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Tax, Interest, & Capital Gains for HMRC
Hi All, I really hope that you can help me? My father in law passed away approximately 6 months ago, it has now come to light that he was required to complete a self assessment tax return form for the period 2012-2013, and 2013 until he passed away. I have offered to help my mother in law with this as she currently has a…
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Inheritance tax query - who have we inherited from?
Bit of an odd question, as I'm sure most people would know where their inheritance has come from, but can anyone confirm if my reasoning is correct? My father died in 2000 and his estate was split 50:50 between myself and my sister. His estate was under the inheritance tax threshold, including a share of his parents' house…
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Tax on transferring money from HK to UK
Afternoon everyone, I would be grateful if someone could enlighten me of the tax implications that may arise in the following scenario: I am born and bred in England (I have a British passport) and have lived here ever since, I also have a Hong Kong identity card (equivalent to a British Passport). Here is the confusing…
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Checking tax paid over 5 years
I had a property that was rented out and I declared the income via self assessment. Over the last 5 years I have had several different tax codes and have paid owed tax back through PAYE and also paid back a tax refund by monthly payments (refund was issued by mistake). I think that I have over paid at some point over the…
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Offer onshore and offshore tax price options: Starbucks/Amazon et al
Get Amazon, Starbucks, Google and the other offshore-using multinationals to offer two prices. 1. Onshore taxed price (i.e. more expensive) 2. Offshore taxed price (i.e. cheaper) That way we consumers can still use them without feeling guilty. (Rather than boycotting them, which won't have an effect because they are the…
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Fairly Complicated Tax Calculation
Hi All, Recently i received a fairly large back payment at work, and i am quite certain that i have overpaid some tax. In November 2013 i got a company car and was moved to Tax Code 626L from code 921L (as of 30/11/2013). I received the back payment at the end of Feb. Last pay in the financial year stated i had taxable pay…
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Self Employed Book Keeping
Hi, I am becoming self employed with in the next month in the financial industry. I will be earning from commission which I will receive weekly and I will have to work out how much I need to put aside for Tax & Ni. I will also have expenses occasionally which I can off set against tax. Which software would be best for me…
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Calculating employee tax / student loan deductions?
First of all - apologies if this in the wrong section. I'm a bit sad and I've made an Excel spreadsheet to manage all my budget needs. Most of it works perfectly, but my salary is slightly (51p!) out and I can't work out why. As of the 1st of April, I received a payrise to £24,000. The pay slip is dated 17/04/2014, tax…
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Declaring house tax
Hi, do I need to submit a tax return if I own a house? I have owned it 7 yrs and rented it out. My morgage is approx 600 and my rental in one is 440. I have never received anything from the tax man. I also used to pay the water management at approx 700 per year. Can anyone please give me some basics on what I need to do?…
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Tax code calc
Can anyone please explain what happens to you tax code if you go over £100k, I'm confused by what HMRC say and the internet.
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Claiming on last years expenses.
Hi, I just would like to clarify something before filling out my SA tax return this year. In the 2012-2013 tax year I did not earn over the £8,105 tax free allowance. I did however record expenses, and include them in my Tax Return for that year. Obviously, as I did not earn enough to pay tax I received no tax relief from…
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Question about paying import tax on a parcel
I posted yesterday about an email I had from a company called CCL (Customs Clearance Limited). They had all the correct details about my order which had come from the US, they had my name, etc, and from a lot of googling, it appeared that they are legit. I received the package today but there is no stamp/label/receipt to…
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Single Occupancy Council Tax Discount.
My wife and I bought a holiday home by the sea some 5 years ago. My wife has now died and I claim a 25% reduction in Council Tax on my main home. Can I claim the same reduction on my holiday home as well ?
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Why it makes sense to buy a new laptop ...
I have a few questions and a calculation I want to check with people! The basic rate tax limit for 2014/15 is £31,865. I earn £28,560 gross (PAYE) plus I'll be earning £4,000 in freelance income = a total of £32,560. 1. According to my calculations, this means I need to claim £695 expenses to avoid paying the higher tax…
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some self assesment questions
as of sept 2013 ive been workin self employed for the first time and have some questions if anyone can help. if im PAYE I believe im entitled to 10k before tax is applicable, if so is there any allowance for self employed??? is there a banding system on what you earn to what tax code you should be payin??? any…
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Question about import taxes - wondering if this is a scam email?
I've ordered from an American website and am now having issues. I received an email from a company called Customs Clearing Limited. The email says: You have recently placed an overseas order that was shipped with DHL Global Mail. In order to release your shipment from Customs we kindly ask you to pay the incurred import…
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gifting money to partner (reduce income tax)
Hi MSE forums, I'm just about to enter the world of work again after going back to university to study medicine. I've accumulated a fair amount of debt and I'm looking to make the most of my salary next year so I can pay this off and support my partner who is studying for a PGCE. I have read some convoluted information…
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Working from home business expense
I will be working on some books as a freelance development editor while also working full time. I'm wondering whether I can claim back any of my monthly rent as a legitimate business expense. It would obviously be a small percentage of the total but I was wondering if there's any guidance as to how much is a reasonable…
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Am I taxable for 2012-13
Hi, I'm in a weird situation and do not have much idea on this. I am an Indian citizen. I was in UK during 2011-12 financial year on an assignment with X organization. I left UK on before 6th April, 2012 and the self-assessment for 2011-12 was done through a third-party(Y) appointed by X. Meanwhile I left X in India and…
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Gifts and tax
Hello What are the rules regarding cash gifts to relatives and its tax implications? For example if I wanted to make a cash gift to a relative is there a limit to much it could be and how often I could do it (assuming it was the same recipient each time)? At what stage would the recipient be liable to pay tax on what they…
