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A simple guide for CGT liability on GIA please?
Hi all. I'm a slow learner, so please be kind as it appears CGT is simple to understand. I've searched around looking for a dummies guide, but can't find one. A few examples in my head and say 3K is the limit now. I put 100K in a GIA and buy 4 different units 25K each. In 4 years time GIA is say 140K Units value is 50, 50,…
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Capital Gain Tax after House Sale
My wife’s sister died in 2013. Her will left half of a jointly
owned house shared with her husband to my wife. I’m not aware of
any valuation on the house at that time. Her widower remained living
in the house until his death in 2022. His estate was left entirely to
charity with my wife as executor. Shortly after his…
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Free Childcare: Adjusted Net Income
Hi All, I have searched the forum and cannot find anywhere where this has been answered - I seem to be caught in a catch-22 position. Essentially, I am a day-rate contractor, inside IR35 and being paid via PAYE through an Umbrella company. I am fortunate enough to earn >£100k p.a. but that gives me a problem with the 30…
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Halfords Shares
Hi My husband worked for Halfords for 10 years and was part of their shareholder scheme. I'm not sure of the dates but would have been the 90's. He has no paperwork as his ex partner destroyed it all when they split up. I have been on to him for years to make enquiries but without a rocket up his rear end he has done…
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How to work this tax calculation out?
I’m trying to understand how income tax works and would like some clarification. I thought the easiest way would be to set up a scenario. Suppose someone has: * Annual salary: £35,000 * Rental income: £5,000 * Dividends: £2,500 * Interest income: £10,000 This person then: * Contributes 50% of their earned income to a…
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SA - previous employer had me as employed after redudency...
Hi! Hoping someone can help with how to complete this on my self assessment form. I was made redundent in December 23 (received P45), with a final payment in March 24 and P11D received July 24. All of this information went into my 23/24 tax return so any tax from this employment has been dealt with. Going to do my 24/25…
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Avoiding 40% tax and reduction of personal savings allowance
I will have £46270 of taxable income from 2 income streams in the year (number altered for ease of question but close to reality). I will also have about £1K of savings interest. How much can I take out from my pension drawdown pot (TFC already taken) if I want to avoid the personal savings allowance being reduced to £500?…
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Inheritance tax allowances for children
Hi, I am looking for advice regarding my fathers estate. His wife recently passed away leaving him £140,000, taking his assets over the £325,000 ITA. Would the money his late wife left him be excluded from his allowance to be passed on to myself?. Thank you for any help.
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Avoiding High Earner child benefit
Hi, all Maybe not the best title, but here's my quandary. I want to take some money out of my pension at some point next year. I earn around £56k, so it won't take much of a withdrawal to put me over the £60K limit and trigger the high earner child benefit thing. Our youngest is due to leave school in May next year though,…
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SA error and accountants
Hello everyone, Whilst previously submitting my Self Assessment online I made some error that resulted in a tax bill, even though my earnings are below the personal allowance rate. Having failed to find/understand the error, I need the help of an accountant to fix the error, recover the tax and not repeat the same mistake…
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Income calculation/ child benefit net adjusted income / tax band
Can I check my calculations with you as below and ask a couple of things re terminology around income please . I am self employed sole trader. Business income (invoices- expenses) = £90000 bank interest £900 (do I get £500 tax allowance so £400 taxable? No other income =Complete gross £90400? Sipp I paid in £30000. Now has…
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SA tax relief on pension contributions
Hi all I have a PAYE job that I have a company pension with, paid via salary sacrifice. My taxable earnings are below the 40% tax band I also have rental income I do a SA for and this pushes me into the 40% bracket for the last 3 years. I've just realised, I think, that I could/should have been claiming tax relief on the…
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Self Assessment Tax Return required due to in year tax refund on flexibly accessed pension?
In 2024/25 I drew from my personal pension for the first time. Income tax was deducted so I made an income tax repayment claim during the tax year. Income tax was repaid in full as the taxable amount drawn was below my personal allowance. My only other income for 2024/25 was bank interest of about £250 and dividend income…
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Capital gains reporting on free shares
I got free Lloyds shares when my building society demualised many years ago. It was purchased back through a compulsory purchase and I got £400 for it. I need to declare this as capital gains as I have other capital gains to submit on my tax return (I have made more than 50k capital gains on other assets) so this will also…
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Putting a Property into a Trust when the Estate Value is Way Below IHT Threshold
I'd imagine this isn't a great idea but I have been advised to put my mother's property (where I've lived for many years, and intend to stay there long-term) into a Trust, using a Section 102(B) gift. The property is worth £400k and the total estate value is well below £600k so I cannot see the advantage of placing it in a…
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IHT and 2nd marriage
Is it possible to inherit IHT nil-rate bands from more than one spouse? Say my spouse and I have a home worth 500k and another 1m in cash and other assets. My NRB is £325k and RNRB is £175k. If my spouse dies leaves me everything I’ll double those to £650k and £350k respectively. If I remarry and he also dies leaving me…
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Tax on chargeable gain after death
Hello, wonder if anyone can help with this. my FIL died in March 24 and we completed all the IHT and probate which had no tax to pay but he did have a bond (the figure for this was included in the IHT total) for which we received a chargeable event certificate at the time, my wife sent this off to HRMC (a good while after)…
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Dropping one day a week
A complicated question, I want to drop to 4 days so taking tax and 40% tax how much would I actually lose. I earn £230 a day 60k a year if I drop 1 day taking all the tax into account eg dropping out of the 40% bracket my tax free bit is 1264L I am struggling to get an accurate figure can anyone help Thanks
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PAYE Tax Calculation 2024-2025 Very Late This Year
I'm owed a rebate of tax paid for the year 2024-2025 I work short term contracts for the same company and are paid via their payroll provider. My PAYE deductions are based on a full 12 months salary, but I only usually work 8/9 months a year, so by the end of the tax year I have usually overpaid by a few hundred pounds.…
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How to check if one is registered for Class 2 NICs?
I was about to send my Self Assesment for 24-25, but I was assaulted by a doubt at the last screen. It tells me my Class 2 NICs are treated as having paid (I've earned around 8000 profit), but it tells me; "If you've registered for Class 2 NICs, your contributions have been treated as paid" That makes me think I can't…
