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Tax Tony
Comments
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I am non-domiciled but resident in UK for the time being. I do have overseas income but do not have any funds remitted to me from abroad. Do I need to fill in a tax return or other form to claim this non-domicile status? I did not work last year when I first became resident so did not get sent a tax return. I started work this year and get my salary paid after tax. I'm not sure if I'll get sent a tax return but presume that if I do, I will be able to claim non-domicile status then.0
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I had to sell some shares because the company has been bought out. I posted, in plenty time but without proof of postage, the application for loan notes so that I could avoid CGT by receiving the cash over a couple of years. A cheque for the full amount has arrived and I phoned the registrars who say my application arrived a day late. I have written to them appealing to them to reconsider but am not too hopeful by the tone of the telephone call - have you any tips or past experience which might help?0
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Hi Tony
I decided to buy a property off plan which should be ready by November 2007. I have paid a 3% deposit but have since changed my mind about buying it. As I already own a main residence will I be liable for CGT when I sell the off plan property on? I am presuming there will be a small profit. If the answer is yes, is there any way, legally of course, to get around paying it?
Many thanks
Bea10 -
I'm actually embarrassed to ask this, but doing my tax return always makes me feel like a criminal, even though I want to do it properly:
I know a mini cash ISA is tax free - do I have to mention it at all on the return?
Thanks!0 -
Hi Tony,
My employer is saying that they will have to reduce my current business mileage rate from 63p per mile down to the IR guideline rate of around 40p.
They claim that if they do not then if the company has an IR audit we could be in trouble and the excess amount could be considered a taxable benefit.
This will affect me quite severely as I do about 15000 miles p.a. - is what I am being told correct and is there anything I can realistically do about it?
Many thanks0 -
Last year I worked and ran a small business as a sole trader. I closed the business in March 06 as it was losing money. Can I set the losses from my business against the tax I have paid on my employment?0
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Hi Tony
I'm unclear on what can be written down as a business expense, and what is considered a capital item and has to be depreciated instead of taken off in one go. Is it the value of the item or its expected lifespan that decides if it depreciates, or something else?
As an example - a computer is a captial item, but if you work with 3D images and need to upgrade your graphics card every year, would buying a new graphics card just be a normal expense?
ThanksDFW Nerd No. 140
Status as of 30/11/12
[strike]Rent 2500 Council Tax 800 NlPower - 800[/strike][SIZE=-2]:j IF - 8000British Gas - [strike]112[/strike] - 102 Lloyds - 1123
Barclays - 306 Barclaycard 1,123 HSBC - 200 Capital 1- 400 Barclayloan - 4500[/SIZE]0 -
Hi Tony,
Can you please help me with this?
My father, back in approx 1993 transfered ownership of his great aunties house into his name as a move to avoid inheritance tax (which i believe at the time was calculated differently, and the house price was different). He was sole benefactor and at the time thought this was an asute move..
Great aunty continued to live in the house unil her death last year and the house is now empty for him to sell.
He has plans to share the proceeds of the house between himself , his spouse and children.
As the house effectively cost him nothing( he just transfered ownership), is he liable to pay tax on the total proceeds of the sale? Or because he wants to split the proceeds is there a more tax efficient way of doing this?
Rgds
Felchy Boy
:beer:0 -
Dear Uncle Tony,
I am a sole trader, mainly offering computer support services. In the course of this work, I sometimes have to buy items for my customers for a job, which I then resell on to them.
I don't have any "stock" as such, as I only buy on request for a particular job. I put these purchased items in my accounts as "cost of sales", and declare in my income the value I invoice the customer.
However, occasionally near the end of year, some items get bought by me in one financial year, and the customer gets invoiced in the next financial year. How should I handle this on my accounts?
Someone told me I can't claim the "cost of sale" until item is sold, so I tend to ignore the "cost" in my accounts in the year it was bought, and hold it over to enter as a "cost" into the same year as the invoice to the customer, but wanted to check this was the correct way to handle this.
Thanks
Mike0 -
Some unions in the Civil Service are going to be balloted on strike action to take place on the 31st January. If this goes ahead then there's a possibility some Inland Revenue offices may be shut on that day.
I know when I had an accountant he would have to rush to the IR office on the last day to get my returns in!
Don't get caught out.0
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