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Buying my company van
I own (or, more specifically, my limited company owns) a van. It’s now seven years old and time to be replaced. I think it’s worth around £15,000. A friend told me that, with regards to my company’s accounts, the value of the van would have been written off after 4 years. He says I can now buy it off my company for £1 and…
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Employee to Self Employed Tax Return
Hey folks, in the tax year 21-22, I was an NHS employee until July, when I left to be self employed, so three months as an employee and nine months working for myself. I've just filled out my self assessment and obviously had to declare these employee earnings and the tax already paid on them at source. However, its…
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Covid WFH allowance - self assessment claim - change of jobs during tax year and change to tax code
I need to do my Self Assessment for 2021-22. I work full-time PAYE (no other income). The previous year, 2020-21, I claimed the Covid WFH allowance by entering 'other expenses' of £312 on my tax return; the allowance where you don't need to evidence costs and everyone who WFH could just claim that fixed amount and get some…
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PAYE and self employed tax confusion
Hi all, I'm after a bit of help as I can't seem to make these numbers add up! So I am employed on PAYE and self employed (consultancy). I started the self employment at the tail end of 19/20 tax year - no POA were due that year due to small earnings. For tax year 20/21 the figures are: PAYE earnings gross - £21980 PAYE tax…
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Minimise 40% tax and high income child benefit tax charge
Hi All, I'm looking at a possible pay rise to £58,000 in the next 6 months. I am in LGPS and pay 8.5% contribution and have a student loan plan 1. After putting info into salary calculator I can see I'll be caught by 40% tax. After playing around with the amounts see that if I can my income to £54,000 I won't pay any tax…
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Two Job - BR Tax
So my wife has two jobs. We got talking and I said to her with my job. We have enough money coming in to keep the house running. I said to her that she should put all her wages into her pension from her 2nd job. Her 2nd job tax code is BR and her company allows her to put 99% of her wage into pension. She wasn't to sure…
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Have I been taxed correctly?
Hi all, I've just run my P60 through Listentotaxman. If I put the numbers in from the P60, the Total Tax Due figure matches what I have paid (there's a difference of < £1) However, I am enrolled in a NEST Worpklace pension, and if I enter the Pension Contribution into Listentotaxman, the Total Tax Due is now quite a bit…
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IHT appreciation of property value after probate
I know someone who ... agreed with IHT a value on a delapidated property bequest. At the beneficiary's expense it was improved. The Valuation Office now want to value the (much improved) property. Where is this heading? What steps should I take?
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Tax Free Allowance, can i choose where it applies?
My FIL, Recently advised me that he thought that I could use my Tax Free Allowance on my second job, instead of my first job. I currently work 2 jobs, equalling approx 35 hours p/w. JOB 1. 1275L, employed since 2012 - monthly salary (18.5contract) JOB 2. BR - employed since 2021 - weekly wage (Bank/Zero Hours) I currently…
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Student Finance Loan Repayment and Company Car Query
Hi there, Myself and my friend have two different understanding so thought it is best asked here. Assume a person has a salary of £30,000 + company car or car allowance of £5,000 per annum. Total package = £35,000 If this person takes car allowance instead of company car, then the student finance will be due on full…
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Personal savings allowance
Thanks to this forum, I am slowly learning many things which affect my financial well-being, and I am very grateful for that. I have been quite ignorant, because I am relatively comfortable, but I understand that I should work on what can be improved, and today I have a few questions about the PSA. My only source of income…
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Capital gains tax calculation help
Hello folks... another person confused by capital gains tax calculations here, looking for some assistance. Mostly around the private residence relief calculations. I've had a look at similar calculations from similar posts, but have gotten a bit stuck at the final figure. Here's the numbers: I bought the property in Feb…
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**Newly self employed with workshop on our home grounds**
Morning All, We have built a workshop in our garden from which my husband is doing some self employed work. I have read that mortgage interest can be a deductible expense. Can someone please advise? I am assuming it would only be a % of our overall mortgage interest and is there a good way of calculating same? Also is this…
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Marriage tax allowance
My wife works part time and doesn't earn enough to reach her tax threshold so in mid March I applied for marriage tax allowance. My tax code duly changed at the beginning of this financial year. I also applied for back dated tax allowance as my wife has never reached her tax allowance. As it is now May and I've read that…
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Underpaid tax - can I ask for HMRC to write it off?
I have underpaid £240 in tax in 2018/19 ( my employer has put the wrong tax code) and I was informed I June 2021. I read on the forum that if HMRC informs of too little taxt after 1 year I could ask for it to be written off. Is this possible? Do I have a chance of it being written off in my situation? Please help the…
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Reducing Council Tax following vast reduction in Sheltered/Supported accommodation property prices
The 70 apartments in which we live were sold in in 2017 for amounts around £200,000 and are now selling for between £100,000 to £150,000. There are 1,2,and 3 bedroom apartments with Bands set at C,D and E. All of them have decrease in value by 40% to 60%.in the 5 or so years since built. We paid £148.000 in Dec 2020 for an…
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Electric company car?
Thinking of getting a car again after a few years without one due to living in central London and my latest client means I will be moving around the UK more than my previous. Work via my own vat registered Ltd (have done for years) and so it seems the best route is to get a lease EV as a company car... BIK = personal tax…
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HMRC SA online return. How to enter overseas pensions income?
I'm filling out my HMRC Self Assessment form for 21/22. Where do I enter my overseas pension income? There doesn't seem to be any section to enter that data. I'm using the online service so I cannot use the SA106 which is for offline (paper) use only. I seem to have this difficulty every year!
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Personal Savings Allowance
According to https://www.moneysavingexpert.com/savings/personal-savings-allowance/ the personal savings allowance in the higher tax band (i.e up to £150k) is £500 a year, whereas in the additional rate band it is £0. I seem to remember reading something last year that suggested if earning over £100k (but less than £150k)…
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Van question
I'll try keep it short. I got a lend of money to buy my van for my business, the money came from my father in law and i pay him back monthly. My question is what options do i have when filling my tax return? Do i just show the full purchase of 20k. Thanks Mike
