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What makes interest payments to a family member allowable for tax purposes?
Q. What makes interest payments to a family member allowable for tax purposes? A. I’ve borrowed £200,000 from my wife to buy a business and
What should I Do if I Receive Tax Demand in name of my Late Husband?
My husband died in 2007 and I have recently received a large tax demand in his name for the tax year 2007/08. I calculated there
What Tax Allowances will Company Get for the Cost of Car?
My company is planning to get a new Freelander car (emissions 185g/km). It will keep the car for three years and then trade it in.
What Tax Relief will I Get for any Loss I Make on Letting Property?
I have a holiday cottage that just managed to qualify as furnished holiday lettings as it was let for 70 days in 2010/11. How will
What to Do if I can’t Pay the Taxman and Distraint Order is Issued?
The Taxman has told me I owe him £3,300, and I must pay at least £200 per month or a distraint order will be served.
What Will I Gain by Sending in my Monthly CIS Return Online?
What will I gain by sending in my monthly CIS return online? Your CIS return needs to be with the Taxman by the 19th
What’s the Tax Position on Providing Van to Self Employed Worker?
I run a building company and need to take on a self-employed worker. He doesn’t have his own van and so I’ve offered to provide
When Should A Business Register For Vat?
The rules regarding VAT registration appear relatively straightforward — a business must register if its VAT taxable turnover exceeds the VAT registration threshold (currently £85,000,
Who will be affected by the ‘Granny Tax’?
I’m worried about the Granny tax. Is this going to affect me? I’m aged 64 with an annual income of around £16,000. The so-called
Why am I taxed on my one tax-free mobile phone?
My employer has given me a form P11D, which shows that I am taxed on the cost of my smart phone. I thought each employee
Why was my Gross Payment Late as I Applied it Before Time?
My company has recently applied for gross payment status under the new CIS, but the application was rejected as the Taxman says my personal income
Will I be Charged the £100 Penalty for a Late Tax Return?
I’ve been out of the country so I won’t be able to finalise my accounts and submit my tax return for 2007/08 until mid-February 2009.
will I Get Tax Relief if I Make Charitable Donations in this Tax Year?
Now that my top rate of income tax is a whopping 50%, will I get tax relief at that rate if I make charitable donations
Will I Have to Pay all of my Due Pension Tax at Once?
I’ve heard on the radio that my small pension is going to be taxed, but I’ve never paid tax on it before. Will I have
Will I have to Pay Tax on the Capital Gain of the Workshop?
In 2001 I sold my city centre property and relocated my business to a converted farmhouse with workshops. At the time my accountant said I
Will Lump Sum Payment to a Deceased Family be Tax Deductible?
One of my employees has died suddenly and I want to make a lump-sum payment to his family. Will this be tax deductible for my
Will my Relatives be Able to Claim Tax Relief for the Irrecoverable Loans?
My brother and sister in law each lent my company £10,000 some years ago. The company is still trading, but it is unlikely to ever
Will the Interest be Tax-Free if I Buy Bonds in the Name of my Family?
I pay income tax at 40%, but my wife and child have no income at all. If I buy fixed income bonds in their names
Will Working from Home Affect Capital Gains Tax When Selling Your House?
Q:Will Working from Home Affect CGT When I Sell My House? I run my own business from home using my daughter’s bedroom. Our house contains
With unspent pensions being included in my estate for inheritance tax purposes from next year, how can I reduce my estate’s value below £2m so that I don’t lose the residence nil-rate band?
With the Inheritance Tax (IHT) threshold being frozen until 2031 and pensions being included in the IHT calculation from April 2027, more estates are finding