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Self employed contractor worries
Hi all i was a self employed contractor during the tax year 2002-03 and for the first half or 2003-04. I had an accountant for the first year, but seeing as i finished being self employed half way through last tax year i decided to do my own tax return. When i told the revenue i was no longer self employed, i recieved a…
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BL**DY TAX MAN
My wife stopped working in July small pension £85 month taxed £21 off it can this be right???no other income,she is 56. her Tax code number is BR what does that mean,is she not due a tax rebate.
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Where there is a will ...
Ownership of property by couples can be in one of two forms. I think that only one "legal person" can actually own the property. I think also that in the case of two people owning the same property the property is owned by a Trust which itself a "legal person" and the two people concerned are the joint beneficiaries of…
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Question on oversease purchases
I am currently overseas in Australia and was going to buy some equipment (such as computer and other things) for a small business I plan to start when I return to Northern Ireland. If I buy these things here and bring them back, can I still claim them on as a tax refund?
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INvestigated by Inland Revenue and ooops...
Hi there I got a letter saying they wanted to investigate my tax return to April 2003. It is a routine inspection and looks and business expenses and charitable deductions. I spoke to the investigator and it turns out that charitable deductions are only allowed for UK based charities. This is what I thought but I'd sent my…
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Is interest due on tax owed from I.R.
My partner has recently received a cheque from the inland revenue ("i.r") for £132 relating to 2002/3 tax year. I work in VAT and know that Customs have a liability to repay statutory interest on money paid over in error (around the 3-4% mark), I wondered if anybody was aware whether the i.r operate the same conditions. I…
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How do I pay tax on non-PAYE 2nd job?
Hi there, I am looking into doing a bit of extra work in addition to my full time job. Some of the work I have looked into the companies state that they do not deduct the tax on a PAYE basis, and I would be responsible for sorting my own tax out. I have no idea how to go about this but of course do not want to get into…
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Green Transport Policy - Tax relief on Bicycles
This is a fairly new initiative by the Government and can save tax, specifically by allowing employees to purchase bikes with full tax relief (VAT, Income Tax and NIC) The scheme is operated through the employer, and allows you to provide employees with a maximum annual tax exemption of £500 to purchase high quality,…
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Tax: just how much do I pay?
Hello there all, I'm new to this world of work after just graduating... I'm all a little confused by the reams of different taxes that seem to eat away at my wage slip. I just can't seem to find any clear guidance as to how to calculate the total tax. Say I earn £29k pa... I pay tax on £25k of that ? is that made up from…
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Another door closes soon
This is a recipe which was cooked up earlier. Mr and Mrs Shilling, of an earlier generation, sold their house to a Trust which had been set up for their benefit. They then lived in the house which did not belong to them for the rest of her life. The trust did not actually pay them for the house it gave them an I.O.U. for…
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avoiding capital gains tax on 2nd house
I know this question has probably been asked a million times :-/ but here is my situation. We have a second house that we currently rent out. It was bought for £42K 3 years ago and is now worth about £92K. So there's £50K's worth of profit and £10K CGT? My wife actually owns the house in her own right and all her mortgage…
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Property CGT - again
I live in a rented house with my wife and kids. If we buy a run-down property, improve it and sell it on, would we still be liable for CGT, even though we don't own another property? - If so, it doesn't seem fair... :'(
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Living abroad, selling a flat in a bit. Pitfalls??
I purchase a property on the right to buy scheme in the '90s and lived there for several years. In 2000, I went and worked aboroad for a couple of years, coming back long enough to complete my immigration papers for Canada, where I now live. In 2000-2002, the flat was let out through an estate agent and is now let to a…
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Inheritance Tax
I'm new to this site, so hope I'm in the right section. My husband and I jointly own our house worth approx £250,000. Recently my parents died and I am now the soler owner of their house too, worth approx £200,000. In addition I now have approx £60,000 cash/savings. I now let my parents' former house and receive a rental…
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Capital Gains Tax
I own a property which I have rented out for a few years It is my only property but I have been renting a room to live in for a couple of years whilst renting my house out. I lived in my house for a few months after originally buying it but not since. I now wish to sell my house and buy another for my sole occupation. My…
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Cheap tax service
I have found a tax and accounts service for the self employed that is so cheap. I have posted details below. http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Referrers;action=display;num=1097246519;start=0#0
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Inheritance Tax
I would really like to get to grips with the thorny issue of inheritance tax. Can anyone please recommend a simple book on the subject, please? ??? :-/
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How soon to plan for IHT?
My parents own 4 houses including their main residence and rent out the remaining three.The value of their estate is around £600K. As I am their only beneficiary and my own home is one of their rental properties they thought it best to seek advice from an IFA to see how they could minimise the potential IHT bill should…
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Taxation?: Only working for 2nd half of the year.
I wonder if anyone can advise me please. Due to a family bereavement I have not worked or claimed any benefits since the beginning of this financial year, April 2004. I am looking for a job now. I know that usuallly the employer puts you on an emergency tax code, which generally speaking over taxes you, and then you can…
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Refinancing Tax issues
Does anybody know if you can offset the refinancing of one buy to let property to buy another against rental income. The costs are professional fees (broker costs) and valuation costs.