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Claiming overpaid income tax
Anyone know when I'll be able to claim back overpaid income tax for 2012-2013?
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Income tax !!!! up.
Has anyone else had a letter from HM revenue and customs.This morning my OH received 3 letters one was dated 24th January telling him his tax code for April2013/April2014 will be 925L (its got a medical insurance on there of £189),which by the way he doesn't have. The second letter is dated 17th March telling him that on…
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Pay 40% tax on rental income or become a business?
Debating what to do this coming financial year. My main employment takes me into the 40% band, I also rent out a property that returns me around 6K a year after allowable expenses. Up until now I have paid AVCs to keep me under the 40% band but I have now oversubscribed and would need to buy an annuity come retirement. So…
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tax on share dividends outside ISA
hi can someone give some info on how share dividends are taxed for shared held outside ISA? is it simply treated like savings i.e. another income which will be taxed based on total earnings or is it like capital gains tax where if the total income from dividends is less than a certain amount, there is no tax to pay. HMRC…
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Father gifting his house - avoiding IHT/care home fees
I would like to get advice on the best way to avoid IHT and/or care home fees regarding my father’s house. Although he is in his 70’s and healthy at the moment, were are obviously aiming at minimising our: 1) IHT bill when we inherit his house in the event he passes away 2) Care home fees, should he ever need a care home…
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VAT debt
I am self employed and submit VAT returns quarterly, as required. Although my income is below the VAT threshold figure it is necessary for me to be registered for business reasons. In addition, when I first registered a number of years ago, my income was over the then threshold. Due to having to take some two months off…
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Paid on 5 Apr - PAYE?
My NHS pension is due on the 7th of each month. But last year, due to Easter, it was paid on 5 Apr and this year, due to a weekend, it will also be paid on 5 Apr. But my advice of payment for the new year states my next payment as 7 Apr (Sunday) and uses next year's tax code, which is lower. Are they right to notionally…
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Bonus and tax
I was wondering if anyone can help me...my work have offered me a 2.5k bonus, split quarterly if I hit my targets...so a possible £625 before tax/pension. I earn 27.5k a year basic and pay 3% into my pension (they pay3%), can anyone tell me if this will push me into the higher bracket for tax on those months I get it? If I…
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Wife non tax payer, joint saving = no tax???
Hi, My wife is a non tax payer if we open a savings account in joint name will we avoid tax or will it have to be in her sole name?
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Capital Items or Business Expenses?
Hi Purchase of Ipads totalling £658 on a partnership set of accounts (mechanic) would this be classed as capital expenditure? Also, is there a monetary limit, ie. it seems some items aren't worth capitalising such as a compressor for £100, a printer for £75. What is the general rule when allocating such items in the…
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Cgtax
Hi having been a tax payer all my life and still paying it on my pensions I have a question on CGTAX and reducing liability.? I own my present house. But have two houses willed to my wife and I. Would I be better to get my Father and my Wife's Mother to will both properties to our two children to avoid CGT liability.…
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Avoiding 40% tax rate
Can anyone help me to clarify the limit at which I will be paying 40% tax for the 2012/13 tax year (I do my own self assessment). My understanding is as follows: - The tax free limit is £8,105 and the 20% tax band is £34,370, meaning taxable income above £42,475 will be taxed at 40%. - I paid approx £3,700 into my…
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Help with BR tax code
Hi Hope you can help. I was working in a casual but regular capacity for a hospital i.e I didn't have a contract but they paid me for the time I worked. If I did the work in February, I would submit my timesheet in early March and get paid at the end of March. So far so good. For the work I did in March, I will be paid at…
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Question on CGT & sale of shares
Hi everyone, Hope this is the correct forum for my query and if so I hope someone can advise. First I haven't filled in a tax return for years. Over a decade ago the Inland Revenue (as they called themselves at the time) sent me a letter stating that due to the simplicity of my affairs I no longer needed to send in a tax…
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Job offer company car and fuel card?
Hi I currently have my own car and have been offered a new role which includes a company car and fuel card for both business and private mileage. The car and fuel card is a large consideration for the role, particularly as the new role will mean I would have to pay about 150 pound extra a month to travel to the office and…
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HMRC and backdated refunds
Hi Does anyone know rough ideas about how I can work out this? I've asked HMRC to look back at my income tax payments on PAYE (single person) for 2003-04 and 2004-05 which they've agreed to. 2003-2004 my tax code was 461L and my earnings were £9900. I paid £1056 tax in this tax year. 2004-2005 my tax code was 474L and my…
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self assessment - first time & confused!
Hello, Hope someone can point the obvious out to me! My GF became self employed so that she could work in her friend's shop in March 2012. Due to a very low income she ceased on November 2012. During that period of time she took home less than £5,000. In December 2012 she went onto JSA and has since got a full-time job.…
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Do I need an accountant now?
Hi, My father passed away last year and so I have inherited his house. I am going through the process of changing the deeds into my name. Anyway, we are looking at renting the property but needs lots of work (I will be hopefully speaking to some builders next month to get quotes for a renovation - I estimate I will not get…
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Freelancer Tax question -Enterprise scheme/work credits/Unemployment-end of tax year
Hi everyone I was studying a degree (mature student - completed in 2011) and I worked freelance part time during my studies - the company is very small and struggling so could only do odd hours here and there so my earnings were under the threshold for paying tax etc so my yearly tax questionnaire was relatively simple :)…
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Do I need someone to help?
I may be getting a new job and the wages from that plus my pension will take my total income into the higher tax bracket. Would there be any likely benefit to me if I got a tax accountant to look at my financial affairs to see if I could save on income tax, and would that benefit be likely to outweigh the cost? Thanks in…
