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What HMRC 'Industry Sector' does this job fall into?
I'm intending to claim the 'Uniform Tax Rebate' for my other half and, due to the dirty and outdoor nature of his job, I think there's a chance that he may be entitled to more than the very basic rate but I can't figure out what Industry Sector he falls into and they ask that you put this in the claim letter. Just wondered…
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Tax and Pension Income - Recycling Question?
I have two income streams, my job and my little pension. I pay tax at BR on my pension and I contribute 8% of my pay into the works pension as AVC's and normal contribution combined. Thsi is paid from my gross income. I do this because I do not really need the little pension so use its income to provide the means for my…
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Advice please regarding penalties for failure to disclose income
Looking for any advice please: I have just found out that my 69 year-old stepfather has failed to notify HMRC that he's been in receipt of an occupational pension for the last 9 years. There will be tax consequences: the occupational pension plus his state pension will have taken him over the personal allowance threshold,…
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Directors loan's - tax advantages?
Hi there folks, just wondering if any of you lovely people could help me and my husband with some questions we have re: the tax benefits of directors loans? My husband recently was the beneficiary of a large sum in inheritance and as we are an avid supporters of several of our local sports teams we would like to use at…
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Self Assessment and Expenses
Hi All Not sure if this is the right place for this but thought id ask anyway, mods please move if not correct. Im in the process on doing my self assessment, no major dramas except for the area around expenses. I am a PAYE employee, been in employment in this company since 2nd Jan this year. I have to travel a lot for…
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What is the UK version of "Notice of Assessment"?
As the title says really, what is the UK version of "Notice of assessment"? I completed my self assessment on-line, will I get anything through the post equivalent to a notice of assessment? Thanks in advance
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Income tax question about mortgaged second property
I bought a new house last year (new mortgage) which I now live in. My old house is owned outright and is on the market but the sale has just fallen through. I know some people interested in renting it, but that's not worth it if I have to pay income tax on the rental income. If I take a mortgage on the old house (and use…
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Savings tax 10%?
If you have more than £10,000 in savings but your income has now dropped to £10,500, can you claim the 10% savings tax in place of 20%. Is the interest from your savings counted towards income in this instance?
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R40 refund delay
I am dealing with an R40 refund (tax on savings and investments) for someone. HMRC wrote stating they are awaiting pay and tax details from a Prudential annuity. A P60 has been sent, but not to HMRC as Prudential now use Real Time Information (RTI) every time a payment is made. Has anyone else experienced delays as a…
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Period of time before Capital Gains tax kicks in
I have been renting my house out for nearly 3 years now. As the market has not improved, I haven't tried to sell it. How long can I continue to rent it out before I have to pay capital gains on it? If I move back in after another 5 years, how long will I have to live there in order not to have to pay capital gains?
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P800t letter going back to 2009-10 up to 2011-12
Hi I was wondering if anyone could help and give a bit of advice. My mum has received 3 P800T letters from HRCM stating that she has underpaid tax from 2009-10, 2010-11 and 2011-12. My father passed away in december 2008 and my mum was receiving bereavement benefit for the first year which she informed HMRC about, she is…
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how to deal with a loss on tax return?
Hi. I am about to submit my Self Assessment tax return and for the first time my business has made a loss. My accounts are minus £5k. I want to know how best to claim this loss. Should I carry it all forward to next year and therefore reduce my next tax bill? Or should I carry it back - last year I made a profit and paid…
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Challenging Underpayment Restrictions
I've just ust got me new tax code and it contains detail of an Underpayment Restriction that apparently relates to a taxable amount for payments made to me by my former employer for expenses in the tax year 2010/11. On checking my records, I didn't receive any expenses payments from my employer in 2010/11 I'm challenging…
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Trying to find out how much I will get paid after tax
Hello there, I rang my old employer today asking how much money I would be getting paid. My manager said before tax I will get £809. I am just wondering is there a program or a site that will tell me how much tax I will pay on that. I am on the normal tax code which is 944L or something like that. I have been online…
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Business Expenses Tax
My wife and mum have started a childminding business. I can roughly work out how to claim travel costs but I am not sure how I go about claiming anything else against the business. For instance buying resources, buying a laptop to run the business(advertising, wages, website) and running of the website to advertise and…
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Self assessment penalty - !!!!!!?
OK, so got home today and found a letter from HMRC informing the wife that she has a £300 fine for a 12 month old self-assessment tax return. Only this is the first time either of us have ever heard from HMRC. She has never been asked to fill in a tax return and never had any other form of correspondence - warnings,…
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Inheritance Tax And House Sale
When someone dies leaving a house as part of the estate, and the total value of the estate is over the inheritance tax threshold, at what point does any inheritance tax have to be paid? In the current climate, I could imagine a house being on the market for some time - would the tax need to be paid before the house is sold?
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Tax success!!!! YAY!!!
I posted a while ago about my partners tax problems. HMRC have been chasing him for about £2000 tax underpayment over about 2 years. He had actually paid £11,000 over the past 13 months or so, we knew there was a discrepancy somewhere. We have been this morning for a meeting with our local HMRC inspector and he was SO…
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Private Medical Insurance
Hi there Just got my tax code through and they had missed off the Private Medical Insurance deductions from allowance. When I phoned my HR they told me how much it was but I also pay for my wife's as well but out of my salary. So the company only pays for my insurance. When my tax code has been worked out previously it has…
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Council tax dilemma
Last week i went online on Wokingham council website to order a copy of my council tax bill. It normally comes in April but somehow i didn’t receive my council bill. Yesterday i got a court summon letter from council, asking me to appear in court because i missed two payments. According to their record they sent me two…