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Capital Gains Tax - Additional Costs
Hi all, Just wonder if someone can help me. I have two properties, but selling one. I have renovated it and improved somewhat by landscpaing the garden and also knocking a wall through etc.. My quesiton is can any of these kinds of costs be used to lower my CGT under additional costs incurred? At present I believe…
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tax and duty for imported goods
hello. can you tell me, my calculation is ok?? i intend to buy a motorcycle part from usa via internet. i know item code, as i called already to custom officer, he told me also using this code that: duty rate for this item is- 3,7% VAT-20% he told me over the phone how to calculate it(im not sure i understood everything…
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Paid in arrears (PAYE) - income tax implications
Hello, could some knowledgeable people please put my mind at rest. I recently started a new job in September. Unfortunately my line manager sat on my new starter form and I ended up missing the payroll cut off in September. They had to advance me a sum of money and I received no payslip. I have just had my October payslip…
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Supposed to pay tax on mileage and parking?
I've googled and googled and hoping that someone here may be able to help! For the past 3 years (possibly longer) I believe I have paid tax on my expenses as if they were income. I only get a 'training rate' from my NHS Trust anyway (25p per mile due to my contract) so will be filling out a p87 to claim the tax difference…
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Paying too much tax for the last number of years. What to do?
Hi, I've read the instructions on this website and they make sense but I just want to ask about my circumstances which are a little bit different. Here's my work timeline - I think I may have been on the wrong tax-code for this entire period (I was/am on the wrong code for the last few years/right now for definite). * I…
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Capital gains tax deferred reduced
My mother has been given advice that she can reinvest money subject to capital gains tax from the sale of a rental house to help defer / avoid capital gains tax. The only stuff online that I can find is private enterprise scheme where there is mention of high risk schemes. If it is just the capital gains tax money, then…
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help repayment from tax office!!
Is it right that I can't get my repayment for nearly 2 months!!! I'm owed £4k and despite requesting it online for the past 2 weeks, I've now been told it'll be another month before it's even processed. any help please?
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Working from home - PAYE
Hi there Any guidance on this is appreciated! I recently started working for a company and I'm based from home. I live in a one bed flat with my boyfriend and work from the living room most days and get out and about to see clients/attend meetings a lot of the time as well. My company pay for my clients drinks (tea/coffee)…
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Tax code help
Hi I was just wondering if my partners tax code is correct and I don't have a clue so can you please help me. My partners 4 weekly wage was 1500 Tax was 312 NI was 102 Is this correct? His tax code is 846/T1 This is his only job. Thanks in advance :)
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p87 claim added to tax allowance
hello.......my daughter was a mobile carer and her p87 mileage claim for 2012/2013 has been added to her tax code for 13/14 as flat rate job expenses.....trouble is she is now a single mother and mature student and of course not earning..........can she claim the money instead....cheers...koops
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HMRC Form 17
Say that a valid declaration has previously been made for unequal split using Form 17.... If a second or subsequent property is acquired and a new declaration made, does this new declaration need to list all properties held? Or do the previous declaration(s) stay in force so only the new property need be declared?
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Company Car Tax Help...
Hi, So trying to get my head round this company car tax malarky - I think i am getting seriously confused. Wonder if anyone can help point me in the right direction. Here are the facts: I earn - £39323 I have a relocation allowance from work @ £250 per month (which is taxable) Total Earnings £42329 I pay 3% of my pay into…
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Query regarding Capital Gains and Income tax
Hi If I sell an asset (a business) I understand that I am liable to pay CGT on it, at 18% based on the income I have, and other calculations. Specifically, I worked it out that I am due to pay around £1800 in CGT. However, my question is, is the remaining gain from the sale of an asset, after you've paid CGT, then also…
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Reducing tax burden by claiming professional expenses
I've heard I can reduce my tax burden by claiming back some of my professional expenses against tax? At the moment I'm on the 944L tax code with an annual income of around £32.5K I'm not sure which of these may or may not be included: * £90 compulsory registration fee to the GMC * £113 non-compulsory BMA membership * £50 a…
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Working Tax Credit - HMRC Want a Payback
Just received a letter from HMRC saying that an overpayment occurred while I was claiming working tax credit a year ago. They want a lump sum back of £514.22 by 24/11/2013. When I put in a claim for working tax credit I filled in the information they had asked and they done the calculations. A year later they are saying…
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Taxed twice on savings account interest ?
Hi, I am filling out a tax return for the first time (due to the Child Benefit changes) and have noted that I am being asked to pay 40% tax on my net interest from my savings account. The net interest (as declared on my online tax return) has already had 20% taken off it of course, so why am I being taxed at 40% on this…
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CGT annual exempt amount - separate to income tax allowance?
I'm a basic rate taxpayer (salary £30k, 944L tax code, paying tax on remainder of income and interest at 20%). I'm planning on selling units in an investment fund. I'll have owned them for about three years and the gain in value over that time will be around £2-3k. I read on the HMRC site that I have an annual CGT exempt…
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Should Dad pay less tax?
My Mum died 18 months ago & I'm caring for my Dad. It's only just occurred to me to enquire if the amount of tax he pays should have gone down now he's widowed? I prefer to ask here before I get involved with IR. His income due to a private pension is over the nil rate so I know he'll always pay tax, just wonder as he's a…
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Gift Aid
Just starting on my tax return - it asks what gift aid donations I have made this year. I had made quite a few but have no records (didn't know this would come up). How can I find out? Thanks guys
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Acting as agent for in laws - HMRC
Morning, I will be preparing my in-laws tax returns for the first time as they will have rental income in tax yr 12/13. To be able to check any details and ask questions etc I will need to be recorded as an agent on the HMRC computer as their agent. I was advised for my in-laws to write to HMRC so I am drafting a letter…
