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Claiming tax back from Management Share Option proceeds paid into an AVC
I have some outstanding MSOs from my former employer. I left due to retirement so under the rules of the scheme I am still allowed to exercise these options within 6 months of leaving. The tax advantaged options seem straightforward enough and I will exercise these and pay any CGT due through SA. However, I'm not so sure…
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Advise on managing a Discretionary Trust
Hello, I'd be grateful for any advice. I am the executor of my father's will as well as one of the Trustees for a discretionary Trust set up for my brother. (I am also a beneficiary of 50 % not via a Trust). I have been granted probate some time ago and since then have managed the property which makes up the whole of the…
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Hmrc app and tax summary
I’m a bit confused looking at my Paye tax summary for 25/26 … it has my 2 pensions showing the estimated income, but it also shows £669 for savings and investments which reduces my personal allowance to 11901. I can’t find anywhere to see where the figure of £669 has come from. I was also under the impression that we have…
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Advise would be gratefully received to help my Grandson self employed on CIS Complete Tax Return
My Grandson has been self employed in the tax year 2024/25 he is a subcontracting electrician in the construction industry. He has had tax deducted under the CIS scheme. Please can anyone advise what allowable expenses he can claim? Would it be worth paying an accountant to complete the return? Any idea what they are…
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CGT Liability on BTL Property
We (wife and myself) have recently sold one of our BTL
properties and have a query around GCT liability. Our net gain since buying the
property in 2008 is approx £72k. We bought the property with a joint tenancy arrangement between
myself and my wife but in 2017 changed the ownership ratio to tenants in common
with a 90/10…
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Inheritance Tax - Gifts from Income and Small Gifts exemption
As my wife and I get older and expect to be hit by IHT, I have been
setting out to maximise the amounts I can legitimately give to our
family within the IHT gift exemptions. I have made full use of the
Annual Exemptions (£3,000 per donor pa) and Small Gift exemptions
(£250 to any number of individuals pa) plus, when…
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CGT on sale of rented property
Farther in Law is in care, he has used all his capital, but still has a property that is rented out. The tenant has been given notice that the property will have to go up for sale in the summer. In the mean time the family has been contributing to FiL care costs. Could these contributions be claimed back from the house…
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Tax Code change and savings interest
Hi, another question regarding interest on savings. Last tax year I started withdrawing from my SIPP with monthly UFPLS. I was issued a full tax code 1257L, therefore I paid no tax each month. Today my tax code has been changed to 1042L, therefore an allowance of £10420. I understand this is due to savings interest (no tax…
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Canceling married tax allowance oddness
I am somewhat confused as to how HMRC handled cancelling married tax allowance. Last tax year I called the HMRC and told them I want to cancel the transfer at the end of the tax year, surprisingly they made the change instantly and our tax codes changed. So I went online and re-instated it. As the new tax year starts today…
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How to get round 60% tax issue
I am going to be earning 103k (gross salary + car allowance). On top of this each year I will get a bonus maybe 15k-18k on top of the 103k. I am aware even going to 103k will cost me 60% tax. How much should I salary sacrifice into pension bearing in mind I have to take account of bonus too. Should I keep salary to 99k? If…
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Gift Aid on charity shop donations & tax
Hi, I always Gift Aid my donations to my local charity shop and once in a while, I get a statement that tells me how much they sold the items that I donated for. If I make a cash donation to a charity, I can mark it as a "Gift Aid payment made" on my self-assessment return. Can I do anything similar with my donations of…
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Tax numpty question
Morning all. As someone who has never had to complete any self assessment and has basically relied on my employer, any banks and HMRC to get things right between them (no judgement please), I have had an HMRC letter telling me I have underpaid my tax for the tax year 23 - 24 by £141 I have no clue why and the explanatory…
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Advice for an NHS worker who has never claimed relief on uniform/wfh/car?
Any advice would be appreciated with regard to my wife's circumstances. She has worked for the NHS as a dietician for many years, and has never claimed tax relief on anything that she is most likely entitled to, e.g. professional subscriptions like the BDA My basic understanding is that she can claim a rebate (until…
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Gifts
My wife wants to sell a house her father left her in2015.she has been renting it to her daughter. 1.can she gift money from the sale to her 2 daughters without them being penalised. 2 would she have to pay capital gains on any of money she got from sale.
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HMRC return 23/24
Another self assessment done. Now to nervously wait for the next couple of weeks. Judging by last years bank holiday involvement, we could be looking as early as 18-19th April this year.
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Should I cancel marriage allowance?
Have been giving spouse the marriage allowance for a few years. Now my income from state pension and small private pension is over my Personal Allowance of £11310 (12570 - 1260). I also previously benefited from the full £5000 Starting Rate for Savings plus the Personal Savings Allowance of £1000. Since I am over my…
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online marriage allowance claim confusion
I have manged to go online to make a claim fro present tax year 2024/25. However I only wanted to claim this year and not backdate. There was no option. I did not want to claim for backdated years. Will this be an issue or is it just how it works online. I managed to do this prior to the cut off for 2024/25. I also managed…
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SIPP contributions to get lower rate tax
With income of £88k and bank interest of £1.5k, I would like if possible to reduce my tax band to lower rate. My tired brain is struggling so could anyone help me in calculating what SIPP contributions would be needed to facilitate this?
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TAX on Medical Insurance - is this right?
I've tried to research thus but to no avail. My work offered me personal medical cover (2 years running now) . It costs the company around £2000 to £2200 a year. I was told that I pay the tax on this. Just got my tax code notice for this year and it says Personal allowance 12570 Less medical insurance 2152 Is that correct?…
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Can't access HMRC personal account for about a year now!
Looking for advice. About a year ago I received a letter from HMRC saying my tax code has changed. In that letter I had two employers, my correct one, and some other I didn'#t recognise. I rang HMRC and after a lot of to and from they said I was subject to fraud, someone was using my details and they'd lock my account and…
