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Claiming interest charges on CC
Hi, Interest charges on my credit card, which is mainly used for business, have never been applied to my annual accounts. I got all my statements which go back 10 years, which total around 14k in interest charges. Can I go back this far and submit this figure in my upcoming accounts. I was hoping to apply around 80% of the…
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Making the most out of Capital Gains
I have a large sum of money to be paid in Jan 2015 as the result of CGT. I want to make as much money on the sum of money ( without losing it! ) before it has to be paid. Does anyone have any bright suggestions as to where I could invest / what to do with it in the 12/13 months that I still have the money?
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Paying tax and working abroad?
Looking for advice please. My husband works full time in UK for a large company. In May this year he went abroad (Italy and Czech Republic) to work (for the same company). He came home in August for about 10 days, the end of October for a long weekend, and is home now for 3 weeks for Christmas/new year. He will be going…
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Splitting partnership profits
My wife and I started a partnership in Summer 2012. The majority of the physical work is done by myself but my wife performs my duties if I'm sick or unable to make it. She also does the paper work and planning and some emails. I'm filling out our returns at the moment and if I give my wife a greater percentage of the…
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Vat query
I have rented a commercial premise fir 3 years and 12 months ago the agent wrote to me to tell me he had made an error and has forgot to charge me vat , he has sent me a bill . Where do I stand please ? Has I am trying to get out if the lease as well l
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Photographer Providing Clothes As Expenses?
If a photographer has to buy clothes that are for the purpose of a one off photoshoot, then do these purchases count as deductible expenses?
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Self Assessment - what's gone wrong here?
My husband completed his SA return online a couple of weeks ago on his own account using, I assume, all his own reference numbers. He had previously, in Jan this year (2013) completed a final SA return for his late stepfather as his stepfather's executor. He paid the small amount due. His stepfather had died in April 2012.…
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HMRC cheque "stolen" by whom?
Can anyone advise the best way to go about this please? My son and daughter-in-law moved to Canada last October and KPMG were supposed to be dealing with UK tax returns and P85 etc as part of the relocation. Turns out they only dealt with my son's. So my daughter-in-law completed her P85 when I was visiting last July and I…
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PAYE or Self Assesment or something else
I've been employed by a German company for 10 years and am a higher rate tax payer. The company is not registered in UK and it's only me working for them in UK. They are a medium sized company (turnover around £35m) and they pay my gross salary into my bank account each month. In UK I'mset upas an employer in my own name…
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CGT and Shares. Newbie needs help:S
Hey all, So I got lucky with some shares, and my £5k investment is now worth just shy of £25k. My dad's big on shares and such, but I can't get to grips with how he's explaining it. From what I understand, if I cash it in, I need to pay CGT, but my dad has said I should cash in my £5k, and get back what I've put in meaning…
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Life Insurance in Trust: Beneficiary Kids or Wife?
Originally posted in Life Insurance section but more of a tax question....was told I could set up trust to benefit both wife and kids but thats not really the question: Hi Thanks in advance for any replies. Thinking of putting new £500k life insurance policy in absolute trust to prevent being captured by IHT. What I am…
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Late Registration as SA penalty?
A friend of mine has been making a few online sales through ebay and making a small amount way below the tax & NI lower limits for around 1 year now but they have not registered as self-employed and they would like to complete a self assessment for the 2013-2013 tax year. After researching online I see that the £100…
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worried about tax investigation.
I'm a bit of a stress head, I worry over the smallest things and I'm in the process of planning a small business that would have a turnover of 25k a year 15 k profit. but really can't get my head past tax investigations, I read that hmrc are increasing there investigations and mostly on small and medium businesses. My…
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SA Calc Says, Nonexistant Student Loan is Due
Hi, I'm doing Husband's Self Assessment and I've entered NO where it asks about Student Loans, at the bottom of the 'Tell us about you' page. When I get to the 'View Your Calculation' page, I see this: Total tax, Class 4 NIC and Student loan due for 2012-13...."£100" Where have I gone wrong? or is this line…
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Income from Pru with profit bond
Is my understanding correct, any tax due on one of these is deferred until "encashment" My parents opted to take an income of 4% of the initial value each month of £119.00. The capital value of the bond is currently in the region of £26000. Initial investment 28000. They have held this since 2002 What do I have to declare…
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Processing Fees Taxable?
If I use an online payment processor such as CCBILL who take a small charge for processing the transaction do I declare my income as the amount before or after CCBILL take their cut? At the end of the day what goes into my account would be the amount AFTER the processing fees but perhaps I need to include the fee in my…
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Tax returns if no rental income
Hi everyone. I am a bit confused as to whether I need to complete a tax return for a rental property that I have owned since Oct 2012. I get absolutely no rent from it as I bought the house to allow my mother to live there rent free in later life so I know that I will not need to pay any tax at the moment. However I was…
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Paying A Model Self Employed?
If I am self-employed and used the same model for photo-shoots as a part of my business would they need to be employed by me or could they be self employed (doing their own tax/NI) and invoice me so that I could deduct the cost as a business expense?
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do i have to do a tax return? (Text removed by MSE Forum Team)
i hope people here can help me because im at my wits end. i was checking some old papers and found a tax return that says it has to be done by the end of january. i didn't think i needed to do one so i called hmrc and they said it was because i was a company director and i legally had to do it. id read on here that this…
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My first self employed tax return, that much!!??
I have been calculating my income and outgoings for the tax year 2012 to 2013 which was my first year self employed working from home as a sole trader. I am within the 20% bracket and have to pay back part of my student loan along with NI Class 2 & 4.
