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Ni contributions and state pension question.
Hi folks, I have had a look at my HMRC personal tax account and as regards state pension, which I'm due near end of 2023, it states that I still need to contribute up to April 5 2023 to be eligible for £179.47. My question is do I just need to contribute up to April 5 of the year 20023 (as it seems to state in HMRC tax…
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Not sure if I've overpaid tax - opinions requested!
Hello! I took voluntary redundancy from my previous job last year. Everyone in my company was told to apply for voluntary redundancy, as this came with an additional payment, there was no guarantee anyone would secure another role so if they didn't apply they would only have got the standard redundancy payment. I wasn't…
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Paid way too much tax ??
Evening all, I am hoping someone out there would be able to advise please? Having just checked my pay slip ahead of been paid on the last working day of each month I have noticed my tax code is D0. Last tax year I was not on the higher tax band as didn't earn that much but did work for 2 different companies across the tax…
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Mileage Rebate
Hello, has anyone claimed their mileage tax back through self assessment? I want to do it myself and not pay RIFT the extortionate rate they charge. Help with how to fill the SA out would be great. I have done 10,468 miles for 20/21. As I understand its £0.45 for the first 10,000 and £0.25 for anything else, so for me…
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Shares and probate
I am helping my mother with my fathers estate which is awaiting probate. He had shares in a company for which he worked – partly given as a bonus each year and partly bought. We have yet to receive a statement of account to show us when these were bought but I am pretty certain they have a net loss compared to when he…
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Selling my 2nd home
Hi, thanks for looking. I have just moved into my new house and I still own my previous home but am renting it out. I am looking at all options, am I correct in saying that if I sell my previous home within a year I do not have to pay capital gains tax, I think I heard it somewhere? I know me and my wife will have a…
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Accounting for a half paid invoices following administration
Hi everyone, I run a VAT registered limited company. The company is just me and I invoice for my consultancy services. Accounting is generally very straight forward so I do it myself. I have however, recently encountered a situation that I don't know how to deal with from an accounting perspective, so I thought I'd post on…
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WFH Allowance
Hi all, A quick question that I cannot find an answer to online. How long has the WFH tax relief allowance, that I claimed last year when submitting my tax return and which I will do the same this year too, been around? I know you have always been able to claim a certain percentage for heating, lighting etc when WFH but…
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"Foreign" income on tax return
I earned a small sum last tax year, doing online lectures from home (in the UK) for an organisation based overseas in the EU. They paid into my UK bank account. Should this be entered as foreign income in my tax return?
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Tax free retirement income and tax return
I have personal pension income, some of which is taxable and I know I need to declare this on my tax return. I also have a tax free element (25%). I can't see anywhere that this needs to be declared on my tax return. Is that correct?
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Cycle to Work Saving
I'm considering a £3k bike on the cycle to work scheme. The calculator quotes me 40% tax saving of £1200, NI saving £60 and then £210 ownership fee to pay. So I pay £1950, 35% total saving. However I earn between 100k and 125k so I lose my personal allowance after self assessment and effectively pay another 20% tax in this…
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Discount when selling half share of property
If 2 people own PPR property together, and one wants to buy the others share out, does the 15% discount apply to the share, or is this 15% discount only available for IHT purposes, when someone has passed away? Eg value of house 800k. Half share is 400k. If allowed to apply 15% discount on the selling of share to sister…
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Response from HMRC
I submitted my tax return on line in October last year, but it still hasn't been properly registered on their system. I have quite a substantial income from abroad that isn't taxed at source. The HMRC calculator has ignored this and only calculated tax owed on the UK income. I have tried to tell them about this, but until…
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Covid WFH tax relief when under the personal allowance
I am currently working part time due to childcare so I am under the personal allowance and therefore not paying income tax at the moment. I am married so have signed up for the marriage tax which transfers my unused personal allowance to my spouse. I have applied for the covid WFH allowance at £6/week and was notified my…
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tax return - interest on savings
Hi, I am aware you have to disclose any interest on savings etc in your self assessment tax return , my query is this. If all savings in one account in a one year fixed account , opened june 20 - matures june 21 - apparently they don't do annual tax statements ? the interest is added on maturity , but if log on the account…
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self employ tax return - showing the grant (also pension query)
hi, as an example if turnover was £11k , profit (exluding grant) was say £8k , but also received a grant of £2k , do you show the £2k grant on separate part of tax return or lump it in with your normal income , making that £14k and profit £10k ? also, im assuming you can pay up to £10k into your pension sipp (£8k profit…
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Tax-free allowance for property Income
Hello, I'm confusing myself and need help please. For BTL property with Interest Free Mortgage, Can you get £1,000 in tax-free allowances for property income as well as tax relief for mortgage interest? Thank you
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Question about Capital Gains Tax
Although I'm fairly sure that CGT will be payable on a property sale, given the unusual circumstances, I would very much welcome any views on our situation. My husband was the sole beneficiary from his father's estate when he died in 1990, which was below the Inheritance Tax threshold. He inherited a leasehold ex local…
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Paying Tax on Barclays and Halifax Rearwards ?
Hi I have a Tax form to fill in and was looking for some help. Do Barclays and Halifax Rewards count as savings interest or other income ? and are they paid before or after tax? tia sx
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Gifting House to Daughter
Hi, we purchased a house in June last year with the intention that this would be for our daughter on her return to the UK (she had been living in Italy for the last 15 years). She has since moved in and we are looking to transfer the title into her name but are really confused about CGT and how that may affect us. I doubt…
