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What deductions can I use to avoid the High Income Child Benefit Tax Charge? AVC? Buying Holiday?
Hi, I have recently been hit with the High Income child benefit tax charge. I have already got the following deductions on my pay slip (NHS worker), can anyone confirm if all these deductions already reduce my adjusted net income? I am trying to work out if I put a little more in my AVC - Additional Pension it will bring…
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Marriage Allowance Check
On my FB page today, amongst all the other links which I know to be genuine, one came up from the - Marriage Allowance Check.Does anyone know if this is genuine, because just answering a few simple questions, suggests that I could be due up to £1220.00.As yet I have not filled in any personal details.Thanks.
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Taxed in both UK and Germany on German Pension
My husband worked in Germany for a few years and is entitled to a small German pension. He started to receive it in 2018, and as he does a UK tax self assessment each year, he declared it and pays UK tax on it. He has just had a letter from the German authorities saying that he owes back tax and needs to pay it…
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P87 internet and electricity supply to shed discounted
Hi everyone. I've had to put internet and electricity cabling into my shed to use as a home office. I included it in my P87 for last year but it's been discounted. Is this correct as I'm sure I read this was an allowable expense?
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Confused about tax in gifting friend £20k
Back in 2015, my friend (not related) helped me greatly with the choices I made in investing with my isa allowance, the funds he recommended and I then invested in have done amazingly since then and i've invested yearly. I would like to gift him around 20k to say thanks as I would not be in this position without him but am…
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Full time PAYE, but doing 1 freelance job tax question
Hey, I wanted some advice from anyone who might be able to help. I'm currently PAYE in my full time job, but got offered a small one time only freelance job from a friend who needed help, basically a weekends worth of work. The small job is paying £2000. What I'm stumped with is what do I do with the tax on this? Since…
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SA tax return - partnership income - Payment on account COVID/SEISS grants
Tax return - Covid grants effecting payments on account Just completing online tax return. Were should the covid property grants be entered , because if it goes in other income. The system wants payment on account due to it forecasting earnings for next year. Tried including it in partnership income, tried including it in…
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Class 2 Nic
My wife retired from teaching last year. She has 39 years Full contributions shown on her National Insurance record. She has been doing some home tutoring the last year and we have just completed her tax return but Class 2 NIC is a confusion. She is just over the lower threshold but it isn't at all clear whether she needs…
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Sudden new employment and tax situation
Asked for advice, got criticism.
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Huge tax to pay, no way of paying
Hi, I must pay a tax payment to my self employment online account by end of July and I've limited funds to pay due to pandemic and closure of our business. Thought about calling hmrc to ask if I can set up a payment plan but the total tax owed is £14k so might be quite large for a plan. a monthly payment plan would work…
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Personal Savings Allowance - eligibility for £1,000 allowance - Adj net income or taxable income
I understand that the eligibility for £1,000 allowance is if you are not a higher rate taxpayer. Please could someone tell me how this is determined? Is it the adjusted net income that is used or taxable income?
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Work From Home / COVID Tax Relief - Question for Anyone Who's Recently Applied
Having recently read into this I thought it probably was something I should be applying for and followed Martin's guide: https://blog.moneysavingexpert.com/2020/04/martin-lewis--working-from-home-due-to-coronavirus--claim-p6-wk-/?_ga=2.191412258.98729700.1625137204-1613484534.1623138238 So my employer requested that we all…
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Higher earner - tax efficiency
Hi All, Hope you can advise on most efficient way to minimise tax / maximise pension tax relief in the following circumstances. I'm fortunate enough to have landed a new job with basic pay of £100k and expected annual bonus of £30k. Obviously pushing me into next tax bracket where I believe personal allowance is also…
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Self Assessment - Freelance and PAYE 2020
Hi, Just trying to sort out my Self Assessment for last year would like some tips on how to deal with situation. Between April and October 2020 I was working freelance, after returning from travelling in March 2020. Freelance was a combination of delivery driving then product development. I then got a fixed term contract…
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Why there is no need to pay taxes when ISA is sold
Hello, A little bit of a back ground: - I currently work and live in the UK - I invest through stocks and shares ISA - I am planning on leaving the UK to live in one of EU countries I have a headache now trying to figure out what to do with my ISA, should I keep it in the UK, or should I sell it before moving out. I…
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P11D - what?!
I received my P11D from my employer today for 2020/2021. The final figure shows -£540. What does this mean lol? Do I owe this? Is it a refund? Bit of background - I left my employer at the start of June to take another position on secondment for 12 months. I have a contract that states the position I have just left is mine…
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Gift tax (giving to a Spanish resident with UK bank account)
Is a bit of a specific situation, but I am wondering if I would have any problems gifting 20,000GBP to my son, who is currently living in Spain, but still has a UK bank account. I am guessing he should have already closed this account as he is not a resident here, especially after brexit, but he does still have an active…
