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MSE News: National insurance hike for self-employed axed in Budget U-turn
Plans to raise national insurance rates payable by the self-employed have been scrapped by Chancellor Philip Hammond...Read the full story: 'National insurance hike for self-employed axed in Budget U-turn' Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works,…
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CGT when disposing of both property and shares in 2016/2017 tax year
Hi, Can anybody explain how the different rates will now be applied if you dispose of both property and shares as the rates are now different for each (8% higher for property gains). Specifically can you still offset a loss from shares against a gain from property? For example if I made £50,000 from selling a house, but…
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Higher education fee paid - For higher tax earning bracket
Hi, For the tax year - 2016/2017 - My current employer has paid £2,500 in higher education fees for me but since I am set to leaving the company on 31-Mar-2017 - that £2,500 would be deducted from my final payroll (as per the company training agreement)... My employer has told that the £2,500 would be deducted on Net pay,…
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Reducing adjusted net income
Having just done a rather crude calculation, I believe my adjusted net income is going to be around £48,500 for 2016/2017. Some questions: 1) If I open and pay ~ £6000 into a SIPP that I have in my cash ISA would this reduce my adjusted net income further and enough to take me under the 40% tax rate? 2) My wife and I have…
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Council Tax - Returning from Abroad to living with student
Hi all, I hope this is not a duplicate thread, but I have searched for this all over the forum. I have lived abroad (Papua New Guinea) and am moving back to the UK now. My partner lives in a flat in the UK since August, for which I share rent, bills, etc. to support her. The contract is in her name. Since she is a student,…
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Buying from the EU and Article 50
Hi, A relative has asked me to find an item online. I contacted the cheapest stockist asking them where they send orders from, as I was not certain after looking at their website. They replied that their main warehouse is in Prague, Czech Republic but they have a depot in the UK. My relative is likely to proceed with the…
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HMRC compliance check - personal bank statements
Hi all, new to here ! Hoping someone can advise or help... I am an employee and always have been, pay tax through PAYE back in 2012 I had a brilliant idea to start my own business.....opened up a Ltd company through companies house and thats where it ended....nothing came of it, never opened a business bank account or…
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CGT on stock split
Was just about to transfer my Google stocks into a ISA to use this years CGT (first time i have ever done anything like this)... and realised that there was a stock split a few years back... Presumably i do not treat the cost basis of the new stock as zero for the purpose of CGT? Do i add the total new holdings together…
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Dividend Allowance Tax Impact for a Couple
I’m struggling to work this out, and online calculators seem to be throwing up different answers so thought I’d check in to see if anyone can advise… Situation(s) as follows: Total dividend of £48,000 between two partners who are captive shareholders in a private company (neither is employed by the company in question). A…
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Sister fell for phishing tax scam by text (Help)
My sister got a text from what she thought was HM Revenue & Customs. From a sender called 'TaxReturned'. The text read as follows: Stupidly she then opened the link and provided them with her and her boyfriend's national insurance numbers and our home address, which they asked for in the 'form', thinking they can get a tax…
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creative ways to reduce tax on business profits
I have about 10k a month profit coming out of a business have no immediate need for. Any ideas what I can do to reduce tax,ideally by increasing 'expenses', presuming i might want to get the cash in 5 or 10 years. Should i just take as dividend? understand buying property is not tax deductable. What could i spend the cash…
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Employed Builder - Allowances?
Greetings All! Hope all is well. Hoping you can help me help a friend with some tax relief. He is an employed builder and has been for the past five years. To my understanding he can claim for the previous four years and the current tax year for: 1) Flat rate expenses (£120 @ 20% IT) for each year. 2) Capital allowances…
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Employee SIP Plans - £5000 dividend limit ?
Does anyone know what is the effect of the £5000 tax free dividend limit on employee Share Incentive Plans ? Does the £5k limit apply to SIP dividends or are all dividends received within a SIP income tax free regardless of how large, once held 5 years ? Does it make a difference if the dividend income from the SIP is paid…
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Umbrella and self assesment
I am a contractor working under an umbrella company,they deduct tax and NI from my money and pay the rest to me,I have had a fine from HMRC for not filling SA,do I have to do this and would I be better getting an accountant or tax adviser to do it for me
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UK property rent question
I own a small property that I will rent out at £500 per month. I am already UK higher rate tax payer. I want to give this rent to my daughter. Can I just ask the tenant to transfer the rent into my daughters bank account? If I give this money to my daughter do I still have to declare it as part of my income or can my…
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Stamp duty on remortgage
Hi all, I have 1 BTL property only in my name, I also have my main family house only in my name. I am remortgaging the family home and at the same time doing a transfer of equity so that it is in joint names with my wife. The outstanding mortgage is circa £280k. My wife own no other property and never has done. I have one…
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Personal tax account
Quick questions people. Do you use the personal tax account? What do you think about the personal tax account? If someone was to develop a flyer/handout for the Personal Tax Account either to promote its use or to provide assistance with its use what would you like to see on it/what should be included on it? Thanks
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Childcare Vouchers and Dividends
Tax doesn't need to be Taxing :eek: Resident in Scotland for tax purposes. Scenario 1/ For the 2017/18 Tax year my Gross salary will be around £50K. I plan to Salary Sacrifice to pension sufficient so that I fall below the higher rate tax threshold, due to be £43000 in Scotland. I'll then be able to take the full childcare…
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Company car and fuel benefit
Hello I have tried to do my own research on this, and even rang HMRC but got cut off just before I was due to speak to someone! I currently pay 3798.00 per year tax on fuel benefit, and 3129.00 for my company car. This puts my taxable income to 44790.00pa. The full tax I pay is 7116.00pa. Will I be much better off if I…
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Cutting tax on bonus
I'm about to get a decent size (nearly 40k) retention bonus come up at work and was looking as ways to minimise the tax on it. I asked if they could give it me as shares which they say they can't due to hmrc rules (not sure that's true the bankers set to do it). I can pay it into my pension but I'd ideally like it in a…