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Terminal disease, IT and buying a shared ownership
Hi Can I ask some advice please. My mum is suffering from a terminal disease though is fighting it. She was given 18 months to live - 8 years ago. She has just got divorced from my dad and has a lump sum of about 120K (from the sale of their house) and she has been receiving full time care in a home for the past 3 years.…
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IHT Gross & Net and excepted estates
Hi Guys, Looks like I've got a bunch of red tape to contend with, so am after some opinions please. My Mother died in December 17, my father died many years before, she was a widow until death. Her Estate is simple, house with gross value circa 375k, cash and bonds approx 15k, total gross value 390k. LESS: Mortgage 120k…
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Higher tax bracket
Hi, I’m new here so may be in the wrong place. Due to an amount of overtime my last wage took my taxable income to just under 45k. My question is will I be taxed 40% on the entirety of my next two wages (taking me to the end of the tax year) as they’ll be over and above the basic tax threshold ?
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Tools for mechanics
I have filled in form on gov website to claim tax back on tools but I have been rejected even though I have not been asked for receipts or even what I have claimed for, has anyone made a successful claim
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Tax on share options that are exercised and sold
Hi, My company is due to be acquired shortly. They've advised that when this happens my share options will be exercised and sold immediately. These are unapproved meaning that if I was to exercise them before the company is acquired I would need to pay income tax at 40%, employer NI (13.8%) and employee NI (2%). My…
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Capital Gains on sale freehold & shop premises
My dad who is in his 90s has finally decided to sell a shop which he has owned since 1971 and which has provided an income to him for many years. I'm trying to organise the sale on his behalf to the current tenant and want to minimise the amount of CGT he has to pay. I've read a little about this on the gov.uk website. I…
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£3k x2?
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Tax Implications for Gifted Overseas Property
Hello all, Apologies if this is a little long... My (Portuguese) family have owned a large property outside Lisbon for the past 150+ years (since it was built in fact). It has passed down the generations until about 30 years ago it was given by my grandfather to my mother and two of her sisters. The property has never been…
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Change married allowance?
Until now, I have used the married tax allowance because I was earning £24500 from pensions and my wife only about £1000. For the tax year 2018/19 onward it looks like her income from an inherited rented property will be £12500. I immediately thought I ought to give her back my married allowance and that we should both be…
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Regular savings to pay for uni
My husband and I have got surplus income. We want to set a regular saving account for our grandson to fund his uni fees. If we transfer £1000 a month it will be £12000 a yr. Does his mum has to declare any amount above his personal allowance & pay tax? Thanks
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Business mileage queries
Hi, I've only just discovered that I can claim back tax relief against the business mileage I do! For business miles my company pays an allowance of 16p per mile, so I plan to claim back the delta to the 45p HMRC limit (as just under 10k miles). The totals I have are as follows: 16/17 - 9262 miles @ 45p-16p = £2685.98…
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Reducing tax liability by increasing pension cont.
Hi This is my first post, for 2017 / 2018 tax year I am a 40% tax payer with a company car. I currently contribute 25% to my pension through salary sacrifice but due to the benefit in kind on my company car, I remain at 40% tax. My currently tax code is 79L as the majority of my tax free income contributes to the car…
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Rental sharing tax with four owners.
Grateful for any clarification of the scenario of two married couples, through inheritance, sharing a quarter each of the rental of a house. Normally, the rental profits would be taxed 50/50 between spouses, but could be 90/10 between non-spouses. Would it therefore be possible for the two non-spouses to have an…
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Cash gift from parents
Hello everyone My parents are selling their main home and would like to gift me and my wife about 80% of the monies they receive from the sale. They are moving into a flat they own which is mortgage free. 1. What are the tax implications of such a gift? I intend to use that money to invest in stocks and funds, maybe…
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Inheritance tax and Potentially Exempt Transfers
Hi If my mother, whose estate is below the £325,000 limit, gives me £20,000 and then dies next month, will I have to pay Inheritance Tax on the gift, or does this question only arise if her estate is valued above £325,000? Many thanks.
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Rental and tax
I hope this is the right board to post on. Looking for some advice really before we take anything further. We have a 1 bed flat that is just not selling. We’ve reduced the price but if we reduce it any further we will walk away with nothing. We are looking to rent it out as we need to move due to now having a baby. We…
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Tax Code (after leaving previous employer)
Good morning all I have couple of questions regarding my tax code following change of employer... its confusing me and hope someone can help shed some light... I handed my notice in to my old employer back in September 17. I had a company car and medical insurance I was P11D liable for. My tax code at time of handing my…
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Company Car vas Tax Allowance
I currently have a company car and I am considering weather to have another one or take the cash allowance of 5k a year instead. I have been on Comcar's company car tax calculator and it states that the following based on my salary and car selection ( I am a 40% tax payer). Comcar listed £273 a month a yearly additional…
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Medical insurance
I've just got a letter through the post from HMRC regarding my tax code as it's just changed due to me applying for my marriage allowance transfer. Everything looks fine except that I've got £117 'Less medical insurance' mentioned on the letter. I don't get private medical insurance at work, so I'm not sure why it's there.…
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Vat records for garage servicing
Does a garage, by HMRC regulation, carrying out servicing have to keep VAT in and VAT out receipts in detail, eg for air and oil filters; 1. The detail of the filters' manufacturer and description of the filter as purchased from their supplier. 2. On the bill presented to the recipient of the service the filters'…
