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Remortgage to buy B2L Property: TAX issues
Is it True? Can i use savings in my home offset account and remortgage with equity my own home to purchase a B2L property...then claim the interest repayments as tax relief against the rental income earned ????? I would love to find an official line on this one...would be an important factor in sorting out a very big messy…
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Emergency Tax Code Confusion
This morning I received a letter from HMRC stating they need a 2008/2009 P45 or P60 from a company (lets call them CH) that I worked for until 2004 and haven't worked again for since. I rang them up to explain that I had left that company in October 2004 and not worked for them since, and now just started my 3rd job since…
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Inheritance tax question?
Hi, My parents are concidering taking out a trust so that if they ever need to go to a care home or anything happens to them that the council/inland revenue can't takethe equity from their house to pay for their care. A friend at work mentioned to me that there is a clause stating that if my parents should die, or need to…
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income tax advise please
I've just been given the higher personal allowance as I will be 65 next Feb. I've just retired and am awaiting my NHS pesion. The lump sum is meant to be tax free. Will it be included in my years income thus taking me over the 22+k and making me liable to more tax or will it not be included at all because its tax free?…
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Help needed with CGT rules
i bought a house in 2000 for 50,000. rented it out from april 02 - june 03 then again from june 03 - jan 04. I then moved back in the property and sold it december 2005 for about 100,000. The tax man has just got in touch for the rental income i made. Also he is aking me what price i bought and sold it for. Surely i am not…
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Tax advice needed
I was working 1 part-time job and have now been offered another part-time job which i will start next month. I need to know if its possible to claim clothing allowance on both jobs or is it only on 1 job? I am provided a uniform by both jobs. Also, How will my tax be calculated? The pay for both jobs will be about the same…
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Tax Help
Now im unsure how this works so bare with me, im a student and entitled to earn up to 6.5k i believe in 2009 tax free. was released via p45 from my old job in january, since then ive worked via a job agency doing temporary work. Now, ive been told that because i do multiple jobs even though im allowed to earn upto 6.5k…
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Emergency tax help please ?
Hi there, was wondering if you can help me as Im not too clued up on this. I started a new job in April after not working for the previous 12 months. Since I started I have always been on emergency tax code 647L W1, and I have now been paying tax now for 3 months. Someone has told me I am allowed to earn £6475 a year…
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Mileage Allowance Relief Query
I have a company car which I get 11P per mile for business use. Can I claim MAR on this? i.e. the tax on the difference to 40P?
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2 jobs?
I'm a student and I work in a part time job for 8 hours, and I have a tax code of 647L so I dont get taxed. But during the summer i'm on an 3 month placement aswell, getting about £1000 a month. Will I be taxed for this cause I have 2 jobs? Any help would be great!
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Probate and Inheritance
Hi, My grandfather passed away last week and I was wondering whether anyone would be able to give me any advice as to how long probate and inheritance may take? A friend mentioned that it can take a year or more to come through which is rather worrying as my mother gave up her job three months ago to look after my…
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BR tax code for someone aged 71
My mum is a widow aged 71 and gets a standard state pension and a small persion from her time teaching and a small one for my Dad but doesn't get a lot less than £15,000 I would think. On her P60 her tax code is BR. I thought her tax code would be different because of her age. Any Ideas Beattock
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Voluntary Redundancy Tax Qus
Hi all, I earn a little over 30k a year and am in the lower tax bracket (20% IIRC) I have just accepted VR after 7.5 years of service. My company policy is 8wks for every year + 1/12 of 8 weeks for each month for part years. All in i recieve circa 60wks pay. In addition i will also recieve 6months PILON. The package is…
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Council Tax help
Hi, I've been trying to work out if I'm entitled to any help with council tax, and I keep going round in circles. Situation: Living with boyfriend in a 2 bed flat (renting), I'm a full time student, only income currently is loan/grant. Boyfriend's income is around £14,000 working full time in a call centre. We get the 25%…
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Tax monkey off our back for another Six Months!
Have just paid our 'on account' tax bill - feel as sick as a parrot handing over the cash but at least it's done now and we had the money to pay it. I just wish my dear hubby would have waited until the 31st - I don't like paying it a moment before its due!
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Income limit for couple age related allowances question
My father now 65 so received a personal allowance of £9180. my mom is 61 so still gets normal 6K allowance. If their income is over the income limit of £21900 do they lose the extra allowance? They will have rent coming in on top of the state pension. The rent is joint income 50% each, so really my question is, is that…
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Council Tax payments - no bill?
First post, i moved into my first house with my girlfriend on the 1st June 2009. I filled in the council tax form and also spoke to them on the phone at the same time about 1 month before i moved in. I had it vacant for 30 days. However, it's now the end of July and i have not received a bill. Is this normal, and should i…
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Claiming back tax??
I work in promotions part time and thats my only job, for every job I get taxed 20%. I worked out for the last tax year I earnt in the region of £4000 but that was before tax was deducted. Can I claim back the tax that Iv paid as I was told you can earn £6000 tax free per year. If I can, how do I go about it? And how long…
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Income tax on Dividends
Hi, been reading this forum with interest. I'm currently studying and have the following question I'm struggling with. If you could help I'd be really grateful: The answer is £625 but I cant work out why! Daniel has a total taxable income of £35,800 His dividend income within this amounts to £4,000. The total income tax…
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Second job / IR35 question
Hi, I wonder if anyone can advise me please. Sorry for the long post. I am currently employed (PAYE) and have just started doing a second job, providing expertise on a couple of projects for a consultancy firm. I would like advice on the best way to set myself up from a tax perspective and with respect to IR35. The…