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New Stamp Duty Land Tax
Hello All! I've already asked a few questions on the new Stamp Duty for additional properties, but have a fresh query! Basic summary is I own a property (bought in 2007 with 3 other friends), moved out in 2011 and been renting since. Now I want to buy a house with my fianc!e i will have to pay the higher rate for…
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What is definition of a 'higher rate taxpayer'?
Hi there! My first post (although I've been an avid moneysaver for years!)... I would like to know what it means to be a higher rate (40%) tax payer. For childcare vouchers, I can get £124 per month as a higher rate taxpayer or double that if I am in the 20% bracket. But... I don't know how much my total taxable income…
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Council Tax Discount
Hi Everyone, Could anyone advise on a council tax discount, please? Am I eligible for a CT discount when studying part-time and living with my partner who is working? I know that full-time students can apply for a CT discount in such circumstances, although unfortunately I could not find anything relevant to part-timers..
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Self assessment fine out of the blue
Hi Can anyone help, my wife has just received a letter from HMRC with a £300 fine for not submitting a self assessment form for tax year 2013-2014 as shes owes £177 for underpaying tax out of the blue. She phoned tax office to query this, only to be told they apparently sent a self assessment form in 2015 and a reminder,…
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Self assessment, Marriage Allowance and Tax Free savings on Interest
Hi All. Just wanted to make sure I have worked this out correctly. I intend setting this all out to HMRC but wanted to get some idea beforehand. For 2015/16 I had an income of £11,816. £2460 of this was interest from savings. £5714 was taxable benefit. £3642 was Nhs Pension. I paid £119 in Tax on the pension, which was…
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Cancelling an interest in a Buy To Let
I have a 50% interest in a 'Buy To Let' secured with a 'Declaration Of Trust'. My son owns the house and I helped him a few years ago by putting up 50% of the house cost. However with IHT in mind, I would now like to cancel my 50% interest and in effect 'gift' my share to my son. However, does that leave my son with a…
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Offsetting tax car lease
I will be a GP partner next year. Probable salary £110,000. I was thinking leasing a car might be a sensible option but I am struggling to figure out how much it will actually cost. Any help much obliged. A concrete example select a car do nissan x trail business use initial payment £1080 then 24 monthly payments of £120…
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VAT on cold sandwich platters
Hi all I'm looking for some help with a question about VAT on sandwich platters. The business is VAT registered and sometimes receive orders from local businesses to supply plates of cold sandwiches for meetings etc. These are made and delivered. No VAT has been charged on these sales. The business has read VAT Notice…
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Class 2 nic
Just wondered as a is there a way we can receive our class 2 nic in the post and pay through business or even just pay it in 2 payments through the year out of my own account or does it have to be through self assessment at the end of the year? Thanks
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Costums charges
Hi all, After searching a lot, I know how much I have to pay for VAT and Duty for purchases outside the EU. But what about handling fees, is there any? Are they calculated? My item is coming trough air mail, so I believe is going to be delivered by Royal Mail. Thank you for your help.
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Transfer of ownership without selling
Hi everyone, Grateful for advice on my situation. I jointly own a 12 acre plot of land which has planning permission to build a house. Ownership is between my sister, my mother and me. My sister wants to build a house on the land and live in it herself, which I am happy for her to do as long as she buys me out. Before my…
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28k tax on redundancy payment?
I have received my payslip for receipt of redundancy payment next week and it shows £28k of tax. My VR payment is £90k of which £30k is tax free & I have additional salary credit of around £4k on top and my tax code is 547L. I am intending on making a large payment to a SIP in order to claim some of the tax back. I was…
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still pending,
I cannot get a straight answer from hmrc, been pending since 6th april, first was told standard security checks wait 2 weeks, then told will be 3 weeks from date of their message, now being told have emailed the review team allow them 4 weeks to respond. Question, any way of restarting the filing of the return, is this…
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Help please ... VAT and self employment
Hi - Looking for a bit of help please... my partner is self employed and we have an accountant. He's just submitted my partners self assessment and it's come back we owe around 5k tax which is fine. But he's been getting calls from Advantis (debt company) saying that he owed HMRC £400 VAT for a couple of months in 2015. We…
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Working from home & broadband: UK Self Assessment
Hi, everyone, I've tried to find out the answer to this question via browing the internet, but the information is a little confusing. I work in IT. My company closed our office and we now work from home. I had to upgrade my broadband to a faster speed. My company pays the extra charge for the upgrade to fibre (£15 a…
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CGT /IHT/ GIFT WITH RESERVATION- not sure which!
I wonder if anyone could help me or point me in the direction of the sort of person could help. I was born in a Family home which my mum and dad transferred into my name in 1984. Dad had alzheimers and I looked after him until he died in 1989 and my lovely Mum died in 2014 after a long illness. I moved out of the house in…
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Import duty charged on a replacement item. Seems unfair?
I ordered some good from the US totalling over £12,000. I paid the various duties and VAT necessary. But the manufacturer had sent an incorrect part. So they sent the correct part along with a returns label for me to return the incorrect part. I noticed on the package the manufacturer had randomly put the value as $100 (in…
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CGT on house left to husband
Hi, I am about to start working on my husbands and my tax returns for 2015/16 and in that tax year my husband was left a house by his uncle. The house was sold within e tax year with a gain. As we are married, is the gain split between us or is it only for my husband to report and pay the tax on? Basic figures are gain of…
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52 or 53 WEEKS IN TAX YEAR?
Does anyone know if I should put 52 or 53 weeks in Tax Year 2015-2016 tax return? My pension for that year was paid on Monday 6th April 2015 and the last payment was on 4th April 2016. If I work on 52 weeks it is the exact amount 'The Pension Service' letter said I would have for the year. If I put 53 weeks the figure will…
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Help needed about payments on account after no longer self employed..
Hi guys just wondering if you can help me basically in 2015/2016 tax year I earnt around £15500 and my tax bill is 1200 however I have got to pay 556 quid payments on account in January aswell for the 2016/2017 tax year and then a further 556 quid in July. However, on the 29th of May 2016 I stopped self employment and let…
