-
Inheritance Tax
Cannot find a thread for this...……:( so hope is OK:- I usually give my two adult children £3,000 pa from their inheritance as I believe I can do this without them being liable for inheritance tax on it ( I realise other taxes may be due such as Income Tax), and my query is, that both of them have just received £8,000 each…
-
Cyprus 2629
A bit confused in Martin's article about Inheritance Tax he says in one section a couple are allowed asserts property savings car ECT of 900.000 before then pay tax further down Martin says so working it out if a couple has assets totalling 650.000 they should not have any tax to pay. Confused on this one Martin. Can…
-
Flights with Kids that was work/holiday - tax deductible?
Hi All, I wasn't going to claim a long haul flight I made to Australia because I was visiting my family, but while I was there (I'm an author) I did meet with some book sellers and do a couple of press interviews. Is it okay to claim it as an expense? I am published in UK and Australia. Secondary question - I have young…
-
Can you expense cash withdrawal as a LTD company director??
A quick question! I am the co-director of a LTD company (micro entity). I went on a short business trip where pretty much everything (within reason) was paid for using the company card. However, as we were taking a taxi, we needed to take out some cash and so I withdrew from my personal account rather than my company…
-
Main residence nil band rate
On first death do you have to apply? Friend's husband died last year no probate as they did a mutual will years ago. Does she have to apply for residence nil band rate I believe his assets were below £325,000. She has not a clue and Indo not want to stress her by asking too many questions?
-
Is Inheritance tax an unjust tax...?
More and more i think IHT is one of those things that can sneak up on people. I've not searched for any data but im fairly certain that more and more people are being caught in the dragnet of IHT, mainly due to the house price bubble. Someone unexpectedly dies and wham,,the relatives suddenly find they have a big fat bill.…
-
Tax code recalculation
I'm trying to work out how HMRC have changed my tax code and wonder if someone can help - I'd like to understand the calculations. I claimed higher rate relief for 2017-18 (for charity and SIPP contributions) and they increased my basic rate level from £34,524 to £44,292. The numbers are: - I was originally given tax…
-
cALCULATING cgt ON MONEY FOR GRANTING AN EASEMENT
Sorry about the capslock!! How do we calculate the Capital Gains Tax on money received for granting an easement?? Property was bought for £400k two years ago. Selling the easement will bring in £30K. The easement applies to about 1% of the entire property area. How do we calculate the sum applicable for CGT??
-
Limited Company Business VAT Help
Started trading in June, VAT cut off date is July so deadline for VAT payment is this Friday. Trying to understand the VAT payment is really confusing me. I am on the flat rate scheme (16.5%). The GOV website has the information, and how what you owe is worked out. It says that you earn an income e.g. £1000, and charge VAT…
-
Marriage allowance help
Hi there all I'm hoping that someone can help me with some info or advice. I'm a non tax payer earning around £8000 per annum. Back in 2015 I applied for marriage allowance. My husband earns around £48000 gross, but makes pension contributions to a personal pension of £12000 per annum. He pays tax at the basic rate after a…
-
A certain website query
Dear All, Please can anyone advise as to how accurate the website is for listentotaxman is? The reason for my query is that I can match all details with my pay and wage slip except for my student loan repayment and wondered if it is the website that is wrong. Thanks
-
Self Assessment tax return & Savings Interest
As per my other thread. Hi all. I have an Aunt, my mums youngest sister, she went off to live in Australia, but has since returned. Before she went she opened around five different savings accounts with various institutions (cannot open them while abroad), and since returning she has opened a further five saving accounts…
-
Overseas Savings Interest Income & UK Personal Allowance
Hi all. A family member has a problem; she lived and worked in Australia for a number of years, during that time she built up some savings, not a large pot but enough to receive some interest off of. She is now living back in the UK for now; she has dual UK and Australian citizenship. She no longer works here in the UK and…
-
P11D BIK Help
Hi, I have been in my current role for 8 months. I am looking for some help understanding a recent tax code change and a P11D form I have received through the post. Based on the below. When i started 1150L M1 I was on emergency tax (M1). I presume this is just as its a new role and tax codes can take sometime to update.…
