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Car Tax
Just wondering if anyone can assist with helping me work out how much tax I am going to pay on a company car. List price of vehicle is £18064 and co2 emissions are 96. Says on HMRC website that this equates to £4877 for the car and £6507 for the private fuel. Then underneath there is something that says tax liability…
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Which taxes payable on changing ownership of commerical
Good Morning I own half a share of a commercial property with my sister (not under a limited company) I was thinking about transferring half of my half into my wifes name as it suits to hold it as joint tenants for a variety of reasons. Does anyone know the tax implications for this , and for my wife both now and in the…
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2 Jobs Taxed But Not Hitting Allowance Limit
I'm currently in a placement job for 3 months making £698/month and have a side events job that nets about 150-300/month. Therefore, I'll not have actually hit the personal allowance limit. I just got my payslip for placement got taxed £138. Is there a way to claim this back and stop it for the rest of my placement?
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renting out a property
hi. i currently rent out a property in England but live and work in france. the yearly rent is quite low and a lot less than the uk personal allowance so i would not need to pay uk tax as i dont have any other UK income. do i still have to do a uk tax return even though i would never have to pay tax on the small income?
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Retirement Timing
Good Afternoon. I am due to retire at end on October 2019, I earn about £55000 a year from my salary and BTL investments. As the tax year Runs March until April is there any benefit in me delaying retirement to April 2020? Or can anyone point to a website where I can play with such figures Thanks in advance
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Capital Gains Tax Advice on selling land
Hi New to the forum and hoping somebody will be able to help me understand the CGT implications. I received a half share in a parcel of agricultural land (approx 10 acres) this was gifted to me from my mum's will. The other share is owned by my sister At the time of the gift the land was agricultural and we estimate due to…
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Voluntary Redundancy and Pilon
Hi all The missus is on the verge of taking a redundancy offer in work. headline figure is 41K of which I understand 30K is tax free However whats thrown us is this PILON I dont quite get it We were thinking she could finish in three days - so this FY - which the company dont mind at all by the sounds of it - they just…
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Double VAT Charge on Order - how do I reclaim?
I recently ordered some clothing from an online store. It was not made clear on the site but the goods ended up being drop-shipped from China. When they (finally) arrived I was required to pay a customs charge of 20% VAT plus admin fee. I was a little miffed as this was not advertised on the site, but ended up paying as…
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Tax rebate notification....or not!
Obviously no one here would fall for a scam but if you have elderly friends or relatives who may be vulnerable to phishing and who file self assessment please warn them that the vultures are out, with very well designed HMRC email templates! At first glance it looks good, a few hover-overs of emails and links gives it…
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Pay dates and end of financial year
Sorry if this is a really silly question; Is my yearly income for tax purposes based on how much I've been paid for that year or how much I've earned? What I mean is, I have already received the last pay slip for this financial year in the middle of March. Is that what my income for the year will be based on or will some…
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Gift from a lottery winner - who might have to pay the inheritance tax?
Hello everyone. I just can't find a clear answer to this, even on HMRC's pages. I've received a nice amount (more than £325,000, less than £1M) from a generous lottery winner friend. I understand the 7-year inheritance rule, and that there will never be any IHT to pay on it if they survive more than 7 years from now (we…
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Self Assessment
I'm having a rant - feel free to join in! So, as we approach the start of a new tax year I received my PAYE coding in the post this week. It shows I owe HMRC £1,016 from a previous tax year (I received a company car part way through the year and my employer didn't notify HMRC) I ring HMRC and explain that this figure needs…
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19 and confused about my tax!
Hi! I worked for 3 months and earned under the personal allowance amount of tax, so i shouldn’t have been taxed anything. However I was put on emergency tax for two months and then taxed something silly like £20 on my last paycheck. From research I’ve done, this emergency tax should have been paid back to me by my employer…
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Income tax 2019 calculation
Hi, I am trying to understand how the Income tax calculation works for the next fiscal year (2019-20). I was using the tax calculator at the uktaxcalculators.co.uk site (sorry can't post links as yet) and trying to understand how the reduction in tax free allowance affects the tax calculations for that year. For amounts…
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Cash gift from in-laws overseas
Good morning My in-laws who live in China would like to give us money to contribute to our children's school fees. They want to pay £6k each year for both of our daughters (£12k total). They would like to give us as much as possible as well to help with our mortgage through bank transfer (without us being taxed on it). We…
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Understated mileage
Hi everyone, My accountant has understated my mileage for the past 4yrs and I would like some independent advice on claiming this back. I am a self employed person operating as a limited company and I currently drive my own car for business; c.25k per year. The business has previously repaid nothing towards any mileage…
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Do I pay 3% stamp duty please?
Hi, I am separating from my husband who wants to remain in the marital home. Meanwhile I have found somewhere else to live and want to buy it. If he pays me to buy my share and I buy another property do I have to pay extra stamp duty as effectively I am still a homeowner as my name is on the current marital home. Can I…
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income tax on 2 incomes
i have a small pension and a part time job. in 2018/2019 my tax allowance was split betwee the 2 incomes. for 2019/2020 hmrc have used all my tax free allowance from just my job. does it make any difference?
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SDLT for FIRST time buyer: Mixed use commercial/residential property
I would like to know what the Stamp duty land tax rates would be for a person who's FIRST property they would buy is a mixed use commercial/residential property. Thanks.
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RSU Tax
Hi All, Quick one. Say I'm earning £40K gross per year and I get 5 RSUs vesting on X date. The total tax and Ni, I pay on this is 32% right? (20% tax and 12% NI). Reason I ask is because I end up having to pay 50.28% and wondered if I was overpaying. It's a US company. Thanks
