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Tax efficiency - Company vouchers VS Cycle to Work scheme
Hello, I searched for an answer to my question on this forum but could not find any, so I hope I can pick someone's brain here. I'm planning to buy a piece of cycling equipment which has a retail price of approx 600 Pounds. I'd like to understand what is the most tax efficient way to do so among the two options listed…
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Can I avoid CGT?
Hi, I hope I have posted in the right section. I have a rather unique situation. Sorry in advance for long post so please be patient ! My partner’s mother -called N- lives in a flat, which is owned by her mother (my partners grandma- call her B) . B lives abroad and is a non UK resident. N is planning to move in with her…
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Overseas Dividend Income
You receive dividend income from a Mexican company. They withold 10% for the local authority. You do not claim it back. Can you offset this tax paid against tax owed to the HMRC. If the income is paid against shares held within a tax free UK isa or sipp. Can this still be offset against tax owed to the Hmrc. Thanks
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Tax relief on a work van.
Hi. I'm hoping someone here can help me understand how buying a van for work will impact my tax bill. I work in the Construction industry and pay tax on my weekly earnings @ 20%. It is my understanding that if I buy a van, the cost of the van is 100% tax-deductible. Does this mean that If I spend £30,000 on a van and I…
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Is rent income covered by personal allowance?
My sister has been renting out the property left to her by our mother. It is a small rent income of £450 per month. Her only other income is a weekly pension of £60. She has never declared this income (rent plus pension) and the HRMC have contacted her for unpaid tax. Since her total income per annum is around £8520 (rent…
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Trading Allowance
Hi all, I am currently in full time employment and pay taxes / NI through my employer on PAYE. I have been asked to provide some of my expertise outside of my normal job and therefore in a "sole trader" capacity. This is likely to be a 1-off job and most certainly below the £1000 traders allowance. My question is, do I…
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self assessment - Untaxed UK interest vs personal savings allowance
Hi there all, As a higher rate tax payer, I understand I have a £500 personal savings allowance this year. Now, let's say for illustration I made £600 of interest. I need to declare this in the untaxed UK interest section in self assessment. Should I enter in £600 (i.e. it will automatically make the first 500 of this non…
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Company Car Tax - 4 Year Lease Question
Its time to replace my company car, and I'm looking for an electric vehicle. I've found the one that I want, but its on a 4 year lease. The boss has advised that I will get 'hammered' by tax in the 4th year and to check the government website for rules. I just can't find anything about this, does anyone know anything more…
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Can I offset current account charges on interest earned on self-assessment tax return?
I have current accounts earning interest but I pay monthly fees (e.g. Santander 123, Lloyds, NatWest) - can I deduct the charges from the interest earned to reduce tax liability on self-assessment returns?
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CGT query
HI All Hoping for some advice. I just sold a property that i had rented out for the past 8 years. I am trying to fill in the capital gains tax form and stuck at the first hurdle! I inherited the flat 8 years ago with my brother, i then bought by brother out and have been renting it since. Do i declare this property as…
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Please can anyone confirm something to me
I work for the NHS full time I also work for an NHS contract - part-time I pay National Insurance on my full time wage I also pay National Insurance on my part-time wage But then underneath the ins and outs it states that I also pay 'Employers National Insurance' Each time I pay the 'Employers National Insurance' it is…
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Tax calculation
If you owe tax from benefits on a P11D should HMRC automatically take into account any higher rate pension tax relief they owe you when calculating the tax due? I ask as if you don't owe tax you seem to need to claim the higher rate tax relief yourself and you only have 4 years to do this.
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Pension / Ltd Company Income tax efficiency quandary
Hi and thanks for reading my question. I run a small limited company and draw the maximum £8k ish salary to keep me under the NI threshold plus £2000 tax free dividends x 3 (spouse and daughter are also directors). All remaining profit is paid into my pension monthly. Due to a change, the available profit going forward…
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High income child benefit tax charge
Hi Does anyone know if i need to deduct pension contributions from my income when calculating the high income tax charge? for example if my income was £50,400 but i made £4000 worth of pension contributions over the year would i need to pay the charge? The HMRC self assessment and calculator is very confusing so any help…
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HMRC - Total Salary for year
Hi All, Perhaps I'm going mad, or perhaps HMRC have changed the website - but was there not somewhere you could log on and enter what your total salary for the year would be? They could then skew your tax code etc for it? In my mind it was a simple page, with few other details on it. If this still exists, can someone point…
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Personal allowance trap help
Hi I’m new to just earning over £100k and need help with understanding the personal allowance tax trap. Base Salary: £103k Bonus: £25k Pension Contributions: I pay 5% and employer 15% through PAYE What can I do to avoid losing my personal allowance? I understand I can elect to have my entire bonus into my pension, however…
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Inheritanc Tax
My mother's estate is likely to be worth a little over the 325K threshold although it is marginal and depends on the house price at the time. So obviously the estate would be taxed at 40% on anything over that threshold. My mother has asked me if I have any idea what she can do about this. I presume absolutely none, unless…
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Buying an item from Norway
I want to buy some footwear from a Norwegian company, the item is about £60 + P&P. As Norway is not in the EU but are in the EEA and the item is valued below the £139 import tax threshold but about another threshold of £39 what are the tax implications of going through with the transaction likely to be? Having asked them,…
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Can I Gift Kids House?
I have a (now 2nd but was initially my first) property that I lived in for 7 years but then rented out to students for 25 years at approximately 11 months out of each year. My income is around £24k. I bought it at a price of £38k and is now valued at £195k. Will I still need to pay cgt if I gift to my adult kids?
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Using pension contributions to lower tax
Dear Experts, I have a nice problem: I recently received a pay rise from my employers (hurray!) that has taken me to the next tax threshold of 40%. I first realised this when I was submitting my Self Assessment Tax Return for a little side job I do (not my main income). I earn £1,200 from this side job and was surprised to…
