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Income tax Q. 100k income tax “trap”
Ignore. Too much info
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Will changing ownership reduce Stamp Duty?
Hi. I currently have a property under my name. I had bought this before marriage. There is currently 26 years left on the mortgage. Mortgage value: 183k. I am now thinking to buy a house with my wife. She is a first time buyer. At the moment, if we buy a house together, for a 450k property, we’ll be charged 35k stamp duty.…
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Interest applied where payments on account are lower than actual assessment?
Hi Apologies, another confused self-assessment virgin here. I was a sole trader until January 2024, when the business closed. 23/24 tax return submitted by accountant, who assessed likely 24/25 income tax on account as two payments of £739.80 payable 31 Jan 25 and 31 July 25. My only income since ceasing to be a sole…
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Inheritance Tax for foreign spouse
I live in Thailand with a Thai wife who has no tax or residence history in the UK. I thought, as my non-pension assets are only just above the £325,000 IHT threshold, that I would be able to leave the vast bulk of my assets to my wife tax free. However, it seems from 2027, under new legislation, my circa £400,000 SIPP will…
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Do I pay income tax on money I transfer from a savings account to my current account?
I use this method to pay credit card balance when I use it to pay for, eg, a holiday. But I want to know if it will be counted as income and taxed.
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Inheritance tax on property left to children - main residence vs not-main residence
Would leaving a property to children that is not a main residence attract a different treatment from an IHT point of view than a property that is a main residence? Or is the question of whether the residence is main (or not) irrelevant when considering IHT liability?
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Tax year claim for 2020/21 not available on Gov website
I'm trying to claim a few weeks where I had to work from home during Feb/March 2021. However the Gov website only starts at 2021/22. Any suggestions please? ree
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Changing my tax code mid-year
I'm currently in the 40% tax bracket (my state pension added to my usual income did that just this year, what a shock!) but being made redundant next month. Obviously I won't be wanting to pay 40% on my afterwards meagre income - I'm not planning to get another job - is it possible to change tax codes mid-year and if so,…
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Doing consultancy work and the tax situation?
Hi, I have been contacted by a B2B consultancy who wish to join me up with clients who want to ask me about my work with electronics technology. They say they will just need my "bank details" to pay me. But please confirm that this is not the case?...i will in fact need to formally set myself up with the inland revenue…
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Second home CGT and stamp duty
Not sure if this is the right forum but it seems impossible to get advice without paying a lot of money! My husband and I own a second home which was bought after selling a holiday let, thus rolling over the CGT due. My daughter and her husband live there and pay us rent to supplement our pensions, we are both over 70. We…
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Adjustable Net Income just over £100k
Morning - newbie on here so please be gentle. My Net Income at the end of the 24/25 tax year is £255 over £100k - which means I have been contacted by the HMRC regarding my childcare allowance for my 2 year olds 15 free hours at nursery. The phone call with HMRC seemed to suggest they were ok with me as I said I was…
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Declare interest above 10k if no tax is due...?
As title, my wife earned about 2k (salary/paye), and made about 12k gross in interest. No other i/c. As she is well within the personal allowance / personal savings allowance, do we need to report the 12k interest. I read somewhere you only need to report interest in excess of 10k if tax is due.... It will be a bit of a…
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Self Assessment - seemingly huge rise in tax %age?
I've posted more detailed numbers in a comment a bit further down Apologies in advance for being another person who's struggling to understand the tax system. I started declaring additional income last year via Self Assessment and think I navigated it OK. They asked for numbers for the previous year also which, of course,…
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Inheritance Tax or Capital Gains - which is better?
My elderly father is looking to sell his house and move in with me. He wants to use the proceeds to help reduce my mortgage, so I can work less, look after him and spend some quality time together, making memories. His house is worth around £400k and he doesn’t have other savings or assets. I understand we’d have to pay…
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Self assessment help
Hi, hoping to get some advice on filling in a self assessment. I have been completing my own for a few years but this years has proven tricky. My income is lower than usual due to being off work for 3 months, so normally claiming back the full cost of a car (I'm a driving instructor) on the tax year that I purchased it…
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Second home tax - retirement properties of deceased
Hi All, Since my Nanna died, we have been unable to sell her property which is a retirement property - despite being actively marketed. Being a retirement property, it is a very narrow sales market as there is an age limit, it is a clearly senior living place, and other routes like letting are not only cumbersome for my…
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Have HMRC made a booboo ?
I have just received last years tax statements (P60's) for my pensions and believe that HMRC have made a mistakeMy online tax shows Your PAYE Income Tax summary for 6 April 2025 to 5 April 2026 using last years figures (2024-2025)This years are 1.7% higheris this normal ?
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SDLT Calculation when buying into girlfriends house
Hi I have no idea how to do this calculation and to be honest, i have spoken to a couple of different FA’s who have given me differing answers. I would like to buy into my girlfriends house. I have my own buy to let property that i have a long term tenant in and will therefore be eligible for the additional rate SDLT.…
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Capital Gains Tax
Wonder if anyone can help! My husband ( then partner) bought a house in 2010 with a mortgage in his name. We both lived in the property until 2013 when we bought and moved into a property which we bought jointly. At that point we remortgaged the original property to a buy to let mortgage in joint names and the deeds were…
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Inheritance tax allowance application deadline
Do HMRC ever allow applications outside of the two year deadline? For clarity I'm referring to: Transferring unused basic threshold for Inheritance Tax(search the government website for the above doc as I cannot post links) I have been very unwell and only just found out there is a deadline. I now stand to receive a huge…
