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Leaving Company SIP - Taxable Income
I left a company whilst in a SIP scheme, therefore Tax and NI due for shares less than 3 years old and between 3 and 5. This resulted in a Taxable Income amount of £11,700 and thus circa £4.5k of tax and £272 NI due. I sold shares to cover and moved share into bed and sit ISA for CGT purpose. The monthly contributions I…
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Income Tax on Savings
Hi, I need some help to get my tax code back to standard code of 1257L. I paid £100.80 (one off payment by bank transfer) to HMRC recently for unpaid income tax on savings interest for the year 2023-2024. All fine and dandy no problem, however last week I received a letter from HMRC stating my tax code is changing to…
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Married Tax Allowance
We transferred the tax allowance to me some years ago and now want it to go back to my spouse as she is now paying tax. How do I do this please? Thanks
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Confused about Self Assessment 2024-2025
When my pension arrived in my bank it was about £8 short. Unknown to me my tax code had changed after I received my January pension payment. I thought, at last, I understood about self assessment but now I am confused. With help from HMRC I completed the self assessment form for 2023 to 2024 and paid the amount owed by…
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CGT Rate
I’m aware that the rates of CGT increased with effect from 30 October 2024 following the autumn budget. If I disposed of assets before 2024 that created a CGT liability, will I be taxed at the old rate (20%)? I ask as I have liabilities both before and after the change, both of which are within the 2024/2025 tax year. I’m…
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Overpaid Salary and Overpaid Tax - Can't get the tax back
Hi, I'm in a bit of an unusual situation and I wondered what the tips are of the wise folk of MSE forums! I worked for a company until May 2024. Unbeknownst to me, the firm continued to pay my salary until July 2024. My new role paid to a different bank account had a k tax code, but I didn't think much of it because I was…
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Tax advice !
Here is my situation i hope you can help. I lost my job a while ago due to my eyesight getting very bad and my partner works and i look after our 3 kids. I use to have a high paying job and have a large collection of models(basically toy soldiers i know its sad) and decided to sell them as times were hard. I sold them on…
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MARRIAGE ALLOWANCE AND PARTNERSHIP SELF EMPLOYMENT
My husband and I were in a partnership up until December 22, when we had to close the business because he had been seriously ill. I successfully claimed backdated Marriage Allowance for 23-24, and this financial year his allowance has been changed to reflect that he receives it. I also claimed for 22-23, but have had no…
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Overpaid Tax via PAYE and HMRC being useless
Because I left my job before the end of the financial year I overpaid tax via PAYE for the year ending April 2024. When I log into my HMRC record I get the message "You tax record for 23-24 is still being calculated and you do not need to do anything" I am owed over £1000 and can not do anything to get it. When they do…
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will a substantial capital gain affect my basic income tax rate?
Ignoring my personal allowance for a minute, salary £10K, State pension £11K, Dividend income £30K, ( so currently at the 8.75% rate) then a substantial cgt derived from a BADR gain. How does HMRC treat the capital gain. Whilst the BADR rate should be 10%, will the capital gain take my taxable income over the 50270 limit…
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Overpaid National Insurance Contributions
I am 63 years old and I have paid 46 years of National Insurance Contributions through both employment and self employment. Do I need to continue paying my self employed contributions and can I claim back any overpayment. As I understand that I am fully paid up at 35 years and if I claimed any back would it affect my…
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Limited Company Director - Salary Sacrifice Electric Car
Hello, We are trying to navigate the most tax efficient method to get an electric car through the business. As it stands we pay ourselves up to the personal allowance monthly to ensure there is no tax via PAYE. The rest of our income is via dividend to the maximum before it incurs higher rate tax. As opposed to taking…
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How to correctly declare income from royalty copyright
Hi, I've been trying to find an answer to this question for a while and always get conflicting answers. I receive royalty copyright payments from a US based company each month. This company has ownership of the licensed IP and I receive a share of the royalties as agreed in the revenue share agreement. What I would like to…
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Estimated savings interest and tax code adjustment
Last year (2023-2024) I received £1000 of savings interest This year I'm going to get a lot less, roughly £200 HMRC have just updated my tax code to account for the expected £1000 interest I'll get this year (i.e. the tax on the extra £500) How do I tell HMRC that I won't be receiving as much interest this year? My taxable…
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Advice on calculating CGT, please.
Hello I'm hoping someone can help with CGT queries. We've not had to do it before but thought the HMRC site would be easier to follow. Here goes... My wife bought her flat in 2002, moved out in 2010 and started renting it out, I went on the deeds in 2021 and we sold it in December 2024. Her CGT and PRR are pretty…
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Capital Gain tax and all income tax
Hello all! I hope you are having a wonderful Sunday. I have a question I hope you can help me with for this tax year, as never had to declare CG before. I have some questions about capital gains from selling/buying shares and options. As the allowance for 24/25 is £3000, I wonder how do they get taxed in conjunction with…
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Pension Contributions vs House Purchase
M 39 with home-schooled daughter and stay at home wife. Private renting @ 70% market rate £40k savings @ 4% with easy access I see myself landing in a very fortunate but strange position in a couple of months where I will finish the year with a total taxable income of around £135k made up of salary/bonus/healthcare/car.…
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Resubmit tax return.
I submitted my 22/23 self assessment on line. I am a sole trader and only claimed £1000 trading allowance and had a horrendous tax bill to pay by January 24 which included POA , the second of which is due this July. I now realise I could have claimed many expenses against tax which would have reduced my bill considerably.…
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I owe HMRC money but they never told me!
Hello everyone. Any help would be greatly appreciated. I am in the Army and have been for the 22 years. I have never had anything to do with my PAYE tax as a government employee and have never completed self assessment (until recently) and have never been told that I needed to. I get the odd email from HMRC informing that…
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Selling a home and capital gains tax
My wife and I inherited a property which we have renovated and moved into. This has left us with what was our main home to sell. We are selling this to our daughter and fiancé once they have completed renovations they wish to carry out. Once completed they will purchase and sell their current house. my question is as the…
