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buy 2 let tax query
Hi, My wife and I are currently considering buying a buy to let, and are reasonably aware of the practical risks involved with maintenance/tenants etc but are a bit unsure about the tax situation and how to calculate exactly what we'll earn Is it possible to use an additional borrowing of 20k from our current property to…
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Inheritance tax, remarried parent
1999 mum died and left half house to dad and half between 3 kids, I estimate whole house was worth £200k at that time. 2008 dad remarried a Brazilian lady. 2015 dad has died, but doesn't want wife to get anything as he bought her a house in Brazil and left her a widows pension. We believe she will leave without a fuss.…
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HELP WITH TAX QUERIES FOR THE OVER 60's
Sorry, I am unable to post the link but Google it and it should come up. It's called TAXVOL A charity for the over 60's who have tax queries and on low incomes. I was helped recently with a tax query about paying basic rate when I should have been on another code. This post has been C/P from another Thread. Hope this is in…
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Disturbance mileage
Does anyone know how long disturbance mileage can be claimed for and is there a maximum pence per mile which can be paid? I cant find anything on HMRC website
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Fined by HMRC for late tax returns...always been employed.
As per the title, iv been employed since 16 for the same company. Never been sent a self assesment tax return or registered self employed. In March this year i was sent a letter from HMRC saying as a result of late returns instead of 1060 my tax code would be 703. So i earn £3,030 less before i start paying tax. They need…
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Are Gifts tax Free
My ageing mother (88) has offered to give me £25,000. Is this taxable or just a gift? She will have no liability regarding inheritance tax, so its just about wether this constitutes income or not. regards
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Accounting period
I can't find an answer to this anywhere online so any help would be greatly appreciated. Im a freelance and am filling in my self assessment online form. My previous accounting dates were running to mid June. This year I wish to make my accounting period up to April to fit in better with the standard tax year. Can I simply…
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Gift with reservation or Pre Owned Asset Income Tax
Hi, I'm hoping someone may be able to offer some advise. I'm in the process of purchasing a bungalow for my mum and dad. They are both in their 60's, retired and need a home without stairs. They couldn't get a mortgage at an affordable rate due to their ages so I have offered to take a second mortgage. All of this is…
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Tax on interest.
Am I right in thinking that any bank / financial institution that pays interest to someone passes this information ( together with tax deduction) , to HMRC? Which means there is no need to keep calling them up to let them know how much we are receiving in any year? thanks
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How far back can you claim tax on savings interest?
I am in my 60's and am embarrassed to admit that I've always thought everyone had to pay tax on savings and a personal allowance was for "earnings" i.e. for people who earned a wage! Therefore, I've pad quite a lot of tax I didn't need too. My question is, how far back can I claim?
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Can't work it all out :(
I posted on another board about a property we are trying to buy with a restrictive covenant. As a result of this I have to buy the property with my parents as I can't be the only named owner for the first 3 years. :( They gifted me 109k 3 years ago, I have 115k equity from sale of current property and they will contribute…
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Bizarre Self Assessment - Please Help!
Hi I have just filled out my self assessment online, as I have done for some years now. However, something really does not appear right. This year I was not asked if I made any profit or loss!? Not a single question relating to the profitability of my self employment! What's more I managed to complete the whole thing in…
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Fuel cards help please
We have fuel cards at work and are thinking of offering staff a fuel card and deducting the spend (including VAT and the fee for the card) from their salary so there is no taxable benefit, and no loss or gain to either the business or the employee. Does anybody have any thoughts about this please? Thank you in advance…
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Digital Personal Tax Account (beta)
The new hmrc Digital Personal Tax Account is now available as a beta site. Log in by the VERIFY system. Limited information at the moment but worth a look. Unable to post a link, but search gov.uk for Tax Summary.
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Capital gains help
Hi all, Hoping there may be some capital gains tax experts out there that can offer some insight We (Myself, Mum and Dad) purchased a house in 2000 for £78k with the purpose of moving my Nan in, rent free, so she was close to home (literally it was the house next door) but still had some independence. We sold the house…
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Working from Home Tax Refund
Hi I'm currently filling out the form for a working from home tax rebate. I have come to the question where they ask 'was your office space used exclusively as an office, or for other purposes.' I used my living room, so it wasn't exclusively used as an office. Will HMRC take issue that my living room was also used as an…
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Capital allowance re Vehicle on ceasing trading
My wife retires today. She was a self-employed private hire driver and as such owns a vehicle which is used for the business. Each year there is a capital allowance entry relating to the car in her self-assessment account, i.e.. 20% of the business use portion of the written down value. Bearing in mind that the car is NOT…
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Tax refund on savings interest
I recently reclaimed the interest on my savings accounts for the tax year 2014/2015 and received a refund from HMRC. Unfortunately, I missed out two separate savings accounts that had been closed. The interest from these accounts doesn't take my over the personal allowance but does mean I haven't received the tax back on…
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Hep IHT, Gifting for property purchase & other tax issues
We are intending to support our son with a gift of circa £100k for a house purchase. He will have a deposit and mortgage of just under a half of the value. Can anyone help clarify the issues:- 1) IHT - will this apply and how do we protect him/ousrselves from this in the short term - We have a house worth c £400k mortgage…
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Over payment At work
This month an error in payroll has meant me and some of my colleagues have received £2500 extra in my monthly pay. As soon as I realised this I transferred the lot into my other bank account with a higher rate of interest :rotfl: Unfortunately later on that day we each received and Email from payroll explaining the error…
