The Federal Tax Credits Blog

Posts Tagged ‘uk’

Question: My partner and I live in Scotland and our landlord always wants cash for rent…?

We have now lived here for about 3 months. We pay £650per month andhe wont take the rent any other way. We have asked to set up a direct debit or cheque but he only takes cash. Upon moving in he got my details and had a bit of paper which said it was from some internet company to do credit checks but told us he wasnt bothered about that just wanted my name, work deatails etc.
He does give us a reciept each month (A bit of paper with his address printed at the top and signs the amount paid and the date)> But its such a hassle having to take that kind of money and walk home from the bank. Could he not be paying tax? If not can we get into trouble for this? Thanks

Answer: Yes he probably is evading taxes which he will get caught sooner or later. If he wasn’t evading taxes he would at least accept a cashiers check or money order.

Teresa Hunter: How past presents can help insure your future financial health in 2010

THE party’s over, and the cold light of January is now dawning. Hogmanay’s thick head should have cleared, only to make way for another major headache; the financial hangover, which casts an even gloomier shadow over the new year.

Trilla $6.80 1. Trilla Intro [Explicit] 2. All I Have In This World [Explicit] 3. The Boss [Explicit] 4. Speedin’ [Explicit] 5. We Shinin’ [Explicit] 6. Money Make Me Come [Explicit] 7. DJ Khaled Interlude [Explicit] 8. This Is The Life [Explicit] 9. This Me [Explicit] 10. Here I Am [Explicit] 11. Maybach Music [Explicit] 12. Billionaire [Explicit] 13. Luxury Tax [Explicit] 14. Reppin My City [Explicit] 15. I’…

Smart Financial Planning – Review of the weekend’s papers – 24th August 2009

Question: Help on UK dividends tax credit?

I’ve been running my own limited company and have recently filed my accounts with companies house and IR with success (I prepared them myself).

My Company paid me dividends over the year, but now the company needs to issue me a dividend voucher. I’m trying to work out the tax credit etc.

When the company paid me the dividends, it never deducted tax from the payments.

Lets say after Profit after tax, the company has paid me in total £20,000 dividends. This would be the amount received which should be 90% of the dividend income.

Therefore the tax credit would be £2,222.22 and the total div income would be £22,222.22. Is this right even though when the company made the dividend payments it didn’t deduct any tax from the dividends?

Any urgent guidance is much appreciated.

Thanks

Answer: Your understanding is exactly right.

Corus chief calls for spending

THE chief executive of Corus yesterday called on the UK to draw up a “real industrial policy” to make the country more attractive for manufacturers.

Tracing the Causes of Today’s Market Upheaval

Question: is there a ombudsman for /against tax credit people.?

they say we owe them ,because they over paid us.

Answer: There’s not an Ombudsman as it’s a government department, but you can appeal all the way the to tribunel.

But if they overpayed you for any reason whatsoever, you do owe it back to them. So you won’t win an appeal by saying ‘We don’t owe you money back’. You need to appeal on the grounds ‘Okay, we owe you money back, but it’s unreasonable to ask us to repay you and we want the overpayment written off’.

Good luck x

The decade that shocked the stock market

It has been a decade that many investors would rather forget. On December 31, 1999 the FTSE100 closed at 6,930 and 10 years on it still has some distance to go before it regains this peak, sitting at around just 5300 last week.

Tax credits: getting it wrong?: 5th report session 2006-2007: HC 1010, 5th Report of Session …

Expert Advice on Credit Card Queries- Harsh Roongta

Question: do we qualify for the first- time home-buyer tax credit of $8000?

we want to buy a multi-family house( 2 units) and possibly rent out part of it. or we want to use one smaller unit as in-law suite because our parents are always visiting as we have a very young son.

We have never owned properties before. we both are just finishing up graduate school this summer and starting jobs in July. We should definitely qualify for the $8000 first time buyer credit if it is a single family house. But would the multifamily house change the nature of the purchase? with the house having two street numbers and all that
but its more likely that we just use the second unit as an in-law suite because my parents live with us and watch our baby

Answer: No…the credit in only for single family residence…not investment properties.

EDIT: The home will be classified as a two family in the county assessors office….that alone will disqualify you from the tax credit. No collecting rent on the home is irrelevant.

Year in Review: Economic News

Editor’s note: Northeastern Pennsylvania wasn’t immune to the economic slowdown of 2009 or to the disruptions in iconic corporations like General Motors. But unlike in past recessions, the region fared better than many other parts of the United States, at least in broad measures of economic health such as unemployment, foreclosures and property values.

First Time Home Buyers Changes in Tax Credit

Question: We want to buy a house but have 3 very different credit scores. What do you think the out come would be?

I have asked before, but now our situation has changed. We have been disputing a lot of things on our reports. Oh the we is me and my wife : ). We are both first time home buyers, and I have the option of getting a VA loan as I served 7 years in the Army and got out as a SSG. My scores are 630 Trans Union 580 Equifax 575 Experian. Hers are almost the same except her Trans Union is a 658 Equifax 590 Experian 600. With those scores do you think I could get a VA loan or any hom loan? If not I will just keep trying to dispute items, and get on that right track of making payments on time : ) lol!

Answer: The lender will use the middle score of the one that is earning the most, if you get a conventional mortgage loan.

If you go the VA route, they will use your middle score as you are the one that has the VA benefit. This is an excellent way to go as you would not have to come out of pocket for anything if you insist on a VA “No No” This is not closing cost of any kind and no down payment.

Most vets allow the mortgage broker/lender to talk them into making a down payment. This is not necessary, you are entitled to this and should insist on it. You should not have a problem getting a VA mortgage loan as the requirements are not a stringent as a conventional mortgage loan.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

“FIGHT ON”

Treasuries Rise as Homes Sales May Fall; Nikkei Pares Advance

Jan. 5 (Bloomberg) — Treasuries rose for a second day before a government report that economists said will show pending home sales dropped in November, signaling the industry whose slump led the U.S. into recession has yet to recover.

Bad Credit Repair Part 1