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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…
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7 year rule for gifts given while a non UK resident.
I don't live in the UK, but have been making gifts to UK resident family members for a number of years. If I move back to the UK will HMRC apply the 7 year gift tax rule to gifts I made while a non-UK resident?
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What do i need to do to pay NI for pension?
Received these in the post, whst do I need to do to ensure my NI payments are done for my pension? t
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Tax code change - incorrect savings info?
I've had a tax code change due to information from my bank about interest on savings. The HMRC amount of interest listed is way more than what I've actually had, I've been through my account and it comes below my allowance. How do I alter this? Is there somewhere I can see where they got their interest information from? I…
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Council Tax and Annex Query
Hi, I bought a property recently that has a self contained building / annex with living area/ bathroom & kitchenette in the garden of the property. We use it as a games room. A couple of months after moving in I was advised by the the Valuation Office Agency that the property had been revalued and that the annex was now…
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They're taxing me for an amount owed from 23/24 when I already paid it...
Hello good people, This seemed the most appropriate place for my question which is that a few weeks ago I got a notification from HMRC of a change of tax code. I logged in and discovered that I owed a small amount (£248) for the tax year 23/24 which I then paid (on 10/2/25) in full. It now turns out that they have applied…
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Scenario cgt tax help please
Hello I current own half a property worth 250k approximately and i have a joint mortgage with about 107k left. I may shortly receive an inheritance of a house worth about 240k. If i sell the the mortgaged property to go and live there which i have lived in for 7 years and pay off the 107k will i be liable for anything?…
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Income Tax and Pension Contributions
With my gross income, I would be just over the £50,270. I had thought that if I put into my employee's pension so that I would be below this rate, then I wouldn't become a high tax payer. However, I just been sent an e-mail saying that my tax band is being adjusted and after logging into my HMRC account, it is because they…
