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Sale of second home - capital gains tax
We will shortly be selling our holiday home which has never been let out and need clarification on when CGT will be due to be paid. Will tax be due within 30 days or does this time limit just apply to the sale of Buy to Let investment properties (which ours isn't). Alternatively do we have to declare the taxable profit in…
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Employee benefits
I am about to start a new job and the company offers a share scheme, contributes towards a pension and offers an interest free loan that is to be paid off over several years. If I take them up on these offers am I correct in thinking that these will be pre tax deductions and lower the amount of tax and national insurance…
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Full time employed plus freelance tax query
I work full time but have recently started doing some very casual freelance work. I do not get any proof of payment just what I note down on an excel sheet and an invoice from the company I do work for. I'm just curious into what a rough idea on what my tax contributions will be regarding this casual role? It won't be much…
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Capital Gains Tax and share losses
Hello I've asked an accountant to do my self assessment, I just need to check something before I question him as I don't understand the figure he sent me. On CGT losses on selling shares, is it as simple as the difference I bought them for and what I sold them for? You then take that amount off any gain I've had so bought…
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Monthly NI payments Self Employed...
Hi I've realised today I've been paying NI payments of £70 and £55 per month, and have been since I was self employed in 2011.... I've no idea what these payments cover I just received a letter at some point with a DD and set it up when I started business back in 2011. Now I'm wondering if I'm supposed to be paying…
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Reducing Payments on Account
Hello I'm looking at reducing my payments on account. I'm switching from self employed sole trader to a salaried director of a limited company. The company was incorporated 31st May 2016. Since April 6th 2016 I have a profit of £19,150 from my sole trader business. This is with my last invoice as ST, all invoices now go to…
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Claiming SA loss from PAYE tax, is it possible?
Hiya. I've been self employed for the past 10 years, and I started a PAYE job last year. I've just de-registered as self employed as my PAYE job is keeping me really busy, and I've just filled my last tax return. Because I was so busy with my PAYE job last year I ended up running my self employed job at a loss. I filled my…
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Dividend Allowance - Rental Income
Hi all Just been thinking about this new £5k tax free dividend allowance. I'm a PAYE employee earning £35k, so basic rate tax payer I also have a 25% share of 3 rental properties, which after allowable expenses gives me a taxable income of approx £4.8k, which i then pay £960 tax on via SA Is there any cunning way i and/or…
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Tax year 15/16
Just in case you don't know, for the 2015/16 tax year you can earn £15,600 totally tax free. As long as your pay/pensions come to somewhere near to the tax allowance, £10,600, then you can get interest of £5,000 tax free. For example my wife's earnings are £10,841 and her interest and dividend earnings took her total…
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Reclaim Withholding Tax on Foreign Dividends
Hi, just looking for a bit of advice please. I have a few shares from a previous employment with Santander. I receive a small dividend 4 times a year with Spanish Withholding Tax already taken off. I have a part time job and am also self employed so I complete a self assessment each year. I declare the dividend on my tax…
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Car allowance, tax and milage allowance
Hi all. I have a new role in which I am fully employed by a company, receive a salary and receive a car allowance. I use my own car to travel to work, however the nature of my work is that I also travel on business in my own car. For business travel, I add up my miles, deduct what would be my normal travel to work and then…
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Reclaim class 1 NIC from employment when sole trader loss
Hi I've filed my tax return for 2015/2016 (haven't submitted as yet, just saved) I work for an employer, and last year started a business, which I have made a loss due to startup costs of equipment which I have put down as AIA. My sole trader loss of about £1749 is offset against my main employment. Self assesment…
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Question about tax going from employed to self-employed in the same tax year
Hi, Hope its ok that I have signed up to this forum to get a question answered, but I can't find the answer in an obvious place anywhere else on the internet so wanted to ask it on a forum. Apologies if its not as intelligent a question as you're used to or is fairly obvious but any feedback would be appreciated. I've also…
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Fuel relief to a fix place of work
Hello Wondering if you can help clarify, been trying to get through to HMRC without any luck. My dad travels from home to work each day. He gets a company car (usual tax applies) and no fuel contribution towards mileage. Could he claim for some support? I've just successfully claimed via SE for mine however I travel around…
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Can I spend money put aside for tax? Have I over saved?
I'm self employed and always put around 30% of my fee into a separate bank account to cover my tax bill. I currently have around 18,000 in put aside money and want to know how i can guage if I've over saved and whether i can use any of the put aside money for a new boiler (for example) My next bill is due 31st July 2016…
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VAT / Import duties etc on F1 tickets
I am getting a couple of Singapore F1 tickets posted to me in August (purchased from Singapore over the internet) as I am going to the Singapore race in September. I have got a bit spooked though as the email I've received about the posting of the tickets also says: Note: Custom duties and taxes are not included in total…
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tax credits and tax rebate
question as ive not come across it as I deal mainly with single guys, a tax rebate and your tax credits, is it something they declare?
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New to Tax as a sole trader
Hi experts, I just registered with HMRC as a sole trader (effective from 15th of May) and I am very new to the tax, and my situation is not too simple either. Basically I work from home, freelance developer for the company based in US, so I invoice in dollars. and get money in GBP through transferwise. Here is the things I…
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New build house
Hello I have recently obtained detailed planning approval to build a small detached dwelling within the grounds of my main residence. My intention is to build the house, sell my existing house and move into the new property, making this my main residence. Then to finally sell the new property and move on. Is there a…
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Tax on charity donations
Hello, Can anyone help please. myself and some friends recently organised a charity event to support the children of a good friend who tragically died. We raised just over £15k after expenses. My question is, will the family we raised this for, have to pay any tax on that amount? It was a one of charity event and not part…
