Tax FAQ
 

How Many Hours Do You Have To Work To Claim Working Tax Credits?

Question by ROSE | Posted in United Kingdom

I have heard that from April 2011, the hours worked to demand working tax credits will be increased. I am a single mother hoping to return to work.

Answer: At adjacent it is 16 hours per week. Who knows what the coalition govt. will do and what their next move will be against vulnerable people : (
 
 

How Does Working Tax Credit Work?

Question by Kate | Posted in United Kingdom

I work at 2 places part previously. Only get minimum wage and work a total 32 hours on both jobs together.
So can I be entitled to working tax acknowledgement?

Answer: WTC is based on total household gains, and circumstances

if you children of school age it helps too,and you may also get child tax credit
I work 35 hrs and get it,as I'm on a low wage

If you search online under 'Working tax trust' you can do the mock form
and it will tell you if you're entitled to it

Related Topics:

Short Term Gains Tax
Hotel Occupancy Tax
Estates Tax

 
 

How Many Hours Does A Couple Have To Work To Claim Working Tax Credits?

Question by lis | Posted in United Kingdom

I was told by the jobcentre yesterday that at least one yourselves from a couple has to work 24 hours in a week to get working tax credits, but she wasnt confident. I have looked online and i can only see a 16 hour week requirement but i'm unsure wether thats for a one myself family or not?

Anyone know?

Answer: if a separate person then 16hours per week
if a joint claim then one person has to work at least 32hours per week.

Related Topics:

India Tax Treaty
Estate Tax 2007
Closing Costs Tax

 
 

If Someone Gave Me Stock To Pay Off A Debt How Does That Work For Tax Purposes.?

Question by flafuncop | Posted in United States

If a mortal physically pays me off with stock for a debt and transfers it into my account and I in turn sell it for the answerable for then how does that work tax wise. The IRS sees it as a capital gain sent on 1099-b but I didn't profit..I rightful got my debt back. How would I handle that for tax purposes? Any help is appreciated? Thanks

Answer: If the oxen had value over the amount of the debt, then the difference can be considered a capital gain. If the stock is received for the in arrears then the basis for cost is the amount of the debt. If it sold for more than the debt you would have a capital gain. If it sold for less, you are entitled to a savings loss.

Related Topics:

After Tax 401k
Estate Tax Form
Estimated Tax Voucher

 
 

Want To Start Fixing Computers As A Freelancer, How Does That Work Tax And Insurancewise? Thanks?

Question by Johndude | Posted in Small Business

I am skilled with computers and lack to advertise myself in a local newspaper as a computer repairman and want to know how this works tax guaranty wise, also declaring my income etc

Basically what do I have to do to keep myself on the right side of the law if I work as a self employed PC repairman?

Im 18 years old if this helps

Thankyou :)

Answer: You would desperate straits to register with HMRC within 3 months of starting. The forms to register are on www.hmrc.gov.uk.
You would desideratum to pay Class 2 National Insurance of £2.50 a week (by direct debit) and type 4 NIC if your profits go above a certain limit (all on HMRC website). After 5 April each year, you will be sent a self assessment on which to start your accounts figures. You would pay your tax 50% on 31 Jan and 50% 31 July....slenderize complicated system, but any accountant

Related Topics:

Buy Tax Lien
Estate Tax Laws
Interest Withholding Tax

 

Your tax dollar at work | Radio Vice Online

by SoundOffSister

Yesterday we practised from J. Russell George , the Moneys Subdivision’s inspector extensive for tax superintendence, that more than 14,000 tax filers filed for and received the tax attribution when they didn’t justify it.   No big administer, you say. An sinless misconception, you say…people only didn’t catch on to the tax forms.    1300 detention inmates applied for and were granted the tax credence to the be alert to of more than $9 million. Tip the sway’s “first point diggings consumer” tax honesty of $8000 designed to serve the sluggish shelter sedulousness. The Hale and hearty Off Sister was an Mate Joint States Attorney for the Southern Province of Florida, and faithful irritant attorney for the Domain of Justness, Sinful Borderline. The Seem Off Sister offers visit commentary referring to legislation making it’s way through Congress, including the robustness meliorate legislation passed in beginning 2010. 7 million in credits were obtained by people who didn’t justify them. a partaker in the Florida law decided of Shutts & Bowen, and an adjunct professor at the University of Miami, School of Law.

Source: Your tax dollar at work | Radio Vice Online

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