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How much CGT
Hi could someone give me a rough estimate of cgt liability please, Moved into house Oct 2002 cost £84500, No paperwork to support this. Moved out 2006, parents moved in, we moved into theirs, Remortgaged in 2008 to BTL as advised by broker, to allow parents to live there never have rented out. Brought their house same…
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Two jobs BR tax code?
Hi there, up until January, I had been working part time (3 days per week) with the local council, and two days per week self employed. This has now changed, and I now work full time, five days per week with the council. I have cut down on my self employed work now and don't do as much. I have noticed that although my…
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Tax code when going from self employed to employed
I hope this is the right place to post this, I was hoping for some help regarding tax codes. My partner has previously been self employed and paid tax via the construction industry scheme, but has now started working on the books for a company. His tax code is now 1000L but no tax at all has been deducted since he started…
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Inheritance Tax or Capital Gains Tax ..
Hi Wonder if anyone can help . My wifes Granddad died February 2014 leaving her and her two sisters a house . We had it valued by 3 local estate agents within a few weeks and average price was £315,000 .... The solicitors took the valuations and started there work re probate etc .. 5 months down the line they said we could…
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Cash Allowance to Company Car - Net pay Decrease ?
Hello, Just a quick question which i'm struggling to understand and would appreciate it explaining please. At present I take a company car cash allowance but i am wanting to now take a car but trying to work out the impact of my net pay per month if i do so. The part im trying to work out is :- At present I get £340 pm car…
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tax rebate
Hi When we filled in our end of yr accounts just before the cut off 31/01/15 it said i had paid too much tax and could claim it back. I filled in the section with my bank details as I thought it said it would repay it straight to my account. It's now just over two weeks and no sign. My OH says it will come in with my wages…
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my income and wife
Hello, I work as fully employed. My wife is not working and we does not have any other income than my salary. Is there any way I can pay less tax? Does the tax system in the UK recognize my wife as dependant for income tax purposes? thank you cheers Val
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Inheritance tax vs Capital gains on increased value of estate
Hi Forum I lost my father in 2013 and the estate is still intact. At the time, a property within his estate was valued for probate at £85,000 The same surveyors have revalued it at a current value of £100,000 The executors (acting solicitors) are unsure whether the increase in value of £25,000 should be taxed at…
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Gift with reservation of benefit
Hi, My parents gifted their house to me. It's worth less than £150K, I live in Scotland and I have made sure they have "life rent" under Scottish law. This means they can live in the house for the rest of their life and I can't remove them from it. When I was at the Lawyers in Scotland, I asked them does that mean my…
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m1/w1 tax code and underpayment
Hi, Currently going out of my mind with worry and would be very grateful of any advice please. For the tax year 13/4 I began a new job in April and continued to be s/e until august. I had a one off lump payment in August (PAYE) which took my PAYE earnings to £51k. I filled in a P46 in April and (wrongly) ticked box C…
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capital gains on family home
Family home owned 40 years. Now want to buy a new home. Will buy new home without mortgage and without selling first home. First home to be occupied by family members for about a year before selling it. If the owner of the first home moves into the new property, how long have they got to sell the first home before Capital…
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Adjustment to tax rate band
Hi, I've today been sent notice of my tax code for next year, and there is a new line on there that says "adjustment to tax rate band" with a figure of roughly £2,000 on - my tax free allowance has been reduced by this amount. The note alongside this says : Now, this rings a bell as I am a teacher and I have a second job…
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Form to transfer portion of surplus income tax allowance to spouse.
post deleted as info incorrect
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Living in the UK but paid from abroad...?
My son currently lives and works in Russia and the possibility has arisen of his re-locating back to the UK while continuing to work for the same Moscow firm. He's asked me to check out the tax position in his case. Do I take it that someone working here but whose monthly salary is paid by international bank transfer from…
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Tax Code Query
Hi, hope this is the right place - please redirect me if I'm wrong. I have recently been sent a new tax code by HMRC which I thought was wrong after researching online. I rang to query it and the woman on the phone told me something that appeared to contradict everything else I've read. Some advice would be much…
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Lease Extension
I've just extended the lease on a property I rent out. Can I use the amount paid(fee+admin) to reduce the yearly profit on the rental income? eg. I make £1,000 a year profit, but the lease and fees were £1,000 so I've not made anything this year so won't owe any tax?
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Self employed Payment of account
Hi guys not sure if this is the right section or not but im self employed and this payment on account i cant seem to get my head around I have payed it for last tax year but can i simply just say i dont want to pay it ? as i feel like instead of me saving the usual 40% i have to save closer to 70% to cover this overpayment…
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do i declare income for a lodger
Hi, I'm a tennant of a housing association and I have permission to rent a room in my house to a lodger. I am not in the "rent-a-room" scheme. The lodger pays £100 per week including council tax and utilitiy bills, which mean I get an income of £5200 (inc bills) I've just seen on a lot of websites that I can only earn…
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Overpaid council tax
Very unlike me, but I paid one month too many in 14/15! I've not heard about it from the council assume I'll need to contact them for a refund rather than them automatically working it out?
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Advice on joint property with elderley parent
Hoping for some advice regarding my pensioner mum. She is selling her home and I already brought a flat for her (mortgaged) in my name. I was hoping that when the sale of her home goes through we will pay off the mortgage and transfer the flat into a shared equity in both our names. The flat will be her main residence. Can…
