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Q-Income tax,owed tax and pension TR
My situation is that i owe tax from the previous tax year. Its below the 3k limit so i opted to pay it back from 6/4/19 to april 2020 via a tax code adjustment. In the tax year 2019-2020 i will be a higher rate tax payer. I always try to pay a sum into my private SIPP to lower my overall tax band to the basic limit. How…
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Council Tax for unoccupied property
I have been trying to find out online an explanation for having to pay council tax on a unoccupied property. My father passed away almost a year ago leaving an empty house. The council allowed us not to pay council tax for 6 months from date of probate. This date has now expired. What am I paying council tax for, nobody…
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Any way to reduce tax liability before CGT hit!
Hi all, In April 2018 I sold my old flat which had been rented out for a number of years so will be due a hefty thump for CGT at the end of this tax year. I am just above the higher tax bracket I realised a bit too late that I should reduce my taxable income for the year by doing the full salary sacrifice to pension, and…
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Company Car Tax
I wondered if anyone could help me understand P11D and company benefits. I am currently looking at ordering a new company car I am using and some of the figures are worrying. On one car the sites says its 561 extra a month in tax. I am taking this as a straight 561 extra from my salary. However, based on my tax estimates…
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Over £100k - Pension payment conundrum
Hi, This year I am fortunate enough that I am going to earn over a £100k with a Bonus i'm going to receive in March. I am aware of the 60% effective rate of tax in the bracket £100k to £123.7k, and that the most tax efficient thing to do would be to pay my bonus into my pension. Lets say I currently earn exactly £100k and…
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Should I try to get my council tax band changed?
I live in Scotland and my girlfriend and I recently purchased our first flat. I done a quick check and the majority of properties on my street are band C. My flat is also band C. However, I live in flat 2/1 and flat 2/1 in the buildings to the right and left of mine are band B. I done a valuation check and according to…
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Refund on Tax for a service provided last year but refunded this year
Hi All, Long story which I won't go into but I need some help/advice if possible. Last year (october) I paid for a service for which after 5 months I am now asking for a refund due to the service being provided not being up to standard. The company are pushing back on refunding this service fee how ever they have stated…
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Child Benefit Repayment
Hi, I have been getting myself into a mess trying to work out why I have to pay so much back to the Tax office. My employer has reported that I have earn't just over £63k this year and the Gov site shows that my annual tax-free amount is -£2,745. I understand that I need to pay back child benefit as I have earn't too much.…
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Gift from my Mum
Hi everyone. My Husband and I were planning to take some money out of our mortgage in September for renovations on our house - about £45k. My Mum has recently inherited a sizeable sum and has said she would like to pay for it instead - I’m very lucky indeed 🙂 I’m hoping my mum will be around a lot longer than 7 years but…
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First salary calculation pls
Hello sorry i had to post this in a new thread. I just started a new role on 25th feb (4 days to the end of the month) and ive been told employees are paid every 24th of the month which means my first pay will be 24th of March (so this means i will be paid a week in aadvance for 24th march - 31st march. Annual salary is…
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P60 change in tax code for pension?
My Father had received a change in tax code in his P60. Its all a bit strange.He is in his early 60's and retired due to medical issues. He receives PIP disability benefit and his old work place pension it says personal allowance £12500 Less adjusted to rate band £17700? Work place pension - £5200 it now says K519 replaces…
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CGT on property
Hi, I wonder if any of you guys can help direct me to the best path. I have started to do research and can’t find anything that fits my particular circumstances. My question is regarding CGT on a rented property I own. The first thing is I am not trying to avoid paying any tax I am due but likewise I don’t want to pay any…
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Earnings till date £3000-starting work end of tax year..will i be taxed or get a rebate?
Hello all pls i need advice. my earnings till date (current tax year) are £3300 as i was on SMP. ive started work last week and my first pay will be on March 24th, at £2667/month. (£32k/annum) i didnt have a p45 to give my new employer but i filled in a new starter checklist, so i suspect my taxcode will be 1185lM1. will i…
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Earning over 100k and withdrawal of personal allowance
Hi I've never earned over 100k of taxable income as despite coming close last few years my salary sacrifice has always kept below. As such i have always had the full annual allowance and started this tax year with code 1150 (or whatever the max is this year) I've been fortunate enough to get some good bonuses this year and…
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Transfer of Personal Allowance
I’m now a 20% tax payer and my wife has a part time job earning around £7500 per year. Is it possible to transfer the unused part of her Personal Allowance to me?
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Working Abroad in Germany for UK Employed Tax Payer
I currently have a UK permanent employment contract, am paid my salary into a UK bank account, and pay taxes in the UK. This will continue even though soon I will be on secondment to Germany working from Germany traveling around Europe for six to eight months. Will my UK tax situation change and will I need to pay taxes in…
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Capital Gains Question
Hi All I was wondering if anyone can help me work out what CGT I will be required to pay. My situation is slightly unusual. The property is question was a family home, where by I lived 25+ years of my life. It was original a council property, which my parents bought under the right to buy scheme. They then “sold” it to me…
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Umbrella companies...
Say I was offered a contract job by an organisation that has deemed the role to be inside IR53, and the agency who sourced me the role insist I use an umbrella company to get paid. 1. Can they insist, or can I use my ltd company? 2. Even if it's more complicated, is it more cost-effective to use my ltd company? 3. If I…
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earnings over £100K - do I have to do self assessment?
HI Im confused by info on .gov websites regards whether I do or do not have to do self assessment... My earnings for 2018/2019 will be just over £100K Reading this: https://www.gov.uk/income-tax-rates/income-over-100000 it appears I should do self assessment However when clicking the link it takes me here which would…
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Scottish Dividend Taxes
Hi. I'm a little confused with the dividend taxes in Scotland. If my income + dividends is within the basic rate band, the dividend is taxed at 7.5% But what happens if my income is with the Scottish basic rate band, but my Dividend takes me over the Scottish higher rate band but below the English one? E.g say I get paid…
