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Tax on selling shares?
Hi, I'm retired and know nothing about tax. I have company shares worth around £55000 which I bought while working for a UK company. The shares were bought in a share match from the company over a 20 year period. I have held these shares since I retired 10 years ago in a nominee account, so they are not in my name on the…
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Transfer Unused Nil Rate Band for Excepted Estates
My Husband died, I didn't need probate for jointly owned property and he had some money in his own name, The banks didn't need probate to deal with the accounts. Looks like I don't have to fill in any Inheritance tax forms being excepted estate, I have looked at Claim to Transfer Unused Nil Rate Band for Excepted Estates…
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Cashing out share options
Not sure if this is the right subforum to ask this in, but it seemed like the best fit. If not, I'll close the thread. Past few years I've been working for an American startup and I've accumulated a bunch of vested share options. The company I work for is in the process of being bought over by a larger competitor, and it's…
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Different net pay, same gross and tax cide
I have the same gross pay in May and June, same tax code but my taxes are 300 pounds higher in June. Any ideas why? I thought it should be the same. Thank you!
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Limit of tax free gift?
Hi, Can anyone tell me whether money gifted by one adult to another is taxable? It's not a parent-child thing, or a cohabiting couple or anything like that. And it's not payment for anything. Just a gift from one person to another. Is there a threshold above which it's taxable? If so at what rate? The giver is not claiming…
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Freelancing on top of PAYE.
Hello - My partner is considering taking a freelance role as a 2nd job on top of her normal PAYE job. She earns £30k at the moment, and is likely to earn an additional £15k from the freelancing. I'm assuming it's best for her to realise the income freelancing as a sole trader rather than start a 'company'? I'm in the…
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commercial property into trust ..tax implications
I would like to know if it is possible, and what the implications may be, tax and otherwise of putting my half of commercial properties into my wifes name in trust to her . My goal is to ensure she is the recipient of these properties when i die So to my mind i can either A. Do a transfer of equity whilst i am…
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Selling gifted foreign property - UK tax?
Hi, I saw a number of posts on cash gifts from non-dom parents sent from overseas bank account. From what I understand, there’s simply no UK tax on that but it may generate tax where the sender resides. My situation is slightly different though. My non-dom parents would like to transfer a flat they own in Asia to my name…
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1 full time job, 1 bank staff job
I have a full time job salary 19k. Last month was my first payday, 5 weeks worth of work got me £1,880. In the past month, I picked up another job I used to do as agency but I got employed as a bank staff. It is a hostel job where I get paid to sleep there also, so shifts are 24 hours. £8 per hour on average. I'm 22 I…
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Incorrect Tax code.. Oweing or Owed?
Hi there, I have recently discovered that my tax code has been wrong for about 4 years after having left a job where I received employee health care as a benefit. I am currently on 1229L and have no employee benefits. If I contact HRMC, will this mean I owe them money, or that they (fingers crossed) owe me money?…
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Tax Relief on Masters
I'm assuming the answer is "no", but would just like confirmation. I undertook a self-funded Masters along side paid work. The Masters was related to my job but certainly not an essential or required part of it and I received no funding from my Employer for it. Would I be entitled to claim any tax relief on the cost of…
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Confused! Self employment, Tax and CIS
Hi all, thanks for taking the time to read. My partner is in construction and recently moved to England. He was advised by colleagues to be self employed, so we sorted his UTR. I'm struggling with the next step. When he goes onto his HMRC account it says theres nothing added to it. I've googled all kinds, but can't figure…
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CGT advice please!
Hi there, Can the CGT hivemind on here give me a quick back-of the envelope calculation on lettings / residential exemptions: Bought property in April 2006 for £96,000 Selling in September 2019 for £220,000 (I have owned the property for 151 months) I lived in the property from April 2006 until January 2010 (46 months)…
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Entrepreneurs Relief
Hi All I bought a 10% shareholding of a business in 2015 that i have been employed in for 7 years. I became a director at the point of shares purchase. The business is a UK subsidiary of a foreign group company that is now being sold privately (the company is not listed on any exchange). I expect to make a profit on the…
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Job in channel islands
Hi experts My wife has left the uk in June to work in guernsey. She pays guernsey tax there. Any ideas what she needs to do to avoid also paying uk tax on this income as it goes into a uk bank account. Does she need to tell Hmrc she lives abroad ? She gets an occ pension in the uk - it’s less than £11000 so should she be…
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Year long sabbatical - tax refund?
Hi, new to this so please bear with me. I will be going on a year long sabbatical from 1/10/19- 30/09/20 therefore only working half of this year’s tax year (and less than 183 days). As I am not leaving my employment I will not get a P45. I have been looking at what to do and the form P85 seems the correct thing in my…
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Are my tax assumptions correct please?
I am trying to ensre we max out Mrs Parcival's Income tax allowance. She has her £12500 personal allowance and I have given her 10% of mine so making a personal allowance of £13750. Her income is £11,500 from company pensions (no state pension for 2 more years). She also get about £2000 in bank interest. She is about to…
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Tax return - pension relief over 100k
Very lucky to have early over 100k in the past tax year and I’m due to do my self assessment. I’ve read that I can get tax relief on my pension but not sure how to about it on my tax return. Could anyone help ? Thanks
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Cash gift and Income tax
Are there any implications with regards to a large sum of money given as a gift and income tax? Do I need to declare this and how do HMRC know that is it is a gift as opposed to earned income that is taxable? Parents are gifting me between 15 - 25k to help with my mortgage deposit and are planning to bank transfer me the…
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Last tax year - paid too much tax...
Paid over £600 over in tax, how long till I can expect to get it back? I thought it would have been April/May (end of tex year) Thanks if anyone can help?
