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Running business from home
My wife runs a sole trader business from home. Are there any tax benefits available to us?
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Planning ahead to minimise CGT
I currently have a flat which I have lived in for 2.5 years and for the last 3 months has been rented out. I now live in rented accomodation elsewhere. If I now purchase a property to live in what would be my CGT exposure be if I then: a) Sold my original flat or b) Sold my new flat to upgrade. Also would doing either of…
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Quicken Tax Calc
Just to say that I have just used Quicken's Tax Calc to submit our tax returns electronically to the Inland Revenue this year and it was very easy to use and I thought it was brilliant - particularly as it worked out that they owed us money. I have used accountants (£75 each not including VAT)over the years to do all this…
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capital gains on property
??? Three members of my family bought an old barn we have a number of caravans on site, and will probably run out of finance after getting the roof on. What must we do to escape CGT if we sell on. ::) To add to this, >:( the property has increased greatly in price due to the last boom we purchased it mainly from an…
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Liable for £5k tax? Please help!
The Inland Revenue are chasing my boyfriend for £5000 they say he owes them in tax. He was employed by a company for 10 years, and we suspect they didn't calculate his tax correctly when paying him. The company he was employed by no longer exists. Does anybody know what our position on this is? Is my boyfriend liable to…
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How much tax would you be expected to pay...
...In job number 1 i have earned approx £1500 (since april), in job number 2 i earned £2200 Job number 1 have paid no tax, jon number 2 ive paid £320.00. Job number 2 has finished and by the end of the year i should have earned a further £2500 in job number 1. I know im entitled to no tax for the first £4165.00 i earn. So…
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school is charity!
My children go to a school thats a registered charity. We pay a yearly fee and I was wondering if this was tax deductable for a partnership/sole trader? Thanks in advance
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R85
As my wife no longer earns :-X she can get interest from accounts tax free using the form R85 for each account. Has anyone any advice/experience of dealing with this form? ??? I've probably missed the answer somewhere else on the site but at 4 in the morning the eyes :o tend to miss the obvious. (Insert from Martin: THe…
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Rental Income or not!
Rental Income I'm new to this so hope this is ok.....here goes.... We are buying a house specifically for daughter & family to live in, they have a limited income and we don't intend charging them the going rate for rent.I imagine we could get £500 a month but they will probably/possably pay about £250.....No mortgage on…
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CGT and receiving property as a gift
Hello I am in the process of recieving a property at below market value (the reson for this is genuine but boring so I'll omit it). My question is this. The person selling me is selling at 45K where the market value is more like 80K. I spoke to my solicitor and he said it is fine he can just transfer it and I just transfer…
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tax on interest earned
One of the articles on thisismoney.com says: For higher-rate tax payers, interest income and dividends* are also subject to tax when they exceed £7,900 in a year. http://www.thisismoney.com/20040916/tx82562.html Does that mean that interest I earn on my savings are not liable to tax if they are less than £7900?
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Tax for temporary workers
Hi, I wonder if anyone can help me. I have been working for various temp agencies for the last couple of years since I left uni. The first agency I worked for (Reed) had an agreement with the government that gave us some tax back every week to cover travel to and from work and I seem to remember food being mentioned. I…
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car allowance
Can anyone give me any info on how to work out my self assessment for car allowance , pleeease ! I receive a monthly car allowance which is taxed in my salary and I also have a company fuel card however the car is my own, I believe you have to work it out depending on your mileage/ engine size ??? ?? This is my first time…
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When do I have to pay them?
Hi, I had my accountant fill out my tax return which I signed and sent back to the Revenue some months ago. He noted that I will owe them about £800. I've been waiting for some sort of confirmation or bill from them - is this the right things to do? They're not expecting a cheque or something?! Just don't wanna get into…
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no fee help!!
hi all I was wondering how does this work out? I have known accountants approaching soe o fmy colleagues for using their services for taxreturn. The funny thing is they claim they will help getting back from tax man atleast the cost of their fees!![100+pouns or so] is that possible?
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Do we need to filling out tax returns????
First of all - am REALLY clueless about tax issues, however, my question is: Who needs to fill in tax returns? We never have :-[ My husband is a hospital Dr, and I stay at home with our daughter. I want to know if we can claim tax relief (or something like that :-[ :-[) from the many societies my husband has to be a member…
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How can I avoid tax
Is there anything that a PAYE employee can do to avoid or minimise tax. I already have the usual ISAs but surely there are other things that can be claimed. I have several self-employed friends and am amazed at the creative accounting they use (the following examples are all well known, you should here some of the others):…
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PAYE but "Home Worker": Tax Breaks?
hello all i will soon be starting a new job, where the company is based a long long way from where i live. i will be working away from home a couple of days a week, as well as making phone calls/admin/etc from home. so essentially my home is also my main office base. now while i guess that phone bills will be covered, what…
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Private Limited Company
I would very much appreciate any advice anyone has concerning ways of cutting my Tax payments as I am a Private Limited Co (Individual working as a Consultant). I am looking at buying a car soon (wife expecting Twins ;D), and wondered whether I can use the account to buy the car through, also would like any other handy…
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Do I have to PAYE?
Do all employees have to pay tax through PAYE, or is there a way of 'contracting out' and settling the tax bill at the year end aka self-employed.