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Interest on Self assessment payments
I have just done my tax calculation for 24/25 tax year and, after I pay the 5k second payment on account, I will still owe 2k tax and NI. If I pay the 5k requested ( based on 23/24 tax year) will I be charged any interest on the 2k? and how will the interest be calculated? Is there any advantage to paying more than the…
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Why has HMRC started using tax return limited?
Recent got a message from HMRC saying they owed me £194.27 and they had sent the cheque to Tax return limited. So contacted Tax return limited to request my money and the have charged me £125.28 for the privilege of giving me my own money. !!!!!! what sort of a scam is this? How do I get the rest of my money. I work bloody…
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Gifts and inheritance tax
My wife and I keep a joint account. We give gifts to our children both within the annual limits and also potential exempt gifts. I fund the joint account in the main through my DB pension but my wife does contribute through SiPP, savings and investments. Let’s say my wife contributes £20k and I gift £10k to each of our…
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Tax after Bereavement
I have recently been widowed, I have three school age children. I’ve been awarded a survivors monthly pension payment. This is not a large amount but still welcome now that we have lost a salary. Is it right that this pension payment is classed as earned income of mine and os there any allowance in the child benefit rules…
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Pension RAS tax relief reclaim via self-assessment (20/40/45% band)
Hi all, I think I understand tax, then something comes along that utterly stumps me, I go away and read the helpful HMRC advice and realise I'm now more confused....so over to you... So I paid Salary sacrifice pension contributions of £27,022.50 (background, but I guess relevant if I get near a threshold) Then I made AVCs…
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claim back USA Tax
Does anyone know where I would start with a UK citizen claiming USA Tax back? my son plays esports/ gaming and has earned quite a lot of money over the last 2 years and we have been told he can claim this back, as they take 30% for USA Tax, and as UK is lower he should be able to claim some of this back minus the UK…
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Bank account interest
I thought that for a basic rate tax payer £1000 of savings interest is tax free. I am below the earning threshold for income tax from part time self employment but saw that my £29 earned interest was added to my income. I am still below so won't owe any tax but if the interest had taken me over the personal allowance would…
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Writing to HMRC
This query is about Royal Mail as much as about HMRC as about tax, but I can't find a more appropriate topic. We wrote to HMRC at: Inheritance Tax, HM Revenue and Customs, BX9 1HT, United Kingdom. We used the Royal Mail "Special Delivery Guaranteed by 1pm" service. We posted it on Tuesday 25/07/2023 at 10:22 and when we…
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National insurance refund
Hi,the last tax year I worked part time and earned just around 10k for the whole year. Some months I earned as little as 300 pounds and some others I earned 1300 pounds. At the end of the year I only reached 10k. The 3 months I earned around 1300 I got a deduction for National insurance. At the end I got my p60 saying my…
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Income & Capital Gains tax
Hi, I'm a a long-time watcher, but a newbie to posting as I can usually find answers via Google. I manage my OH's tax matters, and have been struggling to find an answer to how capital gains effects income tax rates. However I've just read some illuminating historic post on similar topics. My understanding now is that they…
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taxed on work expenses (employee)
hello everyone some advice pls for work I have to travel and use my own car, so claim mileage and parking expenses. previously these were paid separate to my wages. I've never gone over 10000miles per year, so claim at 45p per mile My current employers (started last month) pay my expenses for mileage and parking as part of…
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Capital gains tax when property inherited in two parts
I am trying to clarify how to submit this. My Dad died 7 months before my Mum. They were tenants in common so when he died my sister and I inherited 1/4 of the house each while Mum retained the other half. When she died we inherited the other half between us (so another quarter each). There hadn’t really been any change in…
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Does BIK increase after the first year?
My son has a company car, as he is a service engineer. He has just noticed that his tax code has dropped for the next tax year due to the increase in his BIK. Should the BIK remain the same on a company car once it has been assigned.
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Allowable capital losses
I am just finishing my self assessment. In the capital gains section there is a capital losses question. I understand losses can be used from the previous 4 tax years. I have a £139 loss from selling some cryptocurrency in August 2022 and a cryptocurrency that Coinbase suspended trading on in May 2022. It cannot be sold or…
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40 percent tax/pension/rebate question
Good afternoon all, Having just received my wage slip for the month, it's looking more likely I'll get dragged into the 40 percent tax bracket. My tax code is 1265L My total earnings for this tax year so far are £13,000 - so pro-rata £52K. My post tax pension contribution is £167.10/month but £208 appears on my pension…
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Fuel card from work for a private car - P11D
morning all i was provided a fuel card in 2024 and was allowed to use it for fuel for both business and personal mileage. the company pulled the plug on the cards in March 2025. for the calculation of tax, is it 40% I have to pay on the amount showing on the P11D, or do i have have to pay the amount on the P11D? Around…
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Reduce your hours but not your salary - ish
Hey all... I'm sure this isn't news to any or many people but I've just had my first payslip after reducing my hours and am quids in - kind of. My full time salary is ~£54k so into the 40% threshold. I wanted to reduce my hours as I didn't want my interest earnings to be taxed that heavily. So I reduced my hours to fit…
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Tax treatment of non-UK interest routed through a UK entity
Can anyone
tell me whether interest from Israel Bonds (loans to the Israel govt) count as
UK or foreign interest? The investment is routed through an FCA-registered UK
entity, but the income is from the State of Israel. I asked the UK entity and they
(unhelpfully) said to check with a tax advisor… I don’t have one of them!…
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Tax with settlement payment
Earnings since April 25 to July were £30k i was just dismissed and offered £125k settlement. Does that mean I’ll lose tax free and childcare hours?
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IHT403
do i add tax that was due for each year or tax that was payed out of bank as different years as tax is not paid to the following January hope this makes sense
