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Tax
I want to hold both cash ISA and S&S ISA and would like to understand the tax implications. is it better to use a maturing cash ISA to invest in S&S ISA or transfer the maturing cash ISA to another Cash ISA, and use cash to invest in S&S/ Funds which will be taxable when I sell. (I hope not to sell the S&S until I am…
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CGT on gifts
Wondering how CGT would be worked out in this scenario. If you’re selling a property gifted to you for £0 by a parent. Would the future CGT be calculated on the difference between the market value of the property on the date of the gift and the sold price? Or would CGT be calculated on the full sale price of the property,…
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Online Self Assessment Calculators
I have a fairly straight forward self assessment to do - my income comprises salary, BIK (car), savings interest and I make some SIPP contributions and some charitable donations. My issue is that I cannot find any free online self assessment calculators at do ALL these income types and contributions as I struggle with…
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How to get an adjusted tax code for savings interest?
I’m just doing my tax return 24/25 and declaring £4K of savings interest. I’m expecting to continue earning that amount and hopefully with a modest year on year increase. Rather than each year having to pay what I owe in a lump, is there a way to get my tax code adjusted so I may more tax throughout the year? I anticipated…
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Transferring property to and from daughter for CGT/SDLT?
Hi, 20 years ago my wife and I moved to a new property (B) owning 50% each, and didn't sell or rent out the previous one (A) which I wholly owned. 10 years ago, my daughter moved into A. I gave 50% ownership of A to daughter and 25% to wife (to make the ownership 25/25/50) to save on capital gains (as daughter would be…
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Capital gains tax
Hi, my mother transferred her property (our family home) to myself and my siblings by ‘Love Favour and affection’ at no financial cost. She has now decided she wants to move house. My siblings and I wish to sell the property. Can someone advise please if Capital Gains Tax (CGT) is paid on the profit made from the date the…
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Adjusted net come to help with childcare
Hi, I’m looking for some advice please. My husband has just been offered a two year secondment which will include a pay rise. It would be 109k a year, which is amazing, however I realise this would push us over the 100k limit to receive funding for childcare. We might need a second car as this new post is further away, so…
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Capital gains tax on selling an expensive house for a cheaper one
Current house worth £250k and new house will be £100k. Can I move house and pocket £150k after fees? Or is that difference subject to CGT. Thanks
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Self Assessment Query - 024-25 PAYE Notice of Coding letter
Hello, does anyone know where I can a copy of the 024-25 PAYE Notice of Coding letter? I need it to check some figures for my self assessment. I had hoped this would in my messages associated with my HMRC account, but it is no there. Many thanks
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Tax code mess for 24/25, what should I do?
I had the wrong tax code for most of 24/25, for two reasons: Issue 1Tax code was split across two incomes, my pension (419T) and an employer (711N). The reality was that 99% of my income was from just one source, my pension. Issue 2My tax codes included marriage transfer allowance where I was transferring my allowance to…
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Self assessment tax calculation wrong
My nhs pension and state pension are cubbed and I get paid after tax is deducted and in response to my filing a tax return I have been asked to pay £5600 on an interest from a deposit of £5600? How is this possible.Error by HMRC?
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Self-assessment unpaid tax question
I am having to do a self-assessment tax return for the first time because my savings interest has exceeded 10k this year due to selling my house and there being a long break before buying a new one. I am unsure about the question regarding any unpaid tax. I am 99% certain I have no unpaid tax… but I am not sure where in my…
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Property as tenants in common or sole name to help with IHT planning
My father put his home in both our names as tenants in common way back in 1990. He is now selling up and buying another house. He asked if I would be tenant in common once again. I said yes but then I thought for inheritance tax it would be better for him to have the property in just his name and leave it to me, to…
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Inheritance tax and civil partners
My long term partner & I are considering a Civil Partnership to protect each other from inheritance tax. The problem is we do not live together so have 2 houses. We know we would need to nominate one of the houses as our "main residence" for IHT but would that mean that the other is treated as a "second home" and subject…
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helpclaimtax.com gone bust....
You may or may not already know, if you used helpclaimtax.com they have recently shut down their website (literally within the last few days) and the 0333 number they had just goes to an unobtainable number. I had £2359.46 outstanding owed to me (received a final statement from HMRC) from Lime Tax (aka helpclaimtax) who…
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IHT / CGT on property gift with reservation
In 1997 my mother gifted her house to myself & two siblings. She continued to live in the house until she had to enter a residential home last October, and sadly she passed away in March. We never charged rent and mum was the sole occupier throughout the period from 1997 to 2025. My understanding is that as she maintained…
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HMRC delay/error in processing tax refund
I completed my 23/24 SA online on 6th April, as I knew I was due a big refund. As part of that, I provided my bank details (as usual...) for the refund to be made. I got the calculation that I had overpaid, and so I sat back and waited for a refund to get to my bank, as it had in prior years. 4 weeks later - nothing. I go…
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Tax on expenses
Hi Im starting an online business and am partnered with someone abroad. His fees are 40% profit and he does everything. So my question is, if I give him 40% profit and he invoices me for the amount, will I pay tax on it. Because its an expense?
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Tax relief on SIPP contributions
Can anyone explain why my tax code has been reduced please? I put £2880 in my SIPP every year (the max allowed since retired) and always had £3600 added to my gross of private and state pensions as tax relief. This year my private pension has gone above the 37700 20% tax limit by a small amount. HMRC has taken the 12570…
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How much tax am I actually paying ? tax code notice confusion
Hi, I've received two tax code notices from HMRC a few weeks apart and am completely confused by the most recent one. My cirmustances are I retired in mid March, live in Scotland and in receipt of a defined benefit pension of £40927pa and also a SIPP from which I'm drawing down £7500pa, i.e. a total income of £48427pa.…
