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Some tax help
Scenario is 80k income. 40k additional income per annum 2 houses - both let out, self living in rental property as had to move to another city for a good job offer. I fall in the high tax payers bracket Property 1 - a 2 bed room flat takes in 575 rent on a 250 pounds interest only mortgage property 2 - a 3 bed home takes…
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Some tax questions
I have a full time job through which I pay the usual income tax and NI contributions, but since April or so last year I also earn extra money writing articles and doing other freelance jobs. Now, I know I have to pay tax on this and it was my understanding that tax would be payable this year. I've been saving 28% of every…
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CGT Mitigation/Avoidance Help Please
Hi, I'm new to the forum but have visited on several occasions. I should start off by pointing out that however flawed it is I do believe in the tax system and in paying taxes. I am not posting to grab as much money as I can, I am posting to hopefully fix in some measure a situation which should not have arisen. The story…
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MSE News: Beware the Govt ploy to grab your tax early
This is the discussion thread for the following MSE News Story: "Millions of self assessment taxpayers are being encouraged to pay their tax in advance by the Government. However, you could be missing out on hundreds of pounds ..." Read the full story: [FONT="]Beware self-assessment advance payments[/FONT]
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Tax rebate when moving abroad
I'll be relocating overseas on 1st October and up until now my total earnings haven't reached the 40% threshold. So will I be entitled to reclaim the amount I've paid at 40% up until now?
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Not really a cutting tax question buuuuut
Hey just wondered if anyone could help me I am currently on maternity leave but have taken on an evening cleaning job which is paid into my bank ect. Will I be taxed on this? I only earn 6.25 an hour and do 10 hours a week x
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Would I have to pay tax?
With times being a little bit hard at the moment I was thinking of selling my collection of ceramic collectables (I have a lot!). I was thinking of either using Ebay or setting up a little online shop. This is not a business but will it be considered as such and therefore I would need to pay tax? Is there a limit on how…
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Put BTL properties in 2 names for tax relief??
Hi, just a quick question. I have 2 BTL flats which I brought 4 and 5 years ago. I wanted to keep them for at least 10 years as I thought that's when the tax tapered off? Anyway, I paid for the deposits with inheritence and they are in my name but I was wondering as I do plan to sell them eventually would they be better…
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Council tax - house being revalued
I received a letter telling me my house is going to be revalued for Council tax. It's currently a band D and they are looking at changing it to a band E. I brought the house late last year and nothing was mentioned about any dispute over the council tax valuation. I spoke to the person doing the valuation and explained I…
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Would i save tax by setting up a company?
I will briefly explain my circumstances: I am married, no children and own three rental properties that are all rented out. These three properties are manged for me by management agents (i am not ina position to do it myself due to geography). The rent at the moment far exceeds the interest payments on the mortgage. I…
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Will we have to pay tax on property which will be let?
Hi All We (my wife and I) have had an offer accepted on a property yesterday, which we are planning to "buy to let". However this will be a fully cash purchase, I am employed and pay the basic tax allowance, but my wife is a house wife with no income. My wife will do all the work needed for the private "let" (i.e.…
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Been on K code, taxed on ALL earnings for 3 years!
I feel like a prize idiot but i've never understood tax codes etc but we had avisit from a financisl advisor this week who asked why my payslip said im on a K code. She advised I query it as I have never had any kind of benefit and I called the helpline, turns out i've been on a K code since 3rd August 2006. Was told it is…
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Tax Office - Advice needed please
My husband changed jobs in October 2008 and notified HMRC. He went back to his previous employer 3 months later on the same terms and conditions, again he notified HMRC. However, despite monthly phone calls, 8 months later HMRC have still got him on the emergency tax code. What happens when he finally gets his proper tax…
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How to change the tax codes for my JOBS
Hi All, I had finished my university and was working in a full time job.(Sales job). Recently I got an offer from a very good company and started on last week. I have already filled a P46 for the new job and had decided to leave from the previous job.(So ticked category B on P46 as this is the only job) But I need to keep…
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I haven't paid tax on work outsde my job and I'm bricking it!
Howdy, I have a little problem. A year ago a friend asked me to produce a website for him - this I did in my free time. I charged him for this and in 2008 I think I received over £6000 off him as I worked so much! This year he has asked me to add this and that and keep an eye on things and so far in 2009 I've received…
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Can benefit in kind tax be offset from rental income tax?
Hi, I have a question regarding my tax liability for the coming year. I work for a bank and have taken advantage of a staff mortgage deal which I have on a property I now rent out. As the interest rate is not publically available I am obliged to pay benefit in kind tax on this (based on the benefit I receive through paying…
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What can we put down
My hubby is self employed and his business is mobile but i do the paper work at home, he has been told he can put an amount down for the room at the house. Does anyone know if this is true?
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Self employed Carer?
Hi all, I am Disabled and on direct payments and am going to employ a carer myself. She rang the tax office and they said she could be self employed as she also looks after another disabled person. So she gave me a number they had given her. It is in the format Axxxxx the x's being numbers. Thing is I don't know what to do…
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Capital Gains Tax (What can I claim against)
As the title suggests I'm after a list of things I can claim against Capital gains tax. I inherited a house 7 years ago (than valued at 80k) and its been rented out until January of this year. I then did some work to the property (doing most of the work myself using approx 10k buying materials). The house has just sold for…
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Capital Gains on shares in foreign currency
First time poster - hoping someone can help me with a query. I have a number of shares held in a US company, which are in US Dollars, bought about 2 years ago when the exchange rate was around $2 = £1. I'm now looking to sell the shares, and while they're worth about 10% less in US Dollars than I paid for them, they're…