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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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Life Interest treatment on death
A relative has died recently and they had a life interest in the assets of a trust. Those assets comprised a bank deposit. At the date of death interest (which was payable on the deposit annually) had been recently paid on the deposit and added to the account but the trustees had not yet calculated the tax they would have…
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Struggling to pay back a LTD company tax bill
Hi, I've been struggling to pay back huge debts over the years but it's got to the point I can no longer pay them as they currently stand. I'll try to cut a long story short. Started an online business as a sole trader. After x amount of years, turned that business into a limited company. Received bad advice from an…
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Tax taken
Sorry if posted on wrong forum Tax deductions from my wages 26 apr gross pay £1682.94 tax £334.80 26may gross pay £7841.76 tax £2212.73 26 June gross pay £190.78 tax £38.00 I took voluntary redundancy on 16 May the £7841.76 was the balance off my tax free amount these are the figures from my gov gateway account the may tax…
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Tax return unique code question
I've done my own online tax return for years for rental income. However, last year I used an accountant & was sent a different Unique tax code for him to use. If I do it myself this year, would I need to request a new code? or should I use my original one? Thankyou, I cant seem to find a clear answer to this
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Self assessment
Hello - my wife is unemployed but received a letter in the post a while back saying she needed to complete a self assessment form. I don't know exactly why but it might be that she's marginally strayed over the personal allowance due to savings interest. I've this evening gone in to register her for self assessment but…
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Making Tax Digital (MTD) for Landlords
If you receive qualifying income from self-employment and/or property, you’ll be legally required to use Making Tax Digital (MTD) for Income Tax – based on the level of qualifying income – from the following dates: • April 2026, if your qualifying income is over £50,000 in the 2024 to 2025 tax year • April 2027, if your…
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HMRC Surplus Income gifting clarity - IHT
With the incoming IHT changes I'm planning my pension with the intention of surplus gifting from my pension income to reduce the estate. The HMRC guidelines seem open to interpretation as it doesn't sound like its pure math - and a rejection would be devastating. So I'd like some advice on what is best practice to avoid…
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Personal Allowance and Savings Interest
Suppose I have no income from Work Suppose I am not a pensioner Suppose I have interest from savings of 10K / year and that is basically my only income By my layman thinking. There is no Income tax due on that 10K interest A portion of that 10K would be from a personal ISA anyway What are your thoughts folks?
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What is the best time to ask HMRC about interest record?
I understand that all banks and building societies are required to report interests to HMRC by end of June. It is July now so can I ask for this record of details now, or should I wait for sometime for them to do some processing work, if any?
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SIPP withdrawals and Gift Aid
If I make charity donations, is it correct that: they qualify for Gift Aid if I have paid sufficient tax on SIPP withdrawals, ie not on other sources of income? the amount I can withdraw from my SIPP while paying basic (not higher) rate tax is increased by the grossed up donation amount, ie for 1257L with £4000 net…
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Problems with accessing HMRC account
I already have a Government Gateway account and of course my NI number and D.O.B. When I try to log in with these I get an error message to say that I can't do it this way due to technical issues. It pushes me to use the Gov id app to send images from my passport and a selfie photo but then rejects the photo. I suspect…
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Going over tax free pension allowance
Recently sold some executive shares and to avoid paying Employers Nat insurance at 15% can I put all the profits into my pension ( I’m still full time employed) even though it puts me over the £60,000 tax free allowance …. I know I have to pay 40% to HMRC I’m just trying to avoid paying the Emp Nat ins …. I’m over pension…
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Cutting tax.
I am 66. On 1st October I will be 'retired', and in receipt of the State Pension plus two other private workplace pensions, total of the 3 will come to around £51k, so eating all of my Personal Allowance. I have a small SIPP which I started at the back end of the last tax year, which currently has just under £18k in it,…
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State and private pension
I recive £965 every 4 weeks from my state pension my company i was receiving £639 per mth I noticed 1st juk was £609 just cant understand why any help much appreciated i do not have any other income
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Stop making SIPP contributions?
I need a sense check, please. I'm recently retired (just £1k-£2k earned income for another couple of years) and SP starts in two years. For years I have maxed SIPP contributions and now have about £660k in it. I want to run down my SIPP in future years (withdrawing the max in basic rate, using it for income/ISA/low coupon…
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Updating untaxed interest for this year
I have just tried to do this on my tax account but have just abandoned it as I wasn't sure I was doing it right, so any help would be appreciated. Firstly I updated my 2025/26 interest online at the beginning of may and have already received a confirmation letter. I did expect a revised tax code but I called HMRC who said…
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Salary vs Pension Taxed
I am a recent "pensioner" who has taken my State Pension, but continue to work. Currently my salary is at least 3x my monthly Pension but has only 3k or so of my tax allowance applied to it while my pension has the rest. As my salary is so much more than my pension, I would prefer to have all my tax allowance appl;ied to…
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Another Gifting from Income question
Good evening everyone. We are already gifting regularly from income and understand the records to be kept. I have a specific question. We do have significant cash savings which we use to pay for our extravagant luxury holidays. To put that in perspective think equivalent to 2 months income. Do we have to enter this expense…
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Tax implications of property in PD Trust
Mrs A has died. Mrs A owns a property outright. The will create a lifetime interest trust for their partner (Mr B) not married. This property is currently rented out. The executors of the will are named as the trustees for the property. They are also the children of Mrs A and will eventually inherit the property when Mr B…
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Declaring expected interest and dividends to HMRC for the current year
For context, I'm a retiree paying basic rate tax on my pensions, savings interest and dividends via self-assessment. In a previous thread, I was trying to work out why HMRC had just increased the tax code on my occupational pension for 2026/27 (i.e. reducing the PAYE tax paid each month). If I had just accepted it, I would…
