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Going Ltd or even Leasing a Vehicle to Cut My Tax?
Hi everyone, My current situation is that I'm a self-employed plasterer working for a contractor, I have earnt approx £45k profit the last few years. However, this year with the fact that I've just brought two properties to let out, my profits this year are going to be either right on the edge of the 40% bracket or a few…
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Aliexpress. Brexit?
I have just noticed that ali express is now charging you vat on goods purchased from china. Since dec 31. I wonder why this is? I thought brexit meant things where going to be cheaper, not more expensive? So what ever you buy from there, your looking at 20% more. Looks like EU stil wins. What did it achieve? nothing in my…
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Question on Tax
My B-I-L has a job where some weeks he earns £700, and others he earns £1000. However, at this time of year he is not working and ends up earning just £250. Every year he gets a tax rebate of a few thousand pounds, except last year where he got nothing. My wife, who helps him with finances, was complaining and she showed…
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Should be paying more tax but still on 1250L
Hello. New to the forum. I have a question. I have just started a job last year october where I am earning enough to be in the higher tax bracket (goverment will take 40% :'( ) However, on checking my payslips I am still getting taxed at the normal rate. Someone told me thats because it will change in April this year. I do…
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Child benefit and pensions
Hi all I've become an accidental landlord. Rental and salaried income now £58k approx. Already paying about £5000 p/a into a workplace pension (net pay arrangement). Allowable expenses for the property are around £1.5k p.a for this tax year so far. This still leaves me around £3k to reduce for ANI. Not sure I'll keep the…
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I need some help please
Any help on this would be much appreciated. Myself, my wife and my two children have lived with my mother in her house since my father died in 2012. We moved in with her because her house was much bigger tha ours and could accommodate all of us. When we moved in we rented out our smaller 2 bed house and have had the same…
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Need help with Self assessment: Any other UK income?
Hello all, I feel like this years self assessment is more difficult than last years :( I'm having difficulty understanding a question and HMRC arn't answering their calls so if anyone can help I'd appreciate it. So my situation is I work full-time, though I also take on un-related freelance work creating digital artworks…
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Minimising tax on redundancy payment
I am already in excess of the pension lifetime allowance and having applied for individual protection am just starting to take pension from previous company of £48K/year as there were minimal penalties for taking early. I am taking voluntary redundancy later this year, and many of my colleagues are putting money into…
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French mother giving money to French son living in uk for UK house deposit
Hi there, I am a UK national and my partner is a french national who has indefinite leave to remain in the uk. We are not married but have been living together in the UK for 5 years. We'd like to purchase a property together in the UK. My partner would like to receive the equivalent of £50,000 in euros from his mum in…
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Best Way to Change Basis Period Advice Sought.
Hello there. hopefully an easy one for an accounts knowledgeable person to answer ... Sole trader Do my own accounts and file online since accountant retired 3 years since Basis period is June to June My question is this: my ex adviser told me before he retired that I would find it easier if I brought my basis period in…
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Charity - orphanage overseas - SA tax ?
In my india visit, i've donated around £1000 to orphanage and needed people, I've lost of donation receipts. In my SA filling, can i claim the tax relief on overseas donation? if yes, pls advise under which option i need to fill in SA?
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Self-Assessment Tax Return - £5.5k tax bill...
Hi All I pay tax via PAYE but am required to fill in a self-assessment tax return and have been hit with a £5.5k bill for 19/20. I suspect this is down to my employer not getting PAYE right for lots of reasons (salary near personal allowance reduction level and variable bonus taking me up a tax band). I have ran the number…
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SA return says £0 to pay but am sure I'm over NI2 threshold??
Hi all, Newbie here so please be gentle. It's a National Insurance query and I can't find anything at all on HMRC website or by Googling. Basically: - I did my self-employed SA tax return for 2019-20 back in November, online - Earned about £8000 self-employed income that year - Outcome via online service was "nothing to…
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Occupational Pension plus State Benefits (not pension)
I have recently retired on ill-health grounds. Small pension £8700 and recently claimed ESA (due to ongoing ill-health and being of working age). Given I have been receiving a salary for most of 20/21 tax year, and the recently begun ESA, I have exceeded the £12.5k threshold. My question is for the remainder of 20/21 do I…
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Car allowance - tax & NI?
Been offered a £350 car allowance with my employer, just trying to work out what that actually leaves me after deductions? I earn £34.5k a year, so 20% tax rateSo is it as simple as £350 - 32% (20% tax and 12% NI) = £238? Thank you!
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Need help finding a FATCA accountant
Hoping this is the right forum and someone in the community can help me find a UK accountant to file US tax returns and advise me on the procedure for renouncing my US citizenship. I’ve found US firms offering this service but I haven’t found a register of UK firms who can do this, so before randomly ringing up a few and…
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Wife's self assessment forgets paid on account amount
My wife has just filled in her self assessment (her only income is from being a shareholder in a family business), and the final calculation shows that based on the dividends she received during the year she owes £1,477.50 income tax. It suggests that she pays: I just checked the previous year and it was similar, and…
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Self-Employed Self Assessment query
Just filling in my Self-Employed Self Assessment form and filing in the "allowable business expenses" section, when it gets the wages/salaries and other staff costs section it says "dont include your own wages and drawings."I cant see any section where i do add this information or does it only apply for your turnover…
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Self assessment return shows I owe more tax than I was expecting?
I have just filled in my self assessment (v late, I know) and got to the end but when I clicked on 'View your Calculation' it told me that I owe much more than I was expecting. I'm usually pretty straightforward - I have 1 job, which is a normal PAYE, then there's a bit of building society interest (1500), some charity…
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Can someone help me with a foreign income question?
Hello, I'm filling in my tax return and not sure about this question: If you received any foreign income, do you need to complete the foreign section? Please check help before selectingSo, as I receive payments from all over the world into my PayPal account, they are paid in GBP same if anyone in the UK paid. Though does…
