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Rough idea of CG Tax?
Hi. Sorry to ask this but I've been trying to work it out and not getting anywhere, it makes no sense to me for reasons I cannot fathom so I would be grateful if anyone can give us a ballpark figure. We have a property we're selling which was our first home but having to move in 2010 with nothing selling we decided to rent…
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£11k tax on £25k earnings - seems excessive?!
I'm owner of a limited company and my accountant suggested putting some dividends through my partner to reduce my tax liability. £18,000 went through her (although wasn't actually paid), but has this screwed-up her personal tax return? She's self employed and in the 15/16 tax year made: £4,984 from employments (tax paid…
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IHT, trusts & s144 reading back provision - help?!
My parents are updating their wills and have been advised to put their assets and property in a discretionary trust to mitigate IHT (I will be the beneficiary). I was present at the meeting with the solicitor and was told that within two years of their death, the property could effectively be written back into their…
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Regular cash gifts from boyfriend - do I have to pay tax?
Hello everyone, To put it bluntly, my boyfriend wants to regularly give me money in order to help me out. I am a student and currently do not have a job. The amount would be in the thousands each month, and would go directly from his current account into mine or be deposited in cash. Would I have to pay any tax on this…
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Tax codes and underpaid tax
I'd be grateful for answers to a question about tax code changes and how underpaid tax is recovered through PAYE. In February this year my wife was notified of her new tax code for 2016/17. It included an Underpayment Restriction which we knew nothing about had the effect of significantly reducing her tax-free amount. We…
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Can I be self employed?
Hi All I am looking for a little advice. Basically I have been offered the position of sales director for a kitchen showroom. I will be the only member of staff in this showroom and fully responsible for running it on a day to day basis. I would not be paid a salary but 50% off the profit. The owner of the business has…
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Company withheld tax refund?!
Hello, Just looking for some advice. My partner has recently changed jobs and has had his last wage slip. Due to personal circumstances my partner was off sick from this company and while off sick gave his notice. On it he has been charged for training costs for the company and as he has taken too many holidays. This takes…
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Paying tax on my part time job?
Please forgive me if I'm in the wrong thread, but I'm new and a little uneducated on the subject of tax. I'm a student at university, but I've recently just started a Christmas temp job in the mail sorting centre at Royal Mail. I'll be working Monday - Friday, 6pm - 10pm at £7.20 an hour, so £144 a week without deducting…
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can't pay tax
Hi some advice. i owe 2500 from SA and i can't afford it. i used to rent two houses out but i live in one now. i have a long term health condition. told the tax office today i have never worked and they convinced that i have. and i am self employed. but i am not. they told me that i need to ring them monday and do a income…
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Will and IHT
If a Spouse automatically inherits an Estate of a deceased then presumably no IHT is due,..however if the will states that the spouse is the Trustee of the Estate and that the Trustee is to ensure SPOUSE receives proceeds of Estate, is the Spouse free from having to pay IHT?
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Capital gains tax
Hi everyone. I'm new to the forum and this is my first post/question. My wife and I will be downsizing to a smaller property. There will be quite a few £k's surplus. Am I right in thinking we are liable for Capital Gains Tax ? Most of the surplus cash will be used for home improvements on the new property. Where is the…
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Maternity pay in lump sum - reclaiming voerpaid tax
Hello, my Wife has recently been made redundant from her post and has been paid out a redundancy package (less than taxable limit so is all tax free) She is due to give birth in January and has also been paid her entire occupational maternity package in one month (will be paid at end of Nov). Obviously, maternity pay is…
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Receiving a gift from a grandparent
Hi, I have a bit of a tax dilemma here. My grandad is quite wealthy and is looking to gift me £20,000 to invest into some premium bonds. I am 22 years old. I have read online that the tax free amount for gifts is £3,000, but it all seems quite confusing. What's the best way for me to be gifted this money, and what would…
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hazy711
Hi, I have a job which is PAYE during the week but once or twice a month work on a couple of events which I have to travel to and to get paid have to put the invoice through the company. They take the national insurance but not the tax. I know I'm liable for the tax but can I claim for milage, food etc. I've been told of a…
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Tax relief on charity donations
Can someone please explain to me how tax relief on charitable donations actually works, as I am tipping into the 40% tax bracket for the first time, though only slightly. Have I understood it correctly? Say I gave £100 to charity and ticked giftaid. The charity then claims 20% back so they actually get £120. Now I'm a…
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Help October tax code change
My husband has just got his October wage slip . up until now i have transferred some of my personal allowance to him ( married tax code ) as I am a non tax payer. So his ttax code has had an M at the end . However this month the marriage tax code is non existent and his new tax code ends in W1 M1 which I gather is an…
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Deed of variation
Hi, I'm hoping I can get some advice regarding deed of variation. My grandmother died in August and left her estate to her only child ( my father). My grandmothers estate was only valued at 120k which included her house valued at 110k. My father is executor of the will and wants to give the house to me and my brother. We…
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Tax relief on charity income
Hope this is in the right forum - as it's more about tax than charities, I plumped for this forum rather than the charities one. I help two local charities with their paperwork. Both are registered with the Charities Commission and receive <£1000 income per year from quarterly dividends produced by COIF (Charities Official…
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P800 says I owe but earnings less than tax code?
I am a little confused. I received a P800 and it shows that I owe tax. The income on the P800 is less than my tax code so I fail to understand how I owe tax. Is anyone able to shed any light on this for me please? Thank you
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Capital Gains Tax
I am in the process of selling a property for £126,000. I brought it for about £48,000 in 2000. I have been letting it for the last eight years. Not for profit, just to pay the rent at my current address. Now I understand that I will have to pay capital gains tax. I have tried to read the government website on it but I am…
