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Help needed - have I made a big mess?
Back in November my mum needed some minor repairs to her house and replace some white goods. She's on a state pension so I suggested I could sell a few things on her ebay account. We started doing this and sold about 2ks worth of used stuff. During this time I found a good deal on a mobile which I purchased and sold that…
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Tax implications on futures trading
Hi everyone, Thanks in advance to everyone who will post a constructive and helpful answer to this post. I am looking at becoming a full-time futures trader within the next 18-24 months. Only following a rigorous process of simulation and risk- management. Could anyone tell me how I can be as tax efficient as possible? I…
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Does my wife need to register for self assessment?
My wifes only income is state pension and savings interest. I pay 40% tax so all savings are in my wifes name. Increased savings and increased interest rates have pushed my wife to the level she needs to pay a bit of tax for 24/25, this is after 5K and 1K allowance. We have been building up ISA pots, so 24/25 will be a one…
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APR on purchased land
My uncle just left me some land in his will. He bought it in 1994 and rented it out under a farm business tenancy in 1998 to a tenant who is still farming it today. There was an earlier tenant between 1994 and 1998. My uncle was a farmer before he retired but he never farmed this particular piece of land himself. Does this…
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CGT/IHT Implications of Mother Transferring House into Joint Names with Son (both live at the house)
My mother and I recently saw a solicitor for IHT advice and the solicitor advised my mother to transfer either all or 50% of the house we both live in to me (so we would be joint tenants or tenants in common) in order to protect me from potential care home fees and IHT, should the IHT nil band threshold be reduced in the…
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Request payment fault on hmrc tax returns?
Not sure if im the only one having this problem, but i submitted my tax return on 7th April, well my accountant did, normally a day or two later it changes its status to bank payment pending, however this year every 48 hours it asks me to request the payment. My accountant said try and enter my bank details and request it,…
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Paid too much national insurance?
Hi there, I’m new to the forum and looking for advice. I had a letter last week to say I might’ve paid too much NI in 23/24. As I had more than one job. I have a full time job where my tax free allowance etc goes and I pay NI. In my spare time I play sport and get paid in a payment at the end of the season. I have always…
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My PAYE tax has gone up quite a bit recently. Why?
Hi I'm hoping someone can help me with this. So I am paid weekly and I have noticed that the last couple of weeks I have been paid my tax has shot up. I will post some figures and hopefully someone can help me and let me know why and if this will now continue at this rate from now on. My tax code is: 1257L So these are the…
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Problem with self assessment submission
Hi Has anyone had this error message when trying to submit their self assessment as I've never had it in the past? Please ensure you disallow any element of expenditure which relates to personal use and was incurred wholly and exclusively for the business. Everything I've entered our business costs other than sales so I'm…
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Self Assessment timing
I usually do my SA about August time. I have just had an email from HRMC about doing one now. Should I do one now with figures from August till April so I am then in line or just do it how I usually do in August?
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2 Jobs & Confusing advice
Hi all I have had several chats with HMRC asking about tax code advice and how best to allocate my tax free allowance, with mixed advice every time, so I'm really confused. Just calculated I'm owed approx £1000 tax rebate. Whilst that's a nice bonus, I'm keen to sort this out so I am paying the right tax for this tax year.…
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Need advice – missed CGT reporting in past tax return (proceeds over 4× exemption, but no tax due)
Hi all, Hoping someone here can help clarify something about CGT reporting — and whether I need to fix a past tax return. I’m already registered for Self Assessment because I have rental income and some dividend income. I've been buying and selling stocks for a few years through Trading212, and I’ve recently realised that…
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Marriage allowance transfer
After watching Martin’s programme on claiming marriage allowance transfer I realised that I met the criteria to transfer to my husband. On 26th feb I sent in a form claiming for 4 tax years - 20/21 - 21/22 - 22/23 - 23/24. On 13th march my husband received a letter saying he was due a repayment of income tax for tax year…
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Private medical insurance and tax
I have been told my company will pay for private medical insurance. They say annual premium is £1,200. They also said I can have private dental insurance with premium being £500. If my salary is 95k do I add on the extra £1700 in terms of tax? Guessing I pay 40% of £1700?
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Curious question about CGT on land
When this becomes an issue I will be dead, so I'm just curious :) In my will I have left my grazing land to my cousin on the basis that she may want to sell immediately or keep it while it increases in value as land always does (There is zero chance of getting planning permission on it ATM, but who knows in 20 - 30 years…
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Have HMRC made an error on my tax owed?
I'm just about to write to HMRC as they claim I owe them £91.35 (see below ) but I think they have failed to take into account my unused 'Basic Personal Tax Allowance'. Also unsure whether they have taken into account my £1000 Personal Savings Allowance. My online tax calculation for 2023/24 says the following: Income…
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Business Rates have doubled
Can anyone advise on what, if any, action I can take on my business rates bill which has more than doubled? I was paying £161 per month until 3rd March then on April £383.70 was debited and I have a further 11 payments of £387. I am in Islington, my rateable value is £15,500, my small business rate is £7,734.50 and my…
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New rules for claiming tax refunds via an agent
I thought this was interesting, HMRC have been taking some steps to try to protect taxpayers from unscrupulous agents. Though it’s only a matter of time before someone grumbles about it! https://www.litrg.org.uk/news/new-rules-claiming-tax-refunds-using-agent
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Inheritance tax question re passing on property when parents are separated and not divorced
I know you can leave your property to your direct descendent which increases the threshold to £500,000 before inheritance tax is due or if it is left to your spouse and your spouse leaves it to a child, then potentially the threshold is £1,000,000. My parents have been separated for about 30 years (extremely amicably) and…
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Mileage allowance relief
I recently started an employed job where I am being paid mileage at 26p a mile. I understand I can claim relief for the miles travelled as the allowed rate is 45p. With the end of the tax year just passed I am looking at filling in my self assessment (I am employed as well as self employed). I know the miles I have…
