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Allowable expenses against Rental Income?
Hi guys Can anyone advise what of the following expenses are allowable against rental income please? Background, parents passed away 2 months apart leaving us their rental property and their residential property we have also now rented out. When my father died 2 months after mum, we had to get a specialist cleaning company…
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Second income, pay less tax?
I work in IT and have been offered the opportunity to earn a second income working alongside my full time job. The extra income will all be taxed at the 40% rate, and I assume I would have to pay student loan and NI contributions as well, so i'm looking (according to the calculator) to only see about 50% of it at the end.…
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Interetance tax for children? (owner is a widow with kids)
Question about a widowed dad. House is bought outright (no mortgage, as it finished years ago. The property owner is a widow who has 3 sons, all 18+, living there. The property deeds have the male widows name on the deeds only (his wife was removed from the deeds when she passed away) Questions If in the future when the…
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Potentially Exempt Transfers
Does the 7 year rule applicable to a PET refer to Tax years or Calender years?
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New Tax Code question
My Son has 2 jobs a full-time job that he has been in for almost 2 years salary around £15K and a part time job which he currently earns about £500 a year, although the second job will end in April. He has just been sent 2 letters one for each job and both say his 2013-2014 tax codes will be BR. Surely one code should show…
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Real time PAYE question
Hi everyone, sorry if I'm in the wrong section. Just a quick question. I know the PAYE system is changing to real time in April but will I still be able to get paid weekly by my employer like I always have? Many thanks
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Is inheritance tax payable by grandchildren
If I die and leave money in trust for my grandchild would that be taken into account when reckoning up for inheritance tax or would the amount left to the grandchild be exempt? thanks
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How do I pay tax on small extra earnings?
Hi guys, I'm full-time employed at the standard rates, and earn over the tax-free allowance. I also do some work on the side, more of a hobby, but it'll net me in the area of £500 - £1000 a year. How do I go about declaring that and subsequently paying tax on it? I've tried reading the HMRC website, but... wow! I have to…
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Overpaid tax - is it really too late to get it back?
I've found out I've been paying too much tax. The HMRC office have very quickly sent me a cheque (from 2008-2012) to rectify the problem - but I think their records have been wrong further back than that. I'm a PAYE employee but, they had me down as receiving investment income, which they've been taxing me on....even…
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NOVA tax rebate phone call
About 2008-10 I was a temporary worker and paid through NOVA who calculated my tax weekly allowing for travelling expenses etc. This morning I received a phone call from OBK, apparently the preferred accountants for NOVA saying that I'm owed £346 as my expenses submitted outweigh the tax I have paid and offering to claim…
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Gift Aid donations and extending basic rate band
Can anyone clarify the rules for extending the basic rate band due to gift aid donations? If someone made donations to a registered charity but did not sign any forms confirming that the charity should treat it as a donation and claim back the gift aid tax, can these still be used to extend the basic rate band? Thanks.
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chasing tax man for rebate
ltd company dissolved tax rebate owed to me , hmrc say thay are not alowd by law to investigate this matter as company is dessolved. any help out there ?
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CGT anti avoidance rules re 06/04/2013
Relating to persons leaving the UK in order to avoid paying CGT. The new rules (book) can be downloaded from a proper accountants site. Plus lots of other useful info & books. I am an expat myself & ex accountant but I still don't look a gift horse in the mouth when it comes to keeping on the right side of the rules. For…
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council tax 25% discount
I just found out i can get a 25% council tax discount for being the sole occupier of a property. It sounds like they (Gosport Council) will back date this but i'm not sure if there will be a cap on how far back it can be back dated. Does anyone know the answer to this?
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How to set out a three line profit and loss account?
I am writing a letter to claim exemption from previous years national insurance as i didn't earn enough to pay tax or national insurance. When i spoke to HMRC they said just to write them a letter and include a three line profit and loss account for those couple of years. What is a three line profit and loss account? and…
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CGT payable?
Hello all. I inherited a house, 1 year ago. The value at probate was £285,000. No inheritance tax was paid. My best guess is a rise to roughly £300,000 given what other similar houses have fetched recently. It has been rented out in this year, and never has been my primary residence. For the past 5 months I have lived on a…
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Which Tax Year?
Hi, don't know if anyone can clarify this for me? I am about to update my income estimate for this tax year (2012/2013) with Tax Credits. In my second job, I am paid four weekly. My pay day will fall on Friday, 5th April 2013 (tax year 2012/2013) and this is the day my pay will go into the bank. However, my wage slip will…
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P11D at HMRC different to my version
Hi all Got my new coding notice this week, and I'm being charged quite a bit for a previous underpayment. Spoke to HMRC and they think that I got fuel for my Company Car for the tax year 2009/10. I've checked my copy of the P11D for that year and no fuel is included, my Payroll dept have also checked their copy and it says…
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refund for thousands of employees advice needed asap!!
Hi all, I work in the pub industry and am provided with accommodation at a cheap price.I pay council tax and rent but only totals about 50 pound a week. I am on the verge of claiming back 1000's of employees expenses laundering there own uniform for work.I'm clear on the process of this. What I need to do is a sample claim…
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filing on line
my wife started work last september as an employee not self employed.this is the first job she s had in this country for a long time.she asked me to set her up an online account for filing her taxes.the online regestration asks for a UTR will she have one of these as a cards in employee. thanx