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WfH tax relief for 2022/23?
I might have missed it, but I didn't notice anything from the Chancellor today about WfH tax relief. Does that mean that it will operate again for 2022/23 in the same way as the last couple of years?
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Entrepreneurs relief
The 10% entrepreneurs relief rate of capital gains tax, does the business owner have to sell their shares / ownership to qualify? Or can they still claim it if they are not selling the business, but just want to stop running a solvent business with no debts (members voluntary liquidation) and pay themselves the cash…
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Tax Code Change
I have VERY recently had my tax code changed from 1257L to 1288L as I have only just released that I could claim towards costs for working from home during the pandemic. Anyway, as we are now in the final month of this financial year will I receive a tax rebate?
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Income Tax cut by 2024
In his speech Sunak stated " I can confirm, before the end of this Parliament, in 2024, for the first time in sixteen years the basic rate of income tax will be cut from 20 to 19 pence in the pound". However in the printed statement on GIov.UK (not his speech) it states "The government will reduce the basic rate of income…
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NI Threshold Increase
With the announced rise in NI threshold, this means I will no longer be paying any NI. How does this work for my NI credits? Will I still get them as I am working, or do I no longer qualify for the credits as I do not pay anything?
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Do tax codes affect NI?
Seems like a pretty simple question but can't get a straight answer from any source I've found so far. For example, my 2022-23 threshold for basic rate income tax should be £11,800 because there's the standard personal allowance of £12,570 and I have to pay tax on £770 for my salary sacrifice car - presumably I will have a…
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Working for an Exam Board but want to paid to PLC
I am a full time teacher but I also do a lot of work for an exam board throughout the year Circa £10K & this get taxed at source (PAYE) but Ive started doing some other freelance work eg guest speaker, inset provider etc so have looked into setting up at PLC and getting all this additional work paid into the PLC as is in…
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Buying property through company profits and paying no tax
I am a sole trader at the moment and not a limited company but from this April tax year I will be making a limited company. I will be earning about 80k this year after very modest expenses. I am not VAT registered, no need to as I stop working when I earn close to £85k. I dont need this money for personal use. Can I buy a…
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Can I deduct cost of computer
Hi, during this tax year I have purchased a desktop Mac as my previous laptops no longer work. Our company operates a policy that we need to buy our own personal devices to work from home, even if it was mandated during pandemic. They don’t reimburse anything. Can I deduct the cost of desktop I purchased as employment…
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self employed tax relief on motoring costs
I was forced to become self employed as a peripatetic primary music teacher in 2011. My tax relief on travel costs has ALWAYS been based on 45p a mile. I think it's time for that to be reviewed. Petrol prices have rocketed in the last decade! Can Martin start a new campaign!?
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MTD : Free Bridging Software for filing Vat Returns : Open Answers Limited (Portico Free)
Has anyone used Open Answers Limited (Portico Free) - bridging software for submitting vat returns? Do they have a phone number ? I would like to submit a VAT return and they ask if I want to file the VAT return in Accounting or Bridging Mode. Any advise appreciated thank you. I dont really want to pay for booking keeping…
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Would this increase my £££
I'm 66 - so no NIC - and am currently employed but only until month end, after which there is a possibility of being either extended in this contract or establishing a new contract as a self employed consultant. I'm wondering which option would work best? My thinking is: My current employer probably won't increase my rate…
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Income Tax Bracket Question
I have a question that I have tried googling numerous ways and cannot find the answer and I can't get my head around my thoughts on the subject! So help needed please :) It is my first year running my own business, I also work part time. For self assessment tax I have an accountant and yes he can probably answer this but…
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Paye overpayment
Hi, Looking for some assistance please regarding a bonus payment made end of March 2022. Just received my wage slip and my income tax payment appears to be overpaid by approx £700 due to my bonus, my bonus payment doesn’t take me to a higher bracket and this is the first time it has ever happened, my understanding was that…
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NI question for divends
A friend has a company and their accountant has advised them to take all the money as dividends and not as salary. Is this wise? They haven't paid NI for many years and if they continue working for this company they could end up not having a pension. What do people think? They are in their late 30s but have only worked in…
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IHT Question
If a father made a gift to a child from a joint bank account (shared with his wife), but only survived the gift by 2 years, and with the wife still going strong, would I be right in assuming 50% is liable for IHT after the taper relief and IHT allowance are taken into account. If he made same gift to another child, but…
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Capital Gains Tax Questions
Monday 21st March 2022 Good afternoon. I have a few questions relating to a Capital Gains Tax calculation if there is an experienced person who could help. I am trying to get an idea of how much a disabled individual on benefits would have to pay if they were to sell their one third share of a home in France. I have used…
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Child Benefit Overpayment
Hello, just looking for some help regarding overpayment of child benefit this year. For the first time I have earned over the threshold and I haven't had to submit a self assessment before so I'm slightly clueless here. I've not been able to get through to HMRC yet so asking advice here instead! This year I will have…
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Tax on share sales
Hey all - pls advise. I’ve been buying and selling shares for a year using Freetrade. My gains (after losses) are way below the £12.3k cgt threshold so I don’t believe I owe any tax but I wanted to check. - do I need to declare all my buys and sells on my SA tax return or is it only if I’m above the threshold?
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Help Please with Top Slicing Calculation
Can anyone advise if any Top Slicing Relief would be allowable on the following Chargeable Event Gain from the surrender of an offshore bond:- Income for tax yr £29KChargeable Event Gain £77K (no previous withdrawls)Bond Full Years 21 Have spent the afternoon studying lots of online examples regarding taxation of offshore…
