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Tax on Rental income
If have a tenancy in place that runs from the 1st of the month when it comes to Aprils income do I pro-rata it for this tax year i.e. just declare the 5 days of April for 2012/13 or put the full amount for April in this years taxable income........or does the taxman not really care providing for next tax year I follow the…
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Tax on rental property
Hi I rented out my property in 2011 after moving in with my partner. We married in October last year. I moved to an interest only mortgage in June last year, so up to that point was not making any profit on the rent. So I am now looking into the Tax implications. I have found out that I needed to declare my letting even at…
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How long does an overpayment refund take?
Hi, I accidentally overpaid my tax for 2011/2012 due to paying the whole amount on my calculation, not realising I had already paid almost all of it via payment on account already. I submitted the refund request on 23 January. Today was the first day I was allowed to speak to a real person at HMRC about it because you have…
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New to Self Assessment - Child Benefit
Hi, I registered with the tax office for self assessment, as my total wage and benefits in kind (private health and company car) put me in the low £50k's. The letter the tax office sent back said that they will be in contact nearer the time that I need to do my SA. Does anyone know when this would be? I'd also like to know…
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claim tax back on roof
my uncle rects out his flat and the roof has to be replaced or major repair and his cost is £5000 can he claim it against his tax
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PAYE to Contractor/SE in same tax year
Hi guys Been on phone to IR via 3 numbers and got nowhere.. Deal is until 2 weeks ago I was PAYE with previous employer. Now contractor for diff company so obviously have to do own tax etc. What I basically need to know is, given I've changed in this tax year/before April is, when will my contractor tax need to be paid?…
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Tax rebate after redundancy?
If someone is dismissed without notice due to redundancy (store closing down) and has not been paid any wages since mid January, might they be entitled to claim a tax rebate for the 2012-2013 tax year if they do not work for the remainder of this tax year? Basic rate tax payer aged 54, no savings/other income, living…
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Direct Selling Campaign - Anybody received a letter?
I received a letter this morning regarding the HMRC campaigns for tax, but as far as I'm aware I submit my tax return each year and pay anything I owe. I'm wondering if a letter has been sent through the post to everyone?
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Week 1/Month 1 Tax Code issued by HMRC after closing JSA Claim
Hi there My fixed term contract employment ended on 14th April 2012. I subsequently claimed contribution based JSA in May 2012 which ended in November 2012 and I signed off. HMRC issued me with a P45 with an "X" in the box for week 1/month 1. (Box 6 on P45). I have found a job and start on 28th February 2013. It's only 2…
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Maternity, am I entitled to a rebate?
Hi, I am currently on maternity leave on SMP only, my Tax code is 810L and this month my tax effectively paid me £34.80. I may have misunderstood this but annual tax free allowance is £8105, divided by 12 is £675.42 per month, I earned £541.80 and paid £39.55 pension (which is taken pre tax) my tax was -£34.80, I still…
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Organising Prop Portfolio to minimise CGT
Hi, I hope that this is the right forum to place this question (its my first q). I'm hoping to get financial advice. In summary we are asset rich but cash poor and need to reorganise our finances so that we can raise some capital to purchase an apartment Our portfolio House approx value £240k no mortgage Rental prop -…
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Inheritance tax question
About 7 years ago my stepmothers brother died and his estate was valued at approx £1.3million........this money was left to some relations in Canada......however until my stepmother (his sister) died the money was kept in a trust and she received monthly interest payments......my step mother has now passed away and…
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Just a Simiple Question
I just wanted to check that redundancy payments and money inherited are not subject to tax. I was made redundant in 2008 got around £7k and again in 2010 got around £4k. I also inherited some money from my father, the orginal will left everything to my mom, but she had some sort of trust drawn up so half of my fathers…
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Meal break tax allowance question
Hi, I work on the railway and recently we found out that we could get a £500 allowance per year on our tax for meals taken away from our depot (every day). Some colleagues have received money for the last four years ranging between £400-£800 and have had their tax allowance for the year raised by £500. Now though the tax…
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Late Tax Calculation Fairness
On Saturday I received my tax calculation for 2010/11. Nothing wrong with the calculation as far as I can see but there is a significant amount of tax due. · I submitted my paper tax return on time, before October 2011 so that HMRC would do the calculation for me. · I indicated that I wanted any tax due collected through…
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I am Higher Rate Taxpayer (40%) should I be filling a tax return?
I am a PAYE higher rate tax payer - salary around £56,000/PA. Should i be filling out a tax return? I was chatting to a chap at work and he thinks I should be. I am also paying pension contributions - should i be claiming these against Higher rate tax. How would i go about doing this? Thanks.
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CGT when changing main house to BTL
We have lived in our house for over 15 yrs due to rent it out end March to buy another. I have read many stories re valuation for CGT purposes and also that CGT applies anytime between 6 & 36 months of selling from date of moving out. Would appreciate some common up to date views guys. Thanks
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Buying a car on behalf of my parents
Due to bad credit my parents would not be able to get finance on a car. If I got the car finance in my name (and registered the car in my name) and my parents transferred money equivalent to the finance payments each month. Would I then be liable to income tax? Would this come under the "gift" thing and therefore be exempt…
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M1 tax code and bonus
Hi all. I have been working for the same company for two years, and I normally get paid a regular monthly amount with a bonus paid in february. However, looking at my pay slips it seems like I was put on an M1 tax code in September last year - I'm not currently sure why this was done. According to the various PAYE…
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Property & Investment Company
First post in a while !! I have just set up a company with the intention of using it for three different purposes but all with the same theme. 1. To hold investment property I currently own 5 buy to let properties, all but 2 are mortgage free. I intend to transfer these into the limited company at tax efficient times. i.e…