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Inheritance tax query
I hope someone can shed some light on this. My question is about inheritance tax and the approximate amount payable and if it can be reduced. My mother is in her nineties, I am the sole beneficiary of my mothers will, she has left her property to myself in the will, my understanding is that the threshold is 325k but i will…
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Old employer processed a negative pay
Hi, I left my old employer June 2024 and received my final pay in July 2024 from them along with my P45. However, upon recently looking through my HMRC app, I noticed that in October 2024, they processed a negative payment to HMRC. I had no knowledge of this and no idea of what, if any, implications of that were. Is this…
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Untaxed interest
My wife's latest tax code notice details how HMRC worked out her tax code. There is a line for Less Untaxed Interest....£2654. Note 3 overleaf says this is an estimate of the interest she will receive during the year from banks etc. The vast majority of our savings are in ISAs. We have £6000 in a joint easy access account.…
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Calculating Capital Gains Tax on Unit Trusts
I liquidated my Unit Trust in January 2025 into which I paid £50 per month since 2000.How do I calculate the gain and how do I declare this on my Self Assessment for 2024/25.I declared the re-invested dividend each year.Totally confused, any help gratefully received.
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Issues with tax code
In April I got a gross salary payment of £27850 (includes a bonus) was on tax code 1257L. Tax paid was £10935. In May I got gross payment of £8768 AFTER 8% salary sacrifice into pension. This was with a new employer. Tax paid was £2324. I was on tax code of 1257L. From June, I will get gross payment of £8010 a month. This…
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untaxed interest on savings and investments
Hi, I was online checking my wife's and my income tax allowances, and I noticed that in my wife's account there was a part saying "untaxed interest on savings and investments", now could someone explain what this is, please. We only have one savings account that is in "joint names" and I was under the understanding that,…
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CGT BUILDING COSTS IN 1999
We have just sold our house which we purchased 30 years ago. We rented it out for half the time, which I know we can use against our CGT liability. We also built a large extension of 80sqm, but the receipts have faded and we cannot find the original invoice from the builder. I spoke to HMC who told us just to estimate the…
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DWP pension p60 equivalent?
What's the quickest way to discover the total pension paid by DWP for last tax year? I have looked at my HMRC personal tax account, and it has details of employment pension, but not DWP. In previous years I have gone back through monthly bank statements, but I wondered whether there was a more authoritative source?
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CGT treatment on inherited shares
Does anyone know CGT is treated on inherited shares when you already hold some shares in same company? Is CGT charged on the difference from the probate value if you sell those shares; Or do the inherited shares become part of my existing shareholding and I have to recalculate the average purchase price to work out the CGT…
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Which class NIC should I be paying if I have a mix of PAYE and self employment
I am completing my self assessment tax return online, and have inputted all of my details etc. I understand all of the income tax rules, and how much I should be paying, but I am confused about National Insurance. I have earned £10,130 via a mix of multiple PAYE contracts/payslips I have also earned £3735 from freelancing,…
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The taxation of pension income: pension payments made in arrears
If someone has deferrred their occupational pension from age 60 to SPA (age 67) and then receives a large backdated lump sum of pension payment arrears can they have those payments attributed back to relevant tax years (so as not to face higher rate liability). I am looking…
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Company Van Tax
Hello, I'm a little confused about BIK for Vans with fuel cards. As far as I can tell people who have company vans pay zero tax when a company provides a van and fuel card so long as you do not do significant private use miles, is this correct? It's seem a little crazy to not pay any tax as it makes me wonder why do people…
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GCT - Will this be allowed?
John and Jane are married. They own some properties. They have lived in the family home (jointly owned) for years. They have now separated. They also own a flat (and have owned it for 15 years) but it's in Jane's sole name, during this time it wasn't their main home. John has now moved into the flat and Jane has remained…
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Benefit In Kind Re Company Vans
If your employee gives you a work van to drive to and from your place of work from your home address with a fuel card but the van does not get used for private use does this need to go on your P11D as a Benefit in Kind. Many thanks.
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Anyone has dealt with sca-tax.co.uk who speciliased in SLDT refund?
Saw the advert online and advertised that if purchasing a property through ltd company as buy to let, there are 29 ways of claiming stamp duty partially or fully as a refund from HMRC. Checked their review on Trustpilot, seems really good but looks like too good to be true? https://uk.trustpilot.com/review/sca-tax.co.uk…
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Salary above 100k. How best to reduce?
Hi My current projection with HMRC is £101500 and my tax code is 1010T suggesting it’s about right. Basic is £79600 Bonus is (usually) 10% so £7960 On Call is £4500 Overtime is around £10k per year but varies I have a pay rise incoming of approx £9k so it’s going to take me to £110k ish. Obviously I am going to be paying…
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Declaring partner for joint Council tax i.e. adding to them to the account
My partner has moved in and I want to add him to the council tax. He has been here for a little while. I also will need to have the single person's reduction removed. I would very much appreciate if anyone would share their experience with regard to what I can expect or advice of what to do etc. Thank you.
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Can I get a tax refund on last year's self assessment by contributing to a pension this year?
Hello, I've been self employed for a few years, during which time I wasn't earning enough to pay into a pension. I now have a PAYE job as well as the self employed work I do and I would like to make some additional pension contributions. Can I make retrospective pension contributions for the years I was self employed only?…
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Expensive CGT mistake
My uncle died leaving me his farm equipment. There is inheritance tax to pay. Whilst he was terminally ill, using a power of attorney, I sold a tractor at auction for £42,000. The value was written down to nil on his retirement / cessation of business years ago. This creates a £42,000 * 24% CGT liability. The sale proceeds…
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RNRB unused query
Hi . I thought I’d got my head around this , but am now questioning my calculations due to differing posts on here. My Mum passed away in August 2016 and everything passed to my Dad who we lost in March this year. As there was no RNRB in place in 2016 , can I claim it ? I thought I could claim the full £175 k but now I’m…
