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Income tax on Savings
I've had a bit of a shock from an HMRC tax change notification, classing me as marginally above the 40%tax threshold. The only thing I can think of is savings that are taxable but I am unsure that is the case. My earned income this year is just below the 40% tax threshold. So shouldn't the tax exempt savings allowance…
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Help with 25/26 tax code assessment
Hi I have just been notified that my 25-26 tax code is available and has changed drastically. See photo attached so for 25-26 tax year it says I owe £4271 from previous year but in current tax year is says I only owe £16 so my question is where has that figure come from? Any help is appreciated
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Marriage tax threshold
Hello. My wife applied for the marriage allowance about three years ago and was then a non tax payer, so I gained the extra allowance. However over the last three years owing to the freeze on the tax threshold she has now crept into the tax threshold and as such now has to pay a small amount of tax. Is it still OK for us…
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INHERITANCE TAX - SPOUSE DIED 1971
Any help appreciated - GOV website guidance a little confusing?! Father died 1971 - mother now died - never remarried, worked hard all her life and paid off her mortgage - her will passes her estate (basically her house, no other assets) to family and charities - but if I understand it correctly the exemptions before IHT…
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Help HMRC Simple assessment 2018-19 Annual year
I have an issue I have been trying for 9 hours to wrap my head around. Today I received a letter from HMRC claiming I owe them £400 for the period ending April 2019. I opened the letter with a bit of a shock and thought this was a mistake, as I have never had this before, I thought it was a scam, however after I contacted…
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12% NI automatically deducted from protective award payment
I am due to receive this payment shortly. Ex colleagues who have already received theirs have confirmed that 12% NI is automatically deducted before the payment is made. I understand NI is payable, but due to my regular salary levels I am above the 12% threshold and only pay 2% NI on incremental income. Does this mean I…
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£20,000 tax limit
Anyone else fed up of £20k tax threshold click bait articles in their feeds? It is never going to happen, regardless of how many hundreds of thousands sign a petition. I might start my own to decrease the threshold to £10k and up the 40% band to £80k :p
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Week1/Month1 Tax & Bonus
In August I was popped onto a week1/month1 tax code and been paying a little more tax as a result. I get that it runs for the rest of the tax year. However I'm due to receive an annual bonus in what would be the 1st April pay day. Am I about to get spanked for a load more income tax than I would be if I was on a normal tax…
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Capital Gains on Buy to Let
I bought a property in 2007, carried out some major remodelling of the house, lived there for a couple of years, moved in with my partner (now wife) and let out the property. About 18 months ago, I got a new buy to let mortgage, put my wife on the mortgage and changed the ownership to 99% in her favour as she is in the 20%…
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self assessment state pension statement
Hi. Hopefully someone can help. Filling in my 2022/23 tax return and I need to enter my state pension income. I don't have this information. Do I just add up all the payments that went into my bank during that period? Online information says I can request a BR735 for pension department but it has to be done by calling 0800…
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Mother In-Law exceeded Personal Allowance
My mother in law is turning 80 this year and receives a partial state pension and interest on savings pension of £8,750 per year interest on savings at £6,000 per year = £14,750 annual income given the Personal Allowance is £12,750, presumably she’s liable for tax on £2,000 My question is, will HMRC collect this…
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Help with pension contributions and child benefit
Hi I have been reading lots of good info on this forum but still need a bit of help. So I have switched to a relief at source pension and will be earning approximately 80,000 and making approximately 22,000 in pension contributions per annum. I have notified HMRC via online form as I can’t get through on the phone but…
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Sole Trader Self Assessment - fluctuating income
I'm an actor and, whilst I didn't make a loss, last year was a very poor year for income (after the writers' strike etc). This year, however, has been much stronger with a contract that is running April-April. I also received buyout payments for work I did in previous years. I use the cash basis for self assessment. Am I…
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Capital Gains tax
Hi, I am about to sell a buy to let property owned solely in my name. I believe that I may be able to reduce my capital gains tax burden if I gift (some? half? all?) of the property to my husband. Could somebody please explain a little more to me about this? Many thanks in advance :-)
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Will I be fined for not submitting a SA return when I didn't realise it was needed?
I was just listening to Martin on the podcast when he was discussing SA returns (I'm a few weeks behind). I was surprised when he said in passing that anyone earning over £150k PA automatically had to do one, as I was oblivious to this. I was lucky enough to pass that threshold a couple of years back, but was unaware of…
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VED rates from April 2025 - pre 2017 petrol vehicles
The DVLA site is distinctly lacking in information about pre-2017 VED rates from April. I have a 2015 Hyundai i20 and just want a simple answer to the question 'will my current £35 increase by inflation to around £40 or go up to £195 in April?' Impossible to get a clear answer. Can't anyone help?
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Moving abroad - How to avoid UK tax residency in 25/26 tax year
Hi there, Mostly active in the Banking & Borrowing area of the forum but hope some tax wizards can help. Planning on moving but getting completely confused by the UK Statutory Residence Test. I essentially want to know by when I have to be leaving. Clearest cut would be to have left the UK by 5th April 2025 and rental and…
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Understanding Tax code/net pay
Wonder if someone can explain this to me please - tried getting through to HMRC on the phone, but was on hold for 30 mins only for the line to cut off Previous months Gross pay£3,333.33Tax paid£384.00Net pay£2,599.83 Tax codeC1495L This month Gross pay£3,753.33Tax paid£893.40Net pay£2,476.83 Tax codeC1263L Obviously there…
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Tax Code Issue
Hi, are there any tax code gurus on here please? My tax code for 24/25 was changed to 1147L because apparently I underpaid by £800, however, I've now received another tax code dropping my allowance for 25/26 to 927L because I still owe £659! I don't understand why as surely reducing my allowance by £1100 has covered this?…
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Calculating how much I can pay into extra pension to avoid paying Income tax?
Having just got my State Pension I find myself looking like I'll be paying Higher rate tax this year. I'd like to avoid paying higher tax and tbh, as I have state pension now, perhaps I can pay more into a Pension plan to avoid paying any tax. I have a Works pension, small amount of PAYE and work Self employment. 24/25 tax…
