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BR Tax code problem. Help
Hi, So as I understand it if you have two jobs you are given a BR tax code which means everything you earn is taxed at 20%? So I've paid about 120 pound in tax this month on a 600 pound wage packet I have two jobs, I work in a bar and in a nursing home (so I can't fill out a P45 as I haven't left any jobs). But I don't…
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Inheritance Tax Support from an expert
Hope this is in the right place guys. Long story short, dad passed a few months ago and left no will and his affairs he had managed as best he could. Have taken the advice from here and went to see an expert today and was bowled over. She is looking to charge £200/hr and £120/hr for her paralegal and wants 1.5% of the…
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Tax rebate
Hi I didn't really know where to put this so apologies if it is the wrong place. Hoping you wonderful people can clear something up for me. I am a teacher of 5 years and was paying the General Teaching Council fee until it stopped recently. I have also been paying NUT subscriptions since I started teaching. I recently…
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Query re 40% Tax / Benefit in Kind & Pension Impacts
Hey guys, I've been (I think) borderline 40% tax, what I'm trying to work out is if I am now in this band as a result of a recent pay rise. I want to work this out as I have a company car, and being 40% means I pay double tax on the car from being in 20%. I also have a pension that is paid via salary sacrifice, I also want…
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Interest on 2 year fixed rate bond?
Hi I need to complete a tax return for 2012-13, but have a bond which matures in the last quarter of 2014. I thought I would need to declare interest for tax purposes on the 2014-15 return (as this is the period interest will be realised), but having checked may last tax statement for 2012-13, it seems that the deposit…
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Wiring lump sum from overseas to UK bank account
Hi All I am a UK national but have been living in Thailand for the past 10 years. Since I am a non UK resident I don't have to pay tax on earnings outside the UK. I plan to rent out a property in Bangkok and have the rent wired to my UK account (HSBC). The amount might be 600-700 pounds per month. Will this cause me any…
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Do I pay VAT?
Is it the case that if you want to import for the USA an iPad or similar Tablet for the specific use by a disabled person then no VAT is payable on it nor Import duties, so in effect you just have to pay shipping costs?
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Have I paid too much tax?
I started a job in the middle of August. So far I have been paid £519.96 for August, and £938.83 for September and October. My first two pay slips had no deductions, however this month has deductions of £114.00 for PAYE tax and £85 for NI. My tax code is 944L wk1/mth1. Are these deductions correct? Also, minimum wage went…
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Need Help! PAYE monthly more than based on annual pay?
Hi, everyone, I hope to get some enlightenment here about the difference between paying tax monthly and paying based on the annual gross pay. For some reason (I still can't figure out), when I calculate the tax to pay for 2012-2013 based on annual gross payable income on (P60), the figure is £2000 less than what I actually…
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Tax on partner's contribution to mortgage?
Hello everyone. Just looking for a bit of advice. I bought a flat in April this year. My partner and I areliving together in it, splitting the bills and cost of living in it. Wehave a bills account, in my name rather than jointly, where most of thehousehold accounts are paid from. It's pretty much the same set up as when…
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Employed AND Self Employed
Wee bit of advice please........... I work full time during the day, usual 9-5 job. Then 2 or 3 nights a week I do stand-up comedy and now at the stage where I am starting to earn small amounts of money. Through time, I expect to be earning more money doing this and therefore the 9-5 job, will be cut back a little in terms…
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Approaching 40% Tax Bracket
Hi all Hoping for some advice and clarity around the position that I will be in this financial year : I work full time, with a gross basic salary of just over £32,000 per annum. I also accrue an On Call allowance and Overtime as part of this roll and would estimate that this amounts to an additional £9000 gross per annum -…
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Rift uk
Hi, I'm hoping for some advice. My husband has been contacted by the company RIFT who have made lots of promises that they will get him a massive tax rebate, etc, etc....on looking into this they will also take 35% commission. I looks like they want him to register for self assessment, I've had a look online and I'm pretty…
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How much should I pay myself?
Hello everyone, I opened a small company last year which get me and my wife around 55k income the last year. We spend around 30k and now there are 11k savings in our isa and 12k in business savings account. I am hiring myself and my wife is working as a freelancer. my questions is: 1 How much should I pay myself per year…
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Do I have to pay council tax?
Hello everyone, hope not to make anyone angry with my question... I've been in UK for a few years now but never paid council tax myself. Always been living as a tenant with one family or another, no one mentioned anything. Now I would like to get on electoral role to improve my credit rating and got scared that I might be…
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gifting ~ getting taxed heavily?
Hi everyone, Please can anyone give some advice? I understand, but just from what I have read on the internet so far, that if one of your parent's estate is less than £325,000 then you don't have to pay inheritance tax when they die (?). But what if you were given a small fraction of that about 7 years ago as a hand-up to…
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NI contributions when employed AND self employed
My husband has two jobs, one where he is an employee, and the other where he is self employed. Prior to starting the employed job, he was self employed and paid the regular NI contributions when billed and assumed that when he started employment, that his contributions would be paid via PAYE. However, this week, he's had a…
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Non-taxable income?
Hi everyone, A quick question regarding dreaded income tax (groan) - I recently resigned from my permanent role at a design agency, where I paid monthly PAYE tax. After resigning the agency employed me on a contractual basis for three months - I registered as self employed after resigning with a view to concentrate on…
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Capital Gains Tax on long term investments
Back in 1992 my wife and I brought some Abbey Life investment bonds. We brought approx £40k’s worth with a current valuation of approx £100k. Should have sold them years ago but never seemed the right time. At the time did not realise that we may have to pay capital gains tax on any profit made and have only recently…
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Tax code question
I have a quick question about tax codes. Hopefully someone on here will have an easy answer. I could trawl google for hours and not get a sensible answer. I have been registered as freelance for the tax year up until now. In September I took on a 3 month project and they are paying me on a PAYE basis. I have just had my…