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Marriage Allowance Cancellation
I am aware that when it is cancelled the change does not start until 5 April. Is anyone aware how late you can do the cancellation? I want my wife to keep it until the end of this tax year and then transfer it back to myself.
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SIPP contribution and gift aid
To keep out of the higher rate tax band (and hence keep PSA at £1,000) I need to inform HMRC of SIPP contribution (£2,880/£3,600) and gift aid donations. Will they just accept my word for these, or do I need to provide evidence? SIPP contribution would be easy as I can get a statement from the SIPP provider, but what would…
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Pension and self-assessment
Hello, I wonder if anyone here can help me with my situation. At the end of March 2025 I ceased working for my own limited company, and received a P45 (which I still have) In the meantime, I have semi-retired; my income is made up of private pension income (tax-free portion) and doing a few odd jobs for people (I've…
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IHT - parent paying University Fees directly - still a gift to child?
Hello, We have been saving in childrens JiSAs £9k/year with a view that they can use the money for University costs (if they decide to go). It is clear that £3k is exempt and £6k is subject to 7 year rule. However, as an alternative, if a parent pays university fees directly - is this still considered a gift to child…
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Over-charged French withholding tax on dividends?
TL;DR: My dividend paid in UKP has had 25% deducted by Computershare before payment. Shouldn't it be lower than this due to the tax treaty with France? The longer version, with background. I have shares in a French company traded in Euros. The shares were obtained while working for a UK subsidiary of the French company, as…
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Tax code 26/27, unpaid tax from previous year
I have just been notified of my tax code for 26/27 and there are 2 curious items. First, it includes unpaid tax from previous year of £342. As I received a tax rebate of £227 for 24/25, this underpayment must relate to 25/26. Is there anywhere online where I can see where this has come from? Second, my untaxed interest has…
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Gift aid claim: what does "paying over higher rate tax" mean?
I am a higher-rate tax payer. For the last several years HMRC have applied tax relief to regular gift-aid donations that I have been making for years. I understand that from next tax year they are not simply carrying over such relief so I need to tell them again. Fair enough. On the government gateway online form for this,…
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Salary/tax reduction advice
Good afternoon all, I was wondering if someone could please help me with some accounting advice to help me lower my annual income to prevent me losing my free childcare allowance. I started a new job towards the end of last year and believe my combined earnings between new and old employers will take me over the £100k mark…
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HMRC Late Payment Self Assessment Penalty Notice
I was late in making payment to HMRC for what I owed through my self assessment. It was due on 31st January 2026 and I paid on 2nd February. I called HMRC and asked them if I would be charged a penalty for this and they said yes £100. I asked how will I know when I have a penalty, do I need to keep checking my online tax…
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CGT - Private Residence Relief when moving into care home
Hi, Mum and Dad own their property outright as tenants in common (equal share). Dad has moved into permanent/long-term residential care, mum continues to reside at the property. I am interested to understand dad's capital gains position as the property is no longer his primary residence. I understand from the tax manuals…
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IHT - Normal Expenditure all or nothing?
How would HMRC treat the Normal Expenditure out of Income exemption (IHTM14231) in the following example: Regular payments of £10k/pa are set up, however it turns out that when claiming the exemption (when the time comes), there was only £8k of excess income and so £2k had to come out of capital (i.e. 8k being the…
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IHT - How to make the 25% tax-free part of an AVC be classed as income?
From my reading it's not too clear what exactly HMRC classes as 'income' when dealing with IHT, however I understand that it's not the same as how HMRC classifies income for income tax purposes. Taking the 25% as one large lump sum I would imagine would not be seen as income from HMRC when assessing the against IHTM14250.…
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Investment Bonds and Trusts for IHT planning
With the changes to how DC pensions are treated for IHT purposes and the growth in house prices and stock markets more people/estates will be facing an IHT bill. So maybe people will discuss the pros and cons of onshore investment bonds/life insurance and the range of trusts that can be used as wrappers.
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Add savings interest please
Please could "savings interest" be added to the calculator? I feel this is a very significant option, given the whole raison d'être for this site is based on maximizing savings. This is such a huge factor, I've no idea why tax calculators don't consider it. It's also very obscure. I found out recently that HMRC will add…
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Business Mileage Claim?
Hello, my company provides me with a personal car allowance and also provides me with a fuel card for both business and personal use. The company doesn’t deduct any costs from me. I record my annual business mileage. The company deducts my business mileage from my total annual mileage and provides a P11D to HMRC for…
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CGT calculation and retrospective valuations
Hi all, I'd appreciate some help with a forthcoming house sale. My family home is being sold shortly and there are complicated CGT questions I think I know the answer to, but would appreciate some guidance. The property was purchased in 1985 for £45,000. My parents owned the house as tenants in common with an equal half…
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Wrong tax code and repayment options
Hello, I'm looking for a recommendation on a change of tax code. I am a full-time employee and all my payslips and taxes are though PAYE. In March 2024 I paid 3.5k£ into a SIPP (and the correct grossed up top-up of £875 was then added by HMRC the following months). Probably as a consequence of this (since nothing else…
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Whose gift is it anyway?
If parents make a gift of money to a child, is it demeed to have come solely from the parent whose bank account the money is transferred from (thinking of things like seven years survival for IHT)? If you want it deemed 50/50 from each parent, is it necessary that it either comes from a joint account or that half is…
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Timing of Annual Tax Summary
Does anyone know when this drops onto the gov tax platform for 2024/25? Specifically the summary with breakdown as it is not on there yet. You can view the top line tax paid but thought after 5 months it may have dropped on. Not a first world problem but just wondered....
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BIK on a company car that's a company "asset".
Hi. I am trying to get my head round potential tax implications for the company car I have which is deemed as a "company asset" as it had adaptations for emergency response. I know I have to pay BIK which I believe is 20% of the cars value, less my contribution and then 40% of that = 1 year tax. My questions is, is this…
