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Independent Financial Advice
I would appreciate some advice on... Where is the best place to gain independent financial advice? And how can I tell if the adviser is really working in my best interests - and not to gain as much commission as possible? Also, is the service normally offered free of charge or is a fee the usual practice? :cool:
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Tax relief on mortgage
I have an offset facility on my residential mortgage (say 100k) with 50k in it. I withdraw the 50k to fund a B2L property. Do I get tax relief on the 50k at the interest rate on my residential mortgage? If I need 50k (say as a deposit on the B2L) as well as a B2L mortgage, do I get tax relief on both?
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Income tax allowance
How much is a person allowed to give as a gift to another person for tax purposes if they are not related? I have helped my daughter buying a house although the house is in her name, her brother has 25% share in it. This was not done officially, it was an agreement between us. Daughter will be living there with her…
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P11d
I've been given a P11D from my employer for 2008-09, but it's not correct. It includes details of a lease car I had, but the car was returned on the 3rd April 2009, but the P11D doesn't include that return date. I've told my employer, but they just say that the car was returned in 2009-10, but isn't 3rd April 2009 in the…
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Income not declared...affect on tax credits
A friend has a problem. Four years ago he bought a house on mortgage for his father to live in. He has been paid HB from the local authority. He genuinely took the view that there was no profit as the HB did not cover the mortgage payments. HMRC have now pointed out to him that only the interest is claimable against tax.…
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Student Tax rebate
Hi Guys just looking for some advice/reassurance. I am a uni student. I had a part time job in Sainsbury's between September 2005 and March 2008. I left in early March 2008 because my course requires a year in work placement relvent to my course. I had planned to start in May/June 08. Due to the Credit crunch i didn't…
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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%…