 Why dont we make cows in the uk pay tax ? |
| they pollute the atmopsphere more than all the cars in the uk so why should i who is already taxed very hard be made to pay a tax when i dont even own a cow ?... |
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 Turbo tax or H&R Block? |
| I have to file my 05 taxes b y oct 15th,,which is better to go into a H&R block and have them do the taxes of use Turbo Tax online,,Turbo seems to walk you through everything..any experience out ... |
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 Where's my stimulus check...is not working for me, why? |
| I entered everything correctly, as far as I know. What are tax exemptions and how do I found out how many we have? My husband is military, and we have two children. What do I put? Also, just checking ... |
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 Doing taxes? if i have receipts from by babysitter for childcare will she have to pay taxes on her income? |
| doing taxes? i wanted to have receipts from by babysitter for childcare deductions but if i do will she have to pay taxes on her income?... |
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 The Curse of Labour? |
| Is it just the abolition of the 10% tax band or is it the little stealth taxes introduced? Small business corporation tax has been increased by 5% (20% up to 21%), the abolition of taper relief on C... |
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 Has anyone else notcied your tax refund status is missing on the IRS site? |
| I filed on the 19th of Jan it said I would have it by the 3 of Feb, then this morning it changed to the 10 of Feb......I went on to see if there was an error code and its gone completely now like it ... |
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 I am 22, not a student..can my parents claim me? |
i want to go back to school next semester, and have heard mixed reviews on what makes you eligable to be your parents dependent.
i am 22, make 1200 a month and pay 800 a month in bills. i ... |
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 Paper...Mail...anyone get a check yet? |
| I only ask again because I am curious if anyone out there got a mailed check yet? I don't need the schedule, website, or told when my SS will be mailed. I only ask for those out there you went ... |
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 H & R Block says that the IRS has accepted my tax return while the IRS says otherwise. Who is right? |
| I filed my taxes with H & R Block recently. I went to their web site to check on my refund. Entered by social security # and it came back saying that the IRS has accepted my return but there ... |
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 I have just posted an important letter to the Inland Revenue..? |
But I have forgotten to affix a stamp to it.
Will the letter still be delivered to them, there is no return address on the back of the envelope. If it is delivered, will there be a charge to pay ... |
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 Tax Errors - How To Get Money Back? |
| If a tax preparer makes a mistake (calculating errors) and I pay too much tax, how does it work? Will the US Tax Department give me my money back, or does the tax preparer’s liability insurance ... |
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 Easy tax question ... please help!? |
| I filed my taxes 3 weeks ago... not remembering that i had won 1000 on the radio. 3 weeks after filing ... i got the form from the radio station showing what i had won ( the w2 or something ? ) now ... |
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 How do I file taxes as self-employed? |
| Hi, for the past year I have been buying and selling stuff online "for fun" but in the last couple of months I found a really good product source and my "hobby" has become very ... |
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 Filing my First Taxes? |
Trying to do my own taxes with Turbo Tax but it only allows $674.22 cash back. How do I maximize my return?
Wages: $7052.59
Federal Income Tax Withheld: $674.22
Social Security T... |
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 Hi there..UK only plz ...How to work out how much tax you pay? |
| Ive always been self emplyoyed so I have always paid my own tax, now I have a normal everyday job I want to work out how much tax I have to pay. Say I earn £500 a wk, how would i work it out on a ... |
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 Where do i find my 2006 income tax info? or how? |
| I need to find my earning from one job, but wasn't sure how much I made. Where do I go to find that info? How much income earning is required in order to file tax? (california area)... |
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monster mash | In the Uk are you allowed to just give someone a house as a present kind of thing or is there a limit as to? |
what you can give? |
 |
 
pagreen1966
|
You can give somebody a house as a present and there will be no tax to pay on two conditions.
Firstly, you do not die within seven years. If you do then this house will be part of your estate for inheritance tax purposes.
Secondly you must not keep living in the house after giving it away. If you do then the Inland Revenue will treat the house as still belonging to you and therefore it will be in your estate for inheritance tax purposes when you die.
You can only avoid this last scenario if you continue living in the house by paying the person you gifted it to a rent. And this rent must be at market prices, ie the rent you would expect to receive if you rented it out to a stranger. |
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laughinggiraffe2003
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If its yours you can give anything you like, the government might take tax and if you leave it to someone in a will then if its over £250,000 they will have to pay inheritance tax too, but feel free to give me a house :D |
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The Tank
|
Yes as long as you stay alive for 7 years after the giving. If you die within 7 years then the recipient will have to pay tax on the value of the house. About 40% depends on indiviual circumstances. |
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Sonny Walkman
 |
Yes but there can be various tax implications such as Inheritance Tax, and Capital Gains Tax.
If you are in a situation where this could involve you, take specialist legal and tax advice before you do anything. It will cost you but could save you a lot more in the long term |
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Ronald S
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If you own the house by yourself and it is not being used as security for a loan, then you can do with it as you wish. If it is not your Principal Private Residence then you will be subject to Capital Gains Tax even if you receive nothing for it. The current market value will be substituted.
If you die within 7 years your estate will have to pay inheritance tax on the pro-rated value of the house.
All this assumes that the gift is not to your spouse. |
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gerrifriend
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You can give anything you like to anybody you like but that gift may be subject to tax. The UK tax office has a very simple philosophy, if it moves, tax it. The tax is generally payable by the recipient but it may be waived if the donor lives for 7 years after the gift it given. This is to prevent people avoiding inheretance tax by making death bed gifts. |
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elle-fire
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Well i have been given a house i dont live in it i have my own. the owner lives in it its mine when he dies (my father) we went to the solicitors and i own it my name is on everything. we hope this will avoid any messing about afterwards. |
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Bailey B
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You might be able to buy the house and then sell it to your recipient for a pound. Not sure how the law stands on that though.
Why U feeling generous?? |
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MANCHESTER UK
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A lot depends on the circumstances. If you are giving it in a Will, make sure you have the will drawn up properly.
If you give it away during your lifetime you must survive for seven years from the date of the gift, otherwise there will be tax payable either on your estate at your demise or your beneficiary will have to pay it. |
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Onestep downfrom God
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Yes you can gift the house without restrictions, but as a PET (Potentially Exempt Transfer) it may form part of your estate for the next seven years (reducing scale).
If the house was a chargeable asset for CGT, there may be tax to pay on the gain arising from the deemed sale price. |
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MacBraveheart
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Yep- there is a limit of the size of "gift" you can make to someone before the government demands its pound of flesh.
:-)
It used to be £2,500 per annum before tax but that may have gone up. To £3,000 |
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