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VAT on Commercial Property which is purchased with the intension of Converting to Residential
Hi, My friend is planning to buy a commercial property to convert it to Residential. His intension is to purchase it using a bridging loan and then apply for planning permission as the seller wants the sale to be completed soon. The seller has opted for VAT, but my friend is buying to convert to residential, so he will not…
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Marriage Tax allowance Question
Few years ago my husband only works partime and he transferred some of his allowance to mine through Marriage Tax allowance. He now works full time and earns more than me for a year and a half now and when I checked our tax code, a letter N at the end of our tax code is still showing which apparently means the transferred…
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HMRC mistake now I’ll pay more
Hello, I changed jobs midway through the year and so was on an emergency tax code for one of the jobs. I spoke to HMRC and they changed the code and processed a refund for me. I spoke to HMRC today because my tax free allowance has gone down by about £5.5K (from 1313L to 750L) so I now owe HMRC over £1000. They said it’s…
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marriage allowance tax code
if the basic tax code for an average earner is 1257 L , is the marriage allowance tax transfer added on to that, and the number changed to reflect that, or is it just the letter m that indicates the transferral ? am asking because i gave my allowance to my husband as he works and i am on benefits. due to being in and out…
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Can I transfer rental income to partner to reduce tax?
I currently receive a rental income on my property that I share with (effectively: give to) my partner (we are unmarried). However, I am taxed on the income at a higher rate than my partner would be. I am the sole owner of the property and have a mortgage on it. I live with my partner in the property she owns which also…
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Income Tax Rebate
Apologies this isn't necessarily 'cutting tax' but wasn't too sure which forum board to post on... Having checked the gov.uk website, it appears based on my estimated earnings, I've calculate that I will have overpaid around £700-800 in income tax. This is mainly due to spending some of the 2021/22 unemployed between…
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Capital Gains Tax
I was wondering if anyone could tell me how Capital Gains Tax is declared to HMRC ? I am selling a btl property and would like to know how this is done. I asked my solicitor dealing with the sale & she says it is down to me . Is this true ? Can anyone help or comment ?
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Is it worth keeping gross salary under £150k for the tax year?
To begin with, I do feel the need to mention that both my husband and I don't have much pension in the pot, as we only moved to this country 10 years ago. So, at our mid-40s, we do feel the pressure of building up our pension. My husband has moved on to his current job 2 years ago which offered a decent pay rise putting…
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Reducing tax on a bonus
Dear All My wife will be receiving her bonus this month, she normally invests it in her pension but she has reached her lifetime allowance. If she just has her bonus paid into her bank account she will pay tax on it at 40%. Is there any way she can take her bonus without paying so much tax? Any replies will be greatly…
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Private Medical Insurance - Implications?
I'm due to start a new job soon and they offer private medical insurance. I've been given a form with the following comment: "Please indicate on the form below whether you would like to opt in or out of Private Medical Insurance. Your role in [company name] entitles you to receive single cover private healthcare. This is a…
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Tax trap doubt
Hello, as far as I know, between 100 and 125k annual salary, the tax will become 60% due to the tax allowance loss. So, I wonder if I will be considered in that range with my CGT on top of my salary. I'm employed, but I don't overtake 100k (but probably yes with CGT due to stocks), not for this financial year at least, so,…
