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Tax (PAYE) at 40% Calculation question
Hi Guys, Hoping you can help answer my question regarding the calculation of tax at the higher rate for the upcoming tax year. I've recently had a promotion to a role that has a basic salary of £38k per year. There is also an element of on-call, and overtime work which has historically been around 10k per year depending on…
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Have you set up your Personal Tax Account?
How many people here have signed up for the Personal tax account online? This will give you the opportunity to make/request adjustments to your tax code online, check/adjust your estimated income, review previous tax calculations, update medical insurance and company cars, request repayments, print out employment…
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Stamp Duty... surely this can't be right
Hi, hoping someone can help me with this stamp duty query... surely this can't be right! Background: I'm separating from my partner (not married). I have an additional property (my first flat - I was in negative equity when we bought our house so rented it out). Stamp duty paid when I purchased the property. I'm buying my…
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NI on Back Pay
Hi all, I will be receiving around £1700 back pay shortly, the back pay is for three months. My gross pay will be around £5.5k in the month. I have tried to read up on whether NI is calculated when it is paid or when it was due, however I cant find a clear answer. I was earning under the upper earnings limit previously,…
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CGT on inherited house
Hi, Briefly, my partner has just lost his only brother, suddenly and rather unexpectedly. We are trying to take things step by step, and are still waiting on the death certificate so early days. However, he has mentioned that he thinks he may have to pay CGT on the brothers house as it wont be his main residence. He lives…
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Going over personal allowance last month
Hi there, I have only been working since October and am yet to pay any income tax due to the fact my tax code is 1150L. I will go over the personal threshold of £11,500 on payday at the end of March and I am wondering if I will be charged for all the tax in that month for the whole of the year so far? Or will I only be…
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Setting up maintenance co to work on own houses
Hello - I have just retired as a builder/plumber. I have 4 rental properties and find it frustrating that I do work on these properties and yet cannot claim for my labour costs. I am considering setting up a small handyman company to do odd jobs for neighbours, family and friends. Could I then invoice myself when doing…
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Tax Code Query - personal pension payments
If this tax year someone (40% tax payer, income c.£95k) is paying £2,500 by salary deduction as their employee contribution into employer's pension scheme, and £14,400 employee contribution into their own SIPP, so a total of £16,900 net, what should the personal pension payments line (under additions to your personal…
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Tax Template 2016/7
In that year I had several sources of income: work pension, state pension, both taxed and untaxed interest, dividends, untaxed foreign dividend, taxed property income distribution and, lastly, a chargeable event gain. Is there a comprehensive liability template that deals with all the above, actual tax paid/ treated as…
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Are accountants worth their money for simple ACNTS
For SME a good accountant who charges more than average can save the firm way more than a "standard" accountant. They can advise on spending money to qualify for grants and other dispensations. Structure the business more tax efficiently etc. But for sole traders and other small businesses which are owner operator…
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Childcare vouchers - keep or ditch?
Hi all, We have a little boy who has just turned three, who is eligible for the free 30 hours childcare from April 16th, which will drastically reduce the £698/mth childcare bill we pay currently to about £200/mth. My wife and I are both teachers, and both currently claim childcare vouchers, to the tune of £243/mth each,…
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Tax on shares?
Hi There, First post and hope you fine folk can help! I've not always been in this position but I earn a decent wage, (around 60k pa plus a yearly bonus of about 10%(in a good year)). I have about 10-12k debt, (assorted credit cards & overdrafts), plus I lease a car so am on the hook for that. I've zero savings little or…
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IHT advice to reduce large potential charge
I am seeking advice on Inheritance Tax Planning as I am very concerned about the potentially large IHT tax charge that will arise Background information as follows: 1) Elderly married couple both in late 80’s with each having circa £1.1m assets in deposits/NS&I/ISA’s and shares. Their main residence (Joint Tenants) is…
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Company Car + Fuel Card vs PCP+Fuel Card
I have never had the pleasure of company car and hence this is new area and one, quite frankly, I am bamboozled by! I am hoping someone can provide some assistance - I currently have my own Audi 2017 A4 on PCP and paying £240 per month. I use this to commute to and from work. My company provides me with £450 car allowance…
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New to Company Car Tax
Hello, I am looking for some help with understanding the impact of a company car on my take home (after tax) salary. My salary is £42000 I make a contribution to my pension of 4%. The vehicle i am looking at obtaining through the company which will include personal use but not personal fuel (I will be charged the cost of…
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MSE News: Average council tax could jump by £95
Bill payers could see their council tax rise by up to £95 a year on average, after it was revealed 95% of councils are planning on hiking the rates...Read the full story: 'Average council tax could rise by up to £95 - check if you can cut your bill' Click reply below to discuss. If you haven’t already, join the forum to…
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IHT and Nil Rate Band Trust
Hi all, Would there be any advantage at all of a Nil Rate Band Trust left directly to an adult child as sole beneficiary who is also a Trustee/Executor in conjunction with the Solicitor who drew up the will? The first deceased spouse left everything to the will holder with no IHT liability at all. Thanks! S
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Reporting suspicion of tax evasion
Apologies if this is the wrong place to post! I have reason to suspect someone is not declaring a proportion of their income which is liable to taxation. I don't believe there would be any benefit to me for reporting it, but I do believe it would be morally right to - so I am not wanting to do this for any personal gain. I…
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Appeal against Council Tax bandingi
Appeal against Council Tax Bandings..In 2017 Martin Lewis reported that the Government were writing to all Councils suggesting that they ignore the 6 months time limit on appealing against incorrect bandings....having just recently lost such an appeal for being 10 months late in appealing I ask the current situation...if…
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Inheritance tax question
We help our children fund their high interest current accounts by monthly standing orders of usually £1000 in from us and then they return the £1000 a couple of days later. For inheritance purposes, does this count as gifting an annual £12000 to each child for each account?
