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Doing private work - advice required
I will be leaving my current employment on Friday 22nd March, and starting my new employment on Monday 25th March. I have been doing some extra work at my current place of employment for a colleague since last November, for which I am paid additionally at my normal hourly rate of pay from a separate fund, and this appears…
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Tax questions
I have discovered I owe the tax man a bit of money for a pension I have wrongly claimed tax relief on. But Have been looking on the inland revenue site and there may be some other things I cam claim on to off set some of what I own. For instance I work from home all the time. I have been paid £15 a month by my employer on…
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IHT and PETs
I have read a great deal on potentially exempt gifts and inheritance tax recently but would welcome clarification on one point, please. Mr X makes a lifetime gift of £200,000 each to son A and daughter B and then dies within the first year of gifting. He has the £325,000 IHT allowance. 1.) The way I read it is that as EACH…
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How to calculate reseller profits for self-assessment
Hello! I am having a headache with my tax accounting. Last year I started a small online business reselling vintage jewellery, but I am incredibly confused about how I am supposed to calculate my profits for the purpose of the tax return. I just assumed that my profit for the year would be calculated by my total takings…
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Paye coding question
Hi, I am a higher rate tax payer and in early Feb had just had my code changed from 810L to 877L for this tax year 2012/13. Just looked at my pay, expecting an extra £670, but instead, only saw £150 extra :( HR seem happy that it's right, should I be concerned? Is it that I'll get the rest back in my next pay? Thanks!
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council tax
My OH is going to be working abroad (for at least 10 months). This will mean that I am the only person living in our house. Would I be entitled to a 25% reduction in Council Tax? He will continue to be on the deeds of the house, he will have his name on the mortgage, and he will be coming home for visits (but only for a…
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Private residents relief. Property development
Has anyone had any experience with cgt on property developments? I would like to jump on the housing ladder in a few months, buy a run down house to renovate sell and move on, hopefully moving up the property ladder. I intend to live in the houses whilst doing them up. I would ideally like to do 2 per year. On HMRC website…
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Import rate from Liechtenstein
I hope this is the correct section. What is the duty and vat rate for importing from Liechtenstein. E.g. I import £1000 of goods from most of Europe I would pay no VAT when importing the good with the exception of Switzerland which attracts 20% so is Liechtenstein 20% or like most others 0% as the vat had been paid in…
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Nurse - newly self employed and havent got a clue!
HI I have been a nurse over 10 years now and always worked for the NHS so never had to worry about anything as paid PAYE through my NHS employer. I have had to now become self employed as I consult for the nursing and midwifery regulatory body on an ad hoc period (about 20 days per year). I need to do some extensive…
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Partially defer capital gain from a compulsory share sale into next year?
A company I own shares in is being acquired and all shares are being 'sold up' at the company's sale price. This is due to happen before the 5th April, which would mean I have to sell all my shares in one go, thus benefiting from only one year's capital gains tax-free allowance. Prior to the sale being announced, I had…
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Retiring early P45 & P50 forms
I stopped working 3 weeks ago as I felt I had enough of work and wanted to retire early. I also have a decent occupational pension from my employer previous to this employment. I've just received my P45 from last employer and part 2 says if I'm not claiming JSA or ESA (which I am not) I may be entitled to a tax refund and…
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Tax record and demands for payment
Hi. I got a tax demand from Norway today, demanding payment of tax from the years 2001 to 2006, or they will make an attachment to earnings. I only worked and lived in Norway from Nov 2001 to April 2003 and tax was taken of my wages by my employer. Pre Nov 2001 I was living and working in the UK paying tax PAYE and making…
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Is this classed as business mileage?
Hi, I am hoping someone could shed some light here as i'm a bit confused. I work full- time for a business which have 2 offices. Most of the times I'm in the 1st location, but I am being send to the 2nd location which is 16 miles return trip every other Wednesday. I am not paid any mileage or any extras for doing so, so I…
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How and when capital gains?
Hello everyone, sorry if this has been asked before but how and when do you pay CGT? Basically I've inherited half a property which today has had an offer 25k over probate value (not quite excepted yet as there are 4 people bidding and you know what estate agents are like) My understanding is that we each can have £10,600…
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Couple basic accounting questions please
My gardening business start date was 06th June 2012, however i was purchasing tools, printing, stationary etc from an earlier date of 14th April 2012. Can i claim against this stuff ?, if so, do i date it when i purchased them IN April or should the date be at business start up date ?? Secondly - I have a lawn mower that i…
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Job relocation causing issue with UK tax free benefit
I worked for a company in the UK and relocated with the same company to the US. One of the benefits was a share save scheme, I invested a certain amount a month and for every share I purchased the company matched on a one for one basis. Providing you held these shares on a rolling basis for 5 years, when sold they would be…
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Paying tax on ppi refund interest
In the last few months my husband and I have made complaints for mis-sold PPI and as you can see from my signature four out of five have been upheld. In two cases the company has taken the tax on the 8% interest out for us. That leaves us needing to contact the taxman and pay the tax on the other two. We are waiting for a…
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Transferring sole trader business to corporation
I set up a very simple consultancy business as a sole trader (schedule D) about 20 years ago which I now want to transfer to a limited company which I set up a few months ago. As I understand it, the limited company can pay me cash for the goodwill (i.e. customers) and I then pay 10% capital gains tax on this amount…
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Tax code 647L
Hi Just noticed that my partner is on tax code 647L........is this correct?? Thought tax free allowance had increased form this quite considerably
