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Gifting money & IHT rules if u pass away before 7 years
Another question please. Let's say my relative gave away 100k to his relative/etc. Then he/she passes away on the third year. His/her total assets inc their home was 225k. Question: As it's within the 325k per person IHT threshold, would the 100k he/she gave away to one person still be taxed at their standard rate. Many…
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MSE News: 'I got a £7,000 council tax refund after mum was diagnosed as severely mentally impaired'
Family members of those with a 'severe mental impairment' have told how they've successfully reclaimed £1,000s in council tax overpayments, after a MoneySavingExpert investigation revealed 10,000s may be paying too much tax...Read the full story: ''I got a £7,000 council tax refund after mum was diagnosed as severely…
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Gifting money, rental property to children
Hiya We had some relatives over yesterday and they have consulted an IFA but none the wiser. They want to as follows: Gift a rental home to adult child not married, valuation 220k - no mortgage on it. Gift about 150k to adult child that is married. Questions: Will there be stamp duty, their guess is no. They are aware re…
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Help with PAYE and tax code
Hi guys, I'm almost at my wits end trying to figure out why I'm being taxed so much and if it's right. I am thinking of employing a specialist tax consultant but thought I would ask here first. Basically I get paid £40000 a year and have a company car for which I pay my own mileage. P45D for the car is £25000 and banding…
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Temporary Work place
Hi all, First post here so please accept my apologies if this isn't the correct place. Between August 2016 to June 2017 I was working at a temporary place of work, and have recently received a letter from HMRC saying my tax was miss calculated and I owe them ~ £5k. However I have claimed none of my expenses associated with…
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Employed only, HMRC wants more tax than my P60
Hello you lovely people. I just did my Self Asst. I have three income streams. Newly self employed sub £1k, so no tax there, old dividends from my closed company sub £5k, so no tax there, and a job with the Council. I am puzzled that when I have finished filling everything in (and a couple of minor tweaks are made for the…
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Inheritance tax
Does the £100,000 nil rate band on property gifted to direct descendants apply when there is no will (the assets of the deceased will automatically pass to the deceased’s children as there is no surviving spouse) or does something formal have to be done before death to gift the property to the children?
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30 hours free tax care
Hi. Wondering if anyone can help. My wife is on maternity leave but the SMP has run out and she wants to be off for the whole year...so, as I understand it, shwe would no longer be entitled to the 30 hours free as she doesn’t work the minimum of 16 hours per week or £125 per week. However, we have rental income and before…
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Company Car fuel records
Apologies if this is the wrong forum. I work for a company who issue fuel cards for company cars. Trips are recorded and allocated to personal or business use. At the end of the month, a pro-rata amount is deducted from my salary. This worked well for my previous diesel car. I now have a PHEV which I charge at home. I am…
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Am I due a tax rebate?
I started full time work in September 2017, and up until the 5th April 2018 I earned a total of £9,960.57. Within that time I paid a total amount of £648.80. I heard that if you earn under a certain amount within a tax year, you shouldn't be paying any tax?
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Obtaining property - what's the best options for me?
Hi all Newbie here. Seems like a good and very informative community! I’m after some advice regarding a property and what would make the best financial sense for my situation please. I’m obtaining a property in the UK from my brother (he lives abroad) that he is gifting to me. The property is owned outright so does not…
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Adding VAT
So I am going to now have to register for VAT which is slightly frustrating as the majority of my clients are consumers. I am an architect and I already have a number of agreed contracts which are yet to be completed. I am going to have to take the hit on these as they of course will not want to pay an extra 20% to the…
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When should I send cheque
Hi, I need to pay HMRC £650 by June 12. I was going to pay on line today but they have suspended that service until May 14 for some reason. So I need to send a cheque or wait until May 14. Please can anyone advise on when I should send the cheque to be safe and should I send it as recorded delivery? Perhaps it is already…
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how long for hmrc to respond?
I wrote 3 weeks ago asking them what they did with the money we paid for OHs NI contributions. https://forums.moneysavingexpert.com/discussion/5826807/hmrc-lost-the-money-i-paid-for-nics No response or acknowledgement. Do they normally take this long? Should I send it again recorded delivery so they can't deny it?
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From using an accountant to doing it on your own
As my friends financial affairs were more complex in the tax year 2016/17 he has employed the accountant who did the tax return for him. The accountant is no more responding to any communication. 2017/18 affairs very really simple and therefore there is no need to really use an accountant for that year. The question is…
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Tax code query
Quick question about my tax code. I received a new tax code by post. It's 390L X. The letter clearly states that the x means it will be reviewed at the end of the year. I'm happy enough with the code, as it's about right, but........ My employer has started using the new code, but as 390L X wk1. When I asked about this, I…
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Quick question on capital gains
If a person earns 8k income and has 100k capital gains for that tax year do they pay the same capital gains tax £ amount for that tax year as a person earning 10k with a 100k capital gain? Assuming all liquidated assets are the same and income is from same source etc.
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UK Taxes on Product Reviews
Dear Forum Users, I was hoping someone might be able to provide more help that I got from the official gov websites ! I wish to enter a 'competition' to review a product. If successful out of the 1000's of global applicants they would send me a product and I would have to test it and review it....after that it is mine to…
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Transferring 50% of house to son
Hi all, I bought a house 8 years ago with my dad, he was on the mortgage only for affordability reasons to secure my mortgage. We bought the house for 100k with a 75k mortgage. I've been chopping down the mortgage over the years and there is very little left now and i'm looking to clear it within the next few months. We…
