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Will I pay higher tax amount?
Hi, I have been offered a pay increase from £41,000 to £45,000 and I'm trying to figure out if it will place me in the higher tax bracket - I live in Scotland. My current tax code is S1369M as I am benefiting from the marriage tax allowance but I believe I won't be entitled to that because I have gone over the income…
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tax code question...?
tax code question...? Hi, any ideas? my tax code with previous employer was 1210L , my gross pay approx £28600 I started a new job in september, gross approx £38500 -my new tax code is 1050L/1 is it due to increase in salary or should i look into it furthur? many thanks in advance
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Company car and fuel card tax
Hi Firstly apologies if this is in the wrong section, but i couldn't find anything for it. I've recently started with a company as a mobile electrician , supplied with a company car and fuel card . Now im new to this as its my first time with this type of job . Im aware of the BIK tax on the car which is around £107 for my…
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Self Employed while on UC
Hi there, Im not sure if i have over complicated this so i will try and explain. Wife and i both worked full time. We have now had a second baby and wife has given up work due to the cost of child care etc it just did not make financial sense for her to continue working. So for the last 2 months we have received universal…
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Milage allowance for self employed
Hi all, can I just clarify if mileage allowance for a self employed person is the actual mileage or just the tax relief? example is I drive 10,000 business miles @ 45p am I claiming for £4500 against my total income or as a 20% tax payer am I claiming for £900 against my total income?
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Rental Property and Mortgage interest relief
Hi, I am doing my tax return for the year 2018/19 (a little late I know!) and as well as being full time employed I also have a rental property generating a small amount of income. As some will know, the tax you pay for a rental property income is based on profit after deductible costs. One of the costs you can deduct was…
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Income Tax Help
Hello, My daughter works for an insurance company and is PAYE, she earns around £28.000 per year. She’s started to do some cleaning work for her Grandmother who has Parkinson’s disease it’s just to earn a little extra cash and help towards her mortgage. She does two hours cleaning for £30. Her grandmother has to contribute…
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Student Loan on backpay
Hi I graduated in 2004, and usually pay approx £32 p/m student loan. We get a pay award in December, which is backdated to April. With a result the amount taken off my Student Loan is £84 for the month. I presume this is because they think that's what I earn every month from that date forward. Am I eligible to claim it…
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Bank Account in Czech Republic under my UK Tax Number
I have a bank account I opened a long time ago in Czech Republic, I have some savings in that account that I haven't touched, it's gaining interest and I would like to keep the account open as I also believe in the CZK currency for investment purposes. I informed the bank I moved to a different country, they told me there…
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Self asessment timings
Hi All Newbie here! It may seem a stupid question but heres my situation..... I became self employed in May 2019. My business is landscaping/property maintenance and as such i tend to be very busy throughout the spring and summer with Christmas and New year being the quietest period. I therefore want to line up the…
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Mileage claim on self assessment
Hi, I hoped someone on the forum could help regarding my mileage claim on my self assessment. I am a contractor for a university, every year getting offered a 9 month contract. October to June, 3 months no work, and for the last 3 years have been fortunate enough to be reordered the contract the following October. Because…
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Tax on UK income if I live abroad
I'm an EU citizen living outside the UK now. I am paying and reporting tax on my UK income every year using Self Assessment. According to my UK accountant as well to this: https://www.gov.uk/tax-uk-income-live-abroad/personal-allowance I can claim UK tax allowance every year because I am a "citizen of a European Economic…
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Mums Tax
Afternoon.... I'm helping sort my mothers finances since Dad died last month and she reckons they both did self assessment returns...I don't yet have a full handle on their finances but she is in her 70s and gets state pension, some of his occ pension, US social security pension and her own occ pension. As her income alone…
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Savings Tax Allowance and Personal Tax Allowance
My only income in this (and previous) tax year was my salary and savings account interest (conventional bank savings accounts/regular savers, not shares/bonds etc). My savings are probably around £20k. I gave up work at the end of Sept and transferred £1250 of my tax allowance to my civil partner. I earned a salary of…
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1250lx
What does the tax code 1250LX means? I think I am paying too much tax? Thanks
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Help with Self Assessment after receiving pension lump sums whilst still working.
Hi, i am wondering if I could get some advice. A relative (who has passed retirement age and is still working full time) has been requested by HMRC to complete Self Assessment for 2018-19. During this time they claimed lump sums from their pension pots from multiple pensions they have built up over many years. Pension A -…
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Marriage Allowance
Hi Hoping someone can answer this as can't seem to find it! Ordinarily my DH and I would not qualify for Marriage Allowance however I am now on SMP and was wondering whether we do now? I'm thinking probably no, but thought I would ask! TIA ☺️
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Pension allowance & tapering
Hello experts, Looking at some help for next year's tax planning. I was in a permanent employment from 2016-2018 and was enrolled into workplace pension scheme with Scottish Widows. The total contribution that I can see if £500 for 2016-2017 and £1500 for 2017-18(somehow employer's contribution appears to be missing but…
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CGT - Can I defer a property sale gain to future losses?
For background, my father passed away last year and left some family members his home and a rental property. The house was slightly renovated following his passing and sold (this tax year) for a gain over the probate value. Whilst I consider this would be liable for CGT, the rental property sale will undoubtedly make a…
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SEIS - Claim Loss Relief - Self Assessment
I've invested in a number of companies via SEIS and a couple of the companies has been dissolved (although only one for the tax year I am currently submitting - in June 2018). I'm in the process of completing my 2018/19 tax return and would like to claim loss relief against my income tax for the previous tax year 2017/18…