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HMRC Tax Errors P800
I have identified a loophole in the way HMRC calculate tax which enables them to mistakenly charge too much income tax. I don't know who else is affected but it could be lots of people. There are a number of factors which cause this to happen. 1) If you pay insufficient tax in any one year you have a debt on your account…
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Selling 2 properties - CGT - impending divorce
Hi I've lived apart from my ex for around 12 years now although we did try a reconciliation for 4 years but it unfortunately didn't work out. What seemed fairly straightforward to divorce and sell both properties and split 50/50 and go our separate ways has now turned in to a real can of worms. We have the marital home…
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At what point to register as self employed or as LTD Company?
Hi all, I am currently in full time employment, however I am also setting up a business on the side. Plan to to start of as a sole trader, and if it picks up change over to a LTD company. However I am not sure at what point I need to register with HMRC as a sole trader. Some places say "immediately" while other say "once…
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Late Filing Penalty
I completed my 2017/18 tax return on Jan 16th this year. Sadly I did not press the SUBMIT button. My tax account recorded these details..When I was contacted about filing In Feb, I did so immediately as the return was just sitting there. Later on I was sent a letter asking for £100 Late Filing Penalty which was now going…
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Marriage allowance query
Hi I know I asked something about this a few years ago so apologise if I am repeating myself. For years my wife was on a low salary eg £3,000 and I was on approximately £18,000 She applied for me to have her marriage allowance applied to me and this worked well getting us a refund for previous years into the bargain! In…
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Self Assessment above £100k income
Morning guys, I just wanted to check that HMRC's Self Assessment is correct for earnings above £100k. I had no idea you lost your Personal Allowance over this level. I earned £121k last year, with no income from savings or investments etc. My (late...) payment is just over £4k. Does this sound sensible? Thanks for any…
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limited cost trader and flat rate VAT
Hi all I wanted to be clear about one point, in the HMRC list of items considered as applicable and not applicable for the purpose of flat rate VAT nothing is mentioned about salaries and wages. I want to know whether staff salaries and wages to casual workers are counted as 'goods' for the purpose of not being counted as…
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Wife,s Tax allowance
My wife transferred her tax allowance to me 2 years ago, however she now as a taxable lump sum coming to her of £11,000. At what rate will she be taxed at.
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"HMRC" - text scam ?
Received following text today : HMRC: Reminder, you have an outstanding tax refund from year ending '2018' . Please visit our secure link to process https://!!!!!!!.com/y67yy6/ Be careful out there folks
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Second Home Stamp Duty/LLBT & old residence switched to rental
Hi - I know this topic has been raised many times but I can't find my specific situation online or on the detailed guide/manual on the government website: - I live in Scotland - I own my own property (first & only property I've bought) and have used it as my main residence the whole time. - I want to buy a new property…
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Tax rebate between leaving old job and starting a business
Hi all, I worked for 4 months of the 2018/19 tax year. I earned ~£17,000 pre-tax and paid tax at the higher rate. Since leaving my previous employer (July last year) I've been doing some other stuff and thus had no other sources of income, other than a one-off consultation I did earlier in the year. It was for a small fee…
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Help me understand my tax codes please.
Hi I am receiving 2 small teachers pensions and a HL Sipp (the £2880 cash sipp). The total income from these pensions is well under £12500 pa I have 3 tax codes and they aren't evenly spread. The code for my smaller TP is correct The code for my main TP allows an extra £1116 pa with a nearby comment £1116 untaxed interest…
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HMRC demand re estate of deceased
Hi My wife is executor of her mother's estate (mother died April 2018). My wife has received a demand for payment of underpaid income tax up to date of mother's death. Wife has asked me to look at her mum's accounts and the HMRC underpayment calculation. Is there a calculator on the HMRC website where I can plug the…
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Employer charging me half the VAT on my company car lease
Hi all, trying to educate myself so don't worry, I'm not going off on one :D My employer provides me a car, which they have leased. It's all in their name. I'm aware of all the BIK etc, and how this affects my income tax allowances - that side of things is all sorted. What I don't know much about is this: They make a…
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Final clarity re cap gains please?
Hi there Just need a final bit of clarity with this please if anyone can help.. Property purchased say for 12k by Me Lets say 8k spent on it for easiness. , so 20k in total Put my dear lady on property as joint tenant from this year. Lets say i die and good lady sells it say for 120k ( so gain is 100) What is the cgt…
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Wills and Tax
When my wife and I die we have arranged our wills that our assets are distributed to our two sons and the grandchildren. Would they have any tax to pay?
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Is the Starting rate for savings still a thing?
Hi, I'm just wondering if the staring rate for savings is still available this year 2019/2020 and if it's still £5000. If so does it mean that, in the right circumstances, someone could have an income of £18,500 tax free? £12,500 pa £1,000 savings allowance £5,000 0% starting rate for savings many thanks xxdeebeexx
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HMRC Letter of late penalty for self assessment
Hi I'm not really savvy with self employment, but basically last tax year i did not have any self employment, just the usual employment so i did not fill in the self assessment. I have now received a letter from HMRC saying that my tax return is more than three months late. I'm a bit panicky now as i tried logging onto my…
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How do I stop tax being deducted at source
I have just taken early retirement and received my P45 today. I am about to move my pension into flexible draw down after taking my 25% tax free lump sum. Once this pension is in draw down I will be taking monthly amount from that Pension. In addition to that i have a small Local Government Pension which has been in…
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Most tax efficient way to dispose an asset (BTL property)?
We have a BTL property which was purchased on my name only as I'm a non tax payer and my OH was a higher tax rate payer at the time. We would now like to sell the property and minimise any tax payable. From what I've read, the best way to go about it would as follows: 1. Pay off the outstanding mortgage on the property as…