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Tax on work allowances after 2 years - advice please
Hi guys, hope this is the right section... I'm after some advice please. I get paid, on top of my monthly salary, an allowance of £200/week (grossed up for tax) for working way from home. My "temporary" 6 month detachment will have lasted 2 years come September - and I've been told that after this time my Allowance becomes…
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Tax on 1 year in Australia
Hi, I am currently working as a higher rate tax payer in Australia. I left the UK in Feb 2012 and will return in March 2013 having visited for a week in November. This was a planned 1 year contract abroad. Whilst in Australia I have received tax benefits via LAFHA (living away from home allowance) and salary packaging…
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Rental Property Income.
Hi all, My mother has a rental property which my husband and myself manage on her behalf. The income from this property she has decided to gift to myself. She has payed income tax on this money for 2011/12 via self asessment. From April this year HMRC wil take income rental via PAYE and she has just received a K coding…
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Funding children in University with shares
Help! I have been saving for a long long time to help fund my daughters at university. I have one going this year and one the next so 2 years of both of them away at the same time :eek: I've been saving by a sharesave scheme. In year one I might just get away with not exceeding my capital gains tax limit. In years 2 and 3…
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Profits from Club sale
Hello everyone. I am a member of a non profit sports club which decided to sell their land. Each full member will receive an equal share of the overall sale. We could potentially get £40,000 each. Can you inform me of the best way to 'declare' this to the tax office and the best way to maximise my share of the money. Many…
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Working in Jersey
I am just about to take up a new job in Jersey working for a global legal services firm. I will be 100% based in Jersey and will be living there. I will only do the odd day back in the London office once or twice a month max. I am being given J-category status. I have a couple of questions: 1. There is the opportunity that…
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Tax Liable on a property sale ???
Unsure on the following tax implication... A friend of mine has asked but im unsure so i though i would ask! Scenario is: Grandparents bought their council flat. Their children raised themoney and paid for the purchase. The agreement was that when the grandparentsboth died the flat would be sold and the funds split 50/50…
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Importing Foreign Currency
Hi, obviously you can tell I'm new here as this is my first post and thread. I was wondering if I was to import foreign legal tender coins (American coins, the reason being the Post Office and Bureau de Change's in my area don't offer coins only notes! I'm a coin collector.) would I have to pay tax on them or not? I've…
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Fuel efficient cars
Just a quick question. I am reasonably sure that I am not missing something but the capital allowance regime appears to have gone through many changes since I ceased practice about four years ago! It used to be so simple! Client buys fuel efficient car below 111g/km cO2 emissions before 31st March this year, He can claim…
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Tax cedits , can you take off pension from earnings ?
As header, when you submit your earnings can you take off payment for a company pension ? Eg earn £25k and pay £1.5k into a company pension , so you declare £23.5k as earnings , or do you have to declare the £25k I've tried to search tinterweb and cant seem to find an answer apart from pages and pages of stuff i dont…
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PAYE Tax Code 2013-14 help
Hi guys, Quick question, can anyone tell me roughly what my Tax Code will be for 2013-14: I have an underpayment from 2011-12 of £601 being collected through my code. I also have additional allowances: Flat rate Expenses £60 Professional Fees/Subscriptions £134 This would give a "normal" tax code for 2013-14 of 963L I'm…
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Accountant's liability
Hi. I have an accountant, but if he makes a mistake on my self assessment form or gives me the wrong information (such as what I can claim for) whats the feasibility of getting any HMRC fines off him? Is it a long drawn out process, or is it relatively quick? (I have very simple self employed accounts).
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Will I have to pay customs charges?
First of all I'm not sure if it's in right section this but if it is then hooray me :) Ok I want to know if I'm going to have to pay ANY fee for an item I might get sent by a friend soon from America. The item is a small plush tiger toy, doesn't weigh hardly anything, and she received it as a gift herself and she wants to…
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Tax on rental income
Hi, I am in full time employment with salary of £35,200. I am about to start buy to let. I just wonder do I have to pay 40% tax on profit of rental income as part of my income will be charged at 40% according to new tax bracket of 2013-2014 according to following link http://www.hmrc.gov.uk/rates/it.htm I would appreciate…
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CGT on Inherited House
Hi Guys, My Nan is currently in the process of rewriting her will to leave me her house as I am her only surviving Grandchild and my father is no longer alive. The house is worth in the region of £200k and I've been doing some reading about CGT if I sell the property after she passes away (sorry if this sounds morbid but…
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Stamp duty on share(s) - Probate
Hello I hope someone can help: I am in the process of trying to transfer some shares into my name after being granted probate. I can not work out if I have to pay stamp duty or not, from what I read anything in excess of £1000 is liable. As I have already paid inheritance tax is this correct? it seems like a double whammy?…
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Overpayment of tax credits ten years ago
Hi, someone I know has just been contacted by the Tax Office saying that in 2003/04 they were overpaid tax credits and the taxman is asking them when it will be paid back ! They were told by the tax office how much they were entitled to so it's the Tax Office's mistake. Can they go back that far for a repayment ? Can my…
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How do I convince the tax man I didn't get paid 42k for 10/11?!
How do I convince the tax man I didn't get paid 42k for 2010 - 2011? The Tax man thinks I got paid 42k which is 20k more than I actually got paid. Obviously I only paid tax on the 22k I actually earned but now they are expecting me to pay them another few 1000 tax I "owe" them. I have sent them my P60 for that year as well…
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Tax code on PAYE - who is responsible?
Hi, Back in 2008 I started a new job, with a new salary, which moved me between tax codes. As I had no previous salary reference, and paid little attention to the tax code on my wage slip as I was PAYE, I just accepted what I was being paid as ok and carried on regardless. 2 years after commencing employment I had to get a…
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Tax code and Gift Aid
My tax code for 2013/14 includes £420 for higher rate relief on Gift Aided charity donations. How much does that assume I make in donations? Is the answer as easy as £420 or (as is usually the case...) is it not as straightforward as that?
