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Will asking for my UTR trigger anything at HMRC
Hope this is in the correct board. I've worked for the same employer for 28 years, PAYE tax payer. I use a spread betting account for occasional small trades and received an email saying I need to provide my UTR to continue using it after 1st Jan 2026 (there's a zero balance in it at present). Will contacting HMRC and…
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Tax code change
Hi All, recently had a tax code change regarding interest on savings. The amount HMRC says I have received seems much to high. If I call their helpline can they give me detail to back up the interest figure shown or am I wasting my time by asking? Thank you in advance.
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Working out my taxes as self employed
Hi, I've made the following calculations on an example income of 110000 pounds per year, can anyone help me out if I considered everything?It surprises me that there aren't official calculators for self-employed people online, or maybe there are but with weird names and I don't know if I can trust them... Below you find…
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HMRC paying online for tax underpayment
I paid for a tax underpayment and it only gave me the option to pay for part of the underpayment (£55.73). Now the lines in the screenshot have appeared including my online payment of £55.73. And I also now have an option to pay the remainder (£117.20). But I also noticed a line for this amount saying…
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Help with CGT liability
I am selling my BTL. Reading AI it gives conflicting information on how to maximise your CGT and I'm confused. I did read firstly that if you exchange in one tax year and complete in the following tax year then you can utilise your CGT in both years by apportioning your liability in each tax year. However I later read that…
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Underpayment previous year
Hi My tax code changed in the last few weeks to remove a reduction to account for savings interest (it went from 1168L to 1216L) However there is still a reduction due to a £160 "underpayment from a previous year" - however it doesn't make clear which year. Is there anywhere on the online tax account to find out? Here's my…
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Landlord - home office / working from home allowances
As a Landlord can I claim the £6 per week working from home allowance to cover costs incurred with use of home facilities to deal with letting matters? I do use a letting agent to manage the property, but have to make phone calls; use the internet and stationary from my own home on a regular basis to help deal with issues.…
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P800 for TY 2024-25: charitable donations
I'm just going through my P800 for TY 2024-25 and am confused by the Charitable donations section - the figures aren't right and I thought they weren't relevant if I wasn't a higher rate tax payer anyway (my gross salary was over £59K but the taxable amount was reduced by pension contributions). I wondered whether anyone…
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Cryptocurrency Assets and Tax
Hi everyone, I have recently seen https://www.bbc.co.uk/news/articles/ckgl2je65klo Now I have a small amount crypto assets, but I have made a loss from the original amount of money that was invested. The article states that we need to declare these assets and could get penalties if we don't. Does anyone know what the…
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Transferring overseas asset to wife
My basic understanding is I can transfer any asset to my wife. A long time ago, whilst working overseas, I purchased a "fund" based in Hong Kong. Its been thru a few hands as such but now is managed by JPM. As a 40% tax payer, I'm assuming if I try to touch this money, it will be treated as overseas income and be taxed at…
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Self Assessment - Expenses for other property income
I own a freehold residential property which I have been letting out for over 20years. I use a lettings agent to fully manage the rental and for the last few years the tenant has taken out a 24month tenancy agreement. Therefore every two years I pay a T.D.S fee; legal fee and tenancy renewal fee. However, I am confused by…
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Reimbursed expenses on tax return
Hello I am completing my first tax return and I have a question that I hope someone can answer for me I am self-employed, and have been paid mileage by a client at a rate of 45p per mile. I believe this is not taxable as it counts as reimbursed expenses. Please can I ask how I should treat this on my tax return - leave the…
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Help with PAYE please? Freaking out.
Firstly Happy Nee Year everyone! Looking for some guidance if anyone can please. I stay in Scotland and have got myself in a huge pickle with tax due to limited understanding and stupidity and trying to fix it. Current situation:2 ongoing direct debits with HMRC. 1. Simple Assessment from several years ago where I had the…
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HMRC estimated untaxed interest
This seemed the most appropriate forum to ask this. I received a letter today from HMRC saying that I had underpaid tax & owed about £1600 which they would collect over the next year. This has arisen based on their estimated amount of untaxed interest on about £3k. I pay income tax by PAYE & have no high earning…
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Investing for non-UK grandchild
We have two children and are starting to invest for our first and so far only grandchild, eg paying into her Junior ISA. We will want equally to help our other child and his wife if and when they have children. He (our son) is a UK citizen, his wife is French and they live in Paris. He is no longer a UK tax resident and,…
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Marriage allowance
Hi, I applied for marriage allowance over 12 weeks ago. I have heard nothing from HMRC and obviously I’m waiting to submit my tax return via my accountant and they need to know if it’s been changed or not. Is this something I can check online, I have looked but I don’t think I can? Thanks DH
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Question on inheritance tax when family home is in sole name.
Question on inheritance tax. I am married and own our house but that house is in my sole name, as I
bought it before we married. If the wife dies first her assets are passed on to me tax
tree but when I die and I pass on our joint assets to our children does my
estate benefit from the £175,000 residence allowance she would…
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Gifts and other transfers of value Schedule IHT403
i need help do i put in money taken from bank accounts on form or money owed confused as my tax is payed from my pensions then i pay any thing left to pay in the following January ie a year later my state pension on my tax form is also different on what was put in to bank account as calculated differently by hrmc
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IHT Gift from surplus income - capital v income question
Hi. I had a long and interesting discussion about IHT with a relative over Christmas continues. My relative's apparently had a long discussion with their boss about the subject. I've been drawn into the debate. I've aired an aspect on here about gifting and taper relief and had some great comments. Many thanks for those.…
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Declaration of Trust re rental income for married couple
My wife and I own a rental property with a nominal income. Not a lot, but sufficient that it needs declaring via self assessment. It is subject to a mortgage To date we've been splitting the income 50/50 and so too the relevant tax liabilities. I've recently moved into the high rate tax bracket which has bumped up my tax…
