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Employed but
I am employed as a plumber but it's all my own tools and van even buy my own gas to work with. So really I'm self employed with holiday pay. I work on few diffrent site but sometimes I work on one for a year! So my van has broken down and given up totally and have been thinking there must be a better way to get a newish…
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Freelance working in the UK and abroad, accountant?
Hi all, Basically I work in film/tv(pretty new to the industry, 3ish years) and earn under £20,000/pa but I work in the UK and Ireland so have to deal with two separate tax agencies. HMRC and Irish Revenue. The film industry works on loads of short term contracts so I could work for many different employers over the course…
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Reducing Tax on second income: Limited company
Hi folks I have a job which pays £42000 which is a design consulancy for a big organisation and I also have a side web business that makes around £35-40k a year. I treated that as a part time sole trader business income until recently, but just changed to a Ltd Company (Sept 17) as I started dealing with bigger companies…
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inheritance help for my brother
sorry this is a bit of an epic but i'm trying to help my half brother out with some information. My father died 8 years ago this month. He had two previous children with his first wife (myself and my older brother). He was married to his second wife for 40+ years (and had one son my half brother) When my father died, my…
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Self Employed Paying Tax
Hi Hopefully this is ok in this forum it is the closest I have found. My DH is going into business with a friend (small carpentry firm- so nothing major in terms of VAT/LTD Company) next year. While both are brilliant at what they do the tax affairs are likely to fall to me and I have been researching/reading and I have…
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Why have I paid less tax?
Hi Guys, First post, not sure if I'm in the right area. Apologies if so. I've been undertaxed. My salary is 50k. Monthly, gross is £4,166.67 and last month (31/08) I paid £724.46 and £376.73 in NI. This is about normal, I've been on the same salary for a few years. This month (29/09) the gross was the same, but PAYE shows…
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Tax code query
Hi Wondering if somebody could advise... I've recently started a new job at the beginning of September and had a tax coding notice from HMRC telling me it was going to change to 964L. As far as I'm aware I should be on 1150L. It is my third job in the current tax year, although I've never worked more than one job at a…
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EIS Tax Relief - timing
If you buy shares in a non listed company which qualifies for EIS tax relief you can e.g. deduct 30% of your investment from the income tax you have to pay in the same or previous tax year. I would like to buy shares this tax year and carry the 30% income tax deduction back to last tax year. If I get shares assigned this…
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Capital Gains Tax - two lodgers
I thought I had cracked my CGT situation but I then read the guidance again and realised two lodgers means a slightly trickier situation. I was wondering if anyone could check and clarify for me this statement from this thread which I've been using for some help too as it seems a similar situation…
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French property - sell, gift or inherit... which is best?
We are very lucky in that our (elderly) parents were able to buy a small place in France about 15 years ago. They probably want to use it for another 5 years or so, and we don't want to own it long term. They want to pass on the asset (as property or cash) to us children in the most tax-efficient way. There seem to be lots…
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Gift/ Inheritance tax
Hi there My apologies if this isn't in the right section. My question is relating to inheritance tax. A relative of mine would like to gift me a sum of money to go towards a deposit for a house (£20k-£30k). My relatives concern is that if they die in the next 7 years then I will get a bill through my door for the…
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Tax on assets abroad - what is an "asset", what must be reported? Help needed pls
Hi Hoping someone can help. An elderly relative has just received a letter from HMRC asking to "bring your worldwide tax affairs up to date". We think HMRC have found out about money transferred overseas. The money was to buy a small plot of land with a view to building a house on it to take holidays, with it ultimately…
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Most Tax Efficient Way to buy a house for my Dad
Hi Please could somebody advise the most tax efficient way to purchase a property for my Dad. Our circumstances are as follows: * I have £110k in savings * My Dad has about £60k in savings * The house we are looking to purchase is £160k The ideal scenario would be that I purchase the home, my Dad lends me the £50k and I…
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Allowable expenses - rented property double glazing install
Evening all, Looking for some assistance, I have only been renting a property privately (as a landlord) coming up for 1 year now, the double glazing in the property at present is extremely old with no built in vents and some windows unable to open/close properly meaning they have had to temporarily be sealed shut. I'm…
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Rental income - tax relief on unusual financial costs
Slightly complicated question with regard to calculating my tax position. I took out a loan against my property in 2014, which doesn’t require repayment until the end of the loan term - plus a share of the projected value increase. I’d like to know whether the money I put aside each month, which cumulatively goes toward…
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Sometimes my pay goes into the next tax bracket
Hi Guys, not at all clued up on this so hopefully someone can help. I get paid 4 weekly. My salary is £22500. However, some months, I'll smash the overtime get bonuses. for example, in June my Gross was £3657. So how does this work. some of that June pay get overly taxed because it was a high pay month. By the end of the…
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Tax bill, who is liable?
Just got a £70 tax bill, so its not really an issue, especially considering I have had 2 rebates of several hundred pounds in the past. This seems to prove that employers are not getting my tax right in the first place. Some people have ended up with a tax bill of thousands. If this happened to me I would be beyond…
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NT code - split year?
My son works in Romania for a UK company and is paid in the UK into his UK bank account. He has property which is mortgaged in the UK which he uses from time to time so presumably is not 'non resident'. He has been granted NT code by HMRC from October 2016 as he is liable to pay tax in Romania. He still pays NIC. However…
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Baffled by tax certificate on dividends
Hi I am completing a tax return for 16/17 and struggling with box 5, the 'other dividends' section that includes Unit Trusts, OEICs etc. My wife and I have a joint investment of such funds through Aegon and I have found the tax summary statement. The 'total dividend distributions' was £380, which (my half share of) would…
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State Pension Payments and Taxation
I am trying to work out how much State Pension I received during the 2016-17 tax year. I receive additional private pensions so the amount of State Pension I received makes a difference to my tax. I started receiving State Pension in September and received a small amount to cover the days needed to get me into sync with…
