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Form 17
I know this can be used for unequal splitting of the ownership and income from a property.......but can it also be used for other things jointly owned, e.g. shares, savings accounts?
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Letting out a property expenses
I am thinking of doing a BTL and have think I understand what you can or can't being the biggest of what you can claim as expenses on mortgage interest. If I however don't have a mortgage on that property but another can I put It down as cash as an expense! for the purchase price. This just sounds ridiculous even typing it…
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Been taxed 24% on first payslip, any help?
Hello I recently started a second job on top of my weekday one, both on a PAYE, the second pays £7.80 and in my first payslip with the second job I can see the total deductions have been 24% of the gross salary ! According to https://www.listentotaxman.com for an hourly rate of £7.80, the total deductions should be 10.4%.…
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Workout my wage
Hi everyone Apologies if this the wrong section but I'm trying to figure this out and not sure how it works. I started a new job on the 8th of May and I get paid on the 26th of may every month. I have used different online calculators online, each giving me slightly different results so I wanted to know how the whole…
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P11D - time limit for reporting
My employer has just advised me that they intend to declare an iPad that I received for personal use in 2012 as a taxable benefit on their 2016/7 P11D return. Is this valid, or is there a time limit for the declaration of benefits?
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TAX Return
Hi This will be my first time completing a tax return online as its the first year the profit from my rental property exceeded £2.5k. As I am in full time employment and this is my only other source of income am I classed as a sole trader or "Not self employed"? Thanks S
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Help with large tax bill because of pension
My pension has kicked in and I still work. This has sent my tax bill soaring, as I am now well into the higher tax bracket, but have many dependants. I have tried numerous places to get advice but no-one seems to want to know unless they can do a total overhaul and charge me plenty in the process. What I want to know is,…
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Bonus payment - tax jump
Hi, After working very hard last year I have earned my annual bonus but I am worried the tax i am now paying has put me over the threshold for the high %rate. Its all very confusing. Basically I have a salary of £36K tax code of 1533L and paying back my student loan (pre 2012 admission). I will be paid a one off bonus in…
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Taxing Military Pensions
Morning, I have 2 years left to serve in the Military and I've just done my Forces pension calculator. I stand to get £9931 a year immediate pension so how much would i get taxed on this? I have been told that it will be 30%? I was under the impression that if it was under £10000 its non taxable? Obviously I will get…
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Sole Trader - How to account for new Van purchase
I'm very confused over how to account for a new van purchase as a Sole Trader (Non-VAT Reg). I will be buying a van approx cost of £12,000 in the next few weeks. I will also be selling my current vehicle a Pickup Truck for approx £8,000. What is the most tax effective way to account for this? Do I simply enter the sale of…
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Self-Employed with LTd Company and Tax
Hello everyone, after receiving so many helpful suggestions a few months ago I decided to ask foe some advice again. I quit my job as a Pharmacist in November 2016 and started working as a locum. I have opened a Limited Company in April as I had been told I could save more money this way. My partner (we are not married but…
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Self Assessment - Help Appreciated
Good Morning, Back in 2013/2014 I set-up as LTD company of which I was the sole director. I started my own business after the company I previously worked for went into administration. Unfortunately, as a !!!!-sure 19 year old I was adamanet I could do everything far better than my previous employers on a shoe-string…
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Transferring money between family members
My parents are old and I have been a carer for them for the last year, part time. This involves me doing chores, shopping for bits here and there. I've been totting up the total of all the bills and its in the thousands. Now I want paying. However, if they write me a cheque, will the inland revenue come back to me in the…
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Can a scooter be claimed as an expense?
Hello forum, I am new to self employment and have been looking in to what type of things can be claimed as an expense come the end of this tax year. I stumbled across an article on the guardian that states: Get On, a campaign group set up by motorbike and scooter manufacturers to promote two-wheeled travel, says it has…
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Job related accomadation. Taxable Benefit?
Hi. I'm a pub manager and have to live on the premises for pub security reasons and the essential need to be on call of my job. I cuŕrently pay for my accomadation as a taxable benefit. Is there any exception from this due to my job. I've also seen that some councils give a 50% reduction to council tax for certain workers.…
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P45
Hi I have been sent a P45 for a job I am leaving, I start my new job on the 3rd of July and my official leaving date here is the 30th of June so I still have two weeks to run at this employer... I am paid monthly every 15th in arrears, is it correct they have sent me a p45 considering I still have two weeks left to work?…
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Claiming travel expenses.
Afternoon everyone, Apologies if I am restarting an open thread; I did have a look to see if there was something similar and couldn't see anything. I am currently working freelance and have a regular (four month) contract with a company. They are paying me a set daily rate, plus the cost of my train. My question is, can I…
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Why you can never trust HMRC even to know the law!
http://www.cheapaccounting.co.uk/blog/index.php/the-smug-arrogance-of-hmrc/ I hope the above link is allowed by the moderators as it is not to a company with which I have any connections, other than just a lot of respect for them as an accounting firm. The nub of the post is that HMRC took this guy through all the stages…
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tax paid on SMP paid in a lump sum
Hello, I hope someone can help me. I have been on.mateenity leave since December 2016 and I left work (resigned) on 14th March. The remaining weeks of my SMP were paid in a lump sum at the end of the month. Because my annual income was over the personal allowance, they took tax on the whole amount. About £3000 was supposed…
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Selling a second home and CGT. Paperwork involved?
Whilst I know the various CGT calculations involved in selling a second property, I'm not up to speed with the paperwork involved. A friend is selling a second property after owning it for a fair few number of years. For most of that time it's been rented out to a tenant claiming housing benefit. My friend isn't intending…