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Tax Relief for Mileage
So every year I submit my total miles for the tax year, the amount my employer has already paid me (8p per mile as the car is electric). It is classed as a personal car although they pay me a Cash for Cars payment every month to cover the car. This year it is saying 'Total expenses claimed can’t be more than £2500.' ... it…
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HMRC mistake
Hello, newbie here. I’m just looking for some advice about what to do about an HMRC class 4 NI restriction that was not applied correctly by the HMRC on my last tax return (they have admitted this). I do my tax return through a company who deal with medical locums and the different range of jobs we tend to do. I work one…
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Received Letter Tax owed 2017
Hi, I have just received a letter from HMRC. Stating that I owe tax from 2017 So the meat and bones is "We've written to you before about your overdue self assessment tax,You still haven't paid what you owe" I have not had a letter in the past 7 years to tell me I owe tax. I remember submitting this late. My business was…
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VAT advice
Hello, I'm hoping someone out there can help me. I am a franchisee (sole trader) and am selling my business. As a matter of course, the franchisor lists any resale opportunities on their website, along with new franchises available. My franchise agreement prescribes that if a buyer comes via them, ie contacting them to…
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VAT on Legal Fees
Hi all, We're transferring the title on a small parcel of land. The solictor has provided a quote for the paperwork of £300, with the VAT being an additional £160. Is this correct? I've tried googling the VAT rates for such services but am hitting a wall. Any advice is appreciated
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How to find a tax advisor
Our son is due to start work in New York in October. He is aware that he will be due to pay tax here as he will have been in this country for 6 months of the current tax year, that he may be due to pay tax in the States and that there is a reciprocal arrangement re tax between the UK and the States. He will be there for at…
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Declaration of trust on rental property - what does it actually mean?
Hi all, Can someone please explain to me in simple terms how a declaration of trust on a rental property works? I was under the impression that if a declaration of trust was made for a rental property, the rental income could be divided how we like between the 2 parties (husband & wife) in order to avoid the higher rate…
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Offshore income and gains/losses
I had a thread a while back (see https://forums.moneysavingexpert.com/discussion/6395698/cgt-unreported-loss-from-2019-20-but-is-it-a-loss ) about helping a friend with her income tax and am happy to say that things have turned out well, again thanks to @Jeremy535897 for his help! So... my friend's offshore portfolio has…
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HMRC request for backdated Class 2 NICs
I had a letter this week from HMRC saying I owed £250 in class 2 NICs from 2008-10, so about 14-15 years ago. It’s a bona fide letter and I phoned them to enquire further, eventually they answered and the chap said they can go back 20 years. I thought it was 6 years at least in terms of records you are supposed to keep.…
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Balancing payment for self assessment
I am in my third year of being self employed. I earned less for 23-24 so have just had a rebate which has been deducted from my payment due in July. However, I have noticed HMRC have added a balancing payment to next January’s installment. I understood a balancing payment was due if you had earned more than expected and…
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Higher income child benefit charge: where do I put pension?
Hi there Due to my husband having a pay rise, we are in the position where we need to file a self assessment form to pay back child benefit this year as a one off. His p60 says his income was £58000 but that hasn’t taken into account his work pension where he has paid at least £5000. Where would we put the pension on his…
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Higher child benefit charge.
Hi guy. I am an employee who is having a nightmare with the tax office. In 2022 to 2023 I have to pay the higher child benefit charge. My calculations are. Wage 52958.00 minus pension contributions of 1695.00. Leaves 51263.00. The higher tax charge being 1% for every £100 over £50000 means I have to pay 12.63% of 2636.00…
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Calculating Capital Gains Tax
Hi, My Mum transferred ownership of her house in 1994 to my sister and myself in a Trust will. We inherited the property in December 2017 when my Mum passed away ; my sister then passed away in May 2022 and left her half of the property to her partner. He is now buying my half and, as this is classed as my second property,…
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Help me work out cb tax..
Hi all, I earned too much last year and have to pay the child benefit tax. I do not yet have my p60, but I have March's payslip detailing my total wages for the year. It asks for net income, I may be being dim, but I'm struggling with what to include. My pension comes out before tax. I have a small reduction in my tax on…
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VAT on company truck now business has been sold
Hi, I am completely over my head with this. I ran a coffee roasting business and purchased a truck to help transport coffee, equipment etc. After a few years I sold my business and all equipment but kept the truck. I did use an accountant paid all due vat etc. when the business was sold. I now need to sell the truck, it is…
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VAT on building work for disabled access
We are due to have our kitchen extended shortly due to my wife needing a wheelchair now, reading the government guidelines we are not vat exempt but the work is being done to make the kitchen more suitable for her as she would not be able to turn her wheelchair with the current layout. Bathrooms are eligible but they can…
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Personal tax allowance
Hello I have recently taken early retirement and cashed my personal pension pots I par basic rate tax on some and I have a personal allowance on others. My wife does not work and has no pensions can I transfer her personal tax allowance over to me. Thanks in advance. Armchair warrior
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How to minimise tax on a bonus
Good Afternoon I currently get paid every 4 weeks and my gross pay is £4K each pay period. We get paid 13 times a year so a yearly salary of £52k. However I’ll get a £9k bonus this month, will this mean that the tax I pay will incorporate them thinking I earn more than £100k a year and therefore impact my personal…
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Tax code correct but taxed too much
Hi guys, I'm not getting anywhere with a Google search on this, only results on how to get your tax code changed if its wrong. Just been paid first pay from new job, only 2 weeks worth due to how their pay schedule works. I was taxed exactly 20% My tax code is definitely correct and I don't have any circumstances that…
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CGT on Bitcoin
Hi Everyone I bought into bitcoin 7 years ago..... Total novice..... I have added over the last 7 years.... I have made every novice investors mistake over that period... (Bought, sold, exchanged to other crypto etc etc etc) I recon I have about £7500 invested which is currently worth about £15,0000 If I have never…