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Limits on giving as a gift?
Is there a limit on how much you can give someone as a
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CIS is breaking me
Basically I`m a self employed tradesman and would normally look after my own contracts, so not an issue. However just taken on a lot of sub contracting work and the figures go like 1k per week for me and my boy. Stopped 20% . £800 . Pay the boy and his associated costs £400. Leaves me £400 minus incidental costs of running…
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Official HMRC Interest rates down
Got an updated tax coding in post today. Anyone subject to beneficial loan charge should get a higher code as official rate is down to 3.25% from 4%. Obvious question to ask is of course is why it has been so high since 2010? Why is being reduced now (or to be exact April 2014)? I will get about £100 per year extra in my…
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p800 understanding
Hi, I hope I am writing in the correct place. I have recently recived P800 for 2012-2013 telling me that I own over 5ooL I went through all the all calculation and it looks ok for me but at the end I got: total income Tax due: 0.80 plus tax already refunded: 545,40. Total income tax underpaid: 546,20. I am not getting…
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Self-employed and below personal allowance?
Not really about cutting tax, but cutting paperwork…. A friend who's a housewife has been offered £200 to do some consultancy work, as a one-off on a self-employed basis. Total income for the year will be well within her personal allowance, so there's no way she'll owe any tax. Is there any (legal!) way she can avoid the…
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5 days of employment needed on tax return?
After 2 years I stopped being self employed 31st of March 2014 and began full time employment on the 1st of April 2014. When completing my tax return for 2013/2014 do I need to let HMRC know that I was employed for those 5 days even though I didn't receive my first payslip until the end of April which would fall into the…
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Mileage, car-sharing and tax oh my...
I have just started working as a contracted Project Manager along with another guy who lives about an hour away. We often have to both go to meetings and we have agreed to car share. He lives just off the M6 on the way to where the meetings so I virtually have to drive past his house. So, either I will pick him up and…
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Tax calculation
Hi I've received a notice from hmrc that I'm owed just short of 1k. However when the cheque came it was made payable to mrs k mrs. They completely missed my surname. I phoned and told them and they've told me in have to wait 6 further weeks for a replacement cheque. I think this is shocking. It's their mistake!! Any advice…
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Transferring savings from Switzerland to the UK
Hi, After three years working in Switzerland (I'm Spanish by the way), I'll be moving to the UK soon. I'd like to open an account and transfer all my savings there, to then re-distribute the money between a current account, a savings account and a NISA. My question is, can I just open an current account and transfer my…
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Tax Rebate - Student Help
Hi guys, (This is my first post so I apologise in advance for any breaks in etiquette). I'm a student about to graduate, last academic year I took a year out and worked from August '12 to August '13. Thanks to the timing the new tax year began (just) before I met my tax allowance for the year '12 - '13 and finished my…
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Self Employed Ltd company
I have a question about the interplay between Corporation tax and Income tax. I run a small limited company alongside my day job and there is income, and profit arising through this. All money for the business goes through a separate bank account, alongside my main one. If for example in the year the following happened,…
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Complicated family situation...
I was wondering if somebody can offer me some advise. My husbands sister & her family we're going to be buying their grandmas house off them to enable her to live with them so they can care for her, but they've been refused a mortgage on the basis that if they ever fell behind with payments that they couldn't evict an…
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Tax on property
Hi all, need some help on tax on a property rental. Its a bit complicated as the property is owned by 6 people. My wifes father, although still alive, gave the property ( legally signed over) to his 6 children. His only proviso was that he didnt want the property sold as he may at some time in the future require to live in…
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Annual bus pass - self employed
I purchase an annual bus pass which costs £490 pa. I am self employed and travel most days to the centre of town from my home to meet customers. This is usually at the same meeting point. I note that bus travel is listed on HMRC site as tax deductible. Can I claim the full amount or a percentage as I use it 80% for…
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Gifted House
A house valued now at £130000 was gifted in 1995, the person who it was gifted to doesnt live in the property, if the house were to be sold not would it be subject to capital gains tax. This was done through a solicitor and land registry was updated. The original owner has now died and lived there until their death rent…
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Income tax rates
I've started working for an agency, I have given them my P45 and my tax code is 1000L. I am paid weekly. Some weeks I will earn enough to be paying the 40% tax rate, some weeks I wont. How will my employer work it out? Will I just pay 20% until I've earned £41,866 and then pay the higher rate, or will I pay the higher rate…
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Where to find EPU name, entry number and date - customs vat/tax
Hello, I'm new to the forums, please feel free to move this to a more appropriate section if I have placed it incorrectly I need to find the EPU name, entry number and date for a parcel I imported from the US, does anyone have any idea where I might find this information? Again, I apologise if this is in the wrong place, I…
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What should i do?
Hi Just seeking some opinions I work part time with a 19 month old but in a very heavily commission based job. Basic is £26,400 but with how things are going this year I think I will finish the year on about 58 - 63k I currently pay 15% into a pension and employer 8% but this is based on my basic only. I am thinking of…
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SA102 vs P87 - Tax doesn't need to be taxing?
Hi I recently submitted a return on a P87 for expenses (mileage) for 2011-12. It was slightly over £2500, so it was returned and I was asked to complete an SA form. However, the figures come out completely differently using each form. The P87 comes out at Received £5807 Expenses £8599 So I should be due a refund on the…
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HMRC and Registerning comapny help please
Hi all hope someone from this excellent forum can help me. I have been trying to get my head around this on-line however on the HMRC website it is all double dutch to me and links go from one page to another. Basically i have a on-line "shop" where i make content for a 3rd party computer game and sell it online. I am…
