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Inheritance Tax - Transferring Nil Rate Band question
My father died earlier this year and I'm in the process of organising his estate. He has left everything to me and my sister - a house worth around £500K (no mortgage) plus cash & shares totalling around £160K. My mother died in 2009, leaving her entire estate to my father - having made no gifts or transfers in the 7 years…
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Best way for son to deal with his tax rebate?
My son is in the Australian outback at the moment. He has just received a letter saying that he is due a UK tax rebate. How easy would it be for him to the online Government Gateway site to get the rebate? He has no access to a PC but does have a phone. On the other hand how easy would it be for me to pay the cheque into…
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Probate on estate that involves a business, land and property - can anyone advise please?
I instructed a solicitor to deal with probate. I am sole executor. After nearly a year, probate still hasn't been applied for. They seem very confused about the business side of things. My relative died fairly suddenly with a business that he ran as a sole trader. I have carried on running that business but will be closing…
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Cash inheritance
Hi all, My dad who lived in Spain for the last 30 years died and as his only son I have inherited his house but also around 10,000 euros that he kept always hidden in his safe as he did not trust banks too much. My question is I know I can bring up to 10000 euros to the UK but what will happen when I put them in the bank…
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Tax rebate from HMRC
Hi, Has anyone else had problems receiving payment from HMRC. I have now been waiting since 13th July for my tax rebate, my accountant Confirmed the rebate but HMRC have still not transfer to my account. My accountant can’t get though to HMRC phone line always busy !
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High Income Child Benefit Tax Charge - Registration.
Is this the correct way to complete the registration (not self employed) for the Child Benefit Tax Charge?First time so maybe a bit paranoid. I input the tax year end date for the last tax year, even though I stopped the child benefit payments in February (a few months earlier) when I realised the income was going to well…
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Tax on Shares
Hi, I was awarded shares for the company I work for, which is an American private company. We've just been bought out and I've been made aware of what my shares are worth, and that they will be paid out once the acquisition is closed. I'm being told by some that this could be a capital gains tax, and others that this will…
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Self Assessment registration (SA1) - No email acknowledgement after submitting the form
I submitted the registration Self Assessment registration form yesterday (SA1 for non self employed) but I didn't receive any email acknowledgement that the form has been submitted. Should I contact HMRC to check if the form has been successfully submitted or re-submit another form? As the 5 Oct deadline is approaching and…
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Transfer of deed and Form 17
Dear all, I need some advice. I am a landlord renting out a 3 bed house in Surrey. I am on high tax bracket ( work for NHS ) thus last year I completed a "transfer of deed " with monetary difference of 100% / 0%, with my wife getting 100% of the income. My wife is on a low tax bracket thus thought this might help us with…
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How does mileage allowance affect tax?
I'm looking to start a self-employed role that involves a lot of driving. I've read that I need to do self-assessment and can claim 45p a mile for the first 10k miles and then 25p a mile after that, but how does that actually affect my tax?Can I lease a car with a business rate and not pay VAT on it? I'm likely to do 40k…
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Re-claiming VAT from Imports
Hi all, I was wondering if someone could provide some advice please. I currently import golf clubs from the USA which I then sell via various online marketplaces (very small scale - have sold around 20 clubs). I pay import tax and the VAT on the sale price and was wondering if there was any way I could reclaim the VAT by…
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CGT - two properties on one title...
Hi I am interested in buying a home which to all intents and purposes is a pair of semi detached houses - currently with internal access between the two. It is on one title, it was built as a residential care home and has only ever had one title. I intend to live in one semi, let the other, eventually split the title and…
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starting as a sole trader
hi im starting as a sole trader and the only question im struggling to find an answer to to is in relation to the cost of the van £4000 (solely business use) do i have to take that out of my personnel savings before i start (my personel cost not business), or is it classed as a debt to myself to be paid from profits back…
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Inheritance tax??
Good evening everyone, I have some doubts about if I would be liable paying tax if i reacive 50k usd (40K GBP) from my mom for a down payment on a house? I live in the Uk, however, my mom just sold her home in the states. Any insights? With regards.
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Marriage allowance and AVC
Iv'e been claiming the marriage allowance for a few years but now i find i am getting close to the £50000 threshold. I pay AVC into my pension does this get deducted from my yearly gross income so taking well within the threshold or is it calculated on my gross pay.
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Self Assessment Gift Aid
Having to submit my first ever self assessment form (2019 - 2020) and a little bewildered. "Charitable Giving", can I include gift aided monies that were raised by charities from my donations of clothing and other goods to them? And if so, how far back can I go, for instance can I include sums raised during the tax year…
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HMRC vs. Debt Collectors - What to do?
I hope this is the right category to post in - it's not strictly cutting tax but is tax related so fingers crossed it's okay. Okay, shortish summary: A year or so ago my husband discovered he owed money to HMRC for child benefit we'd been receiving when we shouldn't have been because he is in the higher tax bracket. It was…
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Company Car Tax
Hey Guys, I’m looking for some clarity on company car benefit. I’ve recently got myself a new job, and it came with a company car. Currently I have a lead in car, but my tax free allowance fell to sub 300! I’m curious, the tax office basically said I’m paying tax from the first half the year even when I wasn’t at my…
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Changes to Capital Gains Tax
Hi all,I know the government is currently looking to reform tax and CGT is on their target list. I am aware that the autumn budget has been postponed but will probably be announced after Christmas sometime. My question is as follows:Can the government make a change to the tax rules and retrospectively ask for tax? for…
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Tax on sale of shares.
The private company I work for is anticipating receiving an offer to buy the company outright. I own shares in the company which will have to be sold as part of the deal. I'm wondering how this lump sum will be treated for tax purposes. Currently I earn about £40k/year but because I am past retirement age, I also receive…