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CGT IHT Nursing home fees and gifting
Hiya On my day off from work today I have managed to get myself worked up. I have booked a free appt with an Independent FA for this Friday. A bit about me and my wife: I will be 55 later this year and my wife will be 63, we have three adults children We live in a mortgage-free home, valued at 450k We bought a house in…
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Taxation of gross savings interest - how & when?
For years I haven't had to fill in a tax return because my works pension + my state pension + plus my building society net interest have been well within the 20% tax band and HMRC have received the figures automatically and notify me of my tax code for the coming year. However, in 2016/17 all interest has been paid gross…
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HMRC fine
Morning I hope someone can help. I submitted my self assessment on 30th Jan and received a receipt by email. I had no tax to pay. I deleted it by accident and can't retrieve it. I have just received a letter saying that I have not submitted and that I need to pay a fine of £100. I called and the lady I spoke to wasn't v…
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Payment on Accounts too high?
Hi I just completed my 16-17 self assessment and I owe £5,709.73 in tax to be paid Jan 2018. In Jan 2017 I reduced my payment on accounts to £4017.00 because I knew I'd owe less tax, I have paid the one payment on account of £4017.00 in Jan, however I don't think I reduced them enough as I have another payment on account…
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Offsetting self-employed losses?
My wife was employed and paying income tax as normal via PAYE from 2008/09 until 2015/16. In May 2016 she became self-employed (sole-trader), however, for legal reasons I can’t go into on here, her business was forced to close in December 2016, just a few months later. This resulted in a trading loss of just over £5,500.…
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Premesis rent and staff payment
Hi I wonder if anyone can help me, I run a saturday club can I claim back all hire fees from the church hall for tax relief and the same for paying staff who work for me? One other thing Ive bought a card reeder (Izettle) they will charge me a fee every time I use it, can I claim this fee as tax relief? If anyone can help…
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how or who can check whether I have paid to much tax over last ten years
Hi all, these forums have been invaluable to me over the years so here's my latest thing I need help with, I am employed and paye but over the past few years after doing self assessment have ended up having to pay 2500 back one year and now this year another 1200, I basivally just need someone to look at say my past ten…
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CGT on a second property
Advice much appreciated!! My In-laws in their infinite wisdom signed over the ownership of their home to my wife over 15 years ago, in this time they have lived in the property and paid for everything. We are now selling our house and the second (in-laws) house to purchase a house with a annexe so we can care for them as…
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Self Assessment (payment on account)
Hi, My question relates to the 2016-17 tax year.... I have paid the Payment on Account for this tax year in January. I have another payment on account due by end of July. I have just calculated my profits for the year, which have dropped from the previous year. The payments on account are therefore too high.... If I file…
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Ltd company accounts
Hi all I set up a Ltd company last August with the intention of doing some consulting on the side of my full time job. For very happy reasons (new baby and promotion at work) I just didn't have the time to give this and haven't done anything with it save for a £1600 invoice I put through in the first week. My question is…
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Two Jobs - Tax/NI/Monthly Pay?
Hi everyone, I've been trying to work this out at home but would warmly welcome some help and advice on calculating the take home pay of a second job - and how it would affect my first, and main job. My current (and main job) job brings in £14,000 per annum (£12,801 after tax and NI paid through PAYE). The second job on…
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Tax rebate?
Hi all, Due to long term illness my wife stopped working at the end of December, I've just been online and filled out a form P50 without realising that since we are in the new tax year she now has to claim by writing a letter. Does anyone have any idea how long (on average) these take to come through, and would anyone care…
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P60 Error
After my tax credit payment reducing considerably I phone then today to find put what was happening. They said they had received my husband earnings from the inland revenue and it had calculated an over payment. We were expecting this so that was ok. We then started to go through the renewal process and I gave him the…
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self-assessment individual exclusions: filing a paper return, and ...?
first question: in any of the situations in which HMRC (in https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/601946/2017-exc-indi.pdf ) recommends filing a paper return as a workaround ... e.g. (perhaps the most common issue) 51: "Non-savings income of less than the Personal Allowance (PA) & Savings…
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Tax Problems - Jointly owned property
I jointly own an investment property and am in the process of trying to force the sale and taking legal to enforce the sale. The problem is that the person I jointly own it with is likely to be facing investigation for tax avoidance and I envisage that HMRC are highly likely to force him to sell assets. What I would like…
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French Withholding Tax on Dividends
Hi all I have some shares in a French company. My dividends are subject to 15% withholding tax based on the treaty that is in place between the UK and France. I am not expecting to pay tax on my dividends this year as it will fall within the dividend tax allowance. My question is - can I reclaim the withholding tax and, if…
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NI free allowance yearly vs weekly
hey, I work variable hours each week, and over the year i may be not working (at uni) for several months. So for income tax I know i can yearn up to £11,500 without paying anything. If my earnings this month mean I pay more now, then it will all be worked out next april to ensure i only pay tax on earnings above the…
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Class 2 and 4 NIC refunds
Has anyone encountered the new process for claiming a refund of Class2/4 NIC where the client has paid Class1 2 and 4? I been doing this for thirty odd years by submitting claims (generally for doctors) to to the Deferment group in Newcastle. Now I receive: The way we collect Class 4 contributions has changed (has it?) and…
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HMRC e-mail to submit S.A.?
My O.H. has had an e-mail requesting submission of a S.A. The only reason he was submitting one for the last few years was to claim back tax on savings interest as he was retired but not eligible for pensions at the time. I also did S.A for the same reason but when my 2 pensions kicked in HMRC notified me I didn't need to…
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Non existent student loan
Logged into HMRC earlier to start my return, and was surprised to see the first question I get asked is Our records show that you have an Income Contingent Student Loan for which repayment began before 6 April 2016 is this correct. I left school at 16, and never attended uni. I did get a degree through the OU at the age of…
