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Pension Relief in Tax Code
Bit confused by this, hoping somebody can clarify. The below is my (limited) understanding of the situation, but if anybody spots somewhere I'm talking nonsense, please let me know!: I changed jobs half way through the 2015-16 tax year. My original job had a pension scheme which was deducted after tax, and the tax relief…
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PAYE help for messed up Tax codes
Hi, So my husband has never been self employed he's always worked for someone else. This last tax year he was made redundant in June and was out of work until October (he did not claim ESA in this period of time) He then left that job at the end of February and started a new one mid march. His pay packet at the end of…
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Father in care/ selling home
Can anyone help? Father was widowed in 1998, all estate passed to him. Assets/ Estate not worth over 425k but he's in a care home and using savings etc to pay for care. Children are looking at selling his home to continue to pay care costs. If there is no home then my understanding is that IHT payable on over 325k - but as…
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tax compliance check time limit
hi i was wondering if anyone on here could give me some advice. i recieved a compliance check letter in feb asking for a bunch of stuff regarding my business, which i sent off a week later, i was told to wait until the information was reviewed and they contacted me back. the last date of correspondance from them was on the…
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Council tax reduction
My husband completed a form to claim a Council Tax reduction due to him having Parkinson's disease. He sent the form to his GP practice to be signed and had a phone call from a doctor to say he wasn't able to sign the form because my husband doesn't have dementia with the Parkinson's. Is this correct please? If it is then…
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Car Scheme tax question
Hello All, I have a brand new car under a work benefit scheme (Justdrive) but I also receive a car allowance (£5.2k pa). My work pay me 11p per business mile and in the past year I think I have done around 8k. Someone at work has said that I can reclaim the tax relief on the difference between what the government…
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Hmrc student !own deductions
Hi really hoping anyone can advise on this _ I went back to work last September and Inadvertently ticked the box on the p46 confirming g I had student loan to repay. However my student loan was sold to a private company (Erudio) several years ago. I am currently in deferment as in don't earn enough to meet the threshold.…
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Inheritance question inc flat
My mother's estate is under £325,000 which includes her flat. Is there any advantage of putting the flat in my name now if she were to live another seven years? Or with estate being under the limit, would there be no tax advantage?
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Council tax owed after turning keys back to landlord
Hello, I'm not sure where to ask this question. We are tenants and moved out of our last property on the 30 March but our tenancy wasn't due to end till the 12 April. Our landlord pushed us to turn our keys over and we did this on the 8 April. She gave us our final meter readings and our full deposit returned to us. We…
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Tax code query
Good afternoon, Can anyone help please as I am having difficulty getting a straight answer out of HMRC's helpline! I have received my tax coding for this year as 164L and have queried this. Last year I had a company car and paid the relevant tax according to salary/BIK rates etc (My tax code was reduced to 391L last year.…
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Tax refund due, but when?
Hi, I know that I paid a high amount of tax beyond what I owed in the last tax year (relative to my income). I logged on to my personal tax account and it says that the amount I paid hasn't been calculated yet, and has done for a while. Does anyone know when they calculate as I really could do with the money?! Thanks
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Buying Commercial Property and paying VAT
Hi There, Looking for some advice, I am going to be buying a commercial property which also has VAT payable on top of the sale price. I am buying the property to use as a storage/workshop area for myself and will not profit from its use as I do not plan to run a business from here. I have done some reading and see that…
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travel expenses
Can I ask a question on behalf of my extremely hard working nephew who is being ripped off by HMRC. He's a multiskilled builder so does a bit of everything from general building to electrics, plumbing, gas (he is fully qualified and certificated in all trades). He's employed by 3 different employment agencies/umbrella…
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Company v Self employed
Does anyone know of a tax calculator which compares how much tax is payable in a company or self employed?
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Self Employed (Sole Trader) Tax Issue
Hello, I have recently registered as self employed and registered with HMR for self assessment and class 2 national insurance contributions. I have also setup a business bank account (separate to my personal one). I will be doing Mobile Hair and Beauty, working from home / going on visits in my personal car. Here is what I…
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Voluntary Class 2 Nics - Employed FT & self-employed side job
Hi guys, Dont know if this this the right section, apologies if not. I work full time for an employer who pays through PAYE and is in the normal tax bracket. I also run a small side business evenings/weekends which brings in <£5k pa. I'm trying to go through self assessment to pay tax on these side earnings but now its…
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Breaking a Reserved Property Trust to save tax
I wondered if anyone can help.... My children are beneficiaries of 2 reserved property trusts created by a Will. As they are under 18 and do not earn, they are not utilising their personal tax allowance and as it stands, the Trusts are not tax efficient. If these Trusts were to be broken and the money put into a 'Bare…
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Tax on rolled up interest on Fixed Term Savings?
This was 'news' to me: http://www.telegraph.co.uk/money/ask-a-money-expert/when-does-the-interest-on-my-fixed-rate-bond-contribute-to-my-pe/ It suggests that interest in a fixed term bond, say 5 year, even if paid annually and added to the account, if it isn't accessible (available) until the end of the term is, in total,…
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Council tax reband arrears
Hi I'm looking for some advice. I bought my house April 2016 and the garage had already been converted into a bedroom. I received a letter from the council in April 2017 advising that they'd be reviewing my band because of this "extension". Fair enough I thought, it needs reviewed from time to time. I received a letter…
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Holding mutual funds outside the ISA
Hi, I am holding 2 funds outside the ISA: 1) US index tracker by Fidelity 2) Standard Life Global Absolute Strategies So the first is a pure equity fund, tracking the S&P500 while the second falls under the category of absolute return funds. What are the tax implications of holding these outside the ISA? Am I liable of…
