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Inheritance tax - how much? And how to reduce?
1. How much inheritance will be due 2. Unfortunately I have terminal cancer, is there anything I can do to reduce the tax on £500000 family house, wife died in 2001 and left £150000. I believe the allowance was £242000. I have left £600000 in a bond half of which is outside of the Will, joint with son, I believe his half…
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CGT query on second home / PRR while also renting. Fairly complicated
Hello, I have a pretty complicated query about capital gains tax and a second property which was owned by my stepfather, which I'm hoping someone can help with. It's in Scotland if that makes a difference. It's fairly convoluted so I have broken things down by property below: Property A. This was (I think) the main…
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Tax return questions
I have about £6000 self employed net income and 5400 from PAYE, why am I paying £40 tax when I'm below the tax threshold? I ticked voluntary payment of class 2, is that wise?
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Will I ever be able to receive backdated child benefit for previous years?
Hello, I've just realised I could have claimed child benefit for my son last year (I stupidly cancelled it due to my husband earning £57K in 2023-4, because I didn't know that we could have kept it and just paid the HICB Tax on the £7K), and my daughter since she was born in 2021. I just called HMRC reinstating the benefit…
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Unacceptable HMRC timescale
Hi, I applied for an overpayment relief request at the beginning of September 2024. The expected amount is approx £25,000. I was told that the request was in a queue and it would be dealt with in December 2024 December passed and then I was then told February 2025. I have chased it up twice more since then and I have been…
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Paid tax bill for savings interest but still shows as owing
I paid my tax bill for savings interest on 29 Nov 2024 but it's still showing as not paid so I contacted HMRC via chat. I was told they would need to send a transferral for it to besent to my PAYE record and should be done by 21 March which is nearly 4 months after I made the payment. They have also sent me a revised tax…
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Untaxed Interest for 2025/6
Good evening all, I have just had my new tax code sent through by HMRC. The tax code has been altered from C1257L to C1251L. This is because they have calculated that I will received more than my allowed interest to the tune of £52. This, at 20%, implies my income tax will rise by £10.40 over the financial year. However, I…
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Reducing 40% taxation
I hope someone can assist. I have 2 jobs with a combined
income 60k approx. In order to reduce my tax, I took out the salary sacrifice
(into my pension) option with my main employer to avoid paying 40% tax. I have
only just started this but it seems to be working well with my main employer as
I can see in my payslip the…
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Grossly overestimated notice of coding/interest received
My 90 year old mother received in January a 24/25 code of negative 14000 - which will reduce her small teachers pension to close to zero for Feb and March. 25/26 coding is sensible. The 24/25 code is designed to collect tax due on interest income - both an underpayment for 23/24 and also 24/25 liability. But the code is…
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Recently widowed and paying more tax on £6268
My mum was recently widowed and git a letter from hmrc that she will be paying an extra £6268. She is only getting half of my dad’s pension. Is that correct. Thanks
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2025/26 Income Tax
Hi Can anyone help, I have just notice on the Gov.uk website the income tax thresholds are changing for April 2025 20% £37,700 40% £37,701 to £125,140 45% £125,141 above Yes this correct and will it have big impact if you earn say £8k above the £37,701 as this year it was 20% up to £50,270. Thanks
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HMRC and Sipp contributions
Could someone explain if HMRC take into account SIpp contributions automatically when calculating your tax liability in the year they were made Thanks in advance
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Six Tax code notices since Jan 24 for 24/25 tax year
My 93 year old dad has SIX (yes I know I'm shouting) tax code letters between Jan & Dec 24 for 24/25 tax year, each increasing the amount he has to pay. Is this normal? We have no idea why. There is some untaxed interest which is fine, but the "adjustment for estimated tax you owe this year" is not explained. He does not…
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Still waiting to hear from HMRC
Having logged on to my online account, it says HMRC are yet to calculate my tax for the last financial year. So at the moment i dont know if i owe them anything or vice versa. I don't do self assessment. Should i be worried having not heard by now? Seem to be taking a long time this year.
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Self Assessment Tax Question
I know this won't matter until the end of this tax year, but I want to make sure I've got things right in my head for later this year when I will need to declare. I did a (little bit) of self employed work during tax year ending April 24. Not enough to go over the £1000 threshold to need to declare. The services were…
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Any experience on making "Gifts made from Excess Income" paid from a joint account with one earner?
We have been lucky enough to have been able to make "gifts out of excess income" to help our daughter get ready to buy her first place. Before starting these payments off we assessed our ongoing income requirements, ensured we were still saving sufficient for our retirements, prepared a lifetime expenditure forecast…
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Self Assessment - payments on account...
Last year after completing and submitting my tax return on-line I was instructed (by my 'tax calculation') to pay monies into my account: 1st payment on account for 2023-24 due 31 January 2024 of £575.90 This year I had similar, however different amounts: 1st payment on account for 2024-25 due 31 January 2025 of £710.50…
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Gross Tax paid on NS&I Savings Bonds
Does the tax on NS&I Savings & Bonds need to be advised to HMRC? I have always been PAYE. I've had notification from HMRC that I owe £2k on savings interest, which will be reclaimed via my tax code. I assumed NS&I would notify HMRC as the banks/building societies are required. I've been through all my accounts (mostly…
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Interest accruing for SA liability collected via DD on 31 Jan
As I understand it, self-assessment liability paid via direct debit takes a few days to show on the online HMRC account/statement. A relative and I both set up direct debits to collect respective TY23/24 self assessment liabilities on 31 January, and both had these debited from our respective bank accounts promptly on 31…
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Underpaid Tax
Hi all, I'm having issues with a previous employer who had me on the wrong tax code, I have now been hit with a massive tax bill and I'm a little stuck on what to do, I have read in a few places that if HMRC notified the employer to change the tax code and there was a failure on the employers part that they are liable to…
