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Second home - Capital gains tax
We have a second home (well OH does) - which is son lives in. Part of our reasoning for not renting it out instead (he lives there with his g/f - quite obviously they show no signs of getting their own place!) - part of our reasoning is that we would pay CGT if we rented it out on any increase in value so it 'saves' us…
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New build VAT - boiling tap
Can anyone clarify whether a boiling tap in a kitchen is subject to vat in a new build? Kitchen company are currently charging for it on their invoice, but on HMRC website it says... The same approach is taken when determining if the goods themselves are the norm for that type of building. For example, a tap would be…
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Self assessment and child benefit
Evening all Hopefully someone will be able to help me with this one Filled out most of my self assessment which I have to do thanks to the gov child benefit clawback. All prett straight forward except there is no where obvious to actually put in that we received child benefit Has anyone done theirs and worked out where it…
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Self-assessment?
Hi all, was wondering if anyone could provide me with help. Last year (about November 2012) I set up a company as a vehicle for me to do some consultancy work. I am its sole director and sole shareholder. However I got offered a job which was too good to turn down and so I didn't really get started with it. Only a few…
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SMP, tax and P45
Hi all, a quick question on behalf of my sister. She is on maternity leave, however will not be returning to her employer as has relocated. She has been sent her P45 as her contract has ended, however she is still due 3 months of SMP. Is this OK or should they not issue a P45 until SMP finishes? I don't know if it matters…
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Tax question regarding back pay
I wonder whether anyone could help with the following question? Employee A has been paid £40K p.a. for the last five years and Employee B £30K for doing the same job. The employer agreed this was unfair and so increased Employee B's salary to £40K, also paying the £50K backpay as a one off payment. Employee A got £40K a…
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Tax Return - First Timer
Hi, I have been a lurker for a while, picking up hints and info from other posts but now have my own problem. I have filled in a SA for the first time this year as from April 2012 I started renting out my flat, after buying a second property with my wife. Having put the numbers in the tax return, and given that I am still…
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Claiming Self-Employment Loss against PAYE
Hi, In my spare time I do stand up comedy, and have been doing so for around 4 years as a hobby rather than professionally, basically performing at open mic shows. In the past year I've won some competitions (prize money), and been given my first paid gigs. My total earnings from this are around 400-500 quid for this year,…
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Employer underpaid PAYE?
Dear all, I'm a long time lurker but first time poster and in need of some advice. I have recently received my first ever request to fill in a tax return for the 12-13 tax year so set about trying to fill it in before the end of Dec. I changed employers during the year so used information in the the P45 and P60 yet the…
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capital gains tax
I have inherited my mothers house, it has been rented out for the past two and a half years. Its value is about £80000. It has no mortgage on the property. My question is, if I sell the property will I have to pay Capital Gains Tax on the proceeds I currently pay tax at 20%. Are there ways to avoid or reduce the amount of…
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Payments in account
I have fairly recently started self-employed business as well as employment with PAYE. Last years tax payment included 2 advance payments in account for the 2012-2013 tax year. When I come to complete the 2012-2013 return, the tax calculation does not take account of payment in account I've already made for the year. How…
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Do i neeed to fill in a self assesment form
in the next couple of years I expect my income from savings and investments to exceed over £10,000 a year. But the majority of this will be in the Stocks and Shares ISA about 90%. The rest will be in normal bank accounts which are being taxed. I am currently on PAYE. I currently don't do a self assessment form do you think…
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filing online tax return
Hello, I am mrs and trying to fill in my 12-13 tax return In feb 13 my husband went self employed and set up a limited company, and we are the 2 and only shareholders. We haven't completed the business profit and loss by filing accounts with company house as this is due in FEB 14, yet on my tax return it asks what…
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Capital Gains Tax, if and when payable?
We bought our house in Feb1997 for £75000 and moved to another house in Sept 2012. As we were unable to sell in 2012 we became unintentional landlords and decided to let the property. If we were to sell, shall we say in Sept 2014, for £200000, would we become liable for any CGT now that the government has reduced the time…
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Council tax order with no notice!
Good evening! Received a slightly surprising email this afternoon, that I wanted to get a little bit of advice on. The email was from the council of the town that I used to live in. The email stated that a court order had been sought due to non-payment and that I should pay £157 immediately to stop any further costs being…
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Income tax overpayment - expired
Hi all, I have just discovered that my previous employer put me on the BR tax code for the first 7ish months that I worked there and therefore I overpaid income tax that year. So far, so standard right? However, this was for the 08-09 tax year so HMRC are no help to me here. Does anyone know how best to go about requesting…
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Accountancy query
Hi, I have received a quote for my van from a used vehicle garage for a sale price, in order to repay vat on the second hand value. However, this is different to what my accountant came up with by guesstimating (and reducing the new price by 20%) now they want me to prove this valuation from the garage? Do HMRC get…
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To sell or keep 2nd home
My wife and I are in the process of selling our home. This has been our principal residence for 8 years since we got married. Once sold we are moving to my wife's other house (just in her name) which has been let out for the past 8 years and is now vacant. She bought the house in 1998 and she lived there up until 2004 when…
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Tax Return - Car Benefits
I am filling out my first tax return and am confused. Where it says "Pay from *** - total from your P45 or P60. Enter the amount before tax taken off" I have entered the relevant number from my P60 however if you click on the question mark it states the following: If your employer has reported the amount of a benefit from…
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Heavily taxed this month and not sure why - help!!
Just got my December wages through from my work and they are roughly £400 short of what I normally bring home...(between £1000 and £1100). I wanted to earn more money and have recently taken on a second casual job at a bar on a CWA. For which I have brought home roughly £150 for the last 2 fortnights. I received notice…