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SA109
I left my job in the UK to work overseas midway through tax year 24/ 25. Salary overseas is tax exempt. I'm ordinarily resident in the UK and will continue to be due to ties/ time spent in uk. I'm not requesting any split year treatment. From reading the notes for SA109, I don't need to submit SA109 even though I've…
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HMRC have paid me interest on delayed refund - is this taxable?
I have received a refund for 2023/24 which is slightly higher than the amount stated in the tax calculation, and assume this is interest. Do I need to include this as savings interest for 2045/25? I have looked online, but can’t see this information where I expected and I’m probably not going to be the only person who asks!
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Tax code dispute
Since I've been hovering around the 40% tax bracket the last year or two, I've started to incur tax on my savings interest (I am PAYE).I disagree with my tax code for the current year and am hoping someone can help. Summary:- For 2023-24 tax year (when I was 1257L) they said I earned £1466 in interest, so minus the £500…
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When should profit (interest) from a saving account be reported to HMRC via Self Assessment
Hi,In November 2023 I took out an 18 Month fixed rate bond with Al Rayan bank that was due to mature in May 2025. The profit (its an Ismalic based account, so its profit not interest) is due to be paid to me at maturity in May 2025. To my surprise however, I have received a Profit Satement from Al Rayan saying that they…
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Tax code change notifications
Hi, is there a way to be notified when your tax code changes please? HMRC keep changing mine as more untaxed savings interest is being reported to them, presumably an estimate based off last year. I won't earn enough to need to pay tax, but it would be helpful to know when my tax code is being changed, just so I can keep…
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How much exactly will I get (£100k tax trap)?
Hello I understand the principle of the tax trap above £100k but struggling with the maths. I earn exactly £100k. If I get a 15% bonus (£15k) and choose to just receive it in my salary, what will I actually get in pounds and pence? thanks!
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HMRC…married persons tax allowance
I am the non- taxpayer and my OH is the taxpayer. Unfortunately he didn’t watch your video and he applied for the tax allowance transfer 🤦♀️. However, instead of disallowing it or, ‘it not working’ they have transferred his tax allowance to me. I believe he has put a stop on it for the next financial year but not this. Is…
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Marriage Allowance Transfer..
Dear Anyone, We’ve both been retired for several years now and our tax is calculated under the HMRC’s PAYE scheme, but I’m struggling to understand the best way to utilise our marriage allowance correctly. A few years ago, our savings were in sole and joint names but then I started receiving my company pension and my tax…
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New Tax Code Not Mentioning Rental Income
Tax Return was completed last year. Recently received new code which is S1257L. No mention on the tax code notice about the rental income. Which was all on the Tax return. Should I call them and query this?
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SIPP contribution... or not? Help please.
There's only a slight chance that she'd need the cash in the short term, but we'd like to plan for that eventuality. Contribution c.£40k gross, 40% rate tax payer. The plan was to was to maximise it, not access it until BRT payer. What would be the implications of making the SIPP contribution and then finding one needed to…
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Small business rates relief and aggregation
I have been asked by friends whether the council has any powers to aggregate entities for the purpose of applying the SBRR. The situation is as follows: Business 1 is a pub with letting rooms owned by husband and wife. Business 2 is a pod site on an adjacent plot of land, owned by husband and wife, but let to a company…
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HMRC tax code letter for 2025/26
There is an adjustment to my tax free amount with "Less Adjustment to Rate Bands" £19,777 DWP (ESA) £7,207This totals your tax free amount £-7,207 I dont understand this? The only think i can think of: from Jan to Mar 2024 i was on job seekers allowance payment. Then i started a contracting job (day rate) from start of…
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Tax calculation letter
Two self employed people in the household and we always receive a tax calculation in the post each in February after paying on 31st Jan. Not received anything this year. Is this a new policy, or are they just slow?
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ISA taking me above £50270 tax threshold?
I'm aware that I don't have to declare my ISA interest on my tax form as it's free of tax - however when I add up all my income from pensions, dividends and savings (both ISA and regular taxable) it takes me above that tax threshold; yet if I ignored my ISA interest I'd be below that threshold. So should I put that ISA…
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Capital Gains Tax on selling shares and personal allowance
Hi - my wife is retired with no income from pensions etc and only earns a small amount of interest from savings. She has some Santander shares and is thinking of selling them through Santander's online 'Shareview Dealing'. They have a current value of approx £1400. I've looked at the HMRC website regarding tax on the…
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ISA subscriptions
Do banks and building societies inform HMRC of customers’ ISA subscriptions? If not, how is the £20,000 annual limit policed? The reason I ask is that I have several flexible cash ISAs, including a Flexible Zopa Smart ISA. I have been using the Zopa ISA regularly and it has multiple deposits and withdrawals over 2 tax…
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Self employed - how is foreign rental income treated by HMRC?
Hello there, I am part owner of a property in the EU, and I am thinking about renting it. Currently I am self employed in UK. If I do proceed, how I would declare that income? will it be considered as part of my self employed income, or will it be treated differently? if different, what is the usual UK tax on it? as it…
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Gift Aid contributions up, now paying more tax??
After filing my tax return in November, I was told that my tax code was changing to a code ending with LX, and the number roughly halved, because: * 'your Gift Aid Payments has been increased from £*,*** to £*,*** * we estimate you have underpaid £*** tax this year' Since then I have been paying more tax out of my salary.…
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Starter rate for savings - is it automatic?
Hi, is the starter rate for savings automatically applied or is it something I need to add myself please? I.e. if my income from employment is less than £12,570, will HMRC be automatically aware that I am eligible for the £1,000 PSA, £5,000 Starter Rate for Savings, plus any remainder from £12,570 less income from…
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Tax on savings interest
I live in Scotland, I earn £38080 per annum. I pay£1904.04 of this in to my work pension (salary sacrifice) I get a widows pension of £5775 which I pay tax on at source. I put all of this money after tax (£380 am month) into my SIPP. Next year I am due to receive around £11000 in savings interest. I am looking to find out…
