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Self assessment
Hi, I am new on here. Basically did hubby's short tax return online Monday morning. It's now showing as bank repayment pending Does anyone know what this means? I'm hoping it's not been selected for random spot checks. It happened last year and ended up taking over 8wks for him to be refunded. We normally send via post but…
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A capital loss
A couple of years ago I sold some shares and made a loss of about £2k. This year I have made a gain of £3k on some shares. Obviously I would have no capital gains tax to pay anyway because that is below my annual limit, but do I have to use the loss against the shares, or is my loss still intact, so that if next year I…
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Self assessment
Hi, hopefully someone can point me in the right direction please. This isn't my usual username, as ive forgotten password and the resetting isn't working :-( . I'm about to complete my self assessment, I am self employed and complete the short assessment pages. Normally all fine. However this year I've got a pension from a…
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Help to understand Capital Gains Tax Please!
Hi, I am knew to understanding CGT, and this has been brought to my attention my a colleague. I am trying to help my mother, who is now 66, to release some capital (to pay some outstanding bills relating to the recent death of my father)from her house, as the market to sell is flat. This would also cover a small mortgage…
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Turning a Sole trader into a partnership?
Right hopefully you won't judge (at least I'm paying tax tho ey?) I am currently running my Business under my partners name because I am on maternity leave and I shouldn't be working. So as now its a Sole Trader Ebay business. Just of late its taking off really well, to the point I may not have to go back to work, but…
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Company car tax questions
Hello, I wonder if you can help? I am a bit confused by company car tax and how it works. I am now in the 40% income tax bracket, I earn probably around £45k a year and am just about to take delivery of a new car that is a company car. My question is about the tax on the car. I know I am in the 40% tax income bracket so I…
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Company Car v Car allownace
Hi all I've recently accepted a new job and have the option of opting out of a company car scheme and into a car allowance instead. I'm clear on how this works, and the amount I will be paid as an allowance as well as the tax benefits etc, however there is one aspect which has confused me somewhat. If I choose the car…
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Re single person council tax discount
I currently have a lodger who is about to move out. My local council has said that I cannot have my single person discount back unless I give them my lodger's new address. I object to this as it is no proof that I don't have a new lodger. Has this approach been adopted in other areas? I am in Waltham Forest.
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Is this possible? Would I be liable for tax?
Please bare with me here, I'm just thinking out loud I have a credit card with 0% on purchases It has a £3000 limit on it but I'm only allowed to take out £500 cash I'd like the full £3000 for a short term loan so my idea was as follows I'm a web designer and I could hypothetically set up a page so that I could purchase an…
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Help with filling out P50 form 2013/2014
Hi I have stopped working for tax year 2013/2014 and have overpaid tax therefore am filling in a P50 to claim for repayment of tax. In the first section one of the questions asks about the type of income I have received since I left my last employer and to select from part time, casual, state pension, self-employed and…
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What's the best way to reduce tax on new car purchases for partners?
Hi all, My wife got offered partnership in her firm a few months ago and now gets a percentage share of the profits as a result. We're interested in replacing our car for one on a lease-hire basis. Ideally we'd like to take any funds out of the bi-annual dividends she gets paid instead of her monthly salary. A friend of…
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Fuel Card BIK Help
Hi, Need some help if possible with understanding the costs of a company fuel card. I'm due to start a new job with company card, and have two options for fuel. I can either claim business miles back, or have a fuel card. Understand how claiming the company mileage rate works for business miles, but never had a fuel card.…
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IHT and joint accounts
I have read that it is perfectly acceptable for joint accounts to be held between people other than two co-habiting adults. With that in mind, would it be acceptable for me to have a joint building society account with my son or daughter - and if so, would that ensure that at my death, all monies that were in that account…
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Coming from abroad with many Mobile Phones - Any customs procedure?
I'm intending to fly back to the UK in about 2 months and I am going to bring with me lots of mobile phones which I want to recycle in the UK. I cannot recycle these mobile phones where I am unless if I will get really cheap and bad price for these, and many UK companies offering 3-4 times what I will get here, so I would…
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Capital Gains Tax on BTL property
We've just bought a BTL property so jumping the gun a bit but we are trying to work out a five year plan. We are not married but have two children and, as of Friday, two houses in London. Basically the area we live in has been undiscovered until now but in the last six months prices have gone ballistic as they were…
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Trust Funds for IHT planning
My 65 year old mother-in-law is planning on putting aprox £300,000 of her rental property in a trust fund in the names of my two daughters (currently aged 5 and 6). The property is currently worth about £1.7m and has been rented out by her for 35 years. She has full IHT allowance from her deceased husband. She does not…
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VAT liability on small repair jobs under about £500
I am always unclear about this. If I get a quote for a small repair job (under £500) and the quote doesn't include VAT, how do I know whether a tradesman is evading tax? Is it to do with his overall income in the year? Is there a difference between repair and installation of a new product/service? I always feel a bit…
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Do I need to declare this? If so how?
I am due to be an external examinor in Sweden soon. For this I'll be paid a fee. I'm assuming that I'll have to declare this? Should I fill in a self- assesment form?
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Confused - is tax free allowance monthly??
I am a student and worked over the summer, earning £10,000 in two months on PAYE. I overpaid my tax (as they assume you are working at this rate for the whole year) and filled out a P50 form saying I am going back to being a student and won't be working for the rest of the year. Some of the tax was repaid to me, but I…
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Faster payment to HMRC?
I made an FP payment to HMRC on Friday morning, but still hasn't been reflected on my account as at this morning. How long does it usually take to appear in my account? Should it not have been received and applied by them on Friday?
