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Gifts to avoid Inheritance Tax
I have heard that parents can gift £3K per year without worrying about inheritance tax. Is this correct? Got two elderly parents with money in the bank and we are looking at how to reduce any exposure to tax. I've heard about a 7 year rule but not sure if that applies to the £3K gifting per year? Thanks, Jon
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Claiming back phone costs
I do a small amount of mystery shopping, some of which involves making phone calls which normally come out of my allowance. Can I claim these against tax? Thanks
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Winding up Ltd/dividends question
Hi Please could someone help me as my accountant is not being very clear with me. I was employed as PAYE April 2016 to October 2016 circa 30k per annum salary. In October I joined an agency and on advice started a Ltd company. For various reasons I am going back to a PAYE position for the next tax year. In effect Oct…
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Witholding Bonus
Hello again everyone. I have also added this in the pensions thread as I am not sure whether that is more suitable. You were all very helpful previously when I had some queries re income/tax/pension payments and things have moved on a little since then. I am due to be paid my bonus at the end of this month which will be…
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Site-based Employee - Mileage Claims
Hi all, Hope all is well. I've got a friend who works in the construction industry. He is an employee and works at multiple construction sites throughout the year. Am I correct in thinking that as he does not have a permanent place of work - all his mileage to and from the site would be allowable for tax purposes and he…
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UK tax and working in China.
My brother has been working in China on contracts for Chinese employers (including the state news agency Xinhua) for the last 7 years He has never returned to the UK – or even left China- during this period. He has no intention to return to the UK. He has married a Chinese wife and has a son by this marriage and is…
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Probate does anyone know of petition
Hi there I listened with interest to the podcast Moneybox Live re probate and the tax that is coming our way - I think there was mention of a petition I couldn't find one - does anyone know where to petition against this please? I always don't understand how we can get such a quick change in the tax system - is there no…
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Help with tax return - claiming capital allowances for an acquired business
hello, Last year I purchased a business excluding goodwill for GBP 400k. Since then, I have invested approximately GBP 100k of my own personal money to renovate the commercial property. My accountant has advised me that the profit and loss for the business itself will be covered as part of the company tax return. However,…
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Ltd/self employed best tax options?
Hi Currently employed PAYE earning approx £32k per year. I have the opportunity to do some agency/locum work. Potentially could earn up to £50k per year in addition to my PAYE salary. Should I initially start as self employed then incorporate? What is the process for this? Am I better off setting up a limited company to…
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Salary sacrifice scheme
HI, I currently have a car on an NHS salary sacrifice scheme. This is the third of 3 cars that I have had over the past 7 years. When I had my first 2 cars (the term on each was 3 years) I mistakenly thought that my income placed me in the 40% tax bracket, so when I ordered the cars, that is what I put on the online form.…
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Use of Tax Code
My sister received a tax code of 220L for 17/18 against her private pension. However, I worked out that her tax free allowance after deducted her SP is 2207. My understanding is that her pension provider would use 2200 as her tax free allowance to calculate her tax. So would this mean that she is losing £7 on her tax free…
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Adjusted net income and P11d benefits
Hi This year my Taxable pay per my payslip for this tax year is going to be X However I have approximately £4,000 P11d benefits which are the reason my tax code is 707L rather than a full personal allowance of £11,000. I am trying to make sure that my adjusted net income does not go over £100,000 to avoid losing any of my…
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Tax Code 125T?
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Using full savings allowance
Hi all, I am a higher earner and my wife is a lower earner. Her non-savings taxable income this year is 8072 so falls within the person allowance. She is therefore eligible for 5k starting rate for savings and 1k personal savings allowance. Her savings income is around 17k (from 12% P2P lending in her name) If she pays the…
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Pensions vs ISAs - Tax Write Off?
Advice needed please! Both me and my partner are currently self employed but don't have any kind of pension or savings scheme (we are 44 and 47). To be honest, we wouldn't have much to put in either but, with the new tax year drawing to a close, I was wondering if we could take some of the money that the tax man will get…
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Cgt or IHT?
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Spreading Council Tax Bill
Hi, I hope that I have posted in the correct thread as I couldn't find anywhere else. I currently pay my council tax over 10 months as I was not aware until earlier this week that I could spread it over 12. I rang my council to get this changed over and they have advised that they can do this but that they would have to…
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Professional fees tax relief
My husband is now retired, but under state retirement, age so it's entirely possible that he may take up part-time or consultancy work. When he was working, he claimed tax relief on his professional fees, plus it was a requirement to be a member of the institute if he wanted to maintain chartered status. If he doesn't pay,…
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Year End Return
Hi, I'm not sure if this is the right section to ask this. Partner is self employed, I do his books which is easy enough. I have a question about the van he has just bought on HP. I know that I put an interest invoice through each year but wanted a bit of help with depreciation? Each year I can claim 25% of the nett value,…
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Bonus Payment March or April?
Hi looking some help here. I am due to receive a bonus of £8k in March wages current salary £42k with pension payments of £1700 per year and personal allowance of £11k. This will take me into the higher rate tax band. Given the personal allowance increase to £11.5k and increase of the tax bracket to £33.5k in 2017/2018…
