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New to Self Employed Putting Expenses Through
Hi I will be self employed from 1st Nov... in the mean time i am purchasing a few things in preparation eg a day diary, some stationary etc. This is obviously coming out of personal purse. Am i able to submit the items as purchase expenses on my self employment accounts as of 1st Nov? Bit confused and im new to all of…
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Tax on transferring investments by relative?
Hello I am new to the UK came here this year to study here from the EU (Hungary). My grandmother who is also a Hungarian resident owns something like below 100k pounds in shares at a UK investment firm. She would like to transfer the shares to my name and I want to know if is there anything to watch out for taxation. As…
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Tax on Company Car?
Hi All, I am due to get my first company car in the next few weeks and I am finding it very difficult to work out how much I will have to pay every month, I have tried calculators on the web but I know there are many factors so thought I would join this forum in the hope someone could help me. There is no one I can seek…
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council tax yearly?
can I change from yearly to more frequently? I have only just finished paying off 2013 council tax with loads of extra late charges on top. Dreading next April when the entire previous years bill just hits you in one go. I wish I could get quarterly or something?
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In a muddle with NIC 2s
I have been self employed since Jan 2005 and it was my sole source of income until June 2010, when I went back to employed work. In march 2011 I decided to stop the self-employment, rang HMRC for advice and was told to send a letter and it would cancel my account. A few months passed, I didn't write the letter but I did…
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Tax, allowable expenses and a business Premises !!!!
Hello :-) After a little bit of guidance. I am a sole trader and currently work from home. I am toying with the idea of buying a commercial premises to work from to separate my home and work life. The purchase would be made from personal savings. As I understand it (and correct me if I am wrong) if I declare the premises a…
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Self Assessment Expenses - damaged goods
Hi, Trying my best to complete my self assessment tax return. I am self employed selling goods to individuals but can't work out how I account for the value of damaged/out of date goods which I can't sell on? I'm using the cash based accounting route and their initial purchase costs to me is about £200 which I've listed as…
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Directors loan, company ceased trading and director deceased
I am trying to help sort out my next door neighbours estate for his wife. He was a director of a limited company that ceased trading after he died. He had an outstanding directors loan and his estate will be paying this back to the administrators who are handling the winding up of the company. I have received his final tax…
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MSE News: HMRC admits calculations may be wrong for some who over or underpaid tax
If you're one of five million people who overpaid or underpaid 2013/14 tax, you could have paid the wrong amount Read the full story: HMRC admits calculations may be wrong for some who over or underpaid tax Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works,…
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Advice on transferring inheritance money from foreign countries
Hi, My dad is selling his house in India and wants to give away the profit money to myself and my brother. My dad will be paying capital gains tax in India for the profit amount. My brother lives in India. I have lived in the UK for 10 years and I have been a British citizen for 4 years now. I want to buy a property here…
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directors loan account which is in credit!
I have run a small business and have loaned money to my company, not the usual dir loan where we borrow from the company. How can I use this credit balance? Can I use it to offset some corp tax? or can it only be used to offset against income? thanks in advance!
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Cash gift
Hi, I have read through this forum and found a few replies that might answer part of my question, but not completely, so I decided to create this thread (sorry if it is in the wrong section!). I live together with my other half/boyfriend and we are currently wanting to save up for a house. To help us, his grandmother (also…
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Claiming a 2nd Income
I just tried to claim my second income but was told that the company would declare I worked for them and HMRC would send me a new tax code. By now they should of done this but the issue is that the company is based in another european country and they pay me using an online wallet and I am paid in euros (the online wallet…
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Unused personal allowance
Hello I wonder if someone would be kind enough to advise me regarding the 2013-14 tax year? Unfortunately my job was made redundant on 6th December 2013. I had a 3 month notice period, that thankfully, I wasn't required to work. My last pay day was the end of December when I received: 1 weeks pay, statutory redundancy pay,…
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help with tax refund
hi i have recently found out i have been overpaying my income tax since 10/2/2012 i had medical insurance up to that date when it was canncelled.since that date i have still been getting taxed for it.so i contacted the tax office and they have now adjusted my code and said i will get a refund but couldnt tell me over the…
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avoiding income tax on pension deferral lump sums
This got no response on the pensions forum: would anyone here like to comment? Matilda is thinking of stopping her deferral of her State Retirement Pension and is due a lump sum of £40k. Naturally she would rather not pay £8k income tax on it. Her taxable income for this tax year (including her newly started SRP) will be…
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Partnership Profit Sharing
Hi A couple of years ago we started doing quite a lot of trading on ebay so registered a business as a partnership between my wife and myself. We turned over about 25k and made a 6k profit so are filling it out on the cash basis method. Im currently filling in out first Partnership Tax return but can anyone advise if there…
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Avoiding Inheritance Tax
Hi, So my parents are in their Mid 60's and we are looking at options to avoid IHT. They currently have their home, a second house and a flat. They live in the main home, rent the second house and the flat. My questions are... What is the best way to sign the properties over to my brother and I to avoid IHT? Would my…
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Untaxed pension
This question is for my friend who doesn't have internet access at present. From 2007 to 2011 she was living on her occupational pension which was always just under the personal tax threshold so she was paying no tax. In 2011 her SRP became payable but she has just realised that she isn't paying any tax on this, despite it…
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Transfer of property ownership
I currently own a property 50/50 with my sister. It was inherited, has no mortgage and is rented on a long term contract with a housing association. My wife is a stay at home mum, so I’d like to split my share with her so that we can take advantage of her income tax personal allowance. The original plan was 25% each.…
