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Inheritance advice needed please!
I am over 75 and my wife is just short of State pension Age. We have an income of just under £15K a year made up of my State pension, Pension Credit Guaranteed Credit, and an annuity of around £700. What savings we have are in Premium Bonds. We do not pay tax. My wife will receive an inheritance of £120K or so later this…
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Settlement Agreement (ex gratia) and PILON tax treatment.
I appreciate this might be a complicated question, but could anybody give an idea of how much I would expect after Tax and NI, on a ex gratia payment from my employer of £100,000 and a PILON of £16000 in April. With no plan for any further income in that tax year and also at the point of payment I would have earned gross…
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20% tax band question re tax free allowance for bank interest
Basic Rate 20% is up to £37700. I'm lucky enough to earn bank interest and unfortunately with state and private pensions have just tripped into the 40% Rate. My 2024/25 tax calculation, states my Basic Rate 20% is £37200. After querying with HMRC they sent me a letter stating: You can earn £37700 @ 20%. The first £500 of…
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Negative Tax Code
I have just received a negative tax code for the coming year, K371. Never had a negative code before. How do I work out how much tax should be deducted, i.e. how much income should be taxed at basic rate.
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When to advise HMRC of estimated income
I’m an additional rate tax payer on a K tax code (K72). I’m due a bonus (>100k gross) in July which is paid in Shares therefore I’m unable to sacrifice to my pension pot. I’m planning to crystallise these shares when they are exercisable in July (to avoid any CGT) however I’m unsure if I’m better to advise HMRC of my…
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High earner tax - confused!
Hi all, I’ve had a number of promotions over the last few years and lucky to have experienced a significant increase in my earnings - I am extremely grateful but also getting increasingly confused by what this means in terms of tax implications! I noticed my tax code is due to change from 1257L to 335T next month. I…
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can attourneys do the GOEI payments?
I am trying to set up GOEI for my dad. He has written a letter expressing his wishes to do this, and included usual details of how much to whom etc, however our solicitor is saying must be careful doing it myself as i am attourney and i cant gift for dad. Dad is 86 and has never done admin, so there is no way he'll learn…
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HMRC sent online marketplace letter for undeclared sales.
My partner recieved a letter from HMRC today stating they believe she has undeclared sales on marketplace up to year ending 22/23. I have an online eBay business with various eBay accounts and some are in my name, some are in my wife's name. I have emailed them to the email address on the letter telling them that the…
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Customs/import duty on Camera bought from France
Hi All - I am looking to buy a secondhand camera body from a company based in France. The price is around £4,000 and they say that Vat + shipping is included. Are there any more charges incurred i have found it difficult to ascertain whether there is any import duty (UK) for such an item. As far as i can ascertain there is…
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Charitable discretionary trust beneficiary tax liability
My partner is in receipt of a monthly charitable discretionary trust payment from a former employer, this payment takes her above the personal tax allowance and so I think income tax will be due on the excess. No tax has been paid for many years due to a low income. My forays onto the gov.uk & HMRC websites have left me…
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How do I file a late (Stocks and Shares) Capital Gains Tax return.
Hi, Was just filling out my (stock and shares) tax return on HMRC website and it would not allow me to put the date I disposed of the asset in... saying 'you can't use a date from the current tax year'... The relevant tax year is april 2023 to april 2024.... Confused - I checked out the deadline and realised it was end…
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IHT: can I apply gift-aid to charitable gifts from capital ?
I have pension income and already make a direct, regular (monthly, by standing order) transfer of surplus income to my kids. I do not give anything regularly to charity (no standing orders/direct debits), because I want to give one-off gifts to reduce my capital exposure to IHT instead of giving out of my income. So, two…
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Can I claim expenses for repairs
Hiya I know this is going to be a 'how long is a piece of string' question, but thought I would ask anyway. I am a dermatologist who works for a company on PAYE. I also do my own freelance- sole trader business where I consult with private patients online (live video calls). I use an outbuilding in my garden for this,…
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Tax Advice - Bonus and Share Scheme
I'm looking for some advice and/or recommendations for someone to speak to formally to get some advice for how to proceed with this if anyone has any recommendations? Quick summary, i'm a higher earner in FTE with a single income stream from my job which pays a salary + bonus + for 2 years only a share reward plan. This…
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End of Year Tax Question (Pensions contributions)
Hi everyone! MSE old timer here, but on a new account. I went away and had 3 children and am only just starting to screw my head back on in terms of finances :) Looking for some advice re. end of year. My situation is that I have 3 children and my husband is a stay at home dad and carer for his mum (so I am sole…
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40% tax query
Hello, my salary, car payment and flexible benefits pot comes to £63,590.52 pa. I am making my pension contributions and AVC's via salary exchange, this is a total of 13,963.80 pa. Does this mean my taxable income is below the threshold for 40% tax?
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Tax code query
Hi Could someone please help me understand my tax code. ? I have just contacted HMRC and given info at their request regarding my expected interest on savings next year. I am a basic tax payer. My usual tax code is 1302L It was lowered this year to 1025L to account for tax on interest A recent tax code letter advised next…
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Giving child lump sum and iht
I want to give my child a lump sum from my earnings. I currently save my salary in an interest earning account and I plan to transfer the balance to my child for a house. As it comes from my earnings, will IHT still be liable if I die within 7 years?
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Savings Interest Tax Under Total Income
I've had a look at other similar posts on this, but think I still need to ask. I got a tax code change letter for 24/25 due to untaxed interest in 23/24. Only my total income for 23/24 including interest is under the £12570 personal allowance so I should not owe any tax. I'm getting that people are saying HMRC will work it…
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Property Valuation for IHT & CGT
I am dealing with probate for my father's estate who died last year. He had a 1/4 share in a let commercial property which has been valued at £800k in its entirety. The valuer has deducted 15% to arrive at a 1/4 share value. As there may be no IHT to pay even with a 1/4 share value without the 15% reduction in value are we…
