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IHT on parental second home
Hi, I have a question pertaining to IHT on a second home which my parents own and which is currently rented out. To minimise IHT I believe they can gift that property and then we're on to the seven-year-rule as to whether any tax is due. I also believe they are not allowed to gift the home and receive any benefit from it…
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Tax Code Change ?
Got my pay slip today and saw that my tax code has changed from 810L to 944L what does this mean in tax terms also this is the first time tax has being stopped from my pay in this job which i have been in for about 5 months before that i was on JSA
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Tax Code 0T
I posted this on the wrong board to start with, sorry for the double post :o For some reason my tax code on my last p45 (from job centre) is 0T - from what I can deduce on the internet this isn't the correct code for me and is usually used when people fill in a p46 - and then it gets sorted out a month later. Does the same…
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SA repayments
How long do you normally have to wait for them I done a TR on the 7th, on hmrc webste it says bank repayment pending....
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Claiming expenses
Can somebody help me, my husband registered as Self Employed back last May under CIS. I have today put his accounts in and was wondering how much of his expenses he will let back. Couldn't believe how much he has spent out this year, there is not a lot between what he earnt and what he's paid out :(
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tax relief for an employee?
Hello, I am a bit clueless with this kind of stuff and wondered if anyone could offer some advice. My partner has worked in his job for the past 7 years and works mainly from home. He has only just found out that he can claim for expenses like electricity, and I believe it is £4 a week. I have had a look on the hmrc…
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Tax Issues
Can anyone tell me the penalties for the unpaid tax?Any assessment appreciated. Thanks...
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Gifts - Will the recipient be liable for tax
I am aware that I can give around £3000. a year Rather than give a yearly lump sum, if I give £250 a month to my child (who is working and paying tax - just the standard rate) will they have to declare this as unearned income and pay tax on this gift ?
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Starting a small business - personal loan and tax
Hello everyone, I'm new to the forum :) I'm starting up a small business (sole trader) where the main asset of the business will be a vehicle which I am buying using a personal loan from my own bank. I get a good rate and it's quick and easy compared to seeking a business loan... My business bank account is with another…
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Online SA and Capital gain tax
I'm filling in my self assessment online and have a capital gains question. I sold a trademark and domain name together for £20,000. The online form says a must fill in a separate capital gains worksheet for each asset sold but I sold them together. Should I split the value between the two items or can I list together?…
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Rebate
Hi all. Just a quick question. I phoned up about a rebate today and it was confirmed that I was owed. The person on the phone told me that a check is going to be sent. however i forgot to confirm the address that it was being sent to. I tried calling a gain to confirm but was told they could not access this record as it…
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New Tax Allowance
Hello! First post, but I've used the forums for many years. As the tax threshold has just risen to around 9400, I was just wondering, will this take effect immediately? Or Do we all have to mess about changing our tax codes to 944L? First time I've been in a job where I actually earn enough for this to concern me... Cheers!
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online tax calculator
I have tried to find a (free) online tax calculator which will calculate tax if some of the income includes dividends. The only ones I can find only have salary etc.
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CGT on gifted first property?
In 2006/2007 my mother inherited a property, which would be classed as her second property. She instantly had the property signed over to me and my brother to get us onto the property ladder. Cutting a long story short the property was in such a state we literally had to demolish it and have it rebuilt to building regs. At…
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Termination package at work - tax implications??
Hi, I'm about to accept a termination package at work but an element of it they want to tax me on (its the maternity element, I'm 29 weeks pregnant and basically they are paying it me all upfront) They are saying that although they are taxing me on it, next year I will get a tax rebate for it anyway so they are effectively…
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Bonus Tax Help!
Hi, After a little advice! In last month (March 2013) I received an annual bonus of £3,100, which was nice! However, as usual the tax man took a big chunk of it, but I noticed that due to the amount being paid to me that month (£5,259), I paid 40% tax on a portion on it. As this is my last payslip of the financial year, I…
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Council Tax - 2 people, 3 properties
Hi - I am hoping you might come up with a bright idea of how to minimise council tax for a working couple with bills across 3 properties. Properties as follows:* Property A - we privately rent and live in this one * Property B - a flat owned by my fiance, which a tenant has recently left. It is currently untenanted, and we…
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Mileage for business travel, can I claim?
Hi, I have just started a new job, in which I travel a great deal (at least 500 miles per week) I have a car allowance to the value of £400 (before tax) per month and then can claim the huge amount of 20 pence per mile (I know, wow!) :( I have never completed a tax return, so am a bit clueless when it comes to tax, but am…
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Rental property tax
I bought a buy-to-let property in Aug last year, the house was in need of a full refub so has not been let in this time. I understand that interest payments on my mortgage can be taken off my income, I obviously haven't had any rental income yet so am effectively at a loss. My mortgage interest per month is £270.58 which…
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Consultancy and which Tax year?
Hi, My main income is via PAYE and I have recently been undertaking consultancy work which will span more than one tax year. however, I will receive the consultancy payment when the work is complete. When do I need to complete a self assessment tax returns? Can I split the work done over two tax years on an accruals basis?…
