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Gift of a property to partner
My brother wants to gift his buy to let property to his girlfriend as she has no other income (at home with the kids) Would he pay capital gains tax on this? If she paid something for it eg enough to use his personal allowance, would that be allowed?
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Tax I owed to HMRC. pay now or later
When completing my Tax Return it say I owe them £180 and do I want to pay it back now or taken from my PAYE next year. My logic says pay on next years PAYE,( spread over the year) is that the right assumption or would it be better to pay it all off now... I know its only a trivial issue but.... Thanks
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My Ist self assessment
Hi, Im doing my 1st tax return and have a question. I know that any income from Isas does not go down, but does any pre taxed income from say a regular bank a/c, or share dividend (non Isa) get taxed again, once It has taken me over my tax allowance of £8105. Thanks Ian.
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Perpetual Traveller - Need to pay tax
Hi, i hope somebody can recognise my situation and help. I left the UK to travel the world around five years ago. During that time I worked for a year or so in Spain and Germany and a year in Australia, other than that i have been living off savings and living cheaply in Asia. While in Asia I have started my own websites…
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Giving Money to my Sister-in-Law twice removed
I've looked everywhere on this site but can't find an answer to the question of the tax implications of Giving Money to my Sister-in-Law twice removed. I can see the answers to every other type of relative, partner, friend, lodger, Mafioso, or pet but not to this one. :p :p :p
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Would giving sister money cause her problems with taxman?
Hi guys, I'm asking this on behalf of Mrs D. Short version of the story. Mrs D's dad left her his home, her childhood home, in his will. It was mortgage free. He left his other daughter £28k. Mrs D now wants to sell the house, which has a value in excess of £260k. This will be used to fund our move out of London to the…
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Confused by HMRC site, and which step to take first
I'm trying to point DS1 in the right direction: he was registered as self-employed with HMRC, then got a job and told them he wasn't s/e any more, and now no longer has a job and is once more s/e. (It's a moot point whether his s/e ever ended, but we'll leave that to one side for now as he has continued to do a tax return…
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Tax reclaim
Hi there, i need some advice and help on how to reclaim my tax which i had paid back in 1962 to 1972. Since i have left UK in 1972 and settled in my country Pakistan. can i claim my tax back, which i had paid when i was working here. i am now 80 Couple of friends got it back, but have no contact with them. I would be…
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More than 1 job, do you need to do a self-assesment?
Hey tax peeps....! Probably an easy question for you all but a bit confusing for me....My wife works for three agencies as a nurse, all as PAYE. Does she need to do a self assesment return or will the tax be correct from the firms? My concern is how will the 3 different agencies know how much to pay in tax and…
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Self assessment or not
Hi I am utterly confused about the new child benefit charge and salary sacrifice I earn over 50k but below 60k so assumed I now needed to go down the self assessment route, however I salary sacrifice for pension which takes me under 50k and according to the government calculator there is no charge Does this mean I don't…
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All refunded
I completed this online self assessment thing recently due to receiving child benefit. However, I entered in there that I had costs for buying and washing suits (it was mandatory to wear a suit and tie), for paying for mot/servicing and fuel for my car to and from workplace, and for train travel costs to and from workplace…
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Self Assessment - Payment on Account
Hi everyone. I understand (partially) how the Payment on Account (POA) system works - I pay next year's predicted tax liability in two parts the year before - but what I don't understand is how this is deducted the following year. I'm currently filling out this year's tax return online and I don't appear to have come…
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Import VAT on old camera
Hi guys, noob here, so I recently bought an old 1960s cine camera from Australia . It was for roughly around 300 pounds. And this morning I have received a whopping 388 pound import VAT + £69 customs duty + £8 clearance charges via HMRC. Now, honestly I think this is a little much for such an old camera. It's not for…
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Which P45 do I use?
I left a PAYE job three years ago. I have that P45 in my files. I then became a sole trader at the request of the company I was contracting for but was paid via a job agency. I finished that specific job in March. I'm now starting a new job where I'm being paid through an umbrella company who need my P45. Do I send them…
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Online Tax Returns
Good Morning All, I have just registered to complete my tax returns online, I've received an activation code in the post and when I went to use it, a message advised that I have to wait a further three days before using this service. Can anyone advise if after the three days are up there is anything more that needs to be…
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IHT planning after doing the basics...
Hi, I was wondering if I could run the following passed you to understand if there any other IHT planning options... - Husband dies and leaves everything to wife (in her 70s) - Total assets (house + shares) are above 650k nil-band amount (325+325) - No mortgage outstanding or any debts - 3k gift option already used up - No…
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Tax consequences on borrowing to invest
Can any of the tax experts give me a pointer on this? It seems I can borrow quite cheaply against my house and invest it for a much higher rate. Purely as an example, assume I can borrow at 2% and put it in a fixed deposit at 4% in my own name. What do I pay tax on: 1. 4%-2% = 2% 2. 4% because interest expense is not…
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Late self employed tax registration - Help needed please
Hi, I'm looking for some advice. I'm employed at full time job in which I pay full tax and NI contributions. For the last two years, in addition to this I have also been doing freelance work in my own time, which started off as a couple of hundred pounds a month, but recently has started to increase and is now at about…
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Paying tax if working abroad?
Hey, If you are travelling South East Asia, work for an Australian internet based company, get paid via Paypal, transfer your funds to a UK current account bank, and then withdraw cash from ATM's in SE Asia, are you liable to pay tax in the UK? Any advice appreciated, Thanks.
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SA as well as PAYE - Minimising tax owed on damaged stock
Hi I am currently trading again (sole trader), and have started selling ex chainstore clothing. As I am dealing in large numbers of stock, I am encountering damaged stock, which I am not able to return. How do I deal with the cost of stock that I cannot sell, and therefore make a loss on? I would rather just give it to…
