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Help with reclaiming tax paid on a NEST pension lump sum please.
Hi all, My wife took her entire NEST pot as a lump sum near the end of 22-23 Tax Year. She is hoping to get a tax rebate asap, although the gov.uk site does say that letters go out from June to end November. She has previously been unable to get through over phone to HMRC, so i tried to help her out via online. Went…
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First time filling in self assesment.
I have recently received a letter from HMRC stating I need to complete a self assessment tax return as my earnings for the year 22/23 exceeded £100k for the first time (only fairly marginally - my p60 states my earnings as £109k for the year). All my income is from PAYE (excluding about £300 in savings interest). I have…
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Rebate from HMRC via refund companies for Tasing uniform, food and travel.
Hi hope this is the correct forum for this question. Ive been emailed from a company called Swift refund claiming they can go back 4 years using my P60's a claim without reciepts for food and drink etc etc. I'm PAYE but wondered if was a thing. Anyone had any results of a refund via this way. Thanks for any replies.
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Import Duty Tax paid / refund process
Hi All I have bought some clothing from an online store abroad and have now returned the items for a refund, the import duty was £99.88. As I have just sent the items back, can I claim a refund for the duty paid, if so..how? Thank you
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Capital Gains Tax calculation on rental property sale
Would someone be kind enough to help me with a capital gains tax calculation on the sale of a house I used to live in, rented out and have now sold. I just want to check I’m getting it right. Period of ownership - 288 months (01/08/99 - 01/08/23) Period I lived there - 107 months (01/08/99 - 01/07/08) Period let - 180…
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Using a family member to help reduce tax bill.
Hi I'm a self employed sole trader. I have some work which a family member who lives with me can do and I can pay them a weekly wage. Can this wage be taken away from how much I earn? I will go pass the higher tax threshold this year. But if I give this work to them and pay them then I will be under the threshold. How do I…
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Covid WFH tax relief
Me and my partner both applied for the above during covid as we had to work from home on limited days. How do we check this relief has been given should we have had something from HMRC can we see it on our tax coding ? We are both basic rate band
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Returning to teaching after taking pension
I retired at 60yrs old, thereby taking my pension and paying off our mortgage (with use of maximum lump sum, via TPS). I have returned to full time work and intend working for a few more years. As a result,(my combined earnings and pension, gross salary, is comparatively large) I am paying a large amount of income tax. How…
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Reducing CGT
I have recently sold a house in July, my gain is £160K, I've looked at calculators and on salary of £46K My CGT is about £40K. Just trying to see how I could reduce my CGT Tax bill or at self assessment and have about a month until i submit. I've put £20K into an ISA. I currently pay into a pension (via my work) If I…
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Government tax receipts on interest being paid this year ??
I am sure I am not the only one, but I now find myself in a position where I will be paying tax on the interest that I now find myself earning from the few quid I have saved. It got me thinking, have there been any think tank thoughts or projections on the amount that the government will get once the tax bills have been…
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Taper relief IHT
See end - that's not true is it.?? "Sean McCann, of the wealth manager NFU Mutual, said the seven-year rule was yet another way in which inheritance tax had become “fiendishly complicated”. “It frightens people,” he said. “And it has become a more pressing problem for families, we see the numbers creeping up all the time.…
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Capital Investment Bond - chargeable event taxation
Hello! I know this is complicated - I've only just started to try and get my head around it! Background :- my wife was advised to put £10000 into a Standard Life Capital investment bond in 1997 (25 yrs ago). It has never been touched since. The current valuation is £31000 so a gain of £21000. She is self employed with a…
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When is the cut off point for reducing tax?
From what someone was saying the other day, it seems if you earn over £50k, in order to not pay the 40% tax on the salary above £50k, many people up their pension contributions to get their base salary under that magic 50k mark. But what salary does that become pointless to do? For example, if you earn £100,000 I can't…
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Is this tax deductible?
Hi all I pay a subscription through my Ltd company for Procurement Leader but I can't find it listed on HMRC's list of professional subscriptions. Does that mean it is a personal subscriptions and a BIK? https://procurementleaders.com/
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income tax on a one-off large payment
Hello, I earn 17.500 annual in my permanent job. As part of the divorce ruling, the business I had with my ex was transferred to me. The business owns a house which is now being sold. I wanted to use the sale proceed to purchase a family home and I understand that I will have to pay corp tax. But it occired to me that when…
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Self Assessment Late Filing Penalty
Hi - I've recently submitted my self assessment tax return for 21/22. Grim seemingly owe £600 for child charge and somehow I've paid too little through the paye system in tax (god knows how). I didn't realise I had to do a self assessment because in the 21/22 year I went from a taxable salary above £60k to a taxable salary…
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Company Car
Hi I currently have a diesel company car and I’ve been offered the chance to swap it for an electric car. Does anyone know approx how much difference this would make to my tax code and how much better off I would be. just an approximation would be nice. thanks Mark
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Adjusted Net Income
Hi everyone, please can someone help. I have been looking through the gov.uk links and I am still none the wiser as to what my ANI would be. Gross salary- £51,000 Pension 10% (taken off before tax) Professional subscriptions- £520 per year Salary sacrifice car- £410 monthly deduction (BIK £60) Additional income (2nd job)…
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Tax on educational benefit
My employer provides a educational benefit for courses of my choice. I will have to pay, then they reimburse me. Am I right in thinking that I will pay income tax on the amount claimed back? So technically it is nit totally free for me. Many thanks
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Do current account switch rewards count as capital gains?
If I switch my current account over to NatWest, for example, and they give me £200 as a bonus for switching, does that count towards my capital gains for the year?