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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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Can payment of a Legal Charge on property sale completion be deducted in CGT calculation?
Sorry this is long but I can't find an answer anywhere else! Summary of situation: * My mother and father bought family home in '78, they split up and father moved out in '82, later divorced amicably, mother stayed in house and they both retained Joint Tenant ownership of it (father happy for my mother to live in it until…
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Nurse bank
My wife works for NHSGGC and works bank shifts. Her bank shifts are classed as a second job and she pays 40% tax on these earnings. From what I can see HMRC class bank as a second job however the legal definition of a second job is if you have a separate contract with a separate employer. NHSGGC run and manage the bank so…
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Selling rental house - questions on expenses if empty
We are thinking of selling our rental property next year. The tenancy comes up end April and then we will smarten the house up a bit for sale. It is likely to be empty for at least a month. Trying to get my head round the implications. 1. If the tenants move out before end April can I offset the council tax and electricity…
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How to query vat payment on a second hand item from usa
Hi, I've just been charged full vat on a second hand item I ordered from the USA. Cost $300 approx. This would have been zero VAT if I'd bought it here in the UK, does any one know the rate I should pay for this? And if I've been charged wrongly, how do I reclaim? Thanks in advance!
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[LTD HMRC] Closure of the service to file your company accounts and tax return?
Hi All, HMRC is dropping the online filling service. This is their justification which I don't buy as how their own online form cannot meet modern digital standards and they push everyone to use proprietary software? Unless there is something free/open source I could use. They introduced this service like 14 years ago not…
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Calculating adjusted net income with BIK
Hi all, for the first time I need to complete a self assessment to calculate the higher rate child benefit charge (HICBC) but having been PAYE all my life I am slightly confused about how to calculate adjusted net income (ANI). My taxable income for the year (from salary + bonus & overtime) is £66415 but I also have a…
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Giving property to someone and CGT.
Would I be correct in thinking that you can transfer ownership of your property to someone else and not have to pay any CGT as long as it is their only house? E.g A parent transferring to their children but still living in the house along with the child? I know that in such circumstances the council can claim the house…
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Salary sacrifice
As an employer I want to provide as best I can for my employees. We already have salary sacrifice for pension and cycle to work. What other salary sacrifice options do people avail of and think beneficial. As a small employer we can facilitate anything which is beneficial as the admin burden isn’t excessive. I’m looking…
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Calculating taxable income - pension deductions
Hi all, Can anyone confirm whether contributions which I make to my pension from my salary count towards my taxable income for the year? I am asking for reasons relating to the personal savings allowance. I've set out below a hopefully straight forward scenario along with a couple of statements which reflect my…
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Income Tax due on Savings Interest
Hi, looking for advice on the tax due on savings. I am retired on a company pension of £15.5K not state pensionable age, therefore currently a basic rate tax payer. Will all my savings interest above the PSA and SSRate be taxed at 20%. OR As I expect to get approximately £35K ( Non ISA ) savings interest this tax year.…
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SIPP drawdown without taking tax free lump sum
Leaving aside the question of whether the budget might tinker (or take a sledgehammer to) the tax free lump sum, is it allowed to make a taxable withdrawal from your SIPP while leaving the tax free 25% untouched for a later time? This would essentially be the flip side of taking a tax free lump sum and moving 3x into…
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Advice sought on selling sharesave scheme shares and limitting the CGT I will have to pay
Disclaimer: I am a bearer of little brain. I have tried to research this but just find myself getting more confused. Layman’s term would be very much appreciated please.I am looking for advice on how best to limit my exposure to Capital Gains Tax on the sale of shares. The shares were bought by me when I participated in a…
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Share Losses Carrying Forward
I made some losses on a share sale 24/2/21 I know I can carry forward losses for four years following the loss. I just want to check that I should have used this loss in the tax year 24/25 and it cannot be carried forward to tax year 25/26? Many Thanks in Advance Capital Gains Tax is crucifying!!!
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VAT on building work, and council tax whilst living in annexe
We live in a farm cottage with several outbuildings. The main house wasn't really habitable, so we converted a barn to use temporarily whilst doing the building work (rather than getting a static caravan) which will then become an annexe for dependent relatives. However, we had a disaster with the first builder meaning the…
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Numpty’s guide to CGT
Apologies to everyone who thought this would be a guide. I’m looking for advice, not providing it! A mate of mine (honest!) is in the fortunate position of making out pension contributions (DB scheme) and S&S ISA (Vanguard). Previously rpthey bought Government bonds which are CGT exempt, but they are now thinking about…
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Trying to work out my personal savings allowance for this tax year
Good morning all, I recently retired and so I won't have been paid a full year's salary from 1st April 2025. I understand that if I only draw £12570 per year, then my personal savings allowance would be £6000.00. However, because I've only worked 6 months of the current tax year, I'm thinking my personal savings allowance…
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IHT and Joint Tenant Property
I would be grateful for any clarity on the following. Thank
you in advance. A house has been owned by mother and daughter as joint
tenants (meaning each owns 100%) for well over 7 years. The mother has passed away meaning that the
daughter automatically becomes the sole owner via survivorship. However, for
the purpose of…
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Transfer SAYE shares to Flexible Investment ISA
Hello, I would like to check my understanding is correct please. My SAYE has just completed and I am about to exercise my options. I will make a gain over the GC tax allowance and so I would like to transfer the shares into my Investment ISA this tax year. I have £16k allowance currently available. My Investment ISA with…
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Electricity Standing Charge an allowable expense?
I have owned a plot of land for 5 years containing a small
outbuilding. During the tax year 2024/2025,
I received an unexpected electricity standing charge bill for £4000 which I
paid (no electricity was consumed). I
was not aware of a live electricity supply until I received the bill. I let the land to a local builder for…
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"Buying out" IIP trust beneficiary: IHT implications.
I appreciate that this is a complex issue, and the answer may well be to simply consult an expert, but thought I would try the hive mind here first. My father-in-law is the beneficiary of an Income in Possession Trust (IIPT), set up by his parents as a way of protecting the family assets from his ex-wife, from whom he was…
