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Cutting Tax: Discussions that will help you
To help you find the Cutting Tax threads quicker and easier we're collating our previous sticky/pinned threads into one single post. Cutting Tax board: Tax instructions - please read Useful Websites TaxCalc alternative? How does the Taxman Know? Inheritance Tax Planning Useful Tools to Help With Taxes Washing Uniform at…
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Fiscal drag and trying to reduce tax liability
70 years old - looking at 25/26 Tax Pension income (including SP) = £53220 Untaxed savings interest = £3600 Annual charity contributions (Gift Aid) £600 a) Am I able to pay into a new pension scheme in order to get back down to Basic rate taxpayer status? If so, how much? Or b). How much would I have to GiftAid to Charity…
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Tax return unique code question
I've done my own online tax return for years for rental income. However, last year I used an accountant & was sent a different Unique tax code for him to use. If I do it myself this year, would I need to request a new code? or should I use my original one? Thankyou, I cant seem to find a clear answer to this
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Income tax on Ebay sales
Just seeing how much work I need to do. If I sell something for 9.79, my Ebay fees are 1.56 Net is 8.23, expenses are 1.56 So tax = 8.23 * 20% = 1.65 — So Ebay pay me 8.23, so just for sales all I have to do is pay 20% of what Ebay pays me? Because the expenses have been removed at source? Before the 20% tax total is found…
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Should The Government Revert to Tax Deducted at Source?
I'm only thinking about being placed on Self Assessment because of bank interest above 10k. On face value one would take it that whatever information was provided by the taxpayer would be accepted by HMRC, but I think that is highly unlikely indeed. I can't imagine that if I only reported 11k of 16k interest HMRC would…
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Rules on record keeping
is it acceptable now to only keep digital records of receipts, tax returns etc. or do you have to keep the paper versions?
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CGT - payable from when in these circumstance?
I’m trying to figure out if CGT is likely due on an upcoming inherited property sale (and if so, from when). Originally we (two beneficiaries) thought we’d be liable for CGT covering the 10 years we’ve been on the deeds as named/joint owners. However, querying ChatGPT it suggests we may only be liable from the point of…
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Your PAYE Income Tax estimate
I'm about to write to HMRC for the fourth time about tax issues from TY 22/23 onwards for both myself & wife. Whilst double checking our Gateway accounts I noticed that both specify…. 'We're updating your income tax estimate. It will be ready tomorrow.' Now, I'm thinking that if this is the case I should hold off writing…
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IHT Gifts From Income - Tax Refund and Use of Excess Income.
I have started at the beginning of this tax year to compile records of income and spending in order to gift money from excess income to my daughter in March next year. I have a couple of questions that have arisen during my first two months of record keeping: Does an income tax refund from the last tax year received this…
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Capital gains tax whilst living abroad
My partener has sold her UK house which is her second property in the UK ( she still owns the second house).. She lives in Spain and has done so for about 10 years. Is she liable for capital gains tax in both countries? We have worked it out she will have CG tax liability of about 4K. Thanks
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Wrong tax code overpayment
I have just looked at my March pension figure on my personal tax account which was posted today. Even though it is paid on the 28th of the month it is generally submitted to HMRC in the first week of each month. The tax deducted was way above what I expected so I contacted my pension provider who said my tax code had been…
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Tax Return SA100 - Commercial software?
I am registered for self assessment as I'm lucky enough to have interest/dividend income of £11000 . Filling in the SA100 in the past seemed easy enough but now it's getting complicated....for example I have some Banco Santander shares and divis were over £500 and a spanish tax was deducted. Also another share holding had…
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Declaring Bank Interest on Self Assessment
It is my understanding that the first £1000 of interest is 'tax-free'. Yet, when entering my small amount of interest (c.£250) into my Self Assessment, it is taxed. How can I avoid this?
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Trust and Estate Tax Return 2026 SA900 2026
The discretionary trust holds cash in a non-interest-bearing current account. The first page above only has placeholders for the tax reference and the date. There appears to be no place to enter the name of the trust. Is this correct? Otherwise, there are no yes questions over the 12 pages, and I have signed at the end.
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Do I need to have software?
I am a registered partnership with my wife and have been trading on eBay for several years. I fill out a partnership tax form every year and want to know how the new tax reporting will effect me. I use a simple spreadsheet to record income and expenditure. My turnover is less than £20,000 per year with about a 15% profit.…
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Updating noncoded income to avoid need for SA payments on account
My wife and I are both retired with PAYE-coded pensions, and receive untaxed income (interest and dividends outside ISAs). For historical reasons, we still do self-assessment, so just report that income and pay the tax due at year-end rather than get it taxed during the year by PAYE adjustment. As a result, we haven't…
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Council tax discounts for carers
after reading loads of posts, gov website, getting advice from carers uk I believe that because my mother, who has Parkinson’s dementia and is severely mentally impaired, lives with me and my husband, and I am her full time carer (24/7 as she cannot walk, talk, feed herself, or do anything) then we are entitled to…
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sending ' signed for ' mail to HMRC
Does anybody know if a signature is still provided when mail to HMRC is collected from the Royal Mail depot at Wolverhampton ? My understanding is that a driver from the Wolverhampton based company that scans mail for HMRC will sign for collecting a sackload of it from the depot. Thanks.
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CGT - finding fund values from 2005
I sold some Jupiter Responsible Income funds recently which were originally Old Mutual Equity Income Fund when I acquired them in 2005. I've googled and it says I should be able to find out the historical price on Trustnet or HL but I'm not having much luck with either website. Can anyone tell me how to find out this info?…
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Where do previous payments on account appear on current year tax return?
I'm keying in figures into my 25/26 personal tax return having made 1 payment on account for that tax year already and another due in July. In the main self assessment (right up to the calculation and "submit" button), I don't see either of those 2 payments on account featuring anywhere, and instead the balancing payment…
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Tax on compensation received for complaint
If you make a complaint to a financial institution which they uphold and pay compensation in recognition they haven't performed as expected. Is the amount received taxable? Thank you
