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Big amount on Self Assesement Tax Return
ello. Looking for small advice regarding SA tax return for 16/17/. First of all I completely forgot about sending my tax return before 31st Jan and received an e-mail few days ago reminding me about it. I've been working as (self-employed) courier for a period of slightly over 3 months (1.11.2016 - 15.02.2017) after thatI…
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Re psa
Hi Guys, confused over psa and tax allowance on earnings? I receive £13 k a year pension, on which I am stopped tax over £11500, for a long time now. Does the psa of £5k boost my personal tax allowance up to £16500, meaning I should not pay tax, on my pension,or is the psa only to be used for savings on top of your…
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Salary sacrifice pension question
Hi I've been fortunate enough to land a job that pays £116,600 basic salary and am aware that that would mean me losing £8,300 of personal allowance (£16,600 x 50p in the pound). This amounts to a 60% tax rate on my income over £100,000: 40% higher rate, plus 40% on every 50p in the pound due to the lost personal…
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Tax Question Employed + Earning on the Side
Hi all, So I had a quick question regarding Tax as I'm not to sure of the ins and outs... I am currently full time employed paying National Insurance + Tax on my wage each month. My question is do I need to declare to the tax man if I am earning money on the side? It will be around £1000-£1500 per annum. Thanks for any…
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Tax on work clothing
General question-if someone is employed under PAYE and the employee buys shoes, t shirts for work etc that the employer doesn't provide, although the employer does supply most of the uniform, can you claim that against any tax that you pay? For information, my friend is a cook in a retail establishment, and buys her own…
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Redundancy Payment Looming - Concerned about tax
I am due to leave my organisation very soon and will receive a redundancy compensation payment of approximately £47,500. I will leave my job at the beginning of May, with my final wage paid on the 15th including the above compensation payment. I estimate, my final wage will only be small around £800 as this will only be 6…
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Tax code query/help
Hi My 98 year old mother has a work pension and the state pension. Her state pension has just gone online. I have POA so logged in to look. I couldn't understand why her tax code on the work pension has a tax code of 660L (and has been in the 6xx range for years) Her pay to date is £13,356.97 Tax deducted to date £1,459.68…
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inheritance tax
I find giving away money in accordance with IHT rules difficult to understand in one specific area and I hope that someone can clarify this for me. I understand that I can dispose of excess income without breaking IHT rules. That means that if I have e.g. £200 surplus income next month I may give it away to my children and…
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old HMRC payment
My friend found a tax rebate from HMRC she had forgotten about . The problem is that the attached payment is dated 2015 and it says - if the document is presented within 6 months HMRC will pay - its not much but better in her pocket. Is it possible to contact HMRC and ask for this to be re-issued or is this too late. Thanks
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Inheritance Tax
My mother's estate is, I estimate, a little over the 325K threshold for inheritance tax. However, the main beneficiaries, by far, are myself and my brother. I understand that if the perosn's main residence is left to their children, then the threshold goes up to 425K. My only slight doubt about whether the extra 100K would…
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Underpayment of Tax 16/17 - please help
H all, I am writing to see if anybody can help with my underpayment of tax being £604 for the year 16/17 as I am really struggling to gain any concrete advice from HMRC and even Taxaid don't really know which direction to point me in as it all seems very confusing. So the story is that... During 2016 i worked full time up…
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IHT205 need to report or not?
After the recent death of my mother I am executor of her Will and in the process of such a task after trying to educate myself came to the conclusion I needed to fill out IHT205 and began to so do. Yesterday I rang the HMRC Inheritance and Probate help line to clarify two questions and after a long discussion of my late…
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Land gifted
Hi Everyone I have a query I was hoping someone may be able to offer some advice over. My mother gifted me a small field which is currently used for agriculture. My mother is still alive incidentally so this is not something Ive inherited after her death. The land boundaries for possible development areas are likely to…
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CGT on selling property abroad
Hello everyone. My girlfriend and I are Italian expats, permanently living and working in the UK. She owns a house in Italy, which was gifted to her by her grandmother in 1999. The house is currently let. She's looking to sell the Italian house and use the money for a deposit to buy one here in London. I know she will have…
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HMRC Mileage Allowance
I understand the allowance is 45p for the first 10,000 miles and then 25p thereafter, but.... I am self employed working through an agency and I do not get paid for the first 100 miles per day, anything over 100 miles is paid at a flat rate of 22p per mile. So if I do 70 miles in a day I get nothing, If I do 170 miles in a…
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How to cancel registration as self employed?
Hi people I am in need of advice. A few weeks ago I registered as a self employed sole trader. However, I have since decided that I want to instead set up a Limited company. I now need to cancel being a sole trader and register my new company. Anyone have any ideas how to do this? I'm guessing it is not as easy as just…
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IHT and In Laws
My in-laws are carrying out some IHT planning at present and I’m after some advice as to whether this is a valid approach. We’re looking to buy a new house and my in-laws would like to live in our current house. If they sell their current house, can they gift us the proceeds of that sale in order that we can then buy a new…
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Income tax paid for earned interests over£1000
I received P800 informing me that I owe £228 in income tax as my interests rate exceeds £1000 for 2016 - 2017 which is fine. I noticed last week my tax code has been changed to 1036LX. My understanding is that the money will taken monthly in my salary but last week I paid £100 extra on two weeks wages. I am just wondering…
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timing and your experience setting up limited co?
Asking for experiences. How long does it take to set up a ltd company and associated business banking account? It looks quick to set up on the gov website but is there a certain amount of time it needs to be established before it becomes operational?
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Aldermore savings tax help.
Hi everyone , Please forgive me for being daft but im confused. I thought the banks gave all the information for tax in savings to HMRC. When i go online on my personal savings tax account ( i think thats its name) , my lloyds and santander accounts are listed but not my Aldermore account. Aldermore says its up to you to…