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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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State Pension and tax Threshhold
Wife only has a Full state pension. I work and had some of my wifes threshold added to my tax allowance. She has just had a tax bill for £130.60 which I've paid. I've paid this as she has a lower allowance because of the afore mentioned transfer. With the upcoming increase of State Pension, on the MLShow 15/09/26 it was…
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Contradictory question in Self Assessment
I am about to finish my tax assessment (I am self employed), but I've found a question which baffles me. I am self employed and the past year I received rental income from abroad. This is the question; I've already entered my foreign income section listing my rental income. But this is asking me if I have income from UK…
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PAYE and untaxed interest
In 2025/26 my savings interest was more that what was estimated on my tax code notice. I will be paying the extra tax via the self assessment calculation plus payments on account for 2026/27. For 2026/27 HMRC used the same amount of expected interest and I anticipate it may be an unestimate again. Do this mean it is likely…
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IHT - using Normal Expenditure from Income. What is income?
I have been searching the forums for some answers but I sill have some uncertainties. Having recently put together a spreadsheet to calculate any potential IHT payable I was horrified at the result. I have been supporting our children for some years with monthly standing orders. My question is clarifying what counts as…
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Stop making SIPP contributions?
I need a sense check, please. I'm recently retired (just £1k-£2k earned income for another couple of years) and SP starts in two years. For years I have maxed SIPP contributions and now have about £660k in it. I want to run down my SIPP in future years (withdrawing the max in basic rate, using it for income/ISA/low coupon…
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Marriage tax allowance
Hello I have a question regarding Marriage, tax allowance for my elderly parents. My mother has given her allowance to my father, they are both state pensioners and both retired. I mother has gotten a simple tax assessment from HRMC which she owes tax back to them for £130.91. Due to giving her allowance to my father. My…
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Paying back child benefit and tax code
Hi, I'm so confused, and more so after an unhelpful call to HMRC. I've always earned below the threshold to pay back child benefit, but last year (tax year ended april 26) due to a one-off bonus my earnings were over £80k so I understand I'll have to pay it all back (claiming for 3 kids). This year my earnings will be back…
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Tax repayment claimed back by HMRC
In ‘24 I completed a self assessment for 23/24 which included PAYE pay and pension as I retired in Nov ‘23. (No other taxable income). The calculation was in my favour and a repayment of £250 was credited, which I took as a cheque and I informed HMRC that I didn’t need to complete self assessment for the following year. I…
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Gifting though shared bank accounts
Several years ago, my parents said that they were adding me to their shared bank accounts. Their motivations for this at the time were two-fold, one consideration was around providing a larger FSCS compensation coverage (which at the time was £75k per account holder) and the second was as part of estate planning, where…
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Closing business, how to enter on tax return
Background…I'm employed and work for a company, own a rental and alongside this myself and a friend setup a company several years ago which we were both setup as directors. Fast forward this company made a bit of money which went into the company account we never took a wage from it. We now have closed down the company in…
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Reducing payments on account
Almost at end of my self assessment having viewed the calculations and checked data entry multiple times. I now have a page headed Payments on Account and asking "Are you claiming to reduce your 2026-27 payments on account?" I am not sure how to answer. After taking the payments on account I have already made the balancing…
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High income child benefit charge tax question
I’ve been claiming Child Benefit to collect National Insurance credits. A few years ago, my wife’s salary went over the threshold for the High-Income Child Benefit Charge. We registered her for Self-Assessment and began paying the charge each year. Her salary has since increased to the point where we now repay the full…
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Self assessment gift aid claim for gift aid made previous tax year but not claimed
My 2024/25 was calculated and submitted by a tax accountant ( too scared to do the first one). I forgot to give her my gift aid amount that I made during that year. I'm doing self assessment for 2025/26 and when I got to the gift aid section it reminded me I hadn't included gift aid on 2024/25 return. I have been reading…
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How Much Tax will i have to pay?
Hi, How much Tax will I have to pay when I do self-assessment for working as a Sole Trader? In Tax Year 2025-2026 I was payed £2538 at one company (As a Sole Trader) , and was payed £6160 at another company (Also as a Sole Trader). How much Tax will I have to pay? (roughly) In the same year, all my other employment was…
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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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Heirs' income tax on inherited SIPPs
Is there any news (or existing threads) on whether heirs will pay income tax on SIPPs that have been subject to IHT after 2027? I recall hearing the government was considering steps to avoid double taxing.
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Is my understanding of this tax code notice correct ?
Hi. I'm hoping someone knowledgable about the tax system and deciphering tax code notices can assist. We live in Scotland and my wife is retired and in receipt of a DB pension of £3,400 p.a. and drawdown from a SIPP of £8,400 p.a., i.e. £11,700 gross p.a.. She also has a savings account which last tax year earned £974…
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Freelancer - PAYE vs Sole Trader / Ltd Company
Hi all, Hoping you can help. I'm currently freelancing in one industry but getting paid PAYE. I'm about to take on a second opportunity in a different industry but the company doesn't do PAYE payments and want me to be either a sole trader or operate as a limited company. Two questions: What are the tax implications if I'm…
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National insurance help
In the financial year 2025-2026 my son was self employed for 5 months but did not earn enough to reach the national insurance threshold, he ceased self employment and then became employed for 7 months paying over £600 national insurance contributions on his salary, will he need to pay voluntary contributions on his self…
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Payments on account
Sorry back again with another long self assessment question as I progress through the sections of self assessment. I have reached Overpaid tax section where: If you think you have paid too much tax you must tell HM Revenue and Customs (HMRC) where you want any repayment to be sent Do you complete section and your bank…
