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CGT on a second property
Hi, Could someone please explain how the CGT works on a second property and maybe show how much I would be liable for using the below example: I bought a flat in Feb 2009 for £125K and I lived there as my main residence until May 2010 (15 months) before renting it until May 2012. I moved back in May 2012 and it has again…
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Heads Up on new CGT regs for 2nd propeties
Just a quick heads up that PRR in respect of previous occupants of 2nd properties, whereby the last 36 mths of ownership are currently CGT exempt, is scheduled to reduce to the last 18 mths with its implementation scheduled to take place from this coming April (ie APRIL 2014). Lettings relief currently remains unchanged.…
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Self assessment: foreign income?
I have never done as self assessment but recently got a request to complete one. My finances are reasonably mundane however I do get Restricted Stock (RSUs) as part of my job. These are taxed at Vest time, about half are sold to cover the taxes. This all happens in the states, via a website called etrade - I have filled…
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MSE News: Married couples to get tax break
"Married couples will get a tax break from 2015, while low and middle income earners under 65 could pay less from next April, Chancellor George Osborne said in today's Autumn Statement..." Read the full story: Autumn Statement 2013: Married couples to get tax break Click reply below to discuss. If you haven’t already, join…
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NI questions
Put this on benefits board too but thought you guys may know a little more about the NI side of this issue! I need to claim cont based ESA (sickness benefit which depends upon NI cont from 2010/11 and 2011/12 at the moment) Due to bankruptcy in early 2012 a small sum of NI went into my bankruptcy - I am self employed -…
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Flat rate VAT scheme..?
I'm very confused, and was hoping someone could set me straight... My partner is self employed, and currently works for an agency, who pay him weekly via a company called exchequer solutions. (This could be bacuse the agency is Irish and don't have a UK based office?) Exchequer Solutions charges OH £22 for processing the…
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Tax question
Hello, I have just this month earned £44,500 for the year so far. I am confused as to why I am not yet being taxed 40%. Is this normal? I don't want to be taxed extra next year.
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UTR Issuing - Backlog?
My OH has been asked to register for Self Assessment in order to pay back child benefit we receive. Can I assume there is a huge backlog due to the additional thousands of people having to do this? He applied online for a UTR at the end of August and was told to expect an 8 week wait. Would rather not have to call them !!!
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Tax on savings
Hello I have planned to stop working full time in January and sort of live on my savings .I maybee try for something part time in the future but for the time being the intrest of my savings will be my only income .What i want to no is it possible to get the intrest tax free :)
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Shares and CGT
Hi all, I wonder if anyone can give me a steer... 10 years ago I started a business, Company A, with a friend, each taking 40 shares at £1 each (fully paid up). In 2009 we agreed to be taken over by Company B. No money was paid, but our shares were exchanged for fully paid up shares in Company B. In 2012 Company B was…
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Am I being robbed?
I am in my first year of being self employed but I work within an established business. I pay 50% (a very large sum) of my earnings into this business as a rent for my room, overheads for the property, insurance etc. I have been told not say that I pay anything to that business & that I am simply working from home, I can…
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Putting Investments Into Trust?
If I had a some of money over the IHT threshold invested in a managed equity fund, is it possible to put that money into a family trust for my son and still have control over the investment and take a yearly income? I know by putting it into trust it's effectively out of my estate, however I would still require an income…
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Claimaing Mileage Allowance if possible
I work as a Care Worker (Private) and my employer pays me 23p per mile mileage allowance. I have read the HMRC website information and it states that we are entitled to claim 45p per mile. I have spoken to my manager as she says that is all they can pay....23p per mile....and 40p per mile if I go from one job straight on…
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Personal Allowance help
Hi I'm trying to help my daughter with her personal allowance as she is having some problems. She is 21 years old, single. The reason she needs help is that Tax office recently adjusted her allowances which resulted in her being taxed very heavily on her part time job. She earned in a month £280 and was taxed £166,…
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Tax on share dividends
HELP - My friend is VERY worried but buries her head in the sand. They have shares that they have had for about 12 years - these are registered at the parents address and some of which were bought in her Mother's name! They filed tax returns for 2 years listing the shares(the ones in her own name) -this was about 10 years…
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Class 2 NICs, am I "Self Employed"?
Both my wife and I are in full time permanent employment thus pay income tax and Class 1 NIC via PAYE. We do the occasional bit of freelance work together up to £2-3k a year. This tax year (2013/14) I decided to formalise our freelance work into a partnership (profit and liability split 50:50), with a view to this being…
