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Help: Car allowance
Hi, I'm trying to work out how much I can afford per month when looking at purchasing a car. My basic is £30k and now been given a £4k car allowance. Ideally I want to make as little contribution from my salary and simply maximize my allowance. Thank you
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First years return Help required
Im looking to submit my first years self employed tax return and need some help. I purchased an ice cream van for £8700 back in march 2014 and started trading on the first day of the financial year. Im trying to complete an online return and have made a small profit on the year but am wondering where I include the purchase…
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Capital Gains Tax on property
Hi - Hoping someone can help with a question around CGT and PRR. I'm trying to get my head around whether I have got my head around the right way to work this out so I can plan for what I will need to pay. So, I bought a property in April 2006 to live in. In April 2009 I moved out after buying a home with my wife. I rented…
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Explaination of personal allowance - tax calculation summary
Hi All, This is my first time doing a tax return for a rental income and living aboard in Dubai, UAE, so bare with me. I am looking to understand how personal allowance for 2014/2015 works. The personal allowance is £10,000. I am currently doing my self assessment 2014/2015 and I am no longer a UK resident and have one…
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claiming milege back?
I need some help, may seem quite straight forward for some I know. I am a cleaner and for the tax year of 2014-2015 I have only done 100 miles. I only set up from November 2014 and my claim is upto the 5th April 2015. I want to know where I claim this back, I didn't know I needed to keep receipts of petrol and I just…
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SA Tax Student Loan Repayments
Hello, I'm trying to fill out my tax Self Assessment form for the first time and could use some advice on the student loan repayment section. I'm a full time PAYE employee but relocated for work in 2013 and started renting out my flat. I was able to give my tax details for 2013-14 over the phone to HMRC as the income was…
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£12k tax fine help needed
My partner has a tax fine after losing her pension in a scam, she has been fined £12,000 by the taxman as in THEIR opinion she had money from it (which she honestly didnt) i have been paying this fine every month but now i cant afford it and have missed 4 payments, my partner is registered self employed even though this…
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Moving from Higher Rate Tax to Basic Rate midyear.
Hi, ive just moved from a job where I was a higher rate taxpayer (40%) and into a job where I will be on the basic rate of tax. Im concerned that in Januarys pay I will be taxed at the 40% rate until the end of the tax year as I have already earned well over the £40k allowance. Is this the case or is it calculated on a…
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Company SAYE and CGT
Hi My 3 year SAYE scheme at work is due to mature in February. I wanted the money pretty quickly as I wanted to pay off my credit card, but realise if I do a quick 'sell all', I'll have to pay Capital Gains. As I say my aim is to have all the money now, but is there a way to do that without paying CGT. I've read around and…
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Mileage Allowance Relief - do i need to re register?
Morning just a quick question to the above title. I have been informed that I can claim back the difference on business mileage as my company pays 11p per mile. I was talking to someone yesterday that said a self assessment needs to be completed, which needs to be registered to via HMRC to receive login details. I'm not…
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Is Stamp Duty owed transferring title from a Company?
Four years ago I purchased a property containing 6 flats and then put the flats in the name of a company (with myself and my partner as the Directors). We now wish to close the company down and transfer the title deeds of the 6 flats back to our joint names. There is no mortgage on the property and no cash being exchanged.…
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capital gains and shares
Hi I was given shares in BG group when I was an employee in the early 90's, I'm fairly sure as part of a company share scheme, I certainly didn't pay for them. BG group is now looking likely to be bought by Shell, and the options are to take cash and some new Shell shares, or just cash. I have read through everything on…
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Transferring tax liability of BTL to partner
Thank you for looking and apologies if this has been adequately dealt with in the past. We own a BTL flat, having a share of the freehold company and an accompanying long lease (this info may not be relevant). I am a HR tax payer, my wife is not, and unlikely to become one, although she is employed. The flat, which is…
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Tax on 2nd job - expectations!
Hi all, I am about to fill in Self Assessment for the first time, I recently took some part time work on and I need to declare it - I expect to earn £6,550 but I have only earned £4,550 at the minute. Main Job - all taxes being paid by employer Yearly Salary: £21,315 - £23,315 (depending on bonus) Tax code: 1054L Secondary…
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Landlord tax deduction for mortgage interest (20% band)
Hello, Am I right to assume the following point on this page can refer to a mortgage: https://www.gov.uk/renting-out-a-property/paying-tax Therefore if I pay 500 a month and 200 of that is interest, I can clam 20% of that 200 as tax relief?
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Expenses on a Letted Property
Hi All, I am about to carry out my self assessment and I am tallying up my expenses. Could anybody who is in the know, tell me if I can claim for the following: 1. A new radiator (it wasn't working) - £80 2. New Skirting Boards (They were mouldy and needed changing) - £80 2. Paint (to make good some walls) - £16 Also, can…
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Stamp Duty BTL
Hi, My other half has a BTL property - no outstanding mortgage on it. We will be taking out a mortgage on this property and also changing it to joint name + tenancy in common 99/1%. I am confused on stamp duty if its payable. Can you please adv? Thanks
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losing personal allowance
hello, I was medically retired in 2012 and am 55. I have 16k pension but have btl that take me over 100k, i wonder what i can do to avoid losing my personnel allowance. Could i take out a pension even though i am being paid pension. What would be the maximum i could pay in and get relief? Any other options? jonnyp
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Missed some expenses
I left my previous employer in December 2009. Between 2010 and 2012 I did some contracting work (earning about £100 per year). Therefore I employed an accountant and submitted a tax return for those years. I did not include the following expenses: 1) Website: I had my own website describing my skills. 2) Professional Body…
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Registering as self employed
I've been painting for a number of years, but never made an income from it, it was more of a self-supporting hobby. I've just signed a contract to license my artwork for use on textiles, with the license starting from January 1st 2016. If things go well I should be earning enough to pay tax. Which date should be the first…
