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Taxing reinvested income on unit trust
I am invested in this closed-end unit trust: Fundsmith Emerging Equities Trust (FEET) I hold their shares on an investment platform, and was never paid a dividend. That's hardly a surprise: by design, the fund doesn't have income distributions and reinvests all dividends. I understand, however, that HMRC regards dividends…
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Taxed twice on employment benefits?
Hi all I've come across similar questions to this asked before but haven't been able to find an answer that relates exactly to my situation. If anybody knows or has come across this before would be grateful for any advice (I imagine this is a relatively common situation). I get medical insurance provided through my…
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AMENDED: self assessment error: basic rate div tax not for mortgage interest?
Should the restriction to basic rate tax for 25% of the mortgage interest on letting expenses be applied to the dividend income as it is to the earnings tax rate? I would have thought so, in which case I think I may have discovered an error on the self assessment online calculation. Example: 1. PAYE - £5k 2. letting income…
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Trading Allowance eligibility
Hi All, Is anyone able to confirm please whether a sole trader who did some freelance work for an organisation whilst they were only a sole trader and not employed, but later, after the freelance work had been completed, became an employee of the same organisation during the same tax year, would be eligible to claim…
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Council tax help!
Hello, I moved into my current accommodation in July 2018. It is location in South Oxfordshire and sits in council tax band B (I know this band to be correct) and I believe I am currently over paying for my council tax. For 2018/2019 financial year, council tax equates to a total £1428.52 for the full year (according to…
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New online SA form designed by a child with a crayon
The new online SA forms seem to have been designed by a child with a crayon. They have huge writing with huge buttons. Whereas the old green forms looked professional and serious, these new ones look childish. Also it is flagged as a 'Beta', I want to be using a fully tested product not a beta. One real problem is that so…
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Holiday back pay tax implications ?
Hi all, If i accept a settlement i will be receiving a decent amount of money, mostly made up of back-holiday pay from approx the last 3 years ( 2 years before claim started, and from start of claim up till now ) I cant go into detail on amount of payment due to confidentiality etc. It will be paid in 2 parts in February…
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HMRC Tax Return - Foreign Income
I am currently doing my online tax return, and noted the 'do you have any foreign income' question. I did receive some money from overseas sources amounting to less than £1000. Do I have to declare the above income in the 'foreign income' section, or can I just lump it in with my UK based income? Thanks.
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New business self assessment questions....
Not sure if this is the right place for advice but here goes..... I started a new business and registered as self employed last January (2018) and read up a lot about tax and completing self assesments etc. Everything has been fine but now I'm in a bit of a panic as think I may have to complete a self assesment for last…
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Capital Gains Tax - offset with income tax?
Sorry to ask - can't find the answer to this anywhere ... I have sold a rental property and have some CGT to pay, but also a very small income, so that I am not even a basic rate tax payer. Can the amount of CGT I need to pay be offset against a low income, or are they treated totally separately? Thanks
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SATR - Payment of 60p? Do I need to pay it?
Bit random but I hope there maybe the knowledge here.. To those of you that complete SATR or who are maybe accountants.. my calculation says I owe 60p! Some of my chums at work say I don't need to pay it if it's less than £1. Is that right? Id rather try and pay 60p than get a fine of £100..Getting through to the HMRC over…
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Help with tax coding please..
Hello, For tax year 2018-19 i have had a change of tax code notice. My tax code is changing from 1046L to 2445L. What does this mean and what is the end result? Thanks..
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What can be claimed PAYE?
I received my annual tax summary today, £560 'other tax allowances' What are these allowances, any guidance on what people on PAYE can claim?
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first time registering for mileage rebate
Hi. I handed my company car back in September this year, and have been using my own car for business use since 1st October 2018. My employer pays me 13ppm for business mileage so I can claim tax relief on the remaining 32ppm (up to 10k business miles, and 12ppm thereafter. I have my new tax code in place, so no issues…
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Bank of Mum and Dad liable for CGT?
Hi folks - I'm getting increasingly worried that I may cop for a massive CGT bill as a result of helping my daughter purchase a house. Eight years ago my daughter wanted to buy her first house (in Reading, where it's quite expensive). I gave her £25K to help with her deposit. Despite this, her their earnings were not…
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Company Car / Fuel Claim Query
Hello, I’m after a bit of advise as I have searched high and low and can’t see the answers. My job comes with a car allowance which I have started claiming as I am using my own car for business use. My issue lies with the fact that the company pay for all my business fuel by way of a fuel card. I also get a monthly amount…
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Employee Status?
Hi all Quick question - i think i know the answer to this but want to double check: I have a friend who works for a company 5 days a week, 8 hours a day in an office. This is her only job and she is required to work at their office performing duties prescribed by them using their equipment. They have asked her to invoice…
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Renting an apartment for work
“ Hi All Due to a change in policy at work, anyone not living within 1.5 hours from the office has to pay to get to work. I live in northern ireland and the cost to me is flight, hotel , car park at airport, car hire weekly. I travel a lot with work and they will pay all my travel but only from London I am moving into a…
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Capital gains tax
Please could anyone shed light on whether we need to pay capital gain. We sold our only property but it had been rented out for a time due to us not being able to live in it as my husband is in the forces. Do we still pay capital gains? Many Thanks
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HMRC self assessment: payments on account...
Hi everyone, Last year was my first time doing self assessment. As well as the tax for the 16/17 tax year, I had to make 2 payments on account for the 17/18 tax year. Now I'm doing my 1718 return. Surely those 2 payments on account should be deducted from the tax now due for 17/18? They don't seem to have been deducted…
