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Found 8 results

  1. Hi Would appreciate some advice on the task I've been landed with. My Dad (92) has lost his licence and has got a SORN for his car. He wants to swap the car with one of my daughters car and then sell her car. His car is much better than hers and it will definitely benefit her. My concern is the whole road tax scenario. This is what I think I have to do, but I'd welcome any advice 1.Inform the DVLA that my Dad intends to give his car to somebody else 2.Complete the paperwork for his logbook to transfer the car to a new owner 3.My daughter informs the DVLA that she is giving her car to soembody else 4.She completes the logbook paperwork. 5.She informs her insurance company that she is trading cars 6.My daughter taxes my Dad's old car 7.My Dad applies for a SORN for my daughters old car My concerns are around 6 and 7. How does my daughter start the process of taxing a car that currently has a SORN? It was done quite recently and no paperwork has come through yet. Does this matter? Does my Dad have to tax the car first and then apply for a SORN for my daughter's car? Or can he just go directly to applying for a SORN Any help or advice would be gratefully received
  2. Hi, My business partner and I are going to be registering our company very soon. I know that somewhere into the process, we're going to need to open a business bank account and designate that as our main account for the business. About 3 years ago, I opened a business account and had a business loan that was connected with that account when I opened it (by Lloyds TSB). This company was as a sole trader and wasn't a registered company. I had some payment issues and the business account was eventually closed, as I'd missed some loan repayments/late payments, etc. Ultimately, the loan was sold on by Lloyds and I've been paying it back ever since. I didn't go bankrupt or anything like that, and the loan wasn't a large sum of money. But I lost the business bank account in the process. I've been paying off the loan ever since through a debt consolidation company and all is fine in that regard. I was wondering if I'm likely to experience issues when opening a business bank account now? I'd use a different bank and I wouldn't be looking to get a loan or anything like that. It would purely be myself and my business partner using it as our official business bank account. Any help on this would be much appreciated,
  3. Hi all First time on and first post so please be gentle! I am due to start receiving my state pension in January. My wife and I currently receive pension credit which we know will stop when I start to receive my pension. I have a private pension pot that I have received advice on, giving me options on annuities and lump sums. One option I am considering is a draw down option where I would only take an amount (after my state pension starts) which would keep me below the total income permitted during the current tax year before any additional tax would be due, accepting tax will be deducted on the lump sum before being paid to me. My question is how this income during the current tax year, IF TAKEN, might be interpreted in relation to the pension credit we have received weekly since April 2015. HMRC will receive a statement of my income for the year and the tax paid and by inter departmental awareness the pension credit dept may say "hang on this person must have under declared his weekly income and we want the pension credit back!!" Can lump sum drawdown of part of a pension pot be equally spread out over a tax year or is it only taken into account from the date it is received. I note that only the govt pension credit page private pensions should be taken into account from the date you can get it - As this is this now 55 is there a possibility that anyone with a pension pot that was being held in reserve till retirement will be affected as it is technically income not claimed. Sorry to be long winded but any help would be appreciated. I have spoken to pension credit and HMRC and my financial advisor couldn't larify the position.
  4. I'Ve been trying to find out how UC will affect me as I was placed in an ESA Support Group a year ago for a one year - and then told this year that I wouldn't be called for any type of assessment at all and that they will look at my case in spring of 2017. Btw, I went through the hoops several times plus two tribunals in order to get where I am at the moment. Obviously I was relieved to hear about the '2017' decision, but now am starting to wonder what is likely to happen to me under the scheme for UC. If it helps, I have Fibromyalgia and am a 62 year old female. Please help me as I feel I can't bear to have to hoop-jump again at my age! I honestly thought that I might be left alone until 2017. Thank you for reading this!
