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Cutting Tax: Discussions that will help you
To help you find the Cutting Tax threads quicker and easier we're collating our previous sticky/pinned threads into one single post. Cutting Tax board: Tax instructions - please read Useful Websites TaxCalc alternative? How does the Taxman Know? Inheritance Tax Planning Useful Tools to Help With Taxes Washing Uniform at…
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Self assessment - selling property - what is deductible?
I am selling a property and will not have any capital gains. When I submit my self assessment form can I claim estate agent fees, solicitor fees and other fees associated with the sale as deductible items?
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IHT and Joint Tenant Property
I would be grateful for any clarity on the following. Thank
you in advance. A house has been owned by mother and daughter as joint
tenants (meaning each owns 100%) for well over 7 years. The mother has passed away meaning that the
daughter automatically becomes the sole owner via survivorship. However, for
the purpose of…
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SIPP contribution limit
OH receives state pension, NHS pension, and £6000 from consultancy work. She claims £1000 trading allowance on her self-assessment. Is the most she can pay into her SIPP (which is not yet in drawdown) £4000 net, ie £5000 gross?
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SIPP drawdown without taking tax free lump sum
Leaving aside the question of whether the budget might tinker (or take a sledgehammer to) the tax free lump sum, is it allowed to make a taxable withdrawal from your SIPP while leaving the tax free 25% untouched for a later time? This would essentially be the flip side of taking a tax free lump sum and moving 3x into…
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Budget Day - will there be an immediate clamping of taking 25% Tax Free from Pension?
I've asked my financial advisor about this, and he insists that the government is highly unlikely to remove the 25% tax free we can obtain from our personal pension - in fact he said '97% it will not happen' - he also continued to say if it were to happen, the Government is already short on money so if everyone took out…
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Calculation Explanation
Hi, I am doing my self assesment tax return for the first time. I had a part side hustle profit of £1525 that I need to declare. I paid PAYE on my salary an dthis was the correct amount, and used my £1000 personal allowance on interest from savings. Therefore I was simply expecting the figure that I would be asked to pay…
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Marriage Allowance Tax
I have been receiving the marriage allowance from my wife for a 3 years. She has just got a letter from the taxman claiming that she owes £60.80 for the year 24/25. Her pension income was £11614.20, she has no other earnings. So she gives me £1260 of her allowance which I pay 20% tax on (£252 = £50.40) So what is the point…
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Electricity Standing Charge an allowable expense?
I have owned a plot of land for 5 years containing a small
outbuilding. During the tax year 2024/2025,
I received an unexpected electricity standing charge bill for £4000 which I
paid (no electricity was consumed). I
was not aware of a live electricity supply until I received the bill. I let the land to a local builder for…
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Timing of Annual Tax Summary
Does anyone know when this drops onto the gov tax platform for 2024/25? Specifically the summary with breakdown as it is not on there yet. You can view the top line tax paid but thought after 5 months it may have dropped on. Not a first world problem but just wondered....
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Capital gains tax after seperation
I have been seperated since 2016, and am not divorced although I have a decree nisi . We bought this house in 2006 and both lived in it until 2016. It is still my primary residence. My ex is living in rented accommodation with his new partner and that is in her name. He has not bought another house. If he either gives his…
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Self-assessment - rental expenses
I have just submitted my self-assessment. We rent out my old home and always have repairs to offset against tax liability. This year was just the normal, nothing big but I entered a larger figure as a mistake. It was red flagged as being too much for the rental. So I entered the correct figure. Question: if we really did…
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Transferring OEIC between spouses
OH and I hold the same equity index fund, unwrapped, on Interactive Investor. With the ever reducing CGT allowance (and markets continuing to rise) it will take longer for her to sell her holding than it will take me, without incurring a CGT bill. Transferring some of her holding to me looks useful, once I have spare CGT…
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Self Assessment - Rounding
I understand income should be rounded down, and expenses/tax paid/reliefs should be rounded up to the whole pound. When completing my Self Assessment online most fields automatically round when I enter my figures, however the employment tax paid (SA102, box 2) does not round automatically. Is it expected not to round this…
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Tax calculator.
Is there a tax calculator that as a pensioner I can use to check that my tax bill is correct. Something that can deal with, Savings interest, State pension, Private pension, enter them and out comes my tax forecast. Thanks for any help.
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CGT on house after separation (moved out, back in, back out)
Please could I have your consideration. We purchased the house in 2010. we were not married or in a civil partnership but were in a relationship In Jan 2016 I moved out to rented flat . My partner remained in the house In May 2018 I moved into a hotel but spent some time BACK in my house but we were NOT living together as…
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Is my private pension to Aviva tax deductible?
I psy £120 into aviva private pension. Can I put the whole £120 through as a tax deduction in my tax return? Got another one with paye company but they deal with all the tax I guess
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Tax on a Second Property
Hi All, I have just purchased my new home; however, my existing home has not yet sold. I have had to pay £14k tax due to the new home being considered a second home, which will be refunded if I sell my old home within three years. However, I have had an offer to rent my old property for approximately six months. If I rent…
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K code for PAYE
Would someone be kind enough to explain how a K tax code works, please? Context - I receive SRP, and private pensions from three sources, taxed at BR. I also receive a tiny foreign pension untaxed, and have savings interest in excess of £1000, so I complete Self Assessment. I can't make sense of the resulting calculation…
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High Income Child Benefit Charge - Opted in mid year
Hi, can anyone help clarify this for me? We received notification from HMRC in Nov 24 of changes to HICBC thresholds. Because of the new thresholds (£80k top end), we opted back into CB from Aug 24 (backdated 3 months) after opting out in previous years. We were paid £1,100 in CB and husband earned approx £76k in 24/25.…
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Tax optimisation after property
Hello, I have been trying to sell my old home and I couldn't find a buyer for 2 years now. I have decided to give up and rent it. I didn't really want to do that as home is in my personal name and I wanted to sell it but it is what it is. Now, it is bringing me a tax complication and I never really checked how it all…
