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Reducing IHT via rental property transfer
My 80 year-old mum owns a flat which she rents out for income. There is no mortgage and it’s worth about £400k. She also has a mortgage-free residential home worth about £575k. We’re wondering if there’s a way to put the rental property into some sort of trust in order to reduce IHT? She has five children and no spouse. If…
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If you make less than £3000 buying and selling stocks in a year, do you still need to declare it?
Hi, If you have bought and sold US stocks and turned a profit but it was under the £3000 capital gains allowance, do you still need to declare it and submit everything in a self assessment tax return? Thanks
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Tax Free Childcare
Hi, I am hoping someone on here can help me, I am trying to establish whether we qualify for tax free childcare allowance. I currently earn £85k per year, however this year I was paid an unexpected £40k bonus, on top of that I have a company car and healthcare which amounts to a BIK of £10,608. I am currently paying…
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CGT on probate property - HMRC online
I’m due to pay CGT on a probate property sold by the estate before distribution. I’ve registered a complex estate and set up a capital gain tax account. When I’m filing the online CGT form, there is a question about how the trust got the property. The most likely options are either (i) inherited it or (ii) other. I’m…
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Tax code query
Not sure if this is the correct board - a mod may move this post to a more appropriate board if required. I retired last year and am married. I have bought a second annuity as I didn’t really fancy using drawdown which means I am now a 40% taxpayer with pension this tax year of about £55k and possibly taxed interest of…
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SDLT and CGT
My position is that I owned 4 properties. All 4 were rentals. Last year after splitting with my partner, I evicted the tenants from 1 property and moved into it. I now want to move house. My first thought was to sell a house I inherited that is in poor condition and a long way from me (but more expensive area) so it's not…
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HMRC TAX OVER PAID REPAYMENT ISSUES!!
Hi all I’ve received a tax calculation letter from HMRC on 17th of may saying I’ve overpaid £6k in the 24/25 tax year yes I’ve been working PAYE all year up until jan 2025 then I worked self employed (CIS) till march 2025 I sent off a self assessment I was paying 40% until I got my UTR through then to bring my tax down if…
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Winter Fuel Payment and taxation
I am a pensioner. My income is above £35,000. I contrive to keep my income within the 20% tax band so as not to lose the Marriage Allowance. If the Winter Fuel Payment were thrust upon me, would this increase my taxable income (potentially pushing me into the 40% tax band)? Is this a circumstance where I need to opt out?
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Tax refund
I have two jobs. For the financial year ending 5/4/25, I used the tax calculator on this site and on HMRC website. both results showed I paid too much tax. the previous other 4tax years’ tax calculations on these two websites showed the tax that I paid was correct. HMRC have not written to me about a tax refund. should I…
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SA Return - Payments in advance
I hope you can help with my confusion. I help my mum complete her tax return using Taxcalc. For many years she didn't pay tax because her income was not high enough.However my dad died in 2022 so she now gets his widow's pension plus the interest from his savings. Meaning she has to pay tax.From October 2024 to about…
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Tax Return while permanently employed in Norway but live in UK
Hi. Wondering if anyone has any advice. at the end of last year I took a job working in Norway offshore. I work for the same company but I am employed on a Norwegian contract and still live in the UK so just travel back and forward for my trips offshore. My pay goes into my Norwegian account and I pay Norwegian tax. last…
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Clarification on Adjusted Net Income and 30 Free Childcare Hours Eligibility
I work in state education and will be earning £110,000 from September this year. I contribute 11.7% of my salary to the Teachers Pension Scheme, which I understand operates under a Net Pay Arrangement. As I understand it, under the Net Pay method, pension contributions are taken before tax and full tax relief is applied at…
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Company vehicle designation on P11d
This is a long (4 year) issue I have been going through regarding what I consider to be my employers 3rd party HR companies designation of a Ford Transit custom double cab in van as a passenger carrying vehicle. This has resulted in an £18000 tax bill for the 3 years I was given this vehicle from 2021-2024. From the start…
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NI Refund CA4361 Backlog
The HMRC Backlog for CA4361 claims for a refund of overpaid NI is a joke at the moment. Can anyone explain how they can be at a point where on the website where you can find an expected reply time it says that they are processing claims from the 24th March 2025 (mine was submitted in early April 2025) for it then to jump…
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Tax on US Social Security Retirement Benefit
Hi, I'm a British citizen living in the UK. Back in the early 80's I worked in the USA for a few years. Now that I am retired I submitted an application to the US Social Security Administration to find out if I was entitled to any retirement benefit. To my surprise they have come back and said 'yes' I can receive a small…
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Pension and job - salary sacrifice 40% tax relief?
I have a pension of £28000 and job £34100. Pension taxed at BR and my tax code for my job shows a reduced personal tax free allowance 590L (so I will pay 40% tax on this at some point). I take advantage of salary sacrifice for several things. I am only getting tax relief at 20%. Payroll have said I am not paying 40% tax…
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Not declared property abroad
Helll everyone, I co-own a property abroad that has been rented out. I have never received any income from the property as the other party does (they bought the property). When this person dies I will be inheriting their part and will most likely sell the property. The problem is that i never declared the property when…
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HMRC over allocated marriage allowance resulting in underpaid tac
I have been receiving the transfer of my wife's personal allowance under the marriage allowance scheme for several years now with no issue. However I retired in August 2024 and received a P800 for tax year 2023-2024 stating I owed £518 in under paid tax, explanation -Marriage Allowance You were given more Marriage…
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Filling in HMRC R40 form
Hi - can someone help me fill in this form please? My sons have Trust income that I have to claim the tax back on and I find the form confusing - anyone able to help, please? Thanks
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Personal allowance and shares
Hi I know selling shares are liable for CGT. But what I don't know but have spent ages trying to find an unequivocal answer online, is does the amount you receive count against your personal allowance too? I don't imagine it does but I don't want to assume anything. To complete the picture, I'm not working or receiving a…
