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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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Salary Sacrifice
I am 62, so thinking about cutting tax via Salary Sacrifice. Is it worth it for a 20% taxpayer, I earn around £18k Can I just pay most of my pay into a pension, I work for a local authority, are they helpful to us poor folk or do they just look after the top earners? I pay £100 per month into a SIPP, which has a value of…
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What CGT to pay on property sale as joint tenants?
I’m hoping someone can help me to calculate what my CGT liability will be on a property I am selling. This was my parents property but I was on the title deeds as “joint tenant” with both my parents. However, they lived in the property and I didn’t. The property was bought in 2014 (10 years ago) for £130,000 - myself and…
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Our Council notified us of increase of our the council tax for granny/annex flat up to 200%
Hi I hope that somebody can advise on a best way to deal with an issue. Our Council has notified us that from Feb 2021 our council tax will be increased by 200% for our basement/annex /granny flat as it has been empty and unoccupied for 2 years now. The basement / annex/granny flat is a part of the house . It has a…
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HMRC return 23/24
Another self assessment done. Now to nervously wait for the next couple of weeks. Judging by last years bank holiday involvement, we could be looking as early as 18-19th April this year.
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Salary Sacrifice, Pension, and Pension Draw Down
Hello, Hope someone can help. As I have reached the age where small pensions from old employers have started to pay out, and I just need to understand how much I can take annually from my draw down pot without putting myself into the 40% tax bracket. I am employed, with an annual salary of £40,000, of which I have a salary…
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Capital Gains Tax on Property
Hello All, Thank you in advance for any help you are able to give. I have consulted the government website and note that if you
are selling a home in which you do not reside you are liable to capital gains
tax (CGT). However, I understand that
you can get Primary Residence Relief but the amount depends on…
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Income tax and pensioners
I've just realised that the combination of freezing the personal tax allowance and increasing state pension has put my Mother's income about £200 above the personal allowance. Is it her (i.e. my) responsibility to point this out to HMRC? Or will they spot it themselves? Or will they not bother to chase a 90 year-old…
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Self Assesment Help
Hi everyone i have seen similar topics but thought be easier to explain if i start my own, this year i startered doing call out at work so i get my basic pay plus call outs and obviously that changes every single month, i am currently on track to earn over 50k and i am aware i will have to pay some of my child benefit…
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split but not divorced, between two properties, how to avoid CGT for selling my house?
Hi, Me and my husband purchased our 1st house in 2017 on which we still pay mortgage. In 2019 I bought a land in my name and build a house.The house construction was finished last year in feruary and I rented the property for one year. Now I split from my husband but we decided not to go for a divorce for the sake of the…
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Tax audit issues
We keep being told that HMRC can
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New build labour VAT
hi just wondering if anyone knows i have just gone over the 85k threshold for vat from march 23 to 24 in last week of march by 2k i am a window fitter labour only on cis scheme so what i don’t understand is i need to register for vat as over threshold but it states no vat on new builds and i only do new builds does anyone…
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SJP Leagcy Ptotection Trust
It has been suggested by my SJP adviser / salesperson that an LPT might be benficial for futur tax avoidance and care charges in the future. Anyone had experience of these or other trusts? I am particurlalry interested in any pitfalls I should be aware of or questions to ask. I am not 100% convinced by the conversations I…
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How far back can HMRC chase me for underpaid PAYE tax?
I've found out that I owe 3.5k for 18/19 and another £500 prior to that. When I log on to my .GOV it says I owe no tax. I have been issued 16 tax codes in 2 years (only changed jobs twice in this period). I have most of the history but can't work it out. Tried calling them an going through it all (2hrs 45mins on the phone…
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Tax Code Change to 0T
After working solidly all my life I am in a situation where I am now in the region of £110,000 and I know I am one of the lucky ones but my wife is now not earning enough to pay tax as she is not only supporting the kids also both our parents are coming of an age where they now need caring for. This now means my wage is…
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Untaxed interest - PAYE and self assessment
I recently completed a self-assessment tax return for 2022-23. I worked full time during that tax year and this was my first time completing self-assessment. I contacted HMRC before submitting my return regarding the untaxed interest section as I inherited a large sum of money during 2021 and knew this was going to take me…
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Self Assessment Accounts Question re Vehicle Written Off.
Good day Forumites, I need a little assistance ... Sole trader for over 40 years and been doing own accounts since my chap retired pre plague. All has been reasonably simple up until now but events of the last month have caused some confusion for me. I bought a van solely for business use back in 2014. It's an 04 plate so…
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PAYE Query
Just amended tax code for income as left employemnt, this will result in me overpaying tax on first month's income, HMRC have said this but I don't understand it, can someone epxlain please. when the tax code is used for the 1st time it will repay any over paid tax through that pension payment then you will receive the…
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HMRC not refunding higher rate stamp duty
When we bought our current house at the end of 2022 we were unable to sell our then main residence, so we had to let it out temporarily. This meant that we were caught for higher rate stamp duty (additional 3%) on our purchase. In January this year we sold our former main residence and I applied for the repayment of the…
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HMRC Return 2023
Evening All, Just thought ild open a new thread as I intend on doing my return once iv had my 40 winks. See you all in the morning.
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Capital gains tax
My mother passed away in October 2023. My sister and I were left her property in her will. The property was owned by my Mum and dad jointly and passed to my Mum following Dads death 15years ago. The property is now up for sale and was valued at £260,000 in November 2023. The property has failed to sell and in agreement…