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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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Long term planning - reduce tax bill
Hi, Is there anything further that I can do to further reduce tax charges? Currently I do the following: Put the max £60k per annum into my workplace pension Use my full £20k per year ISA allowance Give my wife any spare cash to put into her ISA Put the maximum £9k p/a into my chidren's ISAs. The idea being that they can…
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Personal Allowance and Pension Tax Calculator
Hi! My salary is currently £100,000 and I have the potential to earn ~25% bonus annually, paid out in March. This is variable depending on performance / business results but is typically around £25,000. I completed a self-assessment for 2021/2022 in December 2022 and had an overpayment of £2800 which I'm repaying over 12…
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Calculating Income Tax
Hi all, this my first post and I hope I’m in the right
place. It regards the HMRC income tax calculations. My latest tax estimate from
HMRC has just nudged me into the higher tax band but I’m struggling to
understand how it works. My income, less interest from savings, is below the
threshold of £50270 (above this is…
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Consolidated tax statement does not show accrued gilt interest
My Interactive Investor consolidated tax statement shows gilt interest paid as coupons (inc. on maturity) but does not show accrued interest paid/received when buying/selling units. That makes it a pretty incomplete guide when completing self-assessment. You'd think their computers could give the full picture, wouldn't…
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Making tax digital - tax return not received?
I am a landlord and I decided to voluntarily sign up to the MTD tax returns. The software provider I use is Clearbooks. Throughout 25-26 I kept all records and did my quarterly submissions and then submitted my final declaration (which also included my salary) using clearbooks at the end of the tax year earlier on this…
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HMRC MTD
A couple of questions regarding MTD Is HMRC informing tax payers if they have to submit quarterly returns or not? 2) My combined income from state and work pensions PLUS Gross rental income takes me into the 40% tax band. Expected gross rental income 26/27 is ca. £45,000 My understanding is that I do not have to do MTD…
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Reduction in personal allowance.
I've just checked my tax code for 2026/27 and I have had my personal allowance reduced by £101. Reason given, untaxed savings interest. I'm a basic rate taxpayer, so could someone kindly calculate how much interest I would have to earn to give rise to this figure. I don't complete a tax return so I assume they have worked…
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Council tax discounts for carers
after reading loads of posts, gov website, getting advice from carers uk I believe that because my mother, who has Parkinson’s dementia and is severely mentally impaired, lives with me and my husband, and I am her full time carer (24/7 as she cannot walk, talk, feed herself, or do anything) then we are entitled to…
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IHT - Residence Nil Rate Band (RNRB) not applied
I think I know the answer to this, but I'm just checking my solicitor is on the ball. Both of my parents died within a month of each other, mother first then dad. Both had simple symmetrical wills: estate left to spouse then to 3 children. The solicitor has applied the £325k Nil rate band to mothers's estate and the unused…
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Marriage split - not divorcing - Tax queries
Married over 20 years. We've worked hard all our life and built up various investments. The money side and shares is easy to sort, but we had a main home, a holiday home and four BTL's, of the rentals two are owned jointly and one each in our personal names. 18 months ago we decided to separate. No other party was…
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Which form for reclaiming income tax paid on pension withdrawal ?
Hi all, ill start off by saying i think its Form P53 we need to use, but appreciate feedback. In last tax year 25-26, my wife received a pension payment as lump sum from Prudential as a "small lump sum option " it was from a " With Profits Fund " Final value was 9127, and received 7758, so 1369 taxed. She dosnt work and…
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Bank account details request from HMRC
Folks I have received a letter from HMRC requesting interest details for 25/26 - amount, bank, sort code and account no - from my bank accounts following previous correspondence with them for the higher rate pension rebate. I have no issue providing them with the amounts, but am I obliged to give them bank details? It…
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How long do tax code changes take?
About 2 weeks ago I updated my 2025/26 interest in my HMRC account as it was £700 more than the previous year and I would prefer to spread the tax over more of the year instead of the last few months as normally happens. I'm just curious as to how long it takes them to update your tax code? You would have thought, in this…
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self assessment newbie - underpaid tax section
hi. I've been told to complete a SA for the first time, for 24/25. I'm employed and only have bank interest to complete I've completed ok. But I'm confused on the underpaid tax included in PAYE coding section towards the end. It says enter the amount of estimated tax for Apr 24-Apr25 to be included in your PAYE code for…
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K789 Tax Code
hi All today I updated company benefits for my salary which is in the 20% tax rate. I updated online in January but these didn’t change for some reason and today have had to update fuel benefit and a change of car. this has left me with a tax code of k789 how does this work now ? Will they take as much as they can or will…
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Is this benefit in kind worth it?
Firstly, I must apologise for being a complete idiot with anything tax related. It just goes beyond me and I have the utmost admiration for anyone who grasps it all. Ive had my own electric car for a year and have a charger at home. Probably 80% of my charging annually is via this, to and from work, and I only use public…
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Naive thinking HMRC will reply in writing?
Hello, I posted a letter to HMRC (BX9 1AS) over a week ago and paid for tracking. It's still saying it hasn't been delivered. If it ever does get delivered am I naive thinking they will reply in writing because I've written to them or is that not the case?
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selling holiday home -CGT implications for delayed completion
We may be selling our holiday home (overseas - double tax agreement between countries). Calculating everything in GBP there will be a significant capital gain. The buyer wants to exchange soon, with a completion delayed until Summer 2027. Both sets of (overseas) lawyers are negotiating a staged payment schedule. Obviously…
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2025/26 Self Assessment Tax Return
Hopefully the HMRC system will work soon to be able to make some progress. Well done to anyone already logged in I keep getting busy message so far.
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Unexpectedly paying tax
Hello, I'm a new user here and hoping someone can help me to clarify my tax situation; I receive a local government pension which will be £9972.76 for the 26/27 tax year (increased from last year's £9707.67). I also have income of £6,154 for 25/26 from savings interest. I've never paid tax as my total income is within my…
