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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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Capital Gains Carry Forward Query
I’m completing my SA for 2024/25 year. This will be the first year where I have not purchased or sold any shares. I have £8000 of previous year losses I’ve been carrying forward and have been entering on previous tax year SA. However, when completing the Capital Gains section for 2024/25, it first asks for what assets I am…
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Inheritance tax allowances for children
Hi, I am looking for advice regarding my fathers estate. His wife recently passed away leaving him £140,000, taking his assets over the £325,000 ITA. Would the money his late wife left him be excluded from his allowance to be passed on to myself?. Thank you for any help.
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SA - previous employer had me as employed after redudency...
Hi! Hoping someone can help with how to complete this on my self assessment form. I was made redundent in December 23 (received P45), with a final payment in March 24 and P11D received July 24. All of this information went into my 23/24 tax return so any tax from this employment has been dealt with. Going to do my 24/25…
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Avoiding High Earner child benefit
Hi, all Maybe not the best title, but here's my quandary. I want to take some money out of my pension at some point next year. I earn around £56k, so it won't take much of a withdrawal to put me over the £60K limit and trigger the high earner child benefit thing. Our youngest is due to leave school in May next year though,…
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Missed Nationwide payout off tax return
24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait or take action?
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SA error and accountants
Hello everyone, Whilst previously submitting my Self Assessment online I made some error that resulted in a tax bill, even though my earnings are below the personal allowance rate. Having failed to find/understand the error, I need the help of an accountant to fix the error, recover the tax and not repeat the same mistake…
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Income calculation/ child benefit net adjusted income / tax band
Can I check my calculations with you as below and ask a couple of things re terminology around income please . I am self employed sole trader. Business income (invoices- expenses) = £90000 bank interest £900 (do I get £500 tax allowance so £400 taxable? No other income =Complete gross £90400? Sipp I paid in £30000. Now has…
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SA tax relief on pension contributions
Hi all I have a PAYE job that I have a company pension with, paid via salary sacrifice. My taxable earnings are below the 40% tax band I also have rental income I do a SA for and this pushes me into the 40% bracket for the last 3 years. I've just realised, I think, that I could/should have been claiming tax relief on the…
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Self Assessment Tax Return required due to in year tax refund on flexibly accessed pension?
In 2024/25 I drew from my personal pension for the first time. Income tax was deducted so I made an income tax repayment claim during the tax year. Income tax was repaid in full as the taxable amount drawn was below my personal allowance. My only other income for 2024/25 was bank interest of about £250 and dividend income…
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Capital gains reporting on free shares
I got free Lloyds shares when my building society demualised many years ago. It was purchased back through a compulsory purchase and I got £400 for it. I need to declare this as capital gains as I have other capital gains to submit on my tax return (I have made more than 50k capital gains on other assets) so this will also…
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Putting a Property into a Trust when the Estate Value is Way Below IHT Threshold
I'd imagine this isn't a great idea but I have been advised to put my mother's property (where I've lived for many years, and intend to stay there long-term) into a Trust, using a Section 102(B) gift. The property is worth £400k and the total estate value is well below £600k so I cannot see the advantage of placing it in a…
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IHT and 2nd marriage
Is it possible to inherit IHT nil-rate bands from more than one spouse? Say my spouse and I have a home worth 500k and another 1m in cash and other assets. My NRB is £325k and RNRB is £175k. If my spouse dies leaves me everything I’ll double those to £650k and £350k respectively. If I remarry and he also dies leaving me…
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Tax on chargeable gain after death
Hello, wonder if anyone can help with this. my FIL died in March 24 and we completed all the IHT and probate which had no tax to pay but he did have a bond (the figure for this was included in the IHT total) for which we received a chargeable event certificate at the time, my wife sent this off to HRMC (a good while after)…
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Dropping one day a week
A complicated question, I want to drop to 4 days so taking tax and 40% tax how much would I actually lose. I earn £230 a day 60k a year if I drop 1 day taking all the tax into account eg dropping out of the 40% bracket my tax free bit is 1264L I am struggling to get an accurate figure can anyone help Thanks
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PAYE Tax Calculation 2024-2025 Very Late This Year
I'm owed a rebate of tax paid for the year 2024-2025 I work short term contracts for the same company and are paid via their payroll provider. My PAYE deductions are based on a full 12 months salary, but I only usually work 8/9 months a year, so by the end of the tax year I have usually overpaid by a few hundred pounds.…
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How to check if one is registered for Class 2 NICs?
I was about to send my Self Assesment for 24-25, but I was assaulted by a doubt at the last screen. It tells me my Class 2 NICs are treated as having paid (I've earned around 8000 profit), but it tells me; "If you've registered for Class 2 NICs, your contributions have been treated as paid" That makes me think I can't…
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Tax implications for dual citizenship
Hi There are several posts around tax implications for people with dual citizenship but each query seems to be unique to each person and so it's difficult to get a clear answer based on other peoples circumstances. For me, I'm a UK citizen and have only ever lived and worked in the UK (for over 60 years) - but I have…
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‘in consideration of marriage’ and IHT
I understand there is an additional £5000 IHT exemption for a parent to gift up to 3 months before a wedding. How is this evidenced to Inland Revenue? Is it enough for the funds to just be referenced as 'wedding gift' and given within the time period, or are their additional requirements?
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Self assessment and a lease car?
I am a sole trader with a small ebay business turning over maybe £750 - £1000 a month. I need a new car which would be for personal and business use and am looking at leasing a car for the first time. I only do around 1100 miles a year for business and have claimed the simple mileage allowance on my latest self assessment…
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Tax Code changed - expected to owe tax
As the title says my tax code has been changed part way through the tax year (25/6) and it says I am expected to owe a certain amount of tax as a result which will be collected after 6 April 2026 by adjusting the tax code for 26/7 (adjusting my tax free allowance for that year). I suspect they won't be able to do that as…
