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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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Tax calculation
For some unknown reason my OH has been unable to register for on line tax return, so he has to fill in a paper one every year as he has pension income and bank interest from abroad. He usually does this in September/October, and about 6 weeks later gets his tax calculation in the post, but this has not happened this year.…
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Dumb PAYE question
... which I really, by now, should know the answer to. Under PAYE if you have a one off month where your salary puts you into the next tax bracket but your annual salary will still be below the next threshold, do you have to claim for overpaid tax or does the system handle it automatically by, say, increasing your tax code…
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Marriage Transfer Allowance flip-flopping
In 23-24, circumstances were such that Mrs F-S was able to transfer 10% of her income tax allowance to me. I understand that in HMRC parlance, she was the claimant. For 24-25, the situation was reversed and I have just sent off form MATCF to HMRC to ask retrospectively for me to transfer 10% to Mrs F-S. But I note from…
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Wrong tax code
HMRC have given me the wrong tax code, I can't change it on my app Online chat agents were rude and cut me off chat. I don't know why it's wrong or the best way to correct it
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UK dividend tax to pay on US shares (ongoing and historic)
Hello, I could do with some forum wisdom on how to treat tax for some historic and ongoing dividend payments from owning US shares. Situation is as per: * Shares were acquired more than a decade ago as part of compensation whilst working for a US firm. * They are held by a US bank who also holds a cash account for dividend…
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Do HMRC see alternative income "live" now?
HMRC have recently changed my tax code to a K code to collect extra tax. The thing is, last year I didn't owe any tax at all, as I was bringing in less than £12570. This year I started to receive a pension of ~£22k pa, and I also earn a substantial sum in income from bonds, so I know I will be owing them tax, but assumed…
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Have I misunderstood the 'marriage tax allowance'?
As above When I was completing our online tax returns last night, I looked into the above. My question. In England, for most people the annual personal tax allowance atm is 12570. Therefore I assumed, when married, both people would get 12570 x 2 = 25140. If the above scdnario was applied and one of the couple gave 10% of…
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Possible major change to how we pay our income tax from tax year 2029
An item not generally reported In the latest budget was a proposal which will affect PAYE and self assessment tax payers. They are proposing that self assessment
taxpayers with PAYE income will pay their self assessment liabilities
in-year via PAYE from April 2029.They want to make a mandatory adjustment to your tax code…
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Some Help Please
My wife
received her P2 yesterday it states: Less Untaxed Interest - £13005. I accessed
the Gov Gateway and it said that they hadn’t finalised her account for the FY
ending 2025. All our
taxable accounts are in joint names, I keep meticulous records, I have the
figure at £14005 each. 1st
Question: Is the figure £13005 net,…
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Estimated savings interest and tax code adjustment
Last year (2023-2024) I received £1000 of savings interest This year I'm going to get a lot less, roughly £200 HMRC have just updated my tax code to account for the expected £1000 interest I'll get this year (i.e. the tax on the extra £500) How do I tell HMRC that I won't be receiving as much interest this year? My taxable…
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Increasing tax free pension withdrawal using marriage allowance
As above we are looking to transfer our marriage tax allowance over so we can get more out of our pension pot tax free. My calculation is as follows, tax code goes up to 1383 so £13830 - carers allowance for 2026 £4495.40 = £9334.60 plus 25% tax free pension allowance = £11668.25 we can take out of the pension pot tax free…
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2024/25 Self Assessment Tax Return
There we go! Hopefully the only thread (before multi previous years are re-enacted)
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Tax Free / Free Childcare - Net Adjusted Salary Exceeds £100k on Tax Assessment
Hi all, I am currently entitled to tax free/ free childcare hours due to ensuring my net adjusted income falls below the £100k threshold, in the main through salary sacrificing pension contributions. However, I have recently received my tax summary for the financial year 24/25. It suggests my taxable income was £100,200.…
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Tax Return Query
Still trying to complete my tax return and confused by why some questions are marked as optional. I assume I should enter total received from my SIPP (but uncertain whether this figure should include the tax free part) plus pension from employer. But as it says it is optional, can I just leave it blank? Though if I do wont…
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Child Benefit, NI Credits & eBay Side Hustle – Advice Needed
Dear all I’m trying to make sure we’re doing things correctly with tax and benefits. My wife claims Child Benefit for NI credits (child under 12), and I’m a high-rate taxpayer so the High Income Child Benefit Charge applies to me. She’s recently started an eBay side hustle: * Gross income: ~£12,000 this tax year * Interest…
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Error on my P800 for 2024/2025
I have just been notified of my 2024/2025 tax calculation. The online P800 shows untaxed interest of £666 taxed at 0%. My actual untaxed interest is £1,195 so HMRC have underestimated my tax payable by £39, being £195 @ 20%. In addition to this, there are other adjustments which result in overpaid tax of £265.80. HMRC say…
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HMRC Tax Underpayment
I have changed jobs several times since 2020 and according to HMRC I have underpaid my tax each year since then, and now I am having to pay back what I supposedly owe. Is there any business that can help me to understand if what HMRC says I owe is correct. HMRC do not provide any statements or anything outlining how much…
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Redundancy timing and end of current Tax year implications.
Hi I have an imminent redundancy looming in March 2026 and iam worried about tax implication's due the timing of this. I will have earned around 50K and overpaid my works pension to keep in the lower tax bracket but with an 80K redundancy due on top of this in March iam looking at how best to keep tax down after my 30K tax…
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Want to transfer 50% of property to spouse ahead of sale CGT
Hi - I have a second property that I own no mortgage that my son lives in rent free, he covers the bills, it’s a long story! Anyway he is now moving out buying a place of his own next year. I have owned the house for 10 years and possibly looking at a gains of 80 - 100 thousand. I have not ever lived there. Can someone…
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Prolific earnings in dollars
I've asked this on the Prolific thread elsewhere but didn't get a definitive answer I'd be certain to go with. You can earn money doing surveys on Prolific in sterling and dollars. Dollar amounts are withdrawn to Paypal, who then convert when paying into a sterling account (with a poor rate). Prolific report earnings to…
