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Hmrc tax rebate cheque timing
I phoned hmrc just now and they said they are me 48 pounds from last year and will issue me a cheque today. What is the time scale that I will receive the cheque? I can get the cheque cleared in one day they Lloyd's image clearing..only asking as I am out of work and it will come handy.. I could have done it online…
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Tax on selling gifted buy to let property.
I’ve got a buy to let property that i’ve had for years just in my name...no mortgage on it anymore. Now am thinking of putting my wife’s name on it on joint tenancy basis....she can then have it if i pop my clogs, without going through probate.(also handy for tax as she doesnt work) There is no money changing hands, and no…
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CGT calculation on accumulation units
I'm confused about how to handle capital gains tax on my accumulation units. I think I understand the basic idea but the details are tricky. If I sell all my accumulation units between the ex-dividend date and the payment date, I will presumably technically be paid a dividend for tax purposes (let's say it's £500) even…
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Inheritance Tax - Loan Trusts and Investment Bonds
We had a meeting with a Financial Advisor specifically on the topic of using loan trusts / Investment Bonds. I understand the principle and think it potentially works for us but am balking a bit at the fees of 1.5%. Is that normal? Is there any way to set up one of these arrangements DIY?
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Income Received In Ireland
I am about to receive a long-term monthly retainer from an Irish-based company for services rendered. I will be paid in Euro and I wanted to know the most tax-efficient way of accessing the funds in the UK where I am resident. I am currently a sole trader i.e., self-employed. Any advice?
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Joint Tenants or Tenants in Common
If my spouse and I do the following with our property:- * Change from Joint Tenants to Tenants in Common. * Provide each other with a life interest to remain in the property should either of us die. * Name our children as the beneficiaries of our respective halves of the property. Would the above save on Inheritance Tax…
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Cgt
Hi Never needed to pay CGT before but might need to when I sell some bitcoin. How and when do I do this? What happens if I don't pay? Thanks
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CGT on sale of rental property. Expenses allowable?
About to sell a rental property that I have never lived in, and suspect there will be a taxable gain for CGT. Trying to work out what I can legitimately claim for allowances on expenses. My understanding is that the taxable gain is the difference between the purchase price and sale price less: Legal expenses when buying…
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Refund On Late Tax Penalty
I had to pay a penalty for paying back late my wife's child benefit. My self assessment was submitted on time. I appealed it and won so it's been cancelled. As I had already paid the fine (to avoid paying nay interest) how is it paid back - as there is no mention in the letter from HMRC? Thank you
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Please can someone advise me on second income
Hi, I currently earn £65k p/a and I have the option to do a small amount of freelance work which may bring in an additional £5k per year. My salary is already enough to support my family so I am wondering if there is an efficient way I can just save this additional income from freelance work. I have been considering…
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£1000 Property Allowance usable for PIDs?
Does anyone know if the £1000 annual Property Allowance is usable for Property Income Distributions (PIDs) from Real Estate Investment Trusts (REITs)? I've had a look around and have not seen anything that specifically excludes them. But likewise not seen anything that specifically includes them. HMRC (.gov.uk) site does…
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Hiring nanny
I am about to hire a nanny and I wonder if there are any tax-saving tricks I could use. I am already registered as an employer (with pension scheme in place) as we already had a nanny before. I am aware of tax-free childcare, however I wonder if there is a better, more tax-efficient way, like hiring her through a limited…
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City Council Cancelled My Council Tax Direct Debit
I found out today that my City Council cancelled my direct debit for some reason. A bit of background. Without going into too much detail, I found out 3 months ago that we were in major arrears with our council tax. My partner was supposed to be covering it, wasn't, and keeping it from me. I found letters and we got it…
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Tax on interest earnt in savings
Does anyone here declare if they earn over £1000 in interest ? If it was £1200 for the year can you just leave it or will the tax office contact you ? I am thinking of leaving my ISA and heard that you need to declare any interest earned over £1000.
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Terminal Illness - Paying Son for Care from Estate?
I have a relative who is terminally ill and is over the inheritance tax threshold. His son is a qualified nurse, if he was to give him full-time care, can he be paid tax free from the estate?
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How much do I declare as income when selling on Amazon
Hello I'm really confused on how much I declare as income when selling online. For example if I turned over 70k a year on Amazon UK but after their fees I only see 24k a year of that actually hit my bank account would I declare my turnover as 70k or would I declare it as 24k as that's what actually hits my account? Also…
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Terminal Illness - beating Inheritance Tax?
If someone is terminally ill and over the inheritance tax threshold, are there any creative ways of them buying gifts, or getting cash to family and friends tax free, before it's too late? Can they employ a family member as a carer for instance?
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Tax question
Hubby got his P60 for the tax year to 2019 He earnt £44.390.33 And paid £7816.40 in tax I was waiting for this to come in to decide whether we could apply for marriage allowance ( where I can transfer some of my personal allowance to him ) Up until September 2018 he had a company car but now has a car allowance. We have…
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Tax treatment for first job
Hi everyone, I have a question I am hoping someone can answer! I am starting my first job in August (yay!). I am trying to do some financial planning but I am a bit confused about how my salary will be treated for tax purposes in my first year. As I start in August I am missing the first 4 months of the year (and haven't…
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What I should I be informing HMRC?
My partner has just got approval for sabbatical for an year from a public sector organisation. She wants to move to her home country in Asia and does not want to return after an year. But, just in case if there are unforeseen issues that forces her come back , she may return to UK. This being the situation, how and what…
