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Capital gains tax on property gifted before 1988
Hoping someone may be able to help re a property my Dad is selling. Info: family home was gifted to my Dad by my grandfather in 1972. Grandfather lived 7 years more at least, so no inheritance tax to pay. Both grandparents continued to live in the property until their deaths - grandfather in the late 1980s, grandmother…
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Working out tax for second job (self employed) SA
Hi, apologies if this is confusing or if there are good answers elsewhere (I would most appreciate being sent in the right direction if so!). My current situation is a full time job at £21,350 /year and I recently completed some work on a part time and self employed basis. I raised two invoices for £2,000 and £2,350 and…
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New Builds and VAT
Hi - I am in the process of buying a new build which is due to complete next month, and am already aware of the VAT exemptions on fitting hard floors in a new build prior to completion, which I am having done by an external fitter, as the builder charges a fortune for their flooring. However, the site manager of the…
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how to calculate optimal pension contributions..
Hi, I realise this is likely a complex question - but wanted to just sound out if worth pursuing or not... I have an income of approx 130k a year and am looking to try and balance my pension contributions in order to reduce my tax bill... As a single earner - my personal allowance is zero... and whilst i do contribute…
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gifted property
Dad is tidying up his affairs after some medical news. He wants to transfer ownership of holiday home to his 3 adult children. Background House he lives in as joint tenants with his partner. Value £300k ish He is not married to his partner. Holiday house empty but for a few weeks a year, in his sole name. This is the house…
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Working and getting tax credit, but want to start selling on ebay
I am working and getting tax credit. I want to start selling on ebay without losing the tax credit for this year as my income might end up more than I reported when I started te claim, and I don't want be in a position where I have to pay back. I am considering delaying the ebay business to the new financial year and…
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Tax Rebate For Business Mileage On Private Car
Hi! I need to make a rebate claim for 2014/15 against business mileage made using my private car. The amount claimed will be more than £2500. Can anyone tell me which form I need for that? I checked HMRC website which says I must complete a tax return but the form I downloaded from their website shows no place for such a…
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Council tax on empty property
Since my mother passed away at the end of last year her house has been empty. The council said it was exempt from council tax for 6 months and we have not been charged. I am down as administrator of the estate but the house is also now split 50/50 between me and my sister - currently on the market for sale. I recently…
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Lump sum payment due to ill health
Hello, a friend of mine was diagnosed with cancer a few years ago, and underwent chemotherapy treatment that nearly killed her. She appears to be recovering well from the cancer, but the chemo has caused a lot of health problems. She has been unable to work and is still medically signed off work. Her employer's insurance…
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Sacrifice Pension/AVC contributions Tax Relief
Do the Salary Sacrifice Pension/AVC contributions which have been technically paid by my employer count as my contributions against my annual pension contribution allowance. I have written to HMRC but they have referred me to their website which is worse than useless and why I wrote to them in the first place! I was made…
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buy to let
in simple terms for a simpleton.... what is taxable in a buy to let situation? 'Profit' presumably so Rent less the interest on the debt? What costs can you reclaim? How would you split the income between a married couple? In theory your partner could take all the earnings? This would have an advantage of a lower tax…
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Inheritance tax
I believe when my OH and I die we will be subject to pay this tax. I also know I can leave money in a trust for children/grandchildren. Does this money have to come from income or can it come from a back account that is earning a small amount of interest at the moment. Hopefully someone will understand what I mean. TIA…
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tax reclaim on further training
Afternoon All . Quick question regarding keeping skills /knowlegde up to date . I work in the health and safety sector .In order to keep my knowlegde upto date and relevant i need to regularily untake training courses .Such as manual handling train the trainer ,CoSHH ,radiation awarness . etcetc I think i understand that i…
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Income/Capital Gains Tax on Funding Circle Earnings
I'm just looking at my tax certificate for Funding Circle for the tax year 2014/15 and I'm trying to find out what figures I should be declaring on my self assessment form. Tax Statement – April 6 2014 - April 5 2015 Investment Income (income tax payable) Total interest earned: £559.33 Funding Circle servicing fee: -£53.60…
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Duty payments
My company buy from China into uk and pay duty inbound then ship to the states etc. Obviously we could be more efficient and ship straight from China, however we have stock that is not selling in the states and want to repatriate back to the uk, will we have to pay duty again to do this or how can we get round it or claim…
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New Landlord Tax Changes, Please Advise
Hi Everyone I was shocked to hear today that within the new budget the chancellor will be taxing landlords on their revenue, not on their profits. I understand that this doesn't massively effect the lower rate tax payer because of the 20% credit on the existing loan amount. My problem and question is; I currently have 3…
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Stopping work
Someone stops working mid-way during the tax year (for example, in order to travel around the world for an undetermined amount of time), but remains UK resident for the current tax year. Their total income in the current tax year is only from salary and bank interest (for which they would have filed R85), and comes to less…
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Retired self employed tax relief
Hi chaps, I turned 65 in August and now get £600/month state pension I also receive £500 personal pension and earn average £300/month from freelance photography and design work. my income therefore will be over the personal allowance. I think I can work out basic flat rate allowance for my home office and general expenses…
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Is there a different level of tax for a loyalty bonus?
My boss has sold our company and has given everyone a "loyalty" bonus. My question is will this have the standard 20% or is it less? Someone in the office mentioned it was lower and I couldn't find anything online about it. So I'm asking for some help to clear this up. Thank you :money:
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Coffee Chains and Vat
Hi I am not sure if this is the right place to put this question, but don't think I could find any better on these boards. I know Starbucks gets a lot of criticism for the amount of corporation tax it pays, but I have a question about VAT. I got a latte with an extra shot of espresso. Total cost £3.10. Cost of latte £2.60…
