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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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Self assessment and P11D
Hello, As employee I receive benefits - med insurance. After my P11D was submitted this year (for benefits 2024/25) my tax code changed and the taxes on these benefits were taken via PAYE on my salary. On top of this job I have to make a self-assessment for sole trader work, which asks me to mention my benefits under the…
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ISA and Withholding tax
Hello everyone, I have an internal debate regarding ISAs, and I will expose the situation below: I plan to buy some shares from a French based company which pays dividend. The french dividend comes with a retention in origin of 25%, and as it's an ISA, no tax is liable in the UK. Now, because France and the UK have signed…
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Self Assessment Interest charges after mistake
My 2021/2022 SA was incorrectly completed by me, due to a company name change i failed to send the whole year total. I only complete SA due to child benefit, which i have subsequantly stopped. However, HMRC sent me a rebate in August 2024, which i immediately queries in the early september to confirm the error. I was told…
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Understanding Capital Gains Tax
Hi - looking for some guidance on CGT and how/when it applies, as I've just cashed in some company shares and would like to pay any tax bill now (leaving the remaining amount to put towards our house extension). The headlines are: - received the shares in December 2017, but as it's an American company it was held in a…
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State pension tax
My wife's only income is her state pension however she has she has given me the marriage allowance. I do pay tax on additional pensions, last year my wife received a bill from the tax office for a simple assessment request for £132.60 which I have paid. If the simple assessment is applied this year with the increases in…
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Self Assessment and R185
I’m completing my self assessment for last tax year and have income from an estate under administration (R185), but cannot see where it goes. I wondered if anyone else might know?
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What's Tax Free / What's Not
Can someone advise which of the following items are tax free or not please :smile: 1. Nationwide fairer share payment. 2. Nationwide thank you bonus. 3. Bank switching bonuses. 4. Savings platform bonuses e.g. Raisin summer loyalty & introduce a friend bonuses etc. 5. Solar panel electric export to grid payments. 6.…
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Self Assessment tax return
I am filling out my first self assessment tax return and would like to know if I should include income I recieved from renting out my parking space last tax year? I earned £183.43 for the year. I read this article on MSE - https://www.moneysavingexpert.com/shopping/cheap-parking-rental/. Is it still correct?
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are there any tax implications for a joint owner of property paying there share back years later
i am joint owner of a house with my mother / my deceased father also lived in the house we have lived at the house for 23 years i live in the annexe i had built. the property was bought outright at the time and set up 50/50 and not set up as unequal shares even though that was the case my fault, solicitor did not ask any…
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Capital Gains Tax on sale of a property held by a Protective Trust
My mother, in her will, left a sum of money to be held in a Protective Trust for my sister who had mental health issues, the Trust becoming effective upon my mother's death. The will created myself and my brother as Trustees "to hold the income thereof upon protective trusts for the benefit of my daughter xxx for her…
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First time self assessment for property income
Hi, sorry if this question has already been asked. It's my first time doing a self assessment for property income so just getting my head round all the questions etc. I have a jointly owned property so obviously we have divided the income and expenses. My income would be below £5,000 before expenses due to only getting…
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help capital gains tax
i sold a house in march this year used hmrc tool to work out money owed have checked amounts 5 times same amount every time when i fill in my self easement with the same amounts hmrc say i have under payed on my capital gain but the numbers are the same
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Frustration with HMRC.
I'm trying to contact HMRC this Saturday morning by phone and according to this they're open from 8am. https://www.gov.uk/find-hmrc-contacts/income-tax-enquiries However, I'm having no joy and a voice is telling me they're not currently open. I've received a notification telling me I'm underpaid tax on savings, all to do…
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Tax Return Query
Still trying to complete my tax return and confused by why some questions are marked as optional. I assume I should enter total received from my SIPP (but uncertain whether this figure should include the tax free part) plus pension from employer. But as it says it is optional, can I just leave it blank? Though if I do wont…
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Possible major change to how we pay our income tax from tax year 2029
An item not generally reported In the latest budget was a proposal which will affect PAYE and self assessment tax payers. They are proposing that self assessment
taxpayers with PAYE income will pay their self assessment liabilities
in-year via PAYE from April 2029.They want to make a mandatory adjustment to your tax code…
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Pens Contrib falls into which tax year?
Because of a change of employer in summer 2019, I changed from salary-exchange to relief-at-source pension contributions from monthly salary. As normal, my employer deducted my pension contribution from salary in March 2020. However, the pension provider didn't receive the pension contribution until some days after 5th…
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Assigned bond
If a bond is assigned under a will how will it be taxed?. I have an understanding of how a bond would normally be taxed but there is no information as to how many 5% payments have been made, or indeed any other payments, just a value as at the date of transfer. The executor of the will had no idea either. Thank you for any…
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Dumb PAYE question
... which I really, by now, should know the answer to. Under PAYE if you have a one off month where your salary puts you into the next tax bracket but your annual salary will still be below the next threshold, do you have to claim for overpaid tax or does the system handle it automatically by, say, increasing your tax code…
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Tax calculation
For some unknown reason my OH has been unable to register for on line tax return, so he has to fill in a paper one every year as he has pension income and bank interest from abroad. He usually does this in September/October, and about 6 weeks later gets his tax calculation in the post, but this has not happened this year.…
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Marriage Transfer Allowance flip-flopping
In 23-24, circumstances were such that Mrs F-S was able to transfer 10% of her income tax allowance to me. I understand that in HMRC parlance, she was the claimant. For 24-25, the situation was reversed and I have just sent off form MATCF to HMRC to ask retrospectively for me to transfer 10% to Mrs F-S. But I note from…
