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Changing Estimated Income for Income Tax
Hi all, I work in a commission based job where I have a basic salary of 35k and I am paid quarterly bonuses/commission in April, July, October and January. My April bonus was circa 5k, my July bonus will be circa 15k and while impossible to tell at this stage, based on targets I would estimate that my October and January…
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Mistake by payroll department with Tax Code
I’m helping out a friend who has recently started to receive her state pension in June. Her tax code was changed to take the state pension into account and is 32LX. All correct so far. Her June payslip correctly used the code and her payslip shows Tax Basis as Week1/Month1 so all good in June. Unfortunately her July…
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VAT between unregistered and registered businesses
We are a band of amateur musicians. We performed at a venue which ran the box office selling tickets for our show. We negotiated a profit share arrangement with the venue whereby they would pay us 75% of the ticket money and they would keep 25%. We are not vat registered but the venue is. The venue want to deduct vat from…
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Gifts to adult children
I’m confused by the rules on gifting/making
payments to children/grandchildren and wonder if anyone could shed some light? I’ve read what I can from the HMRC website,
but I’m out of my depth when it comes to understanding it! I have read that, (above and
beyond the £3000 worth of gits each person can make each tax year),…
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Higher rate tax
Hi I just need a little advice please. So I've recently had a pay rise and worked out my income is going to be £52000 a year which I presume puts me into the higher tax bracket or does it? I also pay £2500 a year into my work base pension so does anyone know if this means I will still be in the basic tax bracket? No other…
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Tax on pension
Hi, Looking for some advise for my Mum please! she receives her state pension but also receives a small pension from her old employer. She is taxed on her employer pension and for the 2nd year running she has received a tax bill which is essence amounts to the total amount of employer pension she has received? Is this…
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Selling family home inheritance Tax
My mother has just gone into a Care Home and the family home is now empty. I have EPA so was going to sell the home but wondered if the £175,000 property allowance would still apply for Inheritance Tax if the house is sold (would it be seen as cash). The house is worth £325,000 and she has savings of £140,000. At moment no…
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SEIS Income Tax Relief
Hello all, I have a question about SEIS income tax relief. I have made an investment into a start up business and received a SEIS3 certificate in order to claim tax relief. I earned £125k PAYE last financial year so I do not need to do a tax return but wondered how I go about claiming the tax relief for the above if I do…
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40% tax
Hi All A recent pay rise has shifted me into the 40% tax bracket, the problem for me is as im drawing a private pension all of that income is taxed at 40% my pay rise took me to £51306 pa but now costs me an extra £200 in tax. question is can i put more into another pension with my current work to offset that . i know i…
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Restarting part self employed
Hi I went employed 18 months ago after 15 years self employed. Submitted my last sole trader tax return last January, no submissions since paid off outstanding balances of what I owed (which worked out more than I thought) Im looking to commence hybrid employed and self employed, but only doing 2-4 days a month self…
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Working from Home allowance
Just had a call to HMRC to sort out my underpayment - dealt with and updated on another thread. BUt incovnersation it appears they have removed my Working from home allowance and advised me that since 2023-24 there is no longer a £6 per week flat refund and that everything has to be calculated and I have to claim yearly.…
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Tax Code
Greetings. I've have various income sources (nothing grandiose, wage plus pensions) and have been channelling big chunks of wage into AVC to avoid 40% tax (am aware of 60% or salary limitation). HMRC changed my code to collect some unpaid tax for last year. They then changed the code again after I started receiving CS…
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HMRC Capital Gains Tax example
I thought I understood how the relevant CGT rates are determined. That is basic rate (18%) applies to any gain where the total gain (net of £3,000 allowance) plus taxable income (net of personal allowance) are less than £37,700 (current basic rate level). Where these total more than £37,700 then, where the taxable income…
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Salary sacrifice car
I’m currently salary just under £90k per year but with overtime and bonus I’m regularly hitting £130k+ per year. My employer has recently started a salary sacrifice scheme for cars. I have seen a vehicle I’m interested in and have an online quote but the price seems different to what I’ve worked it out using a salary…
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Help with IHT following death of already deceased father's widow.
Help needed please. My mother passed long
before my father. He remarried and passed ten years ago BUT his second wife
only passed this year. She was more wealthy than my father and owned a
larger share of their house. My father's estate was lower than the IHT
threshold but his widow's will be higher. Her family have…
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My balance still isn't updated after reduced payments a while ago. Do I need to pay what I don't owe
I have requested to reduce payments before over the years and usually it's quite quick to update the new balance. This time it still hasn't updated and now it's the 31st of July and although I shouldn't have a bill as I have over paid in January, the bill is still there as it's not updated yet. If anything I am due a…
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IHT and general tax in 2027
Hi not looking for advice just
some facts. This
relates to the new IHT on pensions coming in April 27 as well as
general taxation. 1.
Will I still be able to pass my pensions and savings to my wife
without any tax or IHT being applied if I die before I’m 75. 2.
Am I correct in thinking that ISA’s will be included for IHT…
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Salary sacrifice limit
I currently do salary sacrifice and have asked my employer what is the maximum percentage I can sacrifice. My employer has said that there is no limit but my salary can not fall below minimum wage. I work 35 hours a week. So does that mean I have to earn a minimum of £22,222.20? (£12.21 per hour x 35 hours per week x 52…
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Capital Gains and Excess Reportable Income
I have a holding of Vanguard VWRL / IE00B3RBWM25 which was purchased in June 2025 in a GIA. I was looking in to whether I have to report ERI in any tax return. From what I can see online, I only have to report the ERI for tax purposes if I owned the shares on the distribution date of the ERI? As such, if I bought the…
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Tax Code Car Benefit
Hi, Trying to understand this as not seen it on my tax code notice before. I have a Less Car Benefit figure that is reducing my personal allowance. Yes I understand that part but what I cannot get clarification on is how that figure is obtained. My company used to give me a company car cash allowance that was paid into my…
