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Paye & Tax for a Bonus
ive received my anual bonus from my company but , i feel i was taxed to death on it am i suppose to pay a NI% for a bonus i though you only pay a % of your sallary for PAYE not NI can someone shed some lights please Thnx X
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gifts/capital gains
Hi folks Need some advice regarding my family home. My father gave the house to myself and my two brothers about nine years ago. He has remained in the house rent free during this time. In the future if the house is sold, do we pay any capital gains. The value has increased from £60k-£110k. thanks
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Council Tax Question.
Hi, I am new on here, and not sure if I am on the right board, but here's my question. I have lived in my home for 6.5 years, we bought it new and have always paid council tax under band D. I have now found out that we should have been paying under band B, so for 6.5 years I have been paying too much council tax. I have…
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No Tax Return
Tax man has just written to me - saying that they dont intend to ask me to do tax return in the future. Over the past few years I have moved a number of things around in order to simplify my tax life (savings in ISA's, consolidating savings and cheque account etc) but I'm a High rate tax payer and I get a number of…
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Newbie Tax Questions
I have recently become self employed as a locum pharmacist. I just turn up to pharmacies do a days work and get paid cash. I have been putting money aside for my first tax return in January 2006 and am aware that I can offset some expenses against the total figure. When I use petrol to get to work, can I deduct the whole…
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Main Residence? - CGT / Council Tax
Hi All, I have recently started a new job away from the house I own. I am looking to rent somewhere near my new job (to be shared with a friend who is also working in the new area.) this will be used to live in during the week, making travelling to work easier. I still go to my own house most weekends, but it is quite far…
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Offsetting costs from a supplier who is a customer
I'm planning on producing a small magazine and have been getting quotes from printers. The printers are interested in advertising in my magazine. Am I OK to suggest they deduct the cost of their advert from their bill to me, or do they have to bill me for all their work and I have to bill them for their advert? There are…
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Discounted Gift Trusts and IHT
No longer wish to disclose personal information
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Tax on Incapacity Benefit?
If someone's husband is employed(basic rate taxpayer), but his wife has been on IB for several years, does the personal income of £4745 apply to her? Her IB for the year (including Christmas bonus of £10) totals £4942.72. Also, they are about to put around £8000 into a savings account, so would it be beneficial to open an…
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IHT/CGT Questions
New to the site and hoping you can help out with a bit of advise. Relative of my girlfriend bought a house a couple of years ago for cash and put it in her name, his solicitor drew up a lifetime tenancy agreement for her uncle at £1 a year rent. The rely died a few months back and she now wants to sell the house and I…
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Capital Gains Tax
??? ??? ???I am looking to buy a second property to do up and sell on. At the moment I am joint owner of our house with my wife. The house we are living in is worth around £320,000 and we owe nothing on it. The property we are looking to buy is around £70.000. I understand any profit we make on our second property is…
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Cash Gift to Children
I have recently received some tax free cash as part of my pension on early retirement. I want to gift £3000 to each of my 4 children, ages 16,19.21 and 29 straight away and another £3000 each at the start of the next tax year. I understand that they will be putting this money into mini Isa's to receive tax free interest. I…
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am I a taxpayer?
this might seem like a really stupid question... but.. I am a mature student, single parent and I work part time. I never earn enough to take me over the tax threshold. Does this mean I am a non taxpayer and can get the R85 form ? or not?
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Tax Free loans to students
I'm currently in the unhappy position of paying tax at the top whack on my savings. I have never felt comfortable with having to surrender 40% of any interest earned to Gordon. Not exactly an incentive to save! Is it legal for me to give my nephew, who has no income as a student, a loan so that he can benefit from tax free…
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IHT Advice please
Hello I wonder if you can help me I am probably like many people in the UK in respect of the position I find myself in. My parents are both retired and their main assest is their house which is worth in the region of £600,000. The other assests they have are minimal in relation to this, maybe a few thousand pounds worth.…
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Tax on Savings (Help!)
Hi Folks, My wife is self employed and has had to give up work due to ill health :( She is unlikely to return to work for at least 12 months. We have about £7,000 in a savings account (in my name only) which we plan to spend on home improvements in May of next year. She did not work from April 2003 to November 2003 then…
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when did this years tax year start ????
when did this years tax year start ???? just putting the final touchs to my tax return did this years tax year start APRIL 6th ????? 2004 thanks matt
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Is my sister my landlord?
Hi All - First post so please bear with me. I have just moved into my sisters home, and am paying her mortgage whilst she is living in Australia. She previously had tenants in there, and had been paying income tax on the rental income. Now i have moved in i would consider myself as living "in a family home" - does anyone…
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Does getting married change how much tax you pay
I just got married, and going through the usual changing of the wifes name and informing the relevent people. two quick questions a, do i have to tell the tax man? b, does it have any effect, will i save or loose money Thanks Chris
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Pensions/AVCs & tax credits
I have just been told by those nice people at the "revenue" that I no longer qualify for child tax credit. I am a higher rate tax payer. I believe by paying pension contributions /avcs to reduce my gross income I may get back into these credits effectively giving me a greater incentive to put money into my pension. Any…