else to put it so here goes.. Basically for the last couple of years I've been running a website which makes money from online adverts using Google Adsense. When I first launched the website about 3 years ago I made around £30 a month but over the last…
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Buy to Let Income Tax Advice.
Just after a bit of tax advice. I have nearly paid off my current home and am thinking of buying another home to move into with my wife. My wife is not on the deeds of our current home. So I am thinking of buying a new house for 200k - to pay this by (in simple terms) 100k repayment mortgage and 100k on my current home on…
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Self Employed expenses - Packaged account Bank Charges
Hi guys Got a Halifax Clarity current account with a £15 bank charge and £5 monthly credit if £300 is spent on it. I have 30% of Business transactions going through them. Can I claim £3 per month as a bank charge? = (15-5)x30% Thanks
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Self Employed Motoring expense - WDA & Depreciation
Hi guys, I really need some help. If possible please double check my calculations: I am self-employed and pay Income Tax. My accounts are drawn up for the year to 5 April 2012 and I spend £20,000 on a car that I use 40 per cent for my business that has CO2 emissions of 165g/km, is the calculation as follows: Tax…
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Cgt on property rental
Hi Can anyone shed any light as to what the rule is on CGT on rental property please I have owned a property for 24 years with no morgage and i am thinking of renting the house out for maybe 10 years what CGT will i have to pay if i then decide to sell it in 10 years time. Thanks for any reply's regards :j
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Tax strategy for maximising self-employed income long-term?
I'm employed and do some freelance web content writing work in my spare time. Have done now for a few years, and employer is fine with it. I don't do anymore than about £6k gross, have almost no expenses and pay a flat rate in tax. I'm thinking there might be a better more advantageous way of using this extra money in the…
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Mileage allowance - can anyone help please?
I wondered if anyone can help please? My husband started a job in July, he uses his own car to travel for work. He gets 25p per mile from his employer and was told he could claim and additional 15p business mileage allowance. Does anyone know ow and when we do this please. Many thanks
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P11D issued incorrectly for 11/12 is going to leave me with a whopping tax bill
You can call me stupid if you like but I'm only just finally getting round to doing my self assessment online this weekend. I put all my numbers in and pressed 'calculate' only to find I had a whopping £1,400 tax bill to pay by the end of the month. After flapping and sweating for a while I narrowed down the error to my…
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Enough time to fill in a self assessment form?!
I am a full time PAYE employee and have been doing freelance work independently of that since July 2012. Tax wise, I assumed I could just wait until near the end of the tax year, April, before declaring the extra income and filling out relevant forms to pay tax owed. It’s only in the past week that I’ve been reminded that…
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Concerned about self assessment
Hello, I need some help to put my mind at rest. I started working as a courier last February but am technically self-employed so have to do tax/ni myself. I am subcontracted to a company who pay me a drop rate per item that I deliver. I use my own car for work and personal use, though mainly (90/95%) for work. I have kept…
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Self Assessment - money earned in the old tax year but paid in the new
(as in which tax return year should it be showed on) Hi there I would appreciate some advice - trying to work out my earnings for the tax year 11-12 - just wondered what happens when there is an overlap. For example if money is earned on 1 april 2011 but not paid until the new tax year 6 april or onwards then would it be…
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Motoring Expenses for Self Employed
I was wondering if anyone can clear this up for me. I am currently self employed (have been since 2009) and have not been claiming mileage on my self assessment, mainly because it's not very clear and I don't want to take the risk. The majority of my work comes from 1 client, who I visit 3-4 times per week (12 mile round…
