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CGT on second home. advice please
I am unsure if we will be liable for CGT. if so, how will it be calculated and approx cost. additionally, what's our best long term plan to reduce any CGT (rent or sell). here is our situation. my husband bought one dwelling in 1999 for £63,000 he restored the dwelling into 2 cottages. once complete, we lived in one…
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Can I claim back tax as I am both employed/self employed and work from home?
Would anyone be able to advise me on my situation: - I am employed, used to work in an office building owned by my employer, but now work from home as they sold off the offices a few years ago. - I have a desk based job, so all computer based, not selling or making physical goods in my home. - Have worked like this for…
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Paying self assessment by credit card
I see that I can pay my self assessment by credit card for a 1.4% fee. Will this be treated as a card purchase? I have a 0% on purchases card for 12 months and as the money will sit offsetting my mortgage it makes sense even with the 1.4% fee, provided it's treated as a purchase and nit a cash advance. Anyone know?
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SA help - pensions payments - in and out
I'm not quite at SRA and still employed (PAYE) and also in receipt of two separate DB pensions (which I get payment advices for). To avoid higher rate tax I made a lump sum payment into a lo-cost stakeholder plan. I'm now doing SA for 2012/13, have had a read online but can't see the info I need. (1) Where do I declare the…
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Registering as self employed..think hubby has messed up
Wondering if anyone can please offer any advice .. Hubby was made redundant in April (tax and everything was sorted out thanks to lots of help from you all). Since July he has been doing some leaflet dropping for a local woman (she pays him and gives him a receipt) He assumed ... that she would sort tax etc out, I don`t…
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SA - Prior Year's Adj due to Subscriptions
I am completing a tax return for the first time due to the child benefit charge. My tax code for 2013/14 has been adjusted after I wrote to HMRC to claim tax relief for prior year’s professional subscriptions. I know where to insert the figure for tax year 2012/13. But how does self-assessment account for the prior year’s…
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Capital Allowances same as 'Tax Deductibles'?
Hi There I'm filling out my self assessment, and I'm getting bogged down by the jargon. The section I'm currently on is 'Capital Allowance and Balancing Charges.' Are 'tax deductibles' meant to be listed under the 'Capital Allowance and Balancing Charges' section, or have I got it totally wrong? If I got it wrong, under…
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CGT - Returning to UK and want to sell second home
Hi, I am trying work out the best course of actoin to sell one of my properties. Presently I am non-domiciled living in Turkey, however I want to return to the UK with my wife within the next year. I have 2 properties in UK a terraced house and a flat. I want to sell the flat in order to raise funds. For the last 7 years I…
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Self assessment deadline query
Apologies if this is a stupid question or the wrong place. We, like many others, had to sign my husband up for self assessment in October 2013- we have never had to complete a tax return before, he is PAYE, but due to child benefit /higher earnings we signed up in October. I have become aware of the self assessment…
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HMRC 'Payslip' ? Self Assessment
Hi, I have just submitted my Self Assessment Tax Form. I am looking to pay via either the Post Office or my Bank. Reading the instructions on how to make the payment is refers to using a Payslip ... If paying this way please:* take your HMRC payslip to your own bank branch (other banks may refuse to accept it or may charge…
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Mistake with tax
My dad is a taxi driver and he's made a mistake with his accounts. He only realised this year when I informed him I had a tax bill of £4000 (I am self-employed) and he had one of £60! He has forgotten to add income receive straight from the company he works for. This is a mistake he has made every year for the past 5 years…
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N.I. Self employed help please?
I became S.E. last year,and informed HMRC.that I will earn less than £5725 this tax year from my S.E. job,so I wont need to pay N.I.class 2,but recently I have taken a part time employee job as well that will mean I will now earn combined about £7000.What happens about .n.i .in this case ?as obviously my employers are not…
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Personal tax return basis period question
Could anyone help please? OH and I are a Partnership, business started 21/02/2012 and first set of accounts drawn up to 30/04/12 and the next cover the following 12 months. Our accountant completed both the Partnership and personal tax returns for 2011/12, but we are completing out personal returns for 2012/13 (big…
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Tax Return advice ref business purchase
Hi, can anyone advise me? I have just completed my 2nd year self employed tax return. I have until the end of this Jan to amend 2011 to 2012's return. Is there anywhere I can put the 10k I paid for my business on my 2011 return? I can't seem to find a section where this can be included? Any help would be much appreciated!…
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'Trade Journals' as Capital Allowance?
Hi Filling out self-assessment here, and I noted that much of much my cost was allocated to paying for access to a business related forum, which is directly related to my self-employment. I know that trade journals can be regarded as capital allowances, and I regard private business forums as a modern version of the…
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Self assessment scam
Hi, I needed to complete a self assessment. Stupidly, I searched through Google instead of going to hmrc directly and clicked on the first link (I later realised was a paid ad) - taxreturngateway.com/index.html This year is the first time I had to complete SA, and thought it was genuine... I foolishly thought that £150 was…
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Capital Allowances and computer hardware
I'm an online manager and so I've bought a couple of pieces of computer equipment (iPad and desktop). I was going to just claim them under expenses but I'm not sure if they should go under 'Capital Allowances' too or instead of. I actually get given notebooks when I work on contracts but I need my own computer equipment…
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Paying Class 2 NICs voluntarily
I am currently employed and self-employed. The self-employment is purely a hobby in my spare time. As I've not had much time to do anything with this recently, I'm looking at making only between £100 and £200 profit in the next few tax years. I have recently been offered a new job, which I am due to start very soon. In…
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Based from home
Hi all, my contract states "I'm based from home". I believe I can claim a flat rate of £4 a week tax relief, is that correct? I have been on this contract for a few years. Is there a limit on how many years I can claim?
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SA Help - 1st time doing it...
Hi guys, Hope you can help... I have a FT job that I pay tax via the normal PAYE method, however during 2012-13 I also became a director of a limited company. I have not taken any sort of income/reward from the limited company, no salary, dividend. Not a penny. So I've now been asked to do a self assessment for the first…
