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Which figure to use for child benefit charge?
Hi all, hoping this will be an easy answer for someone in the know to help with; On my payslip received today for year to date I had the following: total gross pay: £57,033 gross for tax: £55,465 pension: £5,525 which figure do I use to assess for child benefit pay back charge? If the former I think I need to pay back a…
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CGT question
I have 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…
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Bonus has taken me over £100k
Definitely not a complaint, but not sure what to do as my company has paid a bonus in March that has taken me over the £100k bracket, so into the 60% tax band. My tax code for 2021-22 is 1257L I had maxed out my pension contributions (salary sacrifice) which would have bought my adjusted salary just under £100k, but with…
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Declaration of trust and capital gains tax future implications
Hi all, Would anyone know the implications of the following on capital gains tax: Husband is sole legal owner of a second property.A declaration of trust is then set up with his wife as a beneficial (not legal) owner.Husband dies and wife inherits the property. Would capital gains be set to market value for the entire…
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Date earned or date paid ? End year question
Hi, forgive me this is probably a basic question but I can’t find the answer wherever I look. I work as an (employed) contractor and am tying up last pieces of work before tax year end. if I submit an assignment on 4th April will it be counted within my 21/22 or 22/23 tax year income? If timesheet is submitted on 4/4,…
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WFH tax allowance not claimed for 2020-21 on self assessment
If I didn’t claim for 2020-21 then can I somehow make a double claim on my 2021-22 self assessment, or do I need to go back and amend my 2020-21 tax return to get the benefit of the wfh tax allowance? Thanks for any help.
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Next Year's Tax Code Incorrect on Gov Gateway
Hi. I've checked my personal tax account on the HMRC site and in the "Check Next Year's Tax Code" section they're assuming I'll still have two employers next year, despite "This Year's" section confirming my 2nd employment terminated at the beginning of March. Although I'm able to update the estimated income from my…
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Capital gains on off plan flat
Hi MSE Forum Scenario: I have invested money in an off plan flat. The block of flats has started construction and is due to finish construction in two years time. The flat I have invested in is currently valued at £200k. I have exchanged contracts with the developer at which point they asked me to pay a 10% deposit (£20k).…
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Sole trader paying wife
Can anyone tell me max a sole trader can pay his wife for helping with weekly work for business. What is the max in a tax year? Wife has no other work and is unemployed so this would be only income
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Taxable income - Other income (including interest) - should everybody be claiming this back?
I've discovered that the https://www.tax.service.gov.uk will give you quite a lot of detail about your taxes. I can view tax summary for each year etc. I can see that in 2018-2019 I had "Other income (including interest)" of about £200 as well as "Benefits from employment" of about £300. For 2019-2020 "Other income" was…
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Emergency taxed in Jan 22, PAYE figures wildly different for Feb & March despite correct tax code
Hi all - looking for some insight re emergency tax and PAYE figures please as I am none the wiser... Background: * Working as a temp Sept 2020-Dec 2021, employed directly by temp agency. * Made permanent with NHS Trust from Jan 2022 - Band 5. Employed directly by Trust. * In addition to salary basic rate, I have a set…
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Overpaid tax during last quarter due to DWP error, can't get refund until summer 2022?
Hi all, I hope someone can advise if I can get help from somewhere else because this is causing me financial problems and stress. * I claimed Jobseekers allowance for a few weeks in between jobs last Winter. * I told DWP in December 2021 that I started a weekly paid temp job on 6/12/21 so they cancelled my claim and I…
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claiming tax back on tools if you don't pay tax?
i've just started a part time job as a maintenance engineer at a leisure centre. due to my job i've had to buy some additional tools. i don't pay tax or NI as i don't earn enough. i went onto the hmrc to see if i can claim the VAT back. when i went through the process it asked if i pay tax? i entered 'NO' and it advised…
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Reducing tax liability-pension payments
I want to avoid paying any tax at 40% by making additional pension contributions to keep my income below the £50271 threshold before the end of this financial year. Am i right in thinking i can do this ? I am on course for 50700 of paye earnings plus 5500 of rental income plus i have some work benefits , company car ,…
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Captial Gains Tax: Deemed occupation
Hello :) I have a question regarding CGT. I own a property that I currently rent out. It is my sole property, I am living in rental accommodation myself. I lived in the property for 2 years before relocating for work. I have been renting out the property for just under 2.5 years and am thinking of selling within the next 6…
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Zero VAT on energy saving products - Solar install on Thursday 31 March 2022 - Help!
I'm having solar panels and a battery installed on Thursday 31 March 2022. The Zero VAT comes into effect in April and I would save £350. I've asked the company to delay the install but they have said it will need to move until September 2022. Would it be cost effective to move the install back until September, there are…
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Taking net adjusted income under £100k for childcare 30 hours
Hello, my 30 hours childcare has just been stopped due to me exceeding £100k net adjusted income. I have tried to avoid the 60% trap by making pension contributions of £8136 this year thus taking my earnings below £100k. Is this correct ? Would this also mean I am eligible for 30 hours free childcare ? Any help greatly…
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60% deductions on one off payment
I've recently been received a one off payment of £35,000 however, according to the pay slip will only see 40% of this which is £14,000. By no means is this reflective of how much I earn and I will probably never see a payment like this again. My dedications are based on: emergency tax (14.5k) NI (1k) Student Loan plan 2…
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Limited company question
Hi everyone, This is probably a daft question but I can't get my head around the budget announcement today. My wife has been recommended by our accountant to take £700 per month (£8400 per year) to be tax efficient. Will she be able to take more per month after today? I've seen various figures mentioned. Many thanks in…
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Question regarding £100k earnings threshold
Hi, I'm hoping some wise people on here can advise me. I have realised that I may have exceeded the £100k earning limit without realising it (stupid I know), as per https://www.gov.uk/income-tax-rates/income-over-100000#:~:text=over £100,000-,Income over £100,000,a Self Assessment tax return. My salary is £81128. I also…
