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Cutting tax
Archives for May 2013
Discussion List
Business Loans
A while back at the HMRC website I was reading about tax relief on loans taken out for a business. However even though I've spent ages looking there now I can't find this information again. I got the impression that there is tax relief on the interest for loans, but I do not know how much of the interest or for how long…
CGT or Income Tax?
My understanding is that CGT is payable on the sale of an asset and income tax is payable on your time for a service delivered. I'm looking at selling a website and assume that it would be covered by CGT rather than income tax. Obviously this would be an advantage with the CGT annual allowance. Has anyone had any…
CGT on a jointly inherited property
Hi, I'm trying to work out if my husband will be liable for CGT and I'm getting rather confused so any advice would be very much appreciated. Last year my mother in law died. She was the sole owner of a house that she'd lived in and brought up her two sons in. They were the sole beneficiaries of the will with a 50/50…
I'm in a messed up situation. How much Tax and/or penalties can i expect to pay?
Im dealing with a great deal of stress currently and it's all related to my father's inheritance. Although i'm a UK citizen from birth he was a national from another country living in switzerland where he resided for most of his adult life. When he passed away a few years ago i was still what most would consider a young…
Tax Code BR?
Hi my wife is receiving a works pension & since retirement as worked full time for the past 12 yrs. August 2012 she was informed from HM R & C that she had 'underpaid' some tax. Now her tax code for the year is BR? Is this correct? On checking the website 'Revenue & Customs' it says BR is used when all income is taxed at…
IHT - PET of half a house, still beneficial owner
Hi My father died intestate 2008, the only asset he had was our family home. It was then valued at 600,000. Prices are increasing in the area I tried to get mum to agree so my brothers and I (we are 4 siblings) would have half the house which fell under the then threshold. Mum is the sole owner now I live there with Mum.…
Do I need to pay tax on savings interest?
Hiya all, My husband is working full time and so uses all his income tax personal allowance. We have a joint current account with a savings account attached that we pay into weekly to save for the end of month bills (mortgage ect), but I also have a single account in my name that the child benefit gets paid into. Connected…
Do I need to pay tax?
I am currently creating a website for my brother-in-laws business for which I am being paid. This is a one off but as it is for his business I am invoicing him for his records. To date the total is £1000. Do I need to pay tax on this? I've checked on the HMRC website and cannot find any information on this sort of work. I…
Second Job but Low Yearly Wage...
I study, and also work part-time in a restaurant. My wages from the restaurant are taxed as usual on a tax code of 944L for this tax year. My tips get taxed as a second job, on the basic rate: BR. Last year, I earned £8500 in total, yet because of the 20% tax rate on my tips paid about £550 in tax (which I am in the…
Capital Gains Tax
I made a capital gain in the tax year 2011-2012, it was £10300, therfore no CGT to pay, this tax year I received a tranche more money for the disposal of the asset that created the gain last year (another £1000). Does this second tranche, fall into this tax year and hence I benefit from a second year's CGT relief, or does…
employed and self employed tax question
can any tax owed from 12-13 be added to my employed tax code for 13-14 and taken by the tax man through PAYE? thanks
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