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Tax change
I know nothing about tax but recently my code changed and I don't know why. I am 50, single parent ( not sure if that applies). And am on 1200 a month before tax. Tax is £290. My code is 486L/0 ? How do I find out if this is correct and if not, how do I change it? Thanks in advance x
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Customs - fees on gifts not from private individuals
How on earth do HMRC justifying charging duty on a gift from a friend the US who uses a website to ship to the UK rather than shipping to themselves and then paying for shipping again as a "private individual" to qualify as a gift. This is patently absurd and grossly unfair.
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2 homes, PPR & CGT
I'm looking for some guidance regarding PPR. I will employ an accountant to make sure I do things correctly, but need to get an idea of the direction before progressing that far. I own 2 properties property A, owned for 22 years (still live here) property B, owned for 1 year. If I transfer my PPR to property B (and live in…
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91 year old tax payer?
I can`t work out if my 91 year old widowed father should still be paying tax. He has pensions amounting to about £1500 per month - the bulk of his savings are in isas & he has a small amount of income from shares. He gets some interest from 2 bank accounts & ticked the box saying he is still a tax payer - but is he? I…
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Tax on Cash Back?
I have a Santander 123 Account. Obviously I have to pay tax, through my SA tax return, on the interest I get on my current account balance. But what about the "cash back" I get on some purchases. Do I have to declare this and pay tax on it? It's not like Tesco Clubcard points, it's actual cash which shows on my bank…
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R40 question
As a non-taxpayer, I try to register all my bank accounts for gross interest, but occasionally one slips through the net, and there are some which cannot be registered (Halifax Rewards). Most can be registered by phone, but a few, in this case First Direct, require you to download a form, fill it in and post it to them. I…
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tax return with no P45 or P60
I am at the last section of my self employed tax return and Im not sure what to do. I worked Apr and May in full time employment before leaving to be self employed. I moved away, gave the company my new address but the failed to send out a P45 or P60 and I have been in touch with them countless times - they just cant be…
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SA Online Questions
Waiting for an activation code, but can anyone answer these questions in advance: Will I have access to submit returns for older tax years (specifically 2011/2012)? Will I be blocked from submitting a SA if the tax office did not require me to do so that particular year? Does the online system calculate the tax due and…
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setting up a Ltd company to save on tax
I'm currently operating as a sole trader, the accounts for this year are likely to look like this: (based on doubling the first 6 months) Gross income £79,000 Running costs £36,000 Gross profit £43,000 so as a sole trade I'm due to pay 20% tax on £3300 which is £6600, plus Class 4 NI which is 9% of £35,044 = £3153 plus…
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Any accountant here willing to help me with my new job tax?
Anyone here like to play with numbers? I am having a headache. I have received my 1st payslip and I can't make sense of it all. Just looking for some help and suggestions so I have an idea of what to ask and how to understand any communication with the payroll office. I will be back in the evening to post the (long)…
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Crazy Tax System
I have been sent a tax return I am on PAYE and have no other income. I have a £220,000 mortgage for my house, which I purchased last year. I pay 3% per annum in interest I deliberately kept back £100,000 to pay for building work on my house, which I put in an interest bearing account earning 1.5% interest before tax. Now…
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Self-Employed but due to get Earnings via PAYE
Hi, Can anyone advise please? I have been registered as self employed for a couple of years and pay Class 2 NICs. One job where I've been doing some add-hoc work has offered me a part-time job where they will want to pay me via their PAYE system, so presumably they will start paying my NIC payments? It is very part time; 2…
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Self Employed Mileage Advice
Hi My friends wife started self employment October 2013 and registered with HMRC. She has asked me to complete her end of year return. She works as a horse rider taking out horses for the owner of the horses. She and also hunts and attends shows for the owner. She is paid by the owner for this work. Personally I think she…
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Owning 2 homes for 4 years. CGT and PPR Query.
I own a house near London and can retire in 4 years. I have seen a doer upper house in the countryside I can afford and wish to use as a weekend home until I retire at which point I would like to sell my London home and move permanently to the country. I have improved my current house significantly in the last 3 years…
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Massive tax problem
Dear MSE users, Due to a family member facing their own tax rebate problems over recent weeks, I have examined my own affairs and urgently need tax advice on an ongoing situation. I wrongly assumed that as I was earning under the £10,000 National Insurance threshold and not claiming benefits I would not need to register…
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Transferring home ownership.
Hi Would be very grateful for some advice, or reassurance I am doing the right thing: - I work full time and wife is housewife and does not work. - I bought a BTL property several years ago just in my name, and have just now managed to pay the mortgage off. The plan is to keep the property at least for a couple of years,…
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CGT on sale of a rented property
Hi, Looking for some guideance on selling a property thats been rented, I can't seem to find online a clear and easy way to calculate what tax I can expect to pay. I bought a property in 2002, and lived in it for 2 years, in 2004 we moved house and rented the flat out. We are now looking to sell the flat, we purchased it…
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Am I paying too much tax
Hi I'm sure I'm paying too much tax, I get a pension of £9255.00 per year and a salary of £16271 per year, I pay 20% on the pension! and they say I have my tax allowance on my wage is this the best option ?
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Taxes to be paid on inheritance query
A friend of ours and her sister have been leaf a property when their father died last December, they are just completing on the sale of the property which has been sold for £380,000, there was also a little bit of money from other places but not really much more then £20,000 Once the house completes they will get equal…
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Claiming tax back after working abroad
I worked abroad from 26th April in Abu Dhabi and I am due to fly home at the end of the month. I am seconded through a UK company so my wages are paid in the UK so I have been paying tax and N.Insurance. If I take unpaid leave to go travelling outside the UK until the end of the tax year 5th April 2015 then will I be able…
