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Capital Gains Tax
Hi - I bought a second house back in June 2006 and moved into it. I rented out the first house. Then I decided it to sell the second house in late 2007 and put it on the market but moved back into the original house from Oct 2007 onwards. I rented out the second house from Nov 2007 until April 2008 until it was sold. I…
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Advice on most tax efficient way of business
Hello, I need some opinions as to the most tax efficient way of doing a small business I am planning as either a sole trader or a registered company. Here's the story; I have a lot of goods to sell that should make me about 800K profit, it will take me about 1-2 years to sell everything. It's a long story how I have…
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wonder if you can help
Hi all, wonder if you can possibly explain to me ( as i may be understanding this wrong) and help me sort something out ( if it is possible) ... i'm trying to help a friend but am unsure really what the truthful answer is bit of background, friend earns £30,400 a year, so is a lower rate tax payer, however they have done a…
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Company car tax used car
Is company car tax charged at the price you expect to pay the company if it were purchased directly or is it charged at the rate you buy the used car at eg a brand new car cost: £32,830, this would be liable for tax of£1,311 @ 20% if I was to buy a second hand version of the car couple year old @ £10,599 will i still pay…
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Taxable earnings declared in wrong tax year (Asda)
My mother has recently had notice from HMRC that income tax for 2012-2013 was underpaid. When I have looked at the pay statements, it seems her employer (Asda) have declared taxable income from 11th March, 2012 to 5th April, 2013 (roughly). It was my understanding that a new tax year starts on 5th April, and the declared…
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Self assessment - submit it now?
hi there, I have approx 2k to "payment on account" due 31st July. As I understand it the payment on account is based on the assumption you will pay the same tax next year as you did last. However my tax bill of 2012-2013 should be much lower than 2011-2012 If I file my self assessment now for 2012-2013, will the payment on…
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I got a weird letter about CGT today...
Hey all. Wondering if you can assist. I got a weird letter from HMRC today saying that their records show I may have sold a property which was liable to CGT. It then goes on to talk about houses abroad and houses which aren't your main residence in this country. I have never had a house abroad and every house I have owned…
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Foreign interest, other revenue, isePankur
As an investment activity I do peer to peer lending via the Estonian firm isePankur, to borrowers in Estonia. Possibly other countries later, not the UK. For 2012/13 I will be declaring about £165 of foreign untaxed interest income. Is there any prospect of HMRC having discretion not to require a tax return? In the same…
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Help with self assessment nightmare
Hi My brother is self employed and does his self assessment forms and returns them each year by post. He recently split with his wife and has moved back in with my mum, I wrote to the tax office to inform them of his change of address. Since then he has been inundated with letters, at least 1 a day! Firstly they wrote to…
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Payment of tax
Don't know if this is the right place to post, but can't find anything else to do with tax, so here goes: First it's not about cutting tax, it's about paying tax. A member of my family has requested the IR to pay his tax monthly (he is self employed) and they have refused. The operative was extremely rude and nasty and…
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CGT advice
I appreciate that this is a forum and 'tax advice' should be sought through appropriate channels but just need some advice on a situation that my friendhas gone through. I have afriend who bought a property in 2006 along with her husband and daughter wherebythey each 'own' a third of it. The deeds show this. Now, she…
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Tax Free Allowances
Hi, Brand new to this forum so i'm hoping someone can help. I'm really confused on Tax Free allowances!!! I'm currently employed by a company and pay tax on all of my income/national insurance etc as per usual, so no issues there. Last year I did some private work for a friend where I was writing some articles for his…
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Buying a house from in-laws - Capital Gains Tax
Hi, myself and my wife are first time buyers and have found an old run down house we would like to renovate and turn into a family home. The problem is, whilst we have a deposit and a pre-agreed mortgage for a fair bit more than its on the market for, we don't have the capital to invest in the work needed to renovate the…
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Tax-free Salary Overseas Sent Back to the UK
Hi All, If I were to take a job in the Middle East and earn a tax-free salary would there be any tax implications if I send the money back to my wife in the UK to pay the bills/debts? Thanks for any advice. R
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Would this attract income tax?
Hi all, I've done a search and all I can find is relating to 'gifting' from a job perspective. My aunt has loaned me £22k in order for me to place down a deposit on a house. I do have to pay it back, we have informal agreements in place. However, if I declare it as a loan to the mortgage company (no matter how loose the…
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Quick question about income tax for over 74's
My mother had a P2 for 2012/13 showing:- Personal allowance £8480 state pension £10096 Tax is due on £1636 So she had a tax code of K162 She received a P800 showing her income and tax paid but with a personal allowance of £8110. So she underpaid by £73.80 Going by the notes, the allowance is reduced for over 74s when…
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Self Employed - Employed on Supply Only - Advice please
Hi, I've been working self employed this financial year and have exceeded the personal allowance of £9,440 by £2k. I have now found a position doing part time (16hrs) supply work on an employed basis so they will be taxing and deducting NI at source. Problem is i'm already over the allowance from my self employed work but…
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Supply Teaching and tax
Hi, I am starting supply teaching in September and to maximize the chances of getting work day to day I want to sign up for 2/3 different agencies but I'm confused to how this would work for tax, because although it would be 3 different agencies it would be ad hoc on a weekly basis who I would be working the most for,…
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Capital Gains Tax On Home
Hi, I own a property which i lived in from 2007 to 2012. I then moved out in to my wife's property which she owns. Am I right in saying that I wont incur capital gains as long as i sell it within 36 months? What would happen if i rented it out for the next 6 months to a friend? Thanks, Alex
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Self assessment tax return and foreign income
Hello Just having a look at things for my self assessment tax return and wondered what your thoughts were....have had a look at the forums and nothing quite as specific to my circumstance. I know I could submit the form but interested to know what might happen. I worked away for part of the tax year 2012-13. Some of my…
