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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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2024/5 Personal Tax Allowance
Is it just me, or does the fact that my state pension exceeds my tax allowance just means I pay much more tax. HMRC says the negative amount is added to my other source of income. I took this to mean exactly that! Not so, it’s a figure on paper only. If they increased the allowance to £25000 they would clear the national…
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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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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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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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Capital Gains Liability on Sale of Overseas Property
In 2003 we moved to Spain and bought a property there. We repatriated in 2009. For the period 2003 to 2009 we were tax resident in Spain. Since then the property has been a second home. We will be selling the property in the next year or so. As the property was our principal and only residence up to 2009, would the UK tax…
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How long does a tax refund take to reach your bank via BACS?
Anyone had a recent tax refund and can tell me how long it took to reach your account via BACS? It's been a long process getting this sorted, but it showed I was due a refund this morning. I've given my back details first thing so any ideas how long it should take?
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Giving buy to let incoming to student child
I'm struggling to get a simple straight answer to this. I have 3 buy to let properties with a rental income of about 20k, I'm a basic rate taxpayer and currently pay tax on all the "profit", this is my only income. My son is going to university in September and our assessed parental contribution to his living expenses is…
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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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So pleased I used this forum for advice
....saved me a massive amount in tax and I have another £10k in my pension as a result of lowering my NAI to "beat" the 100k tax trap by making a pension contribution in March. Many helped but I would especially like to thank @Dazed_and_C0nfused for his/her help.
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HMRC app 24/25 earnings
My wife inherited her mother's house last year and no iht was due,she sold the house and put some of the proceeds in to isa,s and premium bonds,she doesn't work and is retired, she downloaded the hmrc app and was shocked to see her estimated earnings for 24/25 would be around £100,000 with approx £25000 tax payable. I…
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What counts as using part of your home for business purposes?
My friend is staying in my spare room, and has offered to contribute towards bills. Presumably this is not taxable income. But suppose that he stays for a longer time and makes regular payments: at what point am I considered by HMRC to be using part of my home for business purposes? Obviously my main concern is to avoid…
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Earning over 100k - do I need an IFA
Hey I've started a new job that means, with my signing on bonus, I'll be earning over 100k this year. I've read about the "60% tax" and am looking to offset some of my salary to avoid paying this. My question is, should I be chatting to an IFA, or is it relatively simple to sacrifice some of my salary (into my pension for…
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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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Acquisition date for CGT purposes
How do I show date of acquisition for CGT purposes on a
self-assessment when I have more than one sale/purchase, please? Example 1: 1000 units bought on 1/1/2022 500 units bought on 1/2/2022 750 units sold on 1/1/2024 750 units sold on 1/2/2024 What is the acquisition date for each sale? Example 2: 1000 units bought on…
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Reaching higher tax threshhold and best decisions
Hi. I am earning £49000 and planned to earn interest on savings to take me up to around £50270. One thing I have just come across is paying back percentage of child benefit if earning more than £50000. Why is there a difference between that threshold and the tax threshold of 50270? So I would be paying back 2% of child…
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Pension Fund charges and Tax
When assessing pension contributions for Self Assessment - Can you reduce the fund and maintenance charges from the amount contributed? For example Annual contribution £60k. - One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when…
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Student Loan Rebate Due?
Hi, I've recently claimed back some student loan overpayment due to being on mat leave and pay being a bit all over the place. I've had success with some years. However I am a bit confused whether I am due a rebate for tax year 22/23. I am on plan 1. My taxable income was £27257.28 for that year and I paid £973 to SLC that…
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Higher income child benefit
Hello all! first time poster so please go easy on me! I am about to start a new job next month on a salary £60k plus £4.5k car allowance. I haven’t been in the higher income area for child benefit before and I am really confused. From my salary I pay tax, NI, and a student loan and a post graduate loan as well, plus my 5%…
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PAYE/self employment
Hi Doing my self assessment as I have PAYE and self employment, question is I got some money refunded interest on two loans and paid tax on both of them, what option do I choose on the self assesesment to record that I have got this money and paid tax? I have had a look in other income but not sure which would be the…
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Business mileage allowance
Not sure if this is the right forum for this, but I suppose it's a benefit. My permanent place of work is approx 120 miles from my home, and we use a mileage calculator that deducts the normal commute distance from travel to sites, airports etc. If I stay at a hotel by my office, then travel to a client site from there,…