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Marriage Allowance tax transfer
I saw Martins advice about claiming the marriage allowance by transferring some of my allowance to my husband as I don't pay tax and he does. Both pensioners. I wrote to HMRC to enquire about it as I couldn't provide the ID proof online. Out of the blue yesterday hubby had an HMRC refund of tax letter with a cheque…
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Moving my savings to my wife who earns less than PSA
What are the rules in terms of giving my savings that are in my name in an ISA to my wife, who earns £10k a year so that she can put that in to a high interest account (Atom bank) and not pay tax on it? Is that a valid way to benefit from her lower tax status (I am in the highest tax bracket) ?
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INCORRECT TAX CODE - UNDERPAYMENT HELP
Hi folks, I rang HMRC today to query my tax code being changed from 1282L to 846L. Apparently, I owe them £800 from the tax year 2019-2020. So they are taking monthly payments from my wages and that won't stop until April 2022. However, because of the tax code, it's leaving for £200 short each month. Will I get this back…
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Expenses claim for a personal trainer as a self employed gardener?
I am a self employed gardener. I had to have 6 years off work on full befefits due to work related back neck and shoulder injuries. I have recently started working as a gardener again. I am much less fit than I used to be and could do with getting a personal trainer to help me with strengthening my core and shoulders to…
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capital gains tax - poss to claim lettings relief if non-resident?
hello, I can't seem to find the answer to this on hmrc site. house, jointly owned since 2011, PPR for first 11 months then let out ever since. so, if selling when resident in UK, it should be poss to claim £40 000 each in lettings reelief.OR, if selling when non-resident, it shoulb be only taxed on gain since 2015. My…
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Marriage allowance amount less than expected
Hi all. I noticed at the time but didn't worry about it but now I'd rather like to know why... My husband applied to transfer his marriage allowance to me for previous years (never the current year), and then I'd receive a payment from HMRC. I wondered if anyone could tell me why, for the 2018-2019 tax year the amount I…
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dual Employment/Self-Employment advice
Hi, I own/run/manage a small business as a sole trader in Scotland, but live and also am employed in England, earning a salary. The business pulls in around 12k profit annually and my salary is pretty average. I have employees on payroll, which I can manage, but the income from the business simply lands in my bank account…
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Council Tax Band Help
maybe this is getting a bit boring now but I have been trying to get my council tax band changed from B to A I found out that all the homes in my area are band B there are 2 bed -terraced houses 3 bed-terraced houses 4 bed detached houses with parking. All in band B. We also have had 2 and 3 bed-roomed houses built about…
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CGT on profits from Cryptoassets held for less than 30 days
Most of my holdings are held for months or years but I had a small amount of a Cryptocurreny that I bought and sold within about 3 weeks. Bought for £118 and sold for £237. Is the profit just added to my other Cryptocurrency profits regarding CGT or is it treated in a different way because it was held for less than 30 days?
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Sale of Deceased's House by Beneficiaries or by the Executors?
Hoping somebody has been through this! My mother passed recently and left her estate equally to her three offspring. The estate includes a residential property - registered at Land Registry ("LR"), no mortgage. I am trying to understand what to do and in what order to ensure that the capital gain on selling the house (the…
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Business Partnership help - do we need to submit tax return if no expenses and each earned only £250
My friend and I registered as a business partnership last year. I was sent the self assessment tax return paperwork for 2020/21 for the partnership and for myself as a sole trader forming one half of the partnership. In that period we only earned 500 (so 250 each as no expenses) which I believe is under the 1000 self…
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Confused by tax relief on pension and monthly tax paid
Hello, every month my take home pay is approx £58 less than what the MSE and other salary calculators tells me it should be, due to the tax amount being higher - I use my own tax code in the calculators though and I think its something to do with tax relief on my pension but I really don't understand how it works so I'm…
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Can someone claiming DLA be a Ltd company shareholder
I run a one man ltd company and thinking about adding my wife as a shareholder. My wife doesn't work, she has Ehlers-Danlos syndromes (EDS) and claims DLA. My wife does some light weight work for me, like sending emails and preparing invoices. Is it worth adding her to my company so that she can either earn a salary or get…
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Inheritance tax avoidance using offshore trust
Hi I recently had a conversation with my accountant about inheritance tax planning relating to my mother. She owns her own home and a couple of small investment properties, along with some cash - the value of all of which totals about £500k or so. My accountant is proposing moving the "beneficial ownership" of the…
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High Income Child Benefit Charge.
I recently had to pay back approx £2k of High Income Child Benefit charges. With the ruling in July and HMRC not challenging this has anyone any experience or knowledge of claiming this back? I believe that my charges were the result of the "discovery powers" stated in that I had not completed tax returns for these years…
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Should expenses and income always be linked in a tax return?
I always buy my paint or other things for jobs and it's recorded on my bank statements are bank transfers from customers or if cash in the form of invoice. Should you always be able to link an expense to a particular job? I can't always remember what particular job is linked to what particular expense Another thing I've…
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How do you amend your tax return if already submitted
My accountant has already submitted my tax return, but I've missed a few invoices so want to add this onto the profit and turnover figures. How do I update these figures?
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Can not create Government Gateway account - is this normal?
I am very frustrated here. trying to help an elderly friend create a Guvvermint Gateway account to pay CGT but can't even create the gateway account. It asks for information and demands we select 2 out of 3 options to provide details to verify identity, see screenshot: https://ibb.co/b5QZm25I am dumbfounded at the…
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CGT question
I bought my house 5 years ago for £150K and put an extension on that cost me about £100K. It's now valued at £350K but we inadvertently threw away all receipts a couple of years ago. If I sell now, where do I stand?
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New laptop as cost for my self-employment
Hi, I currently have a contract with a company that pays me a daily rate through an umbrella company. Apart from this, I am running a subscription based service through my website that is going to generate about 2k of profit in a year. I already submit my self assessment every year and I know that I will have to register…
