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CGT Property Disposal (Home let whilst employed elsewhere)
I let out my home whilst working overseas and elsewhere in the UK during which time I lived in rented accommodation paid for by my employer. (All rental taxes were declared and paid!). I subsequently moved back into my home for a few years before selling. I have looked at the HMRC CGT pages and it is unclear what reliefs…
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Do I need to pay tax for this year?
I started my own business on the 16th of April 2015 and I am a little confused as to when I need to file a tax return. Is it for this year 31st January 2016 or do I have until next January to file it?
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Declaring second job tax
If I start work in March. Do you notify HMRC at that time, but do the submitting of tax forms for 2016-2017 in Jan 2017?
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Thinking ahead
Hello, My wife and I are planning to have our first child in the next few years, at which point she will stop working. I was wondering if there is anything, (tax-related or otherwise) that we should be taking advantage of, bearing in mind that I am a relatively high earner (80k). It seems rather bizarre to me that, if we…
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Self Assessment Question 14-15
Thanks in advance for any help with my tax query. Why does my previous contributions to my 14-15 tax year not appear on my self assessment online return? I have made 2 contributions based on 13-14 figures and this does not feature on the final calculations made for my current return. Will I have to pay the final amount in…
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CGT - Property Disposal Questions
Hi, I have a slightly complicated CGT question and I haven't been able to work out what my CGT exposure is from my internet searching. Situation: I have a primary residence and also a freehold house which is let out which was purchased 4 years ago. The BTL property is divided in to 2 separate flats each of which is…
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Help please - struggling to understand self assessment provisional figures
Hi I keep records all year and submit my tax return around this time of year annually. I've done it every year for a number of years now without issue. I bought tax calc software this year and having entered my figures I can't work out why I owe over 2k in tax (I was expecting around half of that to cover child benefit…
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paying some off self assessment to get it below £3000
Next January we shall have a self assessment bill of £3200 (child benefit) had been hoping it could go on my husbands paye in April 2017, but am aware that because its over £3000 this isn't possible, my question is if we pay the £200 to get it under £3000 will be still be able to do this or are we going to have to prepare…
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Reducing tax using pension contributions?
Although I am a little premature I am trying to work through a plan of how best to use my income once my debt is paid off in a few months. I wanted to over pay my mortgage to reduce term with the aim of retiring early (in around 10 years at 57) - I currently earn around 49k after pension contributions (I work in the NHS so…
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Rental income tax
Hi, will the new tax on rental income affect me, currently earn around 28k per annum and recieve 4800 per annum in rent on a buy to let, will the new tax changes for mortgage interest allowance affect me as a basic 20% tax payer. Thanks
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A little help..
Hello, Help would be fablous please! Basically I have a full time job in a hospital and get taxed there. In 2013 I got an extra job where I do interviews on the side. Tax for this job is taken from my wages every month on top of my other full time job tax (hospital) Now as my income from this job is less than 2500 HMRC…
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Spreading income between me and wife
My wife and I are both self employed private teachers. My wife hasn't picked up as much business since our relocation and will have earned less than the personal allowance. Is it possible for me to (legally) offset some of the income i earned through my clients to and declare on my wife's income self assessment so that i…
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Signing over part of btl
Hi, I have a btl with a 50 ltv mortgage in my sole name. Would it be possible for me to change the ownership to joint tenants and sign over a percentage of the property up to the capital gains allowance of 11k to my partner ( not married) . Or would he have to go on the mortgage?.
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Can HMRC caim back a gift?
Hi I am new here but have a worry that I hope you can help me with. A couple of years ago my ex partner the father of my children gifted me 40k to pay off my mortgage. He is now telling me he may be in financial trouble which could lead to him owing the taxman a lot of money and also may lead to bankruptcy. My question and…
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Self Assessment - Backdating Employment Expenses - Possible?
Hello I am currently finalising a Self Assessment Tax Return. This is the first time I am completing this form and am doing so purely on the basis that my income for 2014-15 has pushed me in to the 'High Income Child Benefit Charge' bracket. Completion of the online form has highlighted that, in addition to the High Income…
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Self employed teacher
Hello, My wife is currently being paid via an Umbrella/payroll company, she works for a teaching agency. The teaching agency are happy for her to invoice directly so we have some questions: Doess she need an accountant? Does she need to be VAT registered? Does the personal allowance count if you are a limited company? And…
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NIC liability question
After almost 2 decades of hard work, frugal living and rigorous investment approach, my wife and I are planning to retire in 3-4 years, and live off of our investment portfolio, through equity dividends and bond interest. Based on our asset allocations in tax advantaged accounts (mainly ISAs and pension), the dividends tax…
