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Some advice needed...
... Hi there, I'm looking for advice on the best way to leave our assets when we die. In our name we have our property and vehicles worth approx 400k. My husband is worth approx 1.1m, this is made up through the value of his business's and the cash they have in the bank, and I have 100k of our savings in my name We have 4…
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Tax relief for travel ?
It's been a long time since I filled a tax form in so I don't know what you can claim for nowadays. Anyway my employer wants me to use my own vehicle to visit sites, the milage is minimal but it would appear that my fully comp. won't cover me. The insurance co. want an extra 30 quid for business use, my e/r won't reimburse…
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I'm confussed...will I be taxed
My aunt who is still living is going to give me £45k as I am in need of the money now, and she says that she wants to see the benefit of it rather than just wait to she dies. What is the tax position on this please. DO i just pay tax on the interest when I deposot it in the back ...or is there some other tax to pay? many…
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Children and tax and property
can you put a house in the name of a child (she is under one). after we plan to possibly rent this out and should this then still be left in her name? what are the issues we should be aware
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eu tax directive
My mother has some monies in the Northern Rock in Guernsey and Alliance and Leiocester in Isle of Man. Roughly about £17,000 adn it has been there for a good few years. She has received letters from both about a new European Union savings Tax Directive. They ask for details of tax / National Insurance type details. She…
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Capital Gains Tax on shares profits?
I know that we all have a CGT yearly allowance of £8500 but don't know how the declaration of profits liable to CGT actually works? I am not self employed and therefore am not normally sent a tax return to fill in. I have just bought some shares. If these shares during this tax year should for example go up by a value of…
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Tax help (move if on wrong board)
I contacted the tax office for info on my emergency tax that i paid while working for a full 3 months, in the end i have been sent a PAYE coding notice, on it there is a bit that says personal allowance £4895. i am now on jobseekers allowance, i was really wanting my emergency tax back, because in my job b4 the last my…
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Safe accessible savings that are liable to CGT not Income Tax
Hi, I have been interested to see Martin's information about the 125% stock market growth funds. One of the most interesting facts that I found was that some were taxed under CGT rather than Income. Is there such a savings account that has reasonable access (less than 5 years), is somewhat guaranteed (akin to interest),…
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2nd Job, Tax Issues.
I currently have a nice little job that pays a decent wage that I am very happy with but I have been offered a consultancy based wage, sort of like a retainer, for doing work part time round the hours of my existing job and I need some advice. Basically my existing job is PAYE and is all dealt with by the company, I think…
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betting to cut tax
A friend of mine has recently told me that he,s put afew thousand into various on-line betting accounts, some British based bookmakers, others European. the amount comes to nearly 5000, they are all his betting pots(even though the moneys there just to avoid tax), (he does,nt bet) so can the money still be taxed? I,ve told…
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Which of the following are taxable
1 An elderly relative leaves you a sum of money say £40k and you invest it in a deposit account. Other than tax on the interest ...do you have to pay anything else 2 you sell a plot of land given to you by your father 20 years ago to someone who wants to use it as a site to build a house for £30k ...any tax due, other than…
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Just discovered I may owe the taxman a lot of money
Hello, I would be grateful for some advice as I have just found out I may owe the taxman upwards of £6,000. I was pensioned off from my job some years ago on medical grounds and received an occupational pension. As it was on medical grounds and I was more or less incapacitated at the time and still am, I also got…
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Confused over tax
Can anyone help me on what I should do about sorting out tax, NI on a second job (part-time) I have been offered. My main job (full-time) uses up all my tax allowance and that is how I want it to stay. I'm confused at the moment because the people who are offering me the second job (which will be on a very ad hoc basis)…
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Capital Gains / Inheritance Tax
I am currently trying to establish if I will have to pay Capital Gains Tax and or Inheritance Tax. I have to dispose of a property that was inherited by the family some 20+ years ago following a parent’s death. However there are several other family members that are also due to receive a payment once the property is sold.…
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Tax discount for training?
Hi, I'm going to pay 250£ to take a training course that will help me further my career (it's a computer course with an MCP exam at the end). As this is helping my career can I claim it against my tax return in some way (I am employed by a computer firm as a programmer)? Thanks! BatCat
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40% Higher Tax Bracket. Will this affect me?
I started a job 2 months ago and was being paid just below 30k. I was quite happy with this, however after some investigations I have been told that I should be on £32,400. I notice that the tax bracket for higher tax is £32,100. Does this mean that I am now in this higher bracket or do we have some allowance to counteract…
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IR rebate to company no longer involved with
My Dad was in parntership with my grandfather, grandmother and uncle. He was off ill with a heart condition for while but when he looked at the book thigs were heading for bankrupcy. The company stopped trading and became a limited company as they had public transport licences which apparently can only be sold from a Ltd…
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Help - new sole trader
Hi there I am hoping someone can advise me. I have just set up as a sole trader - working part-time whilst looking after my son. I have registered to make NI contributions and the IR know about me. I have a bank account that all business money I recieve will go into (I am invoicing on a monthy basis). My questions are: 1.…
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Company car tax goalposts are moving again, any good advice?
:j I like many others have a company car, my job requires me to have one, it is an essential tool. However I pay tax on it, due to the fact that I have a benefit in kind, by the fact that the car is also available for my private use. I pay for my private fuel, so I don't pay the highest levels of tax, my car is due…
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Tax Calculation
Hi all, im not sure if this the right place to post. Basically im a student and starting my industrial placement on 1st August 2005 till 31th July 2006. I have been told that im working over TWO tax years (between April 05/06 & and April 06/07) so does that mean i have two £4195 allowances for each financal year? My total…