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CGT Relief
Our mother died earlier this year and my brother and I discovered that she had transferred her house into our joint names in the early 1990s. The house was downvalued at £200,000 in May to reflect the rundown state of the property. We are now spending a considerable amount of our own time and money in upgrading the house…
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Tax implication if pension paid immediately??
Hi I am 58 and I recently took a redundancy package from my job. my last day of work was 30th September. My redundancy payment was £40k (£30k tax free and I paid tax at 20% on remaining £10k). I opted to take my company pension early from Oct 1 which gives me a tax free lump sum of £56k and a pension of £18,500 pa. Someone…
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Tools.
I work as a panel beater and have recently finished my apprenticeship which lasted 4 years , in that time I have needed tools and bought them . I will almost certainly always be buying tools every year as my job will always change as cars change , I'm wondering is there any rebate or tax deduction available for some-one in…
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CGT bed & breakfasting, calculations
I'm getting terribly confused with the CGT bed and breakfasting rules. http://charterconsultation.hmrc.gov.uk/helpsheets/hs284.pdf I've provided a hyptherticial senario (as using my real shares is just too confusing at the moment) 01/01/2009. Buy 100 shares at £10 each costing a total of £1,000. 02/01/2009. Sell 100 shares…
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Taxing Times 5 Discussion Link
This thread is specifically to discuss the content of the Taxing Times 5 Article To discuss or ask a question about the article: click reply
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spread betting tax
Hi I am a financial spread bettor. This is tax free in the UK. However, I am thinking about moving to Spain in the future. I understand that if I am non resident in the UK (out of UK for more than 183 days per year) then I may be subject to tax in Spain. Would this be capital gains tax? What are the rates in Spain? Could…
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Ebay and paying tax
Do I still need to pay tax if I'm only making about £100 profit a month by selling goods on ebay? It's also been more than 6 months, so I'm worried I'll have to pay a fine. Has anyone managed to talk them round this?
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Any extra taxes to pay??
aaarrrgghhhh I think I deleted my question so here it is again.......My fiance is a Canadian, resident in US with a US bank account. He wants to transfer funds to my Scottish account so that I can purchase our family home before he gets here and before we marry as he is in hospital((f$%"*&g bin laden:mad:)). He will be…
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Any extra taxes to pay??
This is a wee bit complicated so sit comfortabley!! My fiance is a Canadian, living in America with American bank account. He will be returning to Scotland under the Ancestory rule before we get married. He wants to transfer funds to my Scottish bank account from his American one so that I can purchase a family home before…
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Cap Ex and AIA and Small pools
So I now have upto £50K for my annual investment allowance but my question is with regards to the small pools allowance. You can write off any small pool upto £1K - is this the value as it is transferred from last year, or is is after this years 20% write down allowance? e.g. So say my pool value carried to 08/09 is 1001,…
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tax rebate
hello everyone, just wondering how long does a tax rebate take to be paid out? i phoned today and they said i havent had one for 5 years so they said they would calculate then send out a payment.:confused:
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Online self assessment - which bit of P60 to use?
Hi all My apologies if this sounds a bit thick... I have to do an online self assessment but am confused about the bit which you have to fill in with details of pay from the P60 .... my P60 doesn't make it very clear... I have 3 sections 'previous employment' 'this employment' and 'total for the year'. Which amount must I…
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Recently retired
I'm helping my MIL with reinvesting some money from fixed term bonds. She retired in Jan 09. I happened to mention had she registered for gross interest on any of her accounts, which she hasn't. then i asked if she'd completed a tax return - no again, she had done one for 07/08. She has rung the tax office today and they…
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Sole trader versus Ltd Company
I am self employed therapist and operate as a sole trader and paying higher rate tax, but not registered for VAT. I have a book keeper to keep my accounts in order and he also does my Tax return for me ( Revenue inquiry about 4 years ago! ) I have a friend in the same line of work who set herself up as a LTD company…
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VAT rise in January
I've had a serch so please move if on the wrong board. VAT is returning to 17 1/2% in January. If I pay extra on my DD for my BT phone line will this save me extra VAT in the future? For example, if I pay £20 a month at the moment, if I paid £100 on my next DD would that count as being paid now and at 15% or will it be 17…
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CGT - Declaring proceeds
hi, I've read on this forum if the net proceeds from share sales exceeds 4 times the CGT threshold £10,100 you have to complete a tax return (even if you make no profit) I can't see any reference to this on the inland revenue site, can someone point me in the right direction. Thanks Mark
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2nd job self employed
Not sureif this is the right forum for this thread as it covers a couple of issues. A little background info first, I am currently employed and earn 23k with 1k in bonuses so 24k total. I am currently wanting to start a small business whilst keeping my current job. I expect the business will turn over around 15-20k. I am…
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Paying BR tax code, should I be on 647L instead?
I'm currently paying stupid amounts of tax each month on BR code. My Dad keeps calling me up on it asking why I've not contacted the Tax Office about it, but haven't thought much of it, until recently. I've been working alot of overtime and noticed a difference in pay with other associates I work with. One of which who has…
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Question about paying for wedding early to avoid vat increase?
We're getting married in March and were hoping to pay for everything before the VAT rate goes up. As we don't have final numbers there may be a slight adjustment next year, however we would be more likely to overpay rather than underpay. The venue has said the following: "I do not believe paying in advance would avoid the…
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paying inheritance tax
Hi, I was wondering if anyone could help me with this. If a property is transfered from a parent to a child, but the parent continues to live there, I understand this is a gift with reservation of benefit. But if the parent moves out at any time afterwards it becames potentially exempt? What happens if the parent dies…