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MTD (making tax ....difficult)
Hi all, so I have run a small energy survey/air pressure business since 2010. Never needed an accountant as quite simple ingoing's & outgoings, (nothing digital 100% pen & book), but as my turnover is north of £50k I have started to prepare for MTD. I have downloaded Free agent as I get it free with biz account (Natwest).…
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HMRC THREATENING
I submitted my self assessment correctly and on time however a mistake of £26,300 was made by HMRC in the capital gains section of their tax calculation amounting to whereas they had not taken off the 17 years private resident relief amounting to £91,412, and they said I owed them nearly £30,000. Despite all the correct…
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Tax deducted from Early retirement incentivisation scheme
I recently left my job on an early retirement incentivisation scheme (voluntary redundancy) My compensation was net £15000 (Paid April) which due to my tax code resulted in a gross payment of £26448 to achieve the £15000 net. It appears that I have been taxed as if I would be getting this monthly for the whole tax year…
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IHT and other taxes on single large cash gifts
My partner has 2 elderly parents (93 an 89) and are in the no-go phase of retirement with very little outgoings. She is one of two siblings. Her parents have a will which will transfer the full estate between them when one dies. When the final parent dies, the full estate will be split between the two children. The total…
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Selling a Property in Cyprus - Inheritance Tax
Hi, Hoping someone might be able to offer advice...................My parents purchased a property (holiday home) in Cyprus some years ago with the title deeds in joint names. When my father passed away in his will left his 50% share split between my mother, myself and my brother. My mother is currently liaising with a…
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Can a Joint Tenancy be Severed by Varying a Will? / IHT Planning
I'd greatly appreciate some clarification of this situation regarding varying the father's will to put the house into joint names between the son and mother as I've received some conflicting advice: 1.) Son has lived with the parents for the last 25 years due to ill health. 2.) Father unexpectedly passed last year, I have…
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Dividend payment and tax
II have shares in IAG and recently they payed a dividend. It looks like I have been taxed on the payment. I’m using AJ Bell platform. I thought ISA were tax exempt? Thanks for any feed back .
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Tax rebate possible?
I am filing my final self assessment as now ceased trading, with a loss of a several thousand. Have since become employed and paying normal amount of tax. However now that I am declaring a considerable loss for the tax year just ended, do you think there’s any chance I will be due a tax rebate? If so is it automatic?
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Workplace medical insurance
My contract of employment (from 1994!) states that the company "will provide free medical cover". Being young and healthy at the time I never gave this much thought, until recently.The medical cover they provide is actually via medical insurance which costs me over £200 per month as a taxable benefit, and has a £500 excess…
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Pensioner tax on savings, do I need to contact HMRC
I have POA for my mum, dealing with her finances for over 2 years. After selling her home last year, due to moving into a care home, she has received much increased interest over previous years. Well in excess of the £1000 limit. Will HMRC contact me regarding this & the tax I will need to pay for my mum, or do I need to…
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Dealing with late father’s tax
My father passed away in January. I finally received a Simple Assessment for tax year 2023/24 at the end of March which has no been paid. At the same time I received a letter about tax year 2024/25 saying that he has underpaid tax and giving calculations. HMRC has said that they will write again in the current tax year…
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What happens after submitting a PAPER self assessment tax return to HMRC ?
Had a telephone discussion with HMRC, who are sending me a paper tax return to fill in, because I do not have the required documents as evidence of identity to be able to submit it online. If I understood her correctly, she said it was then my responsibility to ring them after October 31 to find out what is happening. I…
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Inherited IRA Tax Implications
My wife inherited three IRAs after her brother passed away in 2022. The total value of the IRAs was approx $450k and these were rolled over to inherited IRAs with Charles Schwab. At the time we were advised to withdraw one pension per year as lump sums to minimise tax and that the lump sums would be taxed in the US but tax…
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Is "Payment on account" for self assessment deducted from the next calculation?
I'm a landlord, as well as an employee, and have been completing self assessment tax for about 15 years. I normally get my tax return in soon after my P60 becomes available. A year ago, doing my 2023-24 return, it said I had to pay £3,200 by January (which I did), but also an additional £1600 on account for 2024-25. That…
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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?
