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Probate and inheritance tax
Just a quick technical question- is the value of a property for inheritance tax purposes calculated at the date of passing, or the date when probate etc is granted. Thinking probate could well take 6 months (no will etc), it's already taken 3! Thanks
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Using the correct exchange rate
Last tax year, 29th October, OH sold some shares given to him by his mother many years back. These shares are in a Norwegian company. The proceeds were paid into an account he has in Norway and are still there. Interest on this account is declared here for tax purposes. As he did not have the money sent here, he is unsure…
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vat details on invoices for low income companies
Hi I'm not sure this is the correct forum but it seemed like the best bet. I have a question about vat and the vat offices are unfortunately closed for the bank holiday. My builder has issued me with an invoice which had no vat number on it. I've queried it but he says it he is below the threshold and has never had a vat…
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Financial Year?
Hi, I am new to being self employed (sole trader non VAT), but could someone explain the difference between the tax year and financial year? I am going to be self employed from the 28th April 2014. When will I have to send in a tax return and also pay my taxes?
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10% tax rate?
Would the 10% tax rate apply if a person is aged 55 with no savings, whose only income is £9300 p.a.from 30 hours weekly employment? She does also get about £220 every 4 weeks for the disability element of WTC, and £220 every 4 weeks Higher rate Mobility DLA. She's divorced and lives alone.
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Loan to child
Apologies if this is the wrong forum. I wish to lend my daughter the money to purchase a flat. It would be an interest free loan with no set time span for repayment. If she were not able to afford to continue with repayments or she were to want to sell, the capital would revert to me less the repayments she would have…
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Self Assessment Account Hacked
Hi, I received a letter from the HMRC today telling me that I would be receiving a Tax rebate of over £4600. However, I haven't applied for a refund and I haven't filed my tax return yet. I immediately telephoned the Self Assessment office and whilst hanging on I checked my Self Assessment Account and found that a tax…
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Bank Current account FEE
I pay fees to get increased interest on some Current accounts The Interest then has Tax deducted at 20% Can I offset the FEE against TAX on my Self Assessment Tax return? I am a newbie so apologies if this is a dumb question or in the wrong place!
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Company car tax
Hi all My wife has been given the option of taking a company car instead of her car allowance that she currently receives. My gut says that she'll be better off not taking it but need to do some calculations to prove myself right. She is a 40% tax payer. Say for example the years BIK is £6,000. The tax payable would be…
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Help with SA and Property
Morning, I have been trying to get through on the telephone to HMRC to no avail so looking for some advice. My husband and I began letting out an apartment in February. I informed the HMRC and they have wrote to us both asking for 'a detailed schedule of income and expenditure for period 14th Feb - 5th April'. Do both of…
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Non Resident - CGT on Property Sale
Good morning all. I have a property in the UK which I purchased in 1986 which was my main (only) residence in the UK. I left the UK in August 2009 to live in South East Asia. I submitted form P85 to HMRC to inform them of my departure. The propery remained empty between August 2009 and November 2010 at which time I began…
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Council Tax exemption problem
Hi, I am a former student living with five other (council tax exempt) students in a rented house. I began a masters degree this academic year (2013/14) but dropped out in December, which has made me eligible for the entire house's council tax, less the 25% single occupancy discount which comes to about £700. I am naturally…
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Self assessment when employed
Wonder if someone in the know could let me know the correct way to fill in the employment section in self assessment. Situation is: OH receives a personalised tax code each year to take account of benefits received and also high rate tax relief on his pension contributions. Therefore as these are already "coded out"…
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Why have i paid more tax on same amount of wages.
In week 43 of last financial year on wages of £1362 for a week I paid £233.60 in tax. Now in week 2 of this financial year on wages of £1345 for a week I have paid £333.04 in tax. Can anyone explain why this is please.
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Self Employed ofset PAYE?
Hi All, Wondering if anyone can help. I'm employed and my employer pays my tax via PAYE. I've decided I want to do a bit of work on the side (employer is fine with this). Whilst I'm setting up, purchasing hardware, domains, web site etc etc. Am I able to offset any of these costs against my PAYE Tax? I've purchased most of…
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Work after retirement
Can anybody help with some basic advice (just a starter for 10?) As a newly retired engineer, I am already a tax payer. I also work from home with regular visits to a local company where I help with technical matters. Most of my work is undertaken at home and consists of design and reports. I am required to invoice the…
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Tax Rebate Question
Hi, I have been working with my current company for 2 years, last year I wasn't given a rebate via my wages, instead a cheque turned up in October and I wasn't even aware I had over paid tax. This year I have earned pretty much the same as last year and have been paying tax every month, will I get a rebate in my wages or…
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Tax free allowance 2014-15
Hi All I have a query regarding the new tax free allowance of £10k per annum in 2014-15, which is an increase of £560 or £46 a month ( on 2013-14 tax free allowance of £9,440), but when i calculate my take home salary using online calulators my take home pay is only increasing by approx £10 a month. Why is this? Any advice…
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Tax Code query
My tax code has been the same for most of the year, K464 Y. For March the Y at the end turned to an N, and my income tax shot up. This is the only thing that changed on my payslip, so I presuming it is either an error or Y/N change that has caused it. I can't find out what the Y and N mean. Does anyone know? And does…
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SA100 form,self assessment
Evening all. I am a typical PAYE employee. I earned approx £33k last year working for a bank, have done for the last 10 years. On the 3rd April 2014 I received my first dividend from the family company of £75000 . This is what actually hit my bank account. I need to pay tax on this. So , today I signed up with hmrc to get…
