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PAYE Tax Calculation Incorrect
Hi Not sure if this is the right board to post on so apologies if not! I process the payroll at my work and have never had any issues with this. I'm the only employee on PAYE so a fairly simple process. I've just printed off my P60 for the year and instantly saw that the tax paid seems incorrect - underpaid by around £200.…
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How much am I actually saving?
Hi all, Trying to put my "clever financial planner" hat on but need a few brains to help me think through this. 😂 The question is about making rental income stretch as far as possible. I have a rental property which generates, for example let's say £1,000 a month. I receive the full gross (pretax) 1,000 each month from my…
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National Insurance Number error
I'm just catching up with the financial affairs of an elderly relative, now that I have power of attorney over her. One of her private pensions shows a slightly wrong NI number. The final letter differs from that used on all other pensions including her DSS Retirement Pension. I will write to that pension company to try to…
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Scottish tax rate no longer calculated
Hi, As of recent update to the income tax calculator at MSE, the checkbox for Scottish residents no longer works for the income tax calculations. The net pay is the same regardless on whether the "I live in Scotland" box is ticked or not. It looks more like a MSE website bug rather than an issue with GoSimpleTax data…
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IHT calc please
Hi, still can't get my head around this. Have done various on-line calcs. Your help please Single 72 £450k house. No mortgage £200k cash investments. No ISAs £30k gifted to each of 3 sons 3.5yrs ago. No other gifts made, ever Ignore car/contents, etc Entire estate to be left to 3 sons, 1/3rd each IHT liability = £? TIA
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CGT on sale of late mother's shares. Better to sell through the estate or me personally?
I am the executor of my late Mum's estate. She had a small number of shares which I have left till the end of the admin process to do anything with. I now want to sell them. They are worth a couple of hundred pounds. My question really is can I sell them through the estate and benefit from any CGT allowance therein OR is…
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P87 Tax rebate on tools - advice and which section of the form to use and have 2 questions
1st question: Been working part time as a maintenance engineer at a leisure centre for 2 years and I'm paid the UK minimum wage. I have to buy my own tools. I want to claim back the tax on the tools purchased. Which section of the p87 form do i use? 2nd question: I bought tools when I started but I wasn't paying tax as I…
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Inheritance Tax Residential Nil Rate Band Spousal entitlement
My husband is not named on our property's title deeds/land registry. Does this mean that his Residential Nil Rate Band for Inheritance Tax can still be applied to our total estate should he die first, as well as his generic Nil Rate Band? Thank you.
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Council Tax Court Summons
Hi All I feel that my council is using a stacked system to rinse me again. They have sent me a Summons out of nowhere adding a hundred pound fee. The thing is they gave no warning that I was in arrears or that they were preparing for this action. My instinct tells me that they have to have prepared the grounds to be able…
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Reducing child benefit charges
Hello everyone, Due to recent changes to the Child benefit threshold, I am now considering applying for it. The threshold is now 60k instead of the previous 50k. My salary is 65k on a permanent job,and I will have to pay approximately £332 in charges for being above 60k. I know there are ways to reduce these charges by…
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Self assessment with Power of Attorney
I am attorney for my sister in law, who is in a nursing home. She started renting her house last October, so now needs to do a Self Assessment for 2023/24 tax year, HMRC have received the POA code to register it. I have tried to do the SA via the online portal, but I do not know if she has a Government Gateway account, and…
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Income tax and savings query
Where the gov website says: "You’re not eligible for the starting rate for savings (i.e. £5,000) if your other income is £17,570 or more" With regards to my salary, what figure am I looking at for income in this context (or any in fact, to do with income tax and allowances); is it gross or net pay? Thanks
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Help with information on how to pay tax on youtube income
Hi, my son has a full time job and has just recently started to get an income from his youtube channel. The youtube account is set at 'personal' (rather than business) and the income is going into a personal LLoyds account. How and when does he pay tax on this youtube income and can he 'claim' for expenditures such as…
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Tax payable by freeholder on extension of leasehold?
I’ve recently purchased the freehold of the building I live in for £10K which has two flats. I am the leaseholder of my flat. The other leaseholder will be extending her lease soon. Will I be liable for CGT or any other tax on the £5K cost of her extension . Thank you.
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£100k Childcare, Financial Years and Childcare terms
Hoping someone can help me as completely confused and getting mixed answers from HMRC. Last financial year (23/24) I went over the £100k threshold (not by much and appreciate I am lucky to be in this position). Knowing I would just be over I didn't apply for Tax Free childcare. I know for financial year 24/25 I will be…
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Self employed and PAYE in same tax year - is it a problem?
I am currently self-employed, but I am considering taxing a PAYE job for 3 - 6 months, after which I will return to being self-employed. I have been told by friends and family that this will cause a problem with my taxes, that I will be taxed more etc, but no one can tell me why exactly this is. Any thoughts welcome!
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Income tax on part time secondary job
Hi, I currently earn just under £44000 per year working around 42 hours per week. My wife earns just above minimum wage but it works around the kids. I already pay 13.5% of my wages to the pension scheme (which I can't opt out of without losing most of what I've already paid in) as well as the usual income tax which leaves…
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Backdating a Council tax single occupancy discount
Hi all, I would like to solicit your opinions and advice on a situation regarding the council tax sole occupancy discount. I am relatively new to the UK. I arrived from France in March 2022, on a company sponsored working visa without kids or other family member with me.When I moved in my rented flat, I knew I was subject…
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Checked my latest Council Tax Bill - The Figures are wrong
I’ve just received my Council Tax Bill 2021/2022. A cursory glance at the figures aroused my suspicions that
there was something not quite right with them. They’ve broken the bill into 4 categories, one has a large figure
and the other 3 have relatively smaller ones. They’ve indicated the percentage
increase in each…
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£1000 Trading Allowance
Hi I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k. TIA