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Most tax efficient way to deal with inherited property?
Just looking for a bit of advice please - have looked at a few threads already and the whole thing seems to be a minefield! My Mum's house was put into my name about 10 years ago (I have my own home as well, which is mortgaged). Sadly Mum passed away recently so now I have to decide what to do with her house. (I know I put…
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Help a worried mum - company car and child benefit
Hi everyone Not sure I have posted on the correct thread 🙈... I could really really do with some help as I am extremely worried and anxious.. In a nutshell, I am studying to become a mental health nurse (access course at college not uni as yet)and my husband is employed. We have three children. My hubbys salary is 31k..…
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P11D mistake by HMRC- tax owed
Hi I'm hoping to get some advice about a company car tax issue. My friend has a company car on a 4 year lease. She changed cars at the end of a lease in 2011 Her P11D was updated with the new car details, and the correct tax was taken for the first year (or part year?) In the second year, HMRC zeroed her company car tax,…
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Self-assessment Fine
I've received a fine unfortunately from the HMRC for a delayed self assessment form. I'm uncertain whether I actually do need to complete a self assessment form, and so was looking for some help here. I work for the NHS and am employed and get paid PAYE. I also have a Limited Company and these accounts are submitted…
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UK and Canada international tax arrangements
Hi, I hope someone can explain this to me in simple terms. I potentially have an opportunity to move from the UK to Canada and am looking into the cost implications and trying to understand the tax rules. I know there is a tax treaty…
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Help Please! Was Self Assessed, now PAYE?
Hi, I have a regular full time job but once a year book a week off to do private driving for a sports event. I've always used self assessment, issued an invoice to the company and completed an online tax return. But this year I have been told that we have to be paid via PAYE. What benefits are there (if any)? How do I now…
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Marriage Allowance and Strange Tax Issue
Hello All, I applied for Marriage Allowance to start from this tax year. I received an email and said I was approved. It then said that as I had put down my wedding day as previous year they would look to apply it from last financial year if it was applicable. My wife then received a tax bill for £213, yet I received a…
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P45 code?
i did not earn the basic last year. how do i find the code to give to a company. anyone know the codes? thanks!
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VAT on chocolate
Hi, I am buying some chocolate online from a Uk company. The invoice includes VAT. I thought food was exempt from VAT? Should I remove it from the invoice? Thanks
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PAYE deficit... can i retrospectively pay into pension?
Hi Folks, Just completed my SA, and for whatever reason, it looks like my tax code has been incorrect, so i have a shortfall of £2285 to pay for 15-16. I have a company pension, but did not contribute to the personal limit... so can i make a payment now as a topup to my pension, allocating it to the 15-16 tax year? guess…
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CGT Questions
Hi there, My Parents are transferring their second property to myself and my husband. They bought the property of us in 2009 for the lower rate 250K but the house was worth 325K at that time. When they transfer the property back to us now 2016 it's acutal worth will be 500K, My Parents still have a mortgage of about 105K.…
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Downsides to entering 40% Income tax bracket
I've been on the cusp of the 20% income tax bracket for a year and after getting my bonus this month, I know I will have have entered the 40% tax bracket over the course of 2016/17, but not my much over the threshold. Apart from the obvious of paying a higher rate of tax above the threshold (which won't be much for me),…
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Conference expenses - tax deductable?
Under the policies of my current employer I am covered for all domestic travel to conferences and expenses occurred in line with the departmental work plan. However, I also hold a number of voluntary roles outside of work and in this capacity I sometimes receive conference invitations/speaking opportunities. While…
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Capital Gains and 1 lodger
Hi My uncle has owned and lived in his current property since 2006 and has been taking in a lodger (declared etc) since 2009/10) - partly for the company and to help with bills. Lodger had access to all of property - living room etc, but no exclusive areas if you see what I mean and that was how the contract they signed…
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Capital gains tax on property
We are in the fortunate position of having 2 properties, we are married and own our primary residence (property 1) as tenants in common. The other property (property 2) we jointly own. Property 1 has been owned by us for around 25 years and has obviously risen in value quite considerably. Property 2 has been owned by us…
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Self assessment form & renting a property
Please can anyone advise me on this? I have a part time job and am also self employed so I complete a self assessment form every year. My Mum recently passed away and I now have her property. I know that if I rent it out I will have to pay tax on the income. It's not ready to rent out yet, it needs emptying and decorating…
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NI contributions incorrect
Hi I have a part time job, and am also self employed. I am trying to complete my self assessment form online but when I enter that my profit is under the threshold of £5965, it says I owe £145.60 in class 2 NI. The next section says if you earn less than the £5965 threshold you do not have to pay but if you want to you can…
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Marriage Allowance issue - SA return
Hi, My other half only receives income from property which is around 5k. We both registered for SA but I am also in full time employment. She completed online form last year to transfer 10% of her allowance to mine. All fine. I received amended tax code through the post. She was trying to submit her SA return online. One…
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Self Assessment Incorrectly Charged Class 2 NIC's
Hi I am currently filling out my self assessment online. My 'business' is more like a hobby, and makes very little money, but I declare it nonetheless. I've got to the end of return, and see that they are trying to charge me £145.60 for Class 2 NIC's. I've no idea why they are trying to charge me for Class 2 NIC's - I…
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Stamp Duty on joint property purchase
Hi guys, would really appreciate some advice on stamp duty rates for a joint purchase, as the gov.uk site really isn't clear for our situation. I own 1 house which is being sold for £140,000. I currently live here with my partner (we are not married) and have done for almost a year. My partner has a buy to let rental house…
