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Self Asessment - tax for next year
Hi, I am trying to do self assessment. The tax I need to pay for FY2015-16 looks correct. But I have been added another line in the calculation for 2016-17 saying I need to pay by July 31st 2017. The amount for 2016-17 is half the pending tax amount for 2015-16. Any reason why I need to pay 2016-17 tax as part of 2015-16…
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CGT Limit on Investments... pay into SIPP to avoid tax?
I've made more than the 11k capital gains allowance this year, so will trigger a tax payment at 20% on the profits above this amount. Is it possible to pay an amount equal to the profits into a SIPP account and then not pay any tax? Much like someone with a £16k income could get £11k tax free, then put the £5k into a SIPP…
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work from home expenses for employed
Is there a minumum hours that you need to work from home as an employee to be able to claim any tax relief/expenses etc as my sis does and shes been told by the company that she doesnt qualify as she doesnt work enough hours from home is this true as i cant find any where that states a min hours anywhere thanks
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CGT confused
Hi, I own a property since 2013. I have been offered £ 240.000 to sell a plot at the end of my garden. I have already consulted with several estate agents and they said it would not effect the market value of the house selling the plot. My question is if I decide to sell will I have to pay CGT and if so how is this worked…
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Dividends and personal allowance question
Please would some knowledgable soul help me understand the impact of dividend income on your overall tax bill? Suppose you have a salary of £100k and therefore you would receive personal allowance of £11,000 and £89,000 would be taxable. If you receive dividend payments over and above the £100k, do those dividend payments…
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HMRC plans 'penalty points' system for those who miss tax returns deadline
The government's proposing new penalties for those who are late filing their tax returns or paying their tax bill...Read the full story: 'HMRC plans 'penalty points' system for those who miss tax returns deadline' Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all…
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Bringing money from overseas into UK
If you are an expat and have a savings account overseas, and then move back to UK. What is the most tax efficient way of bringing the money to uk?
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Only received expenses - declare to HMRC?
I fill in a self-assessment tax return. I did a month's work as a favour to a non-UK organisation. They paid my expenses in dollars (equivalent to ~£4,000), but didn't pay me a salary. Do I need to record this on the SA? If so, how?
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Minimise CTG by contributing to a pension
I want to take advantage of the current low CGT rate by selling some shares. To make sure I pay CGT at the basic rate, I was going to invest some of the proceeds in a pension so that my total taxable income is reduced. But I'm not sure if this is how it works.. Here is an example (20016/2017 tax year)... My self-employment…
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Income Tax on Interest After Death
Can anyone give me some guidance on paying income tax on interest paid between the date of death and payment to beneficiaries? The amount is likely to be around £200 - £300 and I am assuming that NS&I and banks will not deduct 20% under the new rules. Thanks
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How can my company pay its share in my bills?
I am about to start my own business by starting a company that I will run from home. The problem is that it will be using my house utilities to run, which mean I will be paying for its running costs, which I think should be excluded from the company profit.. Is it possible to charge it a share in my bills? How can I…
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Council tax court summons for court costs.
Hi I have a very weird issue. I owed £125 council tax for my previous property ( well in all fairness they decided that it was me because the first payment when I moved in was made on my card, anyway I've laid that argument to bed) I received a court summons saying that they're going to court on the 9th August if I don't…
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TAX Refund text message
I received a text message which says its from HMRC and that I have a tax refund of set amount for tax year 15/16 and to fill in a form to process refund with a link? I wont fill in things that I am uncertain.
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Income Tax, Discretionary Trusts, Means-Tested Benefits, etc
I’ll try and be brief. Is there anyone here who is knowledgeable about, or specialises in trusts and taxes? I am about to take on the trusteeship (there are two trustees) of a discretionary trust set up as a ‘will trust’. The two beneficiaries are a young student, currently away at university, and a person with a…
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Overseas money and Tax
Hi all, My partner is a Swedish national who has been living in the UK for the last 12 years. Her mother (living in Sweden) has gifted her £20k from the sale of a property. If her mother was to transfer this money over to the UK, would there be any tax implications or procedures that we need to be aware of? Many thanks
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Paying tax on the side job without changes to the tax code
I have about paying tax but not having any changes made to the tax code so that it doesn't show like I have two jobs. I work full time but I do also have a second job (self-employed if I might call it like this) where I sell electronics; now this is a very irregular job, I just do it when I feel like it and there's no…
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CGT on previously let property now primary residence
Hi, I have a flat that I bought in 1998 and lived in until 2005 where it was then rented out and when I moved in with my partner. Tax was paid on this rental income. My partner and I have now split and I am moving back into flat later in the year where I will live until I ever come to sell it to buy another property to…
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being paid in USD to paypal
Ok so ive read conflicting things on net and forums but say i get paid x amount in USD, paypal take a fee. i then have to pay 33% of the total ( before pp fee) to the platform so i pay that from the USD. the remainder i then convert to GBP as my earnings do i have to put all this on tax form as turnover, profit/loss,…
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Quick Books?
Hi I have been Self Employed as a Sole Trader since April 2010, and have always used an Accountancy Firm. However their fees have increased by 60% since I started using them! I am nervous about doing it myself, so was wondering if anyone has used Quick Books? Have seen the advert and looks good. Does anyone recommend them?…
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Why does tax man want to know how much interest I have in personal bank accounts?
I'm self-employed. I've been asked to complete a form by my accountant and one question is "1. How much Bank or building society interest (ignore ISA’s)" I'm trying to save for a house, so I have accrued a bit of interest in my Santander account. Will I get taxed for this?