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Capital Gains Tax / Stamp Duty
Hi All, Appologies if I'm posting in the wrong place, but could anyone help me with a query. I own a house which I'm renting out currently, I live with parents. I'm thinking of buying another house that is a wreck and I want to do it up and then sell it for a profit hopefully. I'll live in it whilst its being done up. If…
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IHT Forms - not submitted
Hi there, I am a trustee of a small discretionary trust that was set up when my father passed away. We have just distributed funds to beneficiaries and I have completed an IHT 100C form. My concern is that when completing this form I realised that we should have potentially completed forms for a previous distribution pre…
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Taxation on Investment Bonds held in trust
Hi All, I'm trying to understand the best course of action for family wealth planning. There's four investment bonds held in trust (I'm unsure if this is an absolute or discretionary trust). Set up a long time ago by my mother who is thankfully still with us and in good health. Trustees: Mother and Sister Beneficiaries: Me…
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Taxation of benefit in kind
I am a 20% income tax payer and my employer has offered me a benefit in kind with a value of £100. Does that mean that I will end up paying £20 of additional tax on the benefit?
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A definitive answer to family giving you money
I get mixed answers online so wondered if someone could answer this question. My mother has been helping me financially to cover debt payments due to my disability. These are gifts just voluntarily given and are in no way as payment for anything. Do these have to be counted for tax purposes? Some places say family given…
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HMRC over estimate of untaxed interest
I’ve just received notification of a change in tax code for the current year, due to their estimate of untaxed interest. There is also a small amount of tax to pay from the previous tax year. My issue is that their estimate is way over the interest earned this year (mainly due to me using my ISA allowance and a reduction…
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Help needed - have I made a big mess?
Back in November my mum needed some minor repairs to her house and replace some white goods. She's on a state pension so I suggested I could sell a few things on her ebay account. We started doing this and sold about 2ks worth of used stuff. During this time I found a good deal on a mobile which I purchased and sold that…
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Tax implications on futures trading
Hi everyone, Thanks in advance to everyone who will post a constructive and helpful answer to this post. I am looking at becoming a full-time futures trader within the next 18-24 months. Only following a rigorous process of simulation and risk- management. Could anyone tell me how I can be as tax efficient as possible? I…
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Does my wife need to register for self assessment?
My wifes only income is state pension and savings interest. I pay 40% tax so all savings are in my wifes name. Increased savings and increased interest rates have pushed my wife to the level she needs to pay a bit of tax for 24/25, this is after 5K and 1K allowance. We have been building up ISA pots, so 24/25 will be a one…
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APR on purchased land
My uncle just left me some land in his will. He bought it in 1994 and rented it out under a farm business tenancy in 1998 to a tenant who is still farming it today. There was an earlier tenant between 1994 and 1998. My uncle was a farmer before he retired but he never farmed this particular piece of land himself. Does this…
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CGT/IHT Implications of Mother Transferring House into Joint Names with Son (both live at the house)
My mother and I recently saw a solicitor for IHT advice and the solicitor advised my mother to transfer either all or 50% of the house we both live in to me (so we would be joint tenants or tenants in common) in order to protect me from potential care home fees and IHT, should the IHT nil band threshold be reduced in the…
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Request payment fault on hmrc tax returns?
Not sure if im the only one having this problem, but i submitted my tax return on 7th April, well my accountant did, normally a day or two later it changes its status to bank payment pending, however this year every 48 hours it asks me to request the payment. My accountant said try and enter my bank details and request it,…
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How to enter lump sum payments into personal pension on self assessment return
I am unsure as to how to handle payments into my personal pension on my self-assessment return. I made regular monthly contributions plus a couple of slightly larger one-off contributions. Is this what this box is talking about? "Total of any 'one-off' payments to registered pension schemes included in the 'Payments to…
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Paid too much national insurance?
Hi there, I’m new to the forum and looking for advice. I had a letter last week to say I might’ve paid too much NI in 23/24. As I had more than one job. I have a full time job where my tax free allowance etc goes and I pay NI. In my spare time I play sport and get paid in a payment at the end of the season. I have always…
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My PAYE tax has gone up quite a bit recently. Why?
Hi I'm hoping someone can help me with this. So I am paid weekly and I have noticed that the last couple of weeks I have been paid my tax has shot up. I will post some figures and hopefully someone can help me and let me know why and if this will now continue at this rate from now on. My tax code is: 1257L So these are the…
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Problem with self assessment submission
Hi Has anyone had this error message when trying to submit their self assessment as I've never had it in the past? Please ensure you disallow any element of expenditure which relates to personal use and was incurred wholly and exclusively for the business. Everything I've entered our business costs other than sales so I'm…
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Self Assessment timing
I usually do my SA about August time. I have just had an email from HRMC about doing one now. Should I do one now with figures from August till April so I am then in line or just do it how I usually do in August?
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2 Jobs & Confusing advice
Hi all I have had several chats with HMRC asking about tax code advice and how best to allocate my tax free allowance, with mixed advice every time, so I'm really confused. Just calculated I'm owed approx £1000 tax rebate. Whilst that's a nice bonus, I'm keen to sort this out so I am paying the right tax for this tax year.…
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Need advice – missed CGT reporting in past tax return (proceeds over 4× exemption, but no tax due)
Hi all, Hoping someone here can help clarify something about CGT reporting — and whether I need to fix a past tax return. I’m already registered for Self Assessment because I have rental income and some dividend income. I've been buying and selling stocks for a few years through Trading212, and I’ve recently realised that…
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Marriage allowance transfer
After watching Martin’s programme on claiming marriage allowance transfer I realised that I met the criteria to transfer to my husband. On 26th feb I sent in a form claiming for 4 tax years - 20/21 - 21/22 - 22/23 - 23/24. On 13th march my husband received a letter saying he was due a repayment of income tax for tax year…
