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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…
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Calculating Income Tax
Hi all, this my first post and I hope I’m in the right
place. It regards the HMRC income tax calculations. My latest tax estimate from
HMRC has just nudged me into the higher tax band but I’m struggling to
understand how it works. My income, less interest from savings, is below the
threshold of £50270 (above this is…
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Inheritance Tax and Trust
Hi, my dad had 2 trust which all his assets went into upon death - a family trust and an interest in possession trust with my mum as beneficiary. Now mum had died and I have been told she doesn’t get dads nil rate band of £325 because this was utilised on the trusts - is this right as now we have a large IHT - if dad had…
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Question about D0 tax code on pension
Hi MSE, I have a full time job that on my P60 says I my taxable income is roughly £1000 into the 40% tax bracket. Last year I took a small pension from an old job that is worth £6K a year. The pension income is 100% taxed at 40% meaning a yearly income of £3600 from it. My question is, would it be worth me paying more into…
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Inheritance tax question
My father (age 92) wants to gift my daughter (his grand daughter) a largish sum of money (around 100K) to help her buy a home. He is however concerned that she will be liable to pay inheritance tax on it if he dies within the 7 year limit for IHT. So the question I have is..... Assuming he doesn't live another 7 years, if…
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Working from home payment incorporated into base salary.
Hi, sorry if on wrong board, wasn’t sure how to categorise we have recently been advised that our working from home payment’s are being incorporated into our base salary, becoming part of our overall terms and conditions. Previously the amount has been recorded separately on our payslips. Apart from no longer seeing the…
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Miscellaneous income
I fill out a self assessment for my daily work. For the 2024/2025 tax year I have income from staking cryptocurrency of about £2000. I understand this comes under the trading and miscellaneous income allowance. Box 17 of the SA100. When I input the amount do I input £2000 or deduct the £1000 allowance or is that done…
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Help with tax code/untaxed savings interest
In February I was notified of a change to my tax code; there was a new deduction of £242 for "Untaxed interest on savings and investments". From my own records I calculated I'd have earned ~£750 in interest by the end of the tax year and I've always been a basic rate tax payer. Unable to get through to HMRC at the time, I…
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Demand letter for £2159 Simple Tax Assessment 2022-2023 and 2023–2024
. . .HMRC have sent me a letter demanding a Simple Assessment Payment of £2159.00, made up of £967.00 for 2022–2023 and £1192.00 for 2023–2024! . . .I have been paid approximately 60% of my salary, who's is quite a bit less than £12,570 (My tax code was 1257L until 1 April this year and the tax man has changed it to BR! .…
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Underpaid Tax Disaster
Hi there, Firstly- I’m a nurse, I know a lot about nursing. Tax not so much!! I had letters galore from HMRC saying I paid incorrect tax in 2 previous years. They think it will also affect this tax year just ended but no calculation just yet. I am paying them £320 a month for 2022-3, plus this month they changed my tax…
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Informing HMRC of SIPP contibutions
I need to inform HMRC of my SIPP contributions for 24-25 tax year for the purpose of claiming tax relief as a a higher rate payer. For my gross taxable income, is it okay if the interest earned on my savings change after the banks report it to them? The reason I ask is that I know what interest I think I've earned based on…
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Starting rate for savings
Hi all I hope you're all doing well and enjoying the sunshine I have a question about the amount of tax my Mum will need to pay on her savings interest for 2024 to 2025 Her income for 24-25 was £13,366.29 She will earn about £4621.00 in savings interest (without taking the £1000.00 'free' allowance off) Her tax code for…
