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HMRC refusing NI refund despite total earnings below threshold
In 2020/21 my total income was a one-off lump-sum payment from a former employer of £5,000. Class 1 NI payment of £180 was deducted automatically from this payment even though my total income for the year was well below the bottom threshold required to pay any NI. I wrote to HMRC to request a refund but they told me…
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Recommendations For Estate Planning/Retirement Advisors
I want to find a (paid) advisor to look at the best way for me to start taking my pension and to plan what happens to my estate when I shuffle off this mortal coil. Anyone had any good or bad experiences ? Honey Legal seem to get a general thumbs up on Trustpilot - any good/bad experiences? I'm not talking mega bucks here…
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tax on savings interest with no income
I'm currently earning a big fat ziltch per year and have been living off a few investments/interest since selling my house 2 years ago and banking the profits. I would like to know if possible how much i can earn through savings interest (p2p and savings) before having to start to pay tax on the interest. example, If…
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Capital Gains On Inherited Property
Hi, I think I am correct in saying that there's no or little CGT to be paid if a property is left in a will and is sold quickly but my situation is slightly different. My mother transferred the title deeds of her house to me 8 years ago and continued staying in the house until her recent death. Am I liable for CGT as…
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£100k trap - adjusted net income specifics
Hi, As the tax year draws to a close, I wanted to avoid the 60% income tax trap, but have a few questions on the exact calculation on adjusted net income. Details are as follows: Taxable pay (including BIK) £102,075 Interest on savings £500 (so zero above allowance, Q1 : I'm not sure if i need to include all of this or…
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Not enough PAYE?
I recently entered a pension salary sacrifice scheme, I sacrifice down to £30K per year. My employer is only deducting around £55 per month for PAYE tax which seems way too low to me or am I missing something? I also recently got a BIK for medical insurance, according to the insurance provider the annual subscription…
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Working From Home claiming more than £6.00 per week WFH allowance
In August 2020 I was made a home worker, and my employer closed my office, I was already claiming the £6.00 allowance ( worth £1.20 per week in my net pay), but want to know how I can claim more than this as my heating and lighting costs have increase for at least 8 hours 5 days per week. The articles I have read say I…
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Salary Sacrifice timings
Hi all Just checking on this one. My employer offers a salary sacrifice pension scheme. Typically, salary sacrificed gets paid into the pension scheme around the middle of the next month. So am I correct in thinking that the salary sacrificed this month will count towards the 2022/2023 pension annual allowance rather than…
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Tax Credit Overpayment
Hi, HMRC have contacted me via letter asking for a repayment of £2302 relating to tax credits overpayment in 2012, 2013 and 2014. I have no idea if I did receive an overpayment, can they really try and get me to pay back something that is almost 10 years ago? I have requested all the information relating to this but it…
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Can I claim for van purchase on self assessment?
I purchased a van last year for work, I am semi retired only earning approximately £12000- £15000 per year. Can I claim the purchase price which was £8500 on my self assessment? If so under what section do I put it under? Many thanks
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Late filing penalty for tax return.
Hello. So I have been sent a letter from HMRC saying I have £1200 in penalties for my tax return not being sent on time. This is true, I'm not arguing it, it was filed late due to two reasons. I am serving in the armed forces and I was deployed and not able to be contacted in any way for the majority of the year and also I…
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Crypto Capital Gains Tax
Hello, I have been investing in crypto since February 2021. I have recently been trying to work out my profit/loss since then. On a very basic level looking at the money ive deposited from my bank account alongside the current value of all my assets I am negative 700 pounds. I know its much more complex than just deposit…
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Company Car vs Car Allowance vs Salary
Hi, Looking at a potential ned job which offers a company car or allowance. My initial thought is I'd rather take straight salary and use my own car but wanted to get some advice on how to weigh up the potential pros/cons of a company car vs allowance. My understanding is a car allowance vs salary just means the employer…
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Huge late filing penalty from 2019 - Can anyone advise me please.
HiI was living abroad from july 2016 to july 2018 and i was renting out my UK property during this time. I was filling in my tax returns and sending them paper ones as required. I moved back to the UK and back into my house in the July of 2018. I filled in a paper tax return for the tax year april 2018-april 2019 and sent…
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VAT query
Looking for looking for advice please. we are having building work done and the builder is VAT registered. One of his subcontractors is not VAT registered and his quote to us did not include VAT. When our builder invoices us for this work should we expect to pay VAT on it. Thank you
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FHL Capital Allowances - Plant and Machinery
OK I think this is a really niche question but I'm hoping one of you might know what I'm talking about... There are some companies that specialise in surveys that establish how much the ''plant and machinery'' of your FHL is worth (plumbing, parts of the kitchen that qualify etc...) so that you can use that as evidence for…
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Seizure of underpaid tax
A family member was notified earlier this tax year that due to an HR slip their code was wrong and insufficient tax had been paid for quite some time. They understood that the outstanding £1600 would be recovered in instalments over the new tax year, which was itself going to be difficult. Today they found that £1600 has…
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Adjusted net income to retain tax free childcare
Hi there, can someone please advise on my calculation below? I'm in the fortunate position of wishing to get my adjusted net income below £100k to retain my tax free childcare. I plan to make a one off lump sum contribution to my employers pension scheme to achieve this 2021/2022 tax year Salary £81,950 Bonus £35,000…
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CGT
A question related to CGT which is going to be needed sooner than I like because I have incurable cancer. We have two properties and are looking to downsize. We currently have a "Declaration of Trust" set up that puts the vast majority (99%) of a flat that I used to live in for work during the week with my wife. I hold 1%…
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Is the 40% income tax band changing this year?
Hi there, I am hoping someone can help. My partner has just been told by a work colleague that from april the 40% tax rate will change from those earning from £50,271 down to £37,000 and something? Is this right? I hadn't heard anything about it and it seems rather surprising to me. Thank you!
