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Interest - can it be re-claimed?
if a person's annual income is less than £4500( the only income) and has around £60-70 per year from savings, does he have to pay the 20% tax on that or can she go to the bank and fill in a -- form and get the interest back ? any help appreciated
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Entitled to pay no tax?
I'm going to be a student again in April and I'll be getting a bursary of £6500 a year to study. My question is: How do I find out if this £6500 will go towards my tax allowance, or will I have to work before I get taxed? I probably will be working part time, but I'm trying to work out exactly how much and from what…
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self assessment help: rental losses from last year not carried forward
Another self assessment help needed. Rental property that I declared an overall loss for last year, included in my tax return which correctly showed the overall loss to be carried forward. When I complete the return for this year, there is another loss. But the self assessment online form is not picking up last years loss…
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Child care vouchers
Hello Not that I've started a family yet. My understanding of the Child care vouchers is You go to work and earn, You get your Child care vouchers £243 max per month per parent, Your child is being looked after while you're at work, You pay the Child minders / cares / nursery £243 worth of vouchers, = the income tax and NI…
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COMPLETELY confused! Car for self-employed - what can we claim?
Hello I really hope someone can help. We are completely and utterly confused with the new tax relief rules for buying a car when self-employed. I know about the 100% enhanced allowance if you buy a car under 110 Co2 emissions but it's very hard to find a car that has this. Secondly, I don't understand what the allowance is…
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Tax code in your 65th year
Am I correct in thinking that once you reach your 65th year - both husband and I are 64 in March and will therefore be in our 65th year by April 2009 - that our personal tax allowance increase then and we don't have to wait until March/April 2010? My husband is already taking his annuity (and is self employed) and a tax…
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A problem friend..
Hi all, I wonder if you can give me some advice here. I’ll try to be as brief as possible. I have a good mate who I’ve known for 30 years who is self employed. Now, he rang me the other night worried sick because he’s carried out his tax calculation for 07/08 and it came out around £6000. He is very short of work at the…
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if we were to rent out our property how do we
work out how much to pay on rental income? thanks in advance.
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Selling Competition Prize - Income Tax?
Would anyone be able to clear this up for me please? I won some cinema tickets the other week after having entered a competition - you might remember it being on TV over Christmas, it was the "Win with VISA" competition. Anyway, the cinema tickets are for Odeon, and we don't have one around here, the nearest one is miles…
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tax on foreign earnings/residency issues
Hi, Ive decided to ask your advice on this: I left the UK on a permanant basis in Dec 2006 to live and work in Dubai. According to self assessment I did leave my settled life and everything in the UK behind. As a result, i was on a NT (no tax) code. However I had to return in November 2008 as I was seconded back due to…
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Tax info working in middle east
Hi I have a question regarding tax issues while working abroad for a friend of mine who is really worried. He worked in the middle east for a period of around 19 months (started Nov 05) for a company who is now dissolved. He has recently started perment work in the uk following a year of not working and living off savings.…
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P50 - Claiming back tax after you stop working
Hello. I filed a P50 'Claiming back tax after you stop working' form with HM Revenues, what I'm not sure about is my personal tax-code/ allowance is something like 603L and what I wanted to know was as my tax-code is 603L I've earned more than £6030 in the period I was employed how will this affect the claim? Because I've…
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Tax rebate after redundancy
Hi, I was made redundant at the end of July last year and am still unemployed. As I paid tax up until being made redundant I was wondering if I will get a tax refund when the new tax year kicks in. I imagine that I should. the question is, does this happen automatically, i.e. a cheque is sent to me, or do I have to claim…
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tax code-can you explain please?
Husbands new PAYE coding arrived today which says his code will change from 603L to 153L due to £4504 employer benefits? What is all this for? He gets BUPA which is about £600 but no idea what the rest is for? He works on the rigs out of Norway but pays normal UK tax-the company however pay his tax in Norway-could it be…
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Will I be able to claim this tax back?
Hi, I'm a bit confused at the moment, have phoned up my local tax office, but it's not really making sense at the moment. Up until 11th Dec I was working full time for an employer. My final pay in December was quite chunky due to outstanding holiday etc etc, and as a results, I was taxed a lot. Then in January, I had…
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Student (with no income) - Can I claim back tax paid on bank acct interest?
Hi, Should be a relatively simple question, and I think I already know the answer, but just to be sure: in the tax years 2005-6 and 2006-7, I didn't receive any income other than interest from my bank accounts, which was paid net. Am I right in thinking that as long as the amount of this interest was below my personal…
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Help with tax refund - any ideas?
Husband has been on the wrong tax code since August and having spoken to the tac office, we are hoping for a refund in next months wage. He was on 360L wk1/mth1 basis tax code. We are trying to work out how much we are likely to get back: From the start of the 08/09 tax year in April he was on income-based JSA until 17th…
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Tax accountant in Cardiff/Pontypridd area
I am considering setting up a small self-employed business (part-time initially). Can anyone here, who runs a small business themselves, recommend a good tax accountant in the Cardiff/Pontypridd area? Finance and paperwork is ok so I require them more for tax planning than anything else? Thanks [also posted in Local…
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Inheritance Tax Intestacy and Nil Rate Band
I need some help as I'm somewhat confused. My father died intestate in 1993 leaving a £150,000 estate. This was distributed by agreement with my mother continuing to live in the house (valued at £90,000 in 1993) and the remaining estate split amongst three adult children. My mother died in November leaving an estate worth…
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Wife taking over business
I am currently employed full time and part time self employed. I have been running my small business for just over a year now, but i`m ever-more needed in my full-time job. How do i go about change my business, tax etc... into my wifes name, who would then take over running it and doing all jobs. cheers