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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…
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Not ordinarily resident pickle
Between 2000 - 2005 I was employed by a US company, I was resident in China/HongKong for tax purposes and NOR in the UK. I acquired shares in my employers company in 2003 after exercising a Cashless Hold on a stock option granted in 2001. The option price was $4.5, I exercised with the price at $18 and acquired 2,020…
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Council Tax for couple with two homes who work apart
I remarried two years ago but because my wife and I work in two different towns that are too far away to sensibly commute we have two homes and only live together at the weekend. We both live “as single adults” in our respective homes so believed we should be eligible to claim the standard 25% single occupancy discount in…
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Need Help: EX-Employer wont give me a P60 for tax year 08/09
Hi, I requested a P60 from previous employer which i left in June 08 for the Tax Year of 08/09 because I need it for my Tax credits but they have decided not to send me one because they say i have recieved a P45 instead. I'm confused now because the P45 does not contain information on the amount of student loan I have paid…
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Can I have spouse unused tax allowance?
Many moons ago I believe the tax system allowed for all or most of the tax allowance to be set against one income in a marriage; marriage allowance. As part of the womens 'equality' & to incent them into work the allowance was separated so I man got his own allowance & a woman hers. This works OK when a wife is in…
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Concil Tax backdated money they owe me
The year 2000 I purchased my first home and move into the house alone and have continued to live alone since that date. I have always been paying for full Council Tax and have never applied for a discount because pre 2000 I was living in my Nan's house but I wasn't down as living there legally ( I think!) . Will I be…
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Reducing tax from Discretionary Trust and IHT
My grandfather left his estate in a Discretionary Trust which is now to be divided amongst the family. There is an option for my fathers "cut" to be paid to me instead of him and therefore this will reduce his Inheritance Tax liability in the future. If he accepts the money in his name it will be added to his estate and…
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Inland Revenue Repayment
Hi Do you think this is acceptable this is a copy of the email I sent Inland Revenue concerning the problems I have had:- I have phoned several times this week, I sent a letter of amendment dated 20th April 2009 asking for my business loss to be offset against my employment income as well as £45 worth of expenses. But only…
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Renting House - Any minefields I need to know about?
Hi All, Im after some info regarding renting out my house. All advice very gratefully recieved!! Im in the forces and am due to move into Married Quarters very soon. I am going to rent out my house for the foreseeable future and would like some good advice about the tax side of life (or any advice!!). I would not be making…
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Tax Rebate...
Hi, I've posted this in another section am not sure either are the right one...anyway, i've been in contact with the inland revenue about a rebate and keep getting different information from them. On a rebate do the inland revenue pay the recipient compound tax on the ammount that was overpaid? I've been told different…
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Vat and self assessment
I am just about to complete my self assessment for the tax year just gone and its the 1st year i have been VAT registered question is do i take the vat i have already paid on my turnover off my turnover total for my tax assessment? if that makes sense? So for example if my turnover was 100,000 and i have paid 5000 vat do i…
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Council Tax query
Hello :) Really hoping someone can help me with this one... We're currently staying with my MIL while we renovate a house we bought last November. Never really anticipated being here this long, but due to a catalogue of disasters we are. Long story short, I only discovered over the last couple of days that we may possibly…
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Claiming tax back for parking
Hi, I have started a new job working for a local council, there is no free parking at all so spending approx £7.00 a day to park and cant use public transport as their is non that will get me there so drive approx 70 miles. I just wondered like the car millage where you can claim the millage difference. Can you I claim the…
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Tax Allowance when moving abroad
Morning all, Hope someone can help. I move to Switzerland in 2 weeks to work for our Head Office. I plan to be there for 5 years. I have been employed in the UK and paying tax this tax year, as my earnings for 2009 will be circa £6000, would I be entitled to a tax refund? Or does the allowance get time apportioned? Many…
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Tax allowances for small businesses
We are starting a small business and we are flooded with bills especially the business rate £710 per month is particularly painful. Am looking for reliefs Are there any tax allowances or "free" loans for new businesses where you repay it back once you are profitable? I know the tax allowances of writting off the purchases…
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Newbie Tax Question!
Hi I work as a management accountant for a finance firm. A couple of the people in my team are studying for CIMA (Chartered Institute of Management Accountants) and the company is paying for it. I’ve just started doing CIMA as well – though the company won’t pay for me as they already have two in the team studying for it.…