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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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Inheritance Tax Question – NRB and transfer to spouses estate
I am executor for my
father in law who died in May 2024 and also his wife who died in July
2024. Tax planning gifts
of more than the NRB (£325000) were made by the wife alone to her
children in the 7 years before her death and will result in PET’s
with taper relief which will use up the whole of her NRB. The wife had…
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I owe HMRC money but they never told me!
Hello everyone. Any help would be greatly appreciated. I am in the Army and have been for the 22 years. I have never had anything to do with my PAYE tax as a government employee and have never completed self assessment (until recently) and have never been told that I needed to. I get the odd email from HMRC informing that…
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CGT calculation help needed on selling second property, pension income is income tax threshold
Hi, I have a small flat that is not my main property but a second property. I bought it in 2013 and am thinking of selling it imminently. It has probably gained about 80 or 90k over the 11/12 years I've had it. (I bought it at auction and did it up a fair bit). I've never paid CGT before and don't know much about it. I…
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Let Property Campaign - experiences of those who have experienced it please!
Hello, I have received a letter from HMRC re the let property campaign and I need to submit my late property accounts. Before anyone launches at me, it was my main home (I moved in with my boyfriend) and I am only a year behind (obviously need to submit last year's this month also), and have spent the last 9 months trying…
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Childcare vouchers and earnings assessment
I was wondering if I could get some advice, I am in the 40% tax bracket but I have a child at nursery and I claim childcare vouchers. On my account it says I am a basic rate tax payer as I can only assume my HR and payrol have not updated the earnings assessment. For most of 2023 I claimed just £100 a month, but I have…
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I seem to have a Business Tax Account
I seem to have a Business Tax Account. I don't know why, or when this happened. I do know that I have never owned or run a business in my life. I don't know whether this is to my advantage or disadvantage Fiscal drag means that in FY 2024/25 I will be paying tax at 40% for the first time . My income is based upon State…
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P45 no new employer
Today I received my P45. I finished work on 31/12/24. I believe if I was starting another job, I'd give the P45 to the new employer. I'm not planning on working again. Do I have to do anything with the P45? Do HMRC automatically get a copy of it, or do I have to send it to them? If not, presumably they will think I'm still…
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Foster carer self assessment
Hi, I wonder if someone could advise. I am a foster carer and normally a friend does my SA for me but sadly passed away suddenly. I am not sure how to work out the Qualifying Care Relief amount. I foster a child long term and lets say the qualifying amount on my annual tax statement was 50K, how do I apply the calculation?…
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Paying tax
I am a 40% taxpayer (full time employee in England) so outside ISA, I can get £500 worth of interest per year tax-free. If I go over it, do I need to do a self assessment? Or will it all be handled automatically with PAYE in the following tax year?
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Self assessment, income tax and capital gains
I'm in the process of submitting self assessment for FY23-24 I had a chargeable event, as I cashed in part of an overseas bond. The gain was circa £25k. I expected that I would be liable for capital gains tax. I have been told that as it was an overseas bond, I also have to pay income tax (at 40%) - wasn't expecting I have…
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Can a capital gain tip me into higher rate tax and losing my personal allowance?
I'm considering selling some shares from my company work scheme up to this year's 3K limit. This will take my overall income salary + CG into the region where I would hypothetically start to lose my personal allowance. My question is, is CG taken into account when calculating if/how much of the personal allowance is…
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How does PAYE operate?
I'm trying to make a spreadsheet to forecast cashflow, with varying income month to month. I understand how to calculate the tax bands on an annual basis but not how it's calculated month to month. For example, let's say Month 1 Gross Pay is £3000. How does PAYE calculate the tax? Is it as simple as saying £3k * 12 = £36k…
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Self employed GP Locum expenses / capital expenditure
Hi MSE, I'm a self employed GP locum. I do a mixture of face to face clinics in various practices but also do a fair amount of remote working. I have a room in my house that i've converted into an office for my home working. I was just wondering what are reasonable expenses to claim solely for business use. 1) Desk - Don't…
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Paying self assessment bill
In previous years when I had tax to pay as a result of self assessment it was taken via my PAYE code. This year the amount was too much for that to be done, and I have to pay the amount due by direct payment to HMRC. I wondered how long it normally took for such a payment (by bank transfer as requested on the form) to show…
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company car salary sacrifice & self assessement
I have a company car which I only use for private journeys, not claiming any business mileage. 777.46£ is deducted from my gross salary & pay slip says the taxable value of the car is 460£. I can not see a P11D in the NHS staff records online. Dont know why. In my self-assessment tax return, I presume I have to include…
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Uber eats self assessment help :(
Hi everyone, can someone help me with my tax? I work part-time for Uber Eats and started in January 2024. So far, I've earned around £2,300. This is my first time doing a self-assessment tax return, and I'm completely new to it. Someone mentioned that I should calculate my earnings from January 2024 (when I started) to…
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About Gift Aid donations (Basic Rate Tax Payer)
If anyone can confirm that my understanding of Gift Aid is right enough I'll be reassured, thank you. If, for example for a basic rate tax payer, a charity Gift Aid donation amounting to £1.250 for the tax year 2023-2024 is made, is it right enough that the additional 25% of this (which the charity receives) has to be…
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Gain on house sale. Non UK RESIDENT
Hi, I worked out the gain using TIME APPORTION METHOD. When stipuating the gain, can I take off my PRR first and then call that the gain? Or is the PRR separate from the actual written and calculated GAIN. So PRR goes down as a cost instead of deduicting it from the gain to get a lesser amount to call the gain,
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Still waiting to hear from HMRC
Having logged on to my online account, it says HMRC are yet to calculate my tax for the last financial year. So at the moment i dont know if i owe them anything or vice versa. I don't do self assessment. Should i be worried having not heard by now? Seem to be taking a long time this year.
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do I need to do a self assessment?
and if so when does it need to be done? OK - so I tried to do a self assessment last year, might have been in January. The only reason I was doing this was because I started to get a foreign state pension paid to me and because it's a low amount it isn't taxed in that country. So I assumed it should be taxed here. So I did…
