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Dividends vs Entrepreneurs Relief
For a Limited Company, am I right in thinking (a) Entrepreneurs Relief = 19% Corp Tax already paid on profits, 10% Capital Gains Tax paid . TOTAL 29% Tax (b) Dividend Tax = 19% 19% Corp Tax already paid on profits. 7.5% basic rate tax on dividends paid up to the higher rate threshold (minus the £2k allowance). TOTAL 26.5%…
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CGT - Scenario / questions
Hi all Currently researching CGT on behalf of my parents - my general understanding is okay, and having completed a CGT calculator with estimated figures I feel I’m on the right path. I just have a couple of questions around the specific scenario: My mother’s mother passed away in 2012, with the property being left solely…
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VAT on digital purchase from the EU post Brexit
I would like to purchase quite an expensive piece of software which is developed in Spain, at the moment I would have to pay VAT, however post Brexit I understand that as we will no longer be an EU country, it won't be necessary to pay the VAT, is this correct? It is a digital copy downloaded over the internet. No…
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Council tax band formal reassessment
The voa website states that a formal contest of your band is a public record and available for anyone to see. Anyone know exavtly wjat this entails? Will this be visible on request or on a website somewhere? And will be full contact info be visible etc? Any help appreciated!
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Increasing Pension To Avoid 40%
Salary: 35000 Taxable benefits: 13895 Pension: 2% Student Loan: Payment Plan 1 Potential Bonus; up to 4000 When I use ‘The Salary Calculator’ there is no difference in tax home pay when I put a bonus figure in and no bonus figure. However, I know that with my taxable benefits and a bonus I end up slightly into the 40%…
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Help! 60% Tax, I am sure everyone pays 40%
Hello all, Need help ASAP Firstly please accept my apologies about my ignorance when it comes to TAX. This is what HMRC sent me for 2017/18 Pay from employments £120,089.00 plus benefits and expenses received £903.00 Dividends from foreign companies £681.00 Interest from UK banks, building societies and securities etc…
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RSU and SA
Over several years I received RSUs from my employer a US-based company. I left the company 2 years ago and my last RSUs have now vested. The company paid the Tax and NICs to HMRC, and I paid the company. As my income now ( a pension) is much less than when employed I'm hoping for a tax refund from the tax I paid on RSUs…
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Bonus sacrifice pension question
Hi all, looking for some validation! Current salary = £46,200 Pension contribution (salary sacrifice) = £227pm Private medical tax amount = £47pm Share Incentive Plan = £125pm Dividend income £2,300 Tax code 1185l In March it will rise to £48,200 and I will receive a £8K bonus. I can’t work out exactly how much I’ll be…
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Selling a gifted property
In 1999 my father in law (still living) gifted my husband a property which was lived in by his mum (my husbands grandma). Grandma continued to live there rent free until her death in 2013. The house was solely in my husbands name until 2018 when we added my name to the deeds also. My husband is a higher rate tax payer and…
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Eventual CGT on flat purchase
My wife and I are thinking of helping her parents buy a flat that is better suited to their needs (they are quite elderly). We would probably own about 15% of the flat. When both her parents die, their intention is to leave the remaining 85% of the flat to my wife and her brother (so 42.5% each). As things stand, we do not…
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Council tax bands
I bought my house in 2005 and it was one of five new builds. We are all in council tax band E. However, my house has 3 bedrooms and 1 reception room. One of the other houses is identical in size (apart from a conservatory added a couple of years after the house was built). The third house also has 3 bedrooms but 2…
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Changing ownership on property
We would appreciate any advice in this please, I moved in with my wife some 18 years ago and with used some of the money from my sale towards the mortgage we then paid off the mortgage together but my name was never on that nor the deeds. (Approx value 170,000) Subsequently we bought a small cottage as a second home 4…
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Tax code 19/20
Hi, I've had a letter from the HMRC telling me my tax code for next year, but I don't understand it. This year I have earned a total of £23,000 with a tax code of S1185L. I have two jobs, with my tax allowance being applied on my first job, and my second job being fully taxed (it only brings in £1,300 a year). This is what…
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Bonus from external company and how it can/will be taxed.
Morning all I work in property and recently was asked to help another agency sell a flat. For doing so I received an agreed commission but the developer was also offering an individual negotiator bonus to whoever sold the flat. My commission will be treated as normal and taxed through PAYE but my accounts person asked what…
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CGT on flat owned for 18 years
HI I bought a flat for 70k in 2001. Ive lived in it and rented it out several times over the years. Ive been told that because i transferred half to my husband in january 2018 I dont have any tax to pay now that we are selling for 300k. Is anyone here able to advise me? it seems extreme to me to not owe anything.
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Self Assessment advice
Apologies if this in posted in the wrong place. I have recently been requested by HMRC to complete a Self Assessment, no idea why though. My question is, there is a section on pensions and i'm not sure how to fill it in. My company pay a lump sum each year into a SIPP for me so i'm guessing i need to add this value into…
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Best use of partners tax allowance...
Hi all. First, I know about the small amount of tax I can transfer from my wifes tax allowance to me, aprox 10% of tax allowance. I'm looking to see if there is anything else we can do, based on our circumstances... I'm full time self employed, earning top line of around £40k PA My wife stopped working due to chronic…
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Future VR payment - Any avenues remaining for reducing tax ?
Hi Everyone, I was scratching my head as to whether to post this in the "Redundancy & Redundancy Planning" forum as it seems relevant to both. I've chosen this forum as I'm concentrating mainly on reducing my tax bill if possible. I haven't needed to submit a tax return for almost 2 decades now ever since HMRC kindly wrote…
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Late Self Assessment Payment Advice
I owe HMRC over £20,000 for Self Assesment. I have the money invested and can not get it out of my investment yet. There has been a delay, which means I can't pay it yet. I had planned to swallow up the interest and pay them in May. I was advised my a friend to not contact them but just ignore the letters for now, well…
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Preparing for below 60% tax next year
I am trying to prepare not to pay 60% tax for the next tax year, and did some preliminary calculation. I need to enrol in the next year benefits this month and the most important for me is to define how much I pay into pension as a salary sacrifice. Taxable income - 135k: PAYE salary 100k Vesting stocks 15k Bonus 15k…
