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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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Help with the dreaded CGT on shares, some in SAYE scheme, some not
Hi forumites. I have quite a specific question that my searches didn't find answers to in existing threads, so here goes. I subscribed to a sharesave scheme through work and bought ~8000 shares in the company at an option price of £1,20 Thinking the company would do well in the medium term, I bought another 2000 shares…
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Claiming 40% relief on pension contributions
I'm on self assessment because of dividends, retired with a SIPP funded at the max of £3600 a year for unearned income. In the past the 3600 has always been added to my personal allowance for PAYE on my pension. This year the SIPP allowance has been decreased to 3462. After some head scratching I worked out personal…
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Estate planning with overseas child
This might be a 'take professional advice' issue, but in case it is straightforward I am posting it. Spouse and I plan to update our wills. Everything will go to the surviving spouse and then to our two children. Possibly importantly, given the French context, they are my wife's children from her earlier marriage so are my…
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Marriage Allowance Cancellation
I am aware that when it is cancelled the change does not start until 5 April. Is anyone aware how late you can do the cancellation? I want my wife to keep it until the end of this tax year and then transfer it back to myself.
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Recording gift aid on donations to a charity shop
I'm new to SA so engaged an accountant to do the one which was due by 31 January. Now I am looking ahead to the next one. I know how much and to whom I send gift aid monies each month. However, how do I record the donation of unwanted household goods to charity shops, all of which I am registered with for gift aid? I…
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Confused About HMRC Underpayment After Multiple Self Assessments — Advice Needed
I need some advice regarding Self Assessment. I had never previously needed to complete a Self Assessment return. However, in 2021 I began receiving private medical insurance as a benefit from my employer. HMRC subsequently changed my tax code in 2022 and also collected additional tax for a previous year through my code.…
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SIPP contribution and gift aid
To keep out of the higher rate tax band (and hence keep PSA at £1,000) I need to inform HMRC of SIPP contribution (£2,880/£3,600) and gift aid donations. Will they just accept my word for these, or do I need to provide evidence? SIPP contribution would be easy as I can get a statement from the SIPP provider, but what would…
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How do changes to personal allowance affect my higher rate threshold?
I just read (on a reddit thread) that changes to an individual's personal allowance will change their higher rate threshold by the same amount. I can't see this on gov.uk or money helper - they only say that the personal allowance is "up to £12570" and the higher rate threshold is £50270 (rather than saying personal…
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IHT - parent paying University Fees directly - still a gift to child?
Hello, We have been saving in childrens JiSAs £9k/year with a view that they can use the money for University costs (if they decide to go). It is clear that £3k is exempt and £6k is subject to 7 year rule. However, as an alternative, if a parent pays university fees directly - is this still considered a gift to child…
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Pension and self-assessment
Hello, I wonder if anyone here can help me with my situation. At the end of March 2025 I ceased working for my own limited company, and received a P45 (which I still have) In the meantime, I have semi-retired; my income is made up of private pension income (tax-free portion) and doing a few odd jobs for people (I've…
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Gifting Half the house and IHT
Back in 2004 my mother gave me half the house. The Land registry shows it is now joint owned. There is also a letter from the solicitor confirming the transfer is complete and that we are tenants in common with equal shares. We both lived in the house until her death. Is that enough proof for HMRC?
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Over-charged French withholding tax on dividends?
TL;DR: My dividend paid in UKP has had 25% deducted by Computershare before payment. Shouldn't it be lower than this due to the tax treaty with France? The longer version, with background. I have shares in a French company traded in Euros. The shares were obtained while working for a UK subsidiary of the French company, as…
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Tax code 26/27, unpaid tax from previous year
I have just been notified of my tax code for 26/27 and there are 2 curious items. First, it includes unpaid tax from previous year of £342. As I received a tax rebate of £227 for 24/25, this underpayment must relate to 25/26. Is there anywhere online where I can see where this has come from? Second, my untaxed interest has…
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Gift aid claim: what does "paying over higher rate tax" mean?
I am a higher-rate tax payer. For the last several years HMRC have applied tax relief to regular gift-aid donations that I have been making for years. I understand that from next tax year they are not simply carrying over such relief so I need to tell them again. Fair enough. On the government gateway online form for this,…
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Salary/tax reduction advice
Good afternoon all, I was wondering if someone could please help me with some accounting advice to help me lower my annual income to prevent me losing my free childcare allowance. I started a new job towards the end of last year and believe my combined earnings between new and old employers will take me over the £100k mark…
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HMRC Late Payment Self Assessment Penalty Notice
I was late in making payment to HMRC for what I owed through my self assessment. It was due on 31st January 2026 and I paid on 2nd February. I called HMRC and asked them if I would be charged a penalty for this and they said yes £100. I asked how will I know when I have a penalty, do I need to keep checking my online tax…
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HMRC - Lack of communication and income tax due.
I have tried to register with HMRC but all efforts have so far failed. I've tried writing to them but no response. I've tried ringing, but they simply keep me hanging on the line after numerous automated questions to put me through to the correct department, then the endless wait to speak to a human being, and the wracking…
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CGT - Private Residence Relief when moving into care home
Hi, Mum and Dad own their property outright as tenants in common (equal share). Dad has moved into permanent/long-term residential care, mum continues to reside at the property. I am interested to understand dad's capital gains position as the property is no longer his primary residence. I understand from the tax manuals…
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IHT - Normal Expenditure all or nothing?
How would HMRC treat the Normal Expenditure out of Income exemption (IHTM14231) in the following example: Regular payments of £10k/pa are set up, however it turns out that when claiming the exemption (when the time comes), there was only £8k of excess income and so £2k had to come out of capital (i.e. 8k being the…
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Update savings income current year
The amount of interest estimated by the revenue is higher than the actual so I have reported the correct figure via my online account. I have now received a letter from HMRC asking me to itemise the calculation with account details. I cannot see where to do this online and the letter doesn't suggest a method. Can anyone…
