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Self Assessment questions for my wife
My wifes only income is state pension and interest on savings. All savings are in my wifes name as I pay 40% tax. Savings interest is way over 10K and we registered my wife for self assessment. I have a question. Whilst we are happy with the tax to be paid by 31 jan 26 for 24/25, the form also calculates 50% of assumed tax…
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Inheritance tax and Gifting from excess income
With regards to inheritance tax and gifting out of income - Can I increase my opportunity to gift more out of income by taking the following approach. If my annual income is £40k and my normal expenditure is £30k then I would be normally able to gift £10k out of excess income. Now say I give separately a potential exempt…
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Disposal of an asset
I have filled in my self assessment, it is the first time I have needed to fill in the Capital gains section. I have paid for a crypto tax software that generates reports. This is what is written on the self assessment online form, “you must provide a computation for each disposal of an asset which is not exempt from…
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Payslip Tax Payment Amounts Different?
So I have been offered a new role at work with increased pay and I am trying to figure out whether it would be worth it to accept or stay in my current role. I'm using the GOV.UK Income Tax calculator - "Estimate your Income Tax for the current year". I have all my payslips to hand (several years). My tax code is 1383M and…
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CGT on sharesave signed before March 2016
Not thinkng of selling anytime soon but there's no harm in doing a little homework to plan for the futute, Any who , whilst having a look around today i came across this & as Mrs E signed her sharesave agreement at the end of 2015 & cashed the plan in in 2019 i was wondering if this has any bearing on CGT liability going…
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Other income self-assessment
I have some crypto asset staking rewards that I understand is taxed via income tax. I had added it to my income on the SA100 form but see there is a separate section "Other UK income". There are sections, Interest from Gilt edge securities Gains from life insurance policies Stock dividends, bonus issues of securities…
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CGT on self-assessment
I fill in a self-assessment each year for income tax, this year for the first time I have capital gains from the sale of Crypto assets. There is a question "Did you dispose of chargeable assets worth more than £50,000?" On my CG tax software it says profits were £39k, losses £25k so I was thinking I should tick "No". But…
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Help to prepare a self assessment tax return
I've done a self assessment return the last 2 years but know that my tax situation will be a bit more fussy going forward. So I want to get myself organised and prepare as much as possible in advance. I also want an easy way to retain the information I'm putting in to the return. OK - so I file online which is ok but it's…
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Transferred tax allowance
Hi all, first post. For many years my wife hasn't worked due to ongoing health concerns. As a result, we have taken the opportunity to transfer the Allowance of £1260, giving me a tax code of 1382M. This year for the first time my annual taxable income has taken me slightly above the 20% tax threshold by £597, this was due…
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Clients pay mileage but I want to use Actual Costs for car expenses, how is this possible?
I am doing the book-keeping/accounting for my Dad's consulting business and I've struggled to find the answer to the below: Clients are invoiced for the day rate and most pay his expenses which include mileage. I want to use the Actual Costs method and capital allowances for his car rather than the flat rate expenses. So,…
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Swapping marriage tax allowance
Hello all my husband was working at claiming my marriage tax allowance. However on 31st march we did a swap. So I’m working and he’s at home with the children. so effectively we want to swap. I sent off a letter stating the change and requesting the new allowance, my husbands is applied to mine. They replied back saying it…
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Owing income tax
Lost my husband on Xmas eve 2024. Today I received my tax code informing me I owe £195 earlier year and £165.20 this year. Nothing has changed except I got an extra £300 from his state pension and half his nhs pension together approx £1200. This cannot be right I want to write to HMRC but wonder whether it is worth it.…
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Investing spare cash within LTD company – risks of losing trading status?
Seeking collective wisdom of the forum. Going forward, it looks like I will have a relatively large surplus of cash sitting in my LTD company account (myself & wife owners/directors). The company provides private medical services (VAT exempt). I am keen to invest this excess cash in equities longer-term. I have an…
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Landlord tax
I am currently set up on HMRC as doing a yearly self assessment because I have a second home which I currently rent out. In Jan 2025 I paid HMRC advance payment I think it’s called but my tenants are now going to be leaving on July 8th 2025 and I’m going to be selling my second home. I’m wondering how do I go about telling…
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Personal pension contribution tax relief reducing income
Hi all i paid 10000 gross into an Aviva pension in the previous tax year. I also had savings interest that will exceed the £1000 allowed as a basic rate tax payer. Think this is likely to be around 2000.I also pay into LGPS. Will the payment to Aviva reduce my income and as a result mean not being liable for paying the tax…
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Seeking Advice on Ceasing UK Tax Residency - Dual National Moving to EU
Hi everyone, I'm hoping to draw on the collective wisdom of this forum for my tax situation. I'd be very grateful for any insights you can offer. My Situation: * I am a dual British/EU citizen, currently living and working in London. * I participate in my company's Staff Share Scheme and I am expecting a significant payout…
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How to change the estimated amount of interest allocated by HMRC to my account for 25/26
As the title suggests, HMRC have made an estimate of the amount of interest I will earn during 25/26. The amount is nowhere near the true amount and I'd like to correct it (or at least make a more accurate reduced estimate) I can't seem to find a place to do this online. Is it possible to do this? if so, where abouts on…
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HMRC and Final Estate Calculation
Hi - I am the executor of a relatively straightforward estate. The date of death was late December and probate was granted late January - no property to sell but quite high ISA balances etc. There is no IHT due. HMRC wrote to me in mid January, stating that they would send a final Income Tax calculation within eight weeks…
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Had to work from home at the start of the Covid-19 pandemic? Claim tax relief worth up to £140
If you're one of millions who worked from home due to Government restrictions at the start of the Covid-19 pandemic, even for just one day, you have until this Saturday (5 April) to claim a tax rebate for the entire 2020/21 tax year – worth up to £140. Read the full story: Last chance: Had to work from home at the start of…
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Change of tax code - M to L
Does anyone have any idea as to why my tax code has changed from 1394M to 962L? I'm more concerned about the change of M to L. Although income was a little higher for me in the last tax year due to an inherited pension, there has been no change regarding my Marriage Allowance circumstances as my wife is still unemployed…
