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Transferring a property tax implications
Hi Apologies if this is not in the correct place. My husband and I have been made sole beneficiaries of a relatives estate. The main thing is a property worth In The region of 650k. Upon her passing we fully intend to move into it and make it our main residence. Thus becoming our principle place of residence. At the moment…
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working out your tax bracket for CGT
When working out whether you pay CGT on the sale of an investment property at the 18% or 28% rate , my understanding is that you add up your total income for the year, and add to it your CGT taxable amount after your 11k cgt allowance is deducted, and if it totals over £31,785 , you pay CGT at 28%. I am not clear however…
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Self-Assessment with PAYE Employment
Hi there, Up until December 2014, I worked self employed and have handed in 2 self-assessment tax returns for the 2 years previous to this. However, in December, I gave a notice to cease trading, as I was starting full time employment in January 2015. My self-employment and PAYE employment did not overlap. However, I still…
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can i off set paye tax year to year
Can i off set any un used paye personal alowence from 2012/13 or 2013/4 to 2014/5. I have 2 employments which are casule and combined only just make over the tax thresh hold. Dose hmrc allow unused personel alowance paye to be offset from a previous year to the currant year??
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Full time employed but self employed second job - Can anyone help??
I currently have a full time job (who sort out paying my tax) and have in the last year started doing some self employed work to help make ends meet. I am due to put a tax return in and believe i can claim for mileage getting to and from the second job (its always at the same location) do i need to have petrol receipts for…
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age allowance and married couple’s allowance
Hello, I am asking this on behalf of my dad. My parents both receive age allowance and married couple’s allowance (they are both 85). Their tax code keeps going up and down and he does not understand why. He has written to the Inland Revenue and tried phoning but no joy. There income is £15k per year from pension and…
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Single Person Discount - unlikely right?
I'll be buying a house on Wednesday with all utilities going in my name. My mom may or may not be living with me. She doesn't bother with the electoral roll, doesn't drive and isn't on benefits. Assuming I marked myself as a single occupant what else might the council be likely to check? I guess they wouldn't be able to…
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Transferable tax allowances for married couples
The HMRC guidance reads as follows: "This allows a spouse or civil partner who is not liable to income tax above the basic rate to transfer £1,050 of their personal allowance to their spouse/civil partner, provided that the recipient of the transfer is not liable to income tax above the basic rate." But let's say my…
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Lease Car mileage Tax relief
Hi, just asking for a little advice? I've currently got a lease car through the NHS salary sacrifice scheme. For business mileage I'm currently paid 45p per mile (up to first 3,500 miles) I've tried to read other topics, but am a little confused. Is it possible to claim tax relief on the business mileage?
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Tax Summary
Hi I have had a end of year tax summary and I know they are for information only etc but mine states £20k plus of dividends? what the heck is that? I know I haven't had anything like that so do I call them about it or does it have no real impact Thanks
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Inheritance Tax question
My Dad is poorly in hospital. I don't think he is about to die but he thinks he is. He is however very elderly and frail. On Thursday he asked me to write a cheque to myself for £1000 from his bank account which he signed, which he says is to cover a present for my son's recent 16th birthday and travelling and associated…
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Tax on rent income paid to ex
Please could anyone advize? I have a house in my name, and want the rent to be paid to my ex wife for a few years as a form of maintenance. However I've been told that even if it's paid directly to my ex, I'm still liable to pay tax based on it being an income. Anyone know if this is right? Or a way around? Thanks for any…
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Tax underpayment help please
I've just received a P800 showing a tax underpayment for 2014-2015 of £331.20. I was employed, but on long term sick leave so claimed ESA when my SSP ended. The income figures for my employment and ESA payments are correct on the notice. It appears that ESA did not deduct tax from my total payments of £1646. Do I have to…
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List of tax saving options
There are many specific discussions but I can not find an overall and up to date list of tax savings options. Is there such a list or can we build one? Basically, outside of work schemes what are ways employed individuals can save or reclaim income tax besides private pensions?
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New BTL Tax April 2017
Has to be the most boring video ever made, but if you have rental properties then it is a must view. http://lexisauditorium.com/stage.aspx?c=2981939a-f51b-45ca-8139-b183e9667a68
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Claiming Mileage Allowance
Hi, I am looking for some advice please. My husband has had a lease car since November 2011. He was paid £7800 pa from his previous company as a car allowance and had a fuel card which coveered business and personal miles. He started a new job in January this year and his car allowance has gone down to £5700, he has fuel…
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Company Car (again)
Most of the threads I have found so far talk about tax implications of a company car from the point of view of an employee. In my sons case he runs a small (one man) consultancy as a Limited Company that, due to location of several clients, may need to buy a vehicle. He may also get large enough to register for VAT. He…
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HMRC (PAYE) Tax Demand
Hi All, Any advice welcome on the following; Very recently received a P800 letter from good old HMRC telling me that for years 2012 - 2013 and 2013 - 2014 I appear to have underpaid PAYE tax :( Both years in questions I was employed by major organisations (with a brief spell of 8 weeks claiming contribution based JSA). The…
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Council Tax Query - Glasgow City Council
Hi I've recently moved out of my house and have notified the Council. I've just received an email saying we are due a refund and in order for us to get that refund we need to give our address from 1993 onwards. I think this is a tad excessive. We were in our property from 2004 and prior to that I stayed with my parents…
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Cost of returning parcel back Tax deductible ?
I am a self employed photographer and have had to return a purchased lens that is faulty. Can I claim back the cost of postage as expense ?
