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Capital Gains Tax - Former Primary Residence
I wonder if anyone has experience or knowledge of my situation: I owned a flat as my primary residence from May 2000 until October 2005 ie. just over three years ago. I still own the property however in October 2005 I bought another property which has been my primary residence since that time. The flat has been let ever…
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P11D Benefit in Kind - tax code query
Hi, I got my P11D statement since taking a base rate staff mortgage which gives a figure of £1946 for the last year. Will the Tax Office reduce my tax code automatically by this amount? I got a statement last year for around £300 but my code did not change. Anyone else have one of these? Thanks, David
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Council Tax exemptions on vacant new build property
Hi All I work for a small developer in the Leeds area and we are currently in the procecss of building out our development and therefore have a number of vacant new build properties, which we are currently marketting. Leeds City Council explained that we were eligible for a 6 month council tax exemption period on each…
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Tax Rebate on Private Pension
My Dad has recently taken early retirement and so has decided to draw his private pension. However, when he started received his pension he found that he had a tax code of BR and he was paying full tax on it when in fact he shouldn't have been paying any. This was because HMRC didn't receive his P45 until after his pension…
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Gift of money
If I was to gift my son £25k and died within the next seven years would he be liable to pay income tax on this amount if i'm below the threshold level for IHT?
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How to regularise my tax situation?
In brief: - Dec 2002: Got made redundant. - Mid 2003 to End 2003: Took unemployment benefit for 6 months, then stopped signing on. Lied on application form that I had less savings-plus-redundancy money than I had. A dumb move. - 2003 to 2005. Lived off of savings and redundancy money. - 2005 to 2009: Self-employed. Started…
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Capital gains tax when selling property
Hi I have been trying to find a simple explanation of what the position is in the following scenario. I own my current house (called property A) bought a few years ago and it has gone up in value. I will now sell this and am buying another cheaper place (called property B) to live in. However, I need to buy the other…
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5% VAT on home improvements?
Hi all. First time poster! :D I'm about to start a major renovation on a house we've just bought. The work we're looking to do is going to cost around £50,000 (loft conversion, extension, kitchen, bathroom etc) and we're not at present living in the property. One of the builders mentioned that another one of his clients is…
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deed of variation
My dad passed away a couple of weeks ago and he was a regular on MSE forums.. The will gives everything to my mum but she wants it to go to me, not for tax reasons because his estate was worth <310k but for conveinence. like a lot of people on this site he has 30 accounts because he moved money when the rates changed (or…
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Rental Income - Cost of compulsory registration allowable against Income Tax?
As a family, we have inherited a few scruffy fields via two sisters of my grand mother's generation. These fields are let out on a protected tenancy so we are just by-standers. Traditionally the British accumulation of capital was achieved by leaving land to the eldest son. My great grandfather in 18-something failed to…
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How long for interest repayment ?
I have applied for tax rebate in lieu of tax taken from my savings as I am now retired and not earning. This was approx. 1 month ago. Has anyone any idea of how long this takes ? Thank you
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tax code and deductions calculation ..pickle
I would really appreciate some help with : A) my tax code , B) Checking a deductions calculation and C) working out what order to tackle this- i have cognitive difficulties due to my ill health and find situations like this really difficult to find my way around- so i would really appreciate your help.:o I am a single…
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PAYE payment question
Hi, I'm not sure if this is the right place to post, if not I apologise, but wondered if someone could offer help/clarification As I am employed by a small company, all my deductions for NI and tax are made via the PAYE system, and the company pays these to the HMRC on my behalf. I have however become aware that the…
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K Codes pls help
Hello All, I am learning Payroll at the moment to get myself back to work and I am having a great difficulty understanding K codes, I am very new with payroll and just about managing to work out tax and NI, but this K codes had thrown me right off. I have someone with a salary of £5,400.00 monthly Tax Code K682 from…
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How long do I have to keep records?
Hi there. I have been self-employed since 1996 and have been meticulous about keeping records. I'm tidying up my office and would like to get rid of some of the files of old receipts, diaries etc etc. How long am I obliged to keep them?
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If your rented property is vacant, do you count the mortgage interest as your loss??
I am in the process of completing a Property Declaration form, as I have to declare my last six years profits/losses, and there have been many months where my house was vacant, does each months loss of rental income equate to a loss, for tax purposes of the mortgage interest? Also, do you only declare the times when your…
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Arrangements for paying Income Tax
Hi I am due to pay some tax on account by the end of July thsi year, I was wonderuing how arrangements work and if anyone has set-up up before.. I owe about 9.5k and woudl like to spread this over 4/5 months if possible, woudl they let me do this? shoudl I call now or wait until July? any help is much apprecaited!
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VAT on restaurant receipts
Hi, I am wondering if any VAT expert can help me. When I claim VAT (I mean the company) on receipts from restaurant (employee's expenses) where VAT is NOT separately split out, what are the rules? Basicaly you have a receipt with let's say Food £13.50, bar drinks £3.50. VAT number is stated on the receipt so I can…
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reclaiming income tax
Hey guys, Iv just sent off a claim for the last tax year as I know I overpaid, I was on emergency at the end of the year. However for the prior 4 years I have been a student... working here and there, each summer too. Now whats the income tax stand on this. I know I paid quite a bit. But im sure I earned under the…
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Any Fools Guides To VAT
Im new to filling in a VAT form and wandered if anyone could point me in the right direction, ive got to submit Aprils by the end of May and am paniking, this will be the first one ive submited. Ive got the form basically ive got a franchise and on the invoice is what ive earned plus the VAT, i need to know which boxes to…