  5. Hi, Last year I was diagnosed with ADD (Attention Deficit Disorder), and it transpires that I've had this condition since childhood. I'm now taking Methylphenidate, which has given me a bit more focus with detailed finances and small print etc. The effects throughout life have been subtle but profound, and very destructive in a number of ways; though I masked it somewhat due to being quite intelligent in other areas. One of the effects was (and still is) a difficulty working with figures and managing finances; it takes me about 4 times as long as a 'normal' person to deal with spreadsheets, complex calculations, financial concepts such as PPI etc. Only very recently I realised the implications of this, in regard to PPI mis-selling and reclaiming charges. It appears that, according to the Disability Discrimination Act, people should be covered against discrimination in regard to provision of Goods and Services: nidirect(dot)gov(dot)uk/mental-health-and-the-disability-discrimination-act-dda It would have been very difficult for me to fill out a loan or credit card form and make the right choices for my circumstances, and also to realise that something was wrong later. Now, speaking to the Mental Health Professionals in my area, it appears that adult diagnosis of things like Bi-polar and ADHD is becoming increasingly common these days, due to more awareness and improved diagnostic tools. It may be there is a whole demographic of the population who used to be just bracketed (like myself) 'bad with money', where they've actually been struggling with a hidden condition that impairs their ability to make accurate and timely choices regarding their finances. Worse, those that are 'good with money' have been preying on this trait for their own ends. I now feel, on the other side of the diagnostic 'curtain', like I've been 'milked' over the years, due to my naivety and poor skills with forms and numbers. Ring any bells for anyone? Can anyone point me to resources where Mental Disability has been used to get restitution, is there even a case for a US style Class Action suit? Thanks, hope this helps anyways.
  6. Hello I am trying to work out if I may have a CGT liability coming up upon selling my house. I bought the property 15 years ago. Renovated for 2 years. Rented the whole house out for next 1 year. Then lived in it for 1 year. Since then, 9 years, I have either done short rents - anything from a few weeks up to 6m - and around that rented rooms whilst living in it. I have filed Self Assessment tax returns each year, including either Rent a Room page or the Land & Property page with the property income, less expenses and relevant % deduction of the interest only mortgage for my benefit of living in the property. It is the only property I own. When I rented the whole house out it tended to be around holiday time and if longer we stayed in a friend's place for free. The property was also bought on a short lease. After 14m of negotiations I have just finalised terms to buy the freehold. It is now my intention to sell the property. But I am nervous if I may have a CGT liability. The value on the short lease is low. The value on the new freehold is very high. There is a huge difference in the value of the property now compared to 15 years ago. I aim to sell it on the freehold / high value rate. As the property is my only property / sole residence will I have a CGT liability? And if so, how would I work it out - on the short lease value? or on the long lease / freehold value? Also - for how long - without any rentals - would I have to reside in the property to not incur any CGT liability? Or am I not due any CGT anyway as it is my only property? Would be most grateful for advice. Many thanks HP
  7. Please have a look at this link from the Motability Website: http://www.motability.co.uk/understanding-the-scheme/pip-and-motability/ This PDF is from their website:
  8. My (stupid) son has received a Charge Notice from the local council (Bath & NE Somerset) for an unpaid PCN. From talking to the council it appears that there is at least one other Charge Notice unanswered, and a string of PCNs outstanding! I think I understand what happens next (Debt Recovery Order, bailiffs, etc). The car is actually owned by my wife (inherited from her father), but my son is the registered keeper and has use of the vehicle provided he pays all the costs (insurance, tax, servicing etc.). I think my son thinks he is not responsible for the debt. My son works for a financial services company and they are very fussy indeed about CCJ's. Can somebody confirm that a debt recovery order arising from a PCN is the 'same as' a CCJ? How long has a he got to pay the debt between the debt recovery order being issued and bailiffs turning up? I have never let a PCN get even remotely close to this stage, so I am not sure what correspondence he will have received. I read somewhere on the forums about a 'Notice to Owner' - I suspect this is why he thinks he is not responsible, as he is not the owner. Can somebody confirm that liability is on the keeper, not the owner? Many thanks Bacon
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