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Income Tax
Hi, I am thinking of trying to make some extra income on the internet along side my full-time job. I came across a translation website which pays you via Paypal but in US Dollars. I wouldn't be earning very much just a $1 here and there but I'm not quite clear on the income taxation. I understand that you are taxed 40% for…
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confused by my tax code
Hello, I am hoping someone could put into simple terms for me my tax code issue. I am currently on a 41T tax code, i have a company car, no fuel card and I pay for my own fuel. my tax code has changed about 8 times in the last 2 1/2 years and every time I phone the tax office they just say its correct. Someone help a…
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"odd job" allowance
My bank just sent me a newsletter outlining the changes made in the budget last week. One that I hadn't heard of before was called the Odd job economy allowance. See wording below: " * A new “Odd Jobs Economy” allowance will be introduced allowing people to earn up to £2,000 per year via small scale jobs such as selling on…
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State pension, pensions, salary and tax code
Okay, the notice of coding I received a few weeks ago is vastly improved from previous years. Even I can understand it! I have three streams of income, two occupational pensions and a salary. So the tax coding started with my lowest income stream Pension A which is say £3,200 so it had a tax code of 320, so it's tax free.…
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National Insurance - Help!
Hi all - hope this is in the right place. This tax year I have earnt £14,333 (annual salary of £25,000, and worked for 7 months). I have paid £1155.52 in National Insurance. However, using calculators has told me that having earnt £14,333 in this tax year I should have only paid £753. Clearly the amount I have paid would…
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Council tax on an un-adopted road
Hi, I'll try and keep this short! I've been told that living on an un-adopted road gives you no right to reduced council tax, and that it's purely based on value in 1991. Oky doky, but the houses on my un-adopted street all have considerably lower historic values than other similar properties in the area. The VOA keeps…
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Child Benefit Potential Clawback
Hi All, In September my wife gave birth to a baby girl for which we have been claiming child benefit. I understand that if one of the parents earns between £50k - £60k the benefit is pro-rated. This tax year I will earn between 50 and 60k but I am unsure on the exact amount to put on the tax return (never completed one…
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Self Employed/Ltd Co Tax Advice
Hi all, I'm self-employed through my Ltd company. I have an accountant but have a few questions maybe you can help me with! I get paid by my clients through PayPal (who charge a % fee) but am unsure of the best way to record these fees as an expense. Should I deduct it at the end of the year or each month? How should I…
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inheiratance tax
Mother sadly died twelve years ago, Father is living in a property worth £250,000 ish, savings etc. worth £100,000. He was wondering how if he were to pop off, us children would stand with the tax situation, we know the allowance went up sometime ago. If he is over the inheritance tax limit what could he/we do to get the…
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underpayment - clueless
Evening all, new here... first of all I should apologise for my ignorance on this subject, I really am clueless. Basically, I've had a letter telling me I've underpaid by £1200 odd in 2014-15, and as such they are changing my tax code to 643L to take it back in 2016. they've stated the reason for the underpayment as having…
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Purchasing a property prior to sale of current to allow renovation
Hi. My parents (79 and 84) have seen a bunglaow they would like to buy, but it needs a lot of renovation work including damp proofing,potentially new floor joists, garage demo etc as well as the usual full cosmetic work. Their estate is under the IHT threshold. Their current home is owned as tennants in common and there is…
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Self Assessment late filing penalties
I have a friend that worked in Ireland all their lives, but done some cross-border work in Northern Ireland for 3-6 months back in 2010 before going back to work in Ireland. In 2011, they then emigrated to Australia, returning only this year. Soon after they emigrated to Australia, family had opened their post and realised…
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Car allowance - wear & tear
Hi, My work are in the process of changing from company car with fuel card, to car allowance and fuel card. Just to check is there anything that can be claimed against wear and tear (tyres/servicing etc) for the car, or is that all deemed to be covered by the allowance? The only reason that I ask is if you don't have a…
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Mortgage Interest Tax Relief (MIRAS - abolished circa 2001)
Hi Folks Homeowners, not just landlords, used to be entitled to tax relief on their mortgage payments, due to interest accrued on their mortgage - aka MIRAS. I believe it was abolished in year 2000. The relief was meant to be applied by the mortgage lender via the amount they asked you to repay. Does anyone know for sure…
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Claiming Expenses As an Employee
I'm an employee of a company, PAYE, The majority of my expenses are paid, however petrol isn't paid up to the full allowance, I believe I can claim the difference and also get tax back on that? There is also some computer equipment that I purchased which I didn't ask to claim through the company, however I do use it 50 /…
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Where to find advice on claiming tax from Germany
I'm looking for help how to claim back tax on foreign investments In particular from Germany
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Need advice for my 65yr old Dad - working part time
Hi there, I'm wondering if anyone can help, my Dad is really confused about working and tax. He's currently a self employed window cleaner & has been for about 30 years. He used to do his own books but got an accountant last year due to getting increasingly muddled (he's having tests for Parkinsons atm) The current dilema…
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Tax code and old age pension
I am currently in recipt of an occupation pension and I qualified for my old age pension on 6 March 2016. This means that I will have approx 4 weeks state pension income in the current tax year. I have just received notification of tax coding for year 2015/16 which quotes a tax code calculated on the basis of the of…
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Salary Sacrifice & Personal Savings Allowance
I am a higher rate tax payer and am considering joining my company "salary sacrifice" pension scheme i.e. by paying in a monthly amount that reduces my "salary" to below £32k (from April) therefore making me a "basic rate taxpayer". Does anybody know if this then qualifies me for the higher £1000 personal savings allowance…
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PRR or CGT?
I've lived in a house my father owns for the last 2 years (rent free) and now he wants to gift me the house. would I qualify for private residence relief or would I have to pay CGT if I sell in the not to distance future to move in with girlfriend? thanks