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Tax Bill From 2016/17
I have recently received a self assessment tax bill from HMRC for £79 from a self-assessment I did in 2016/17. It appears to have been flagged in 2018 and they've added £30 interest since then. This is the first I've heard I owe them money. In 2016/17 I was signed off longterm sick so I made no money as a self-employed…
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SIPP small pot under £10000
Evening all Does the 25% tax free element of a SIPP when taken as a small pot under £10000 count towards income for HMRC purposes Many thanks
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Salary sacrifice and staying above National Minimum Wage
Ive just spent the last 2 hours catching up with posts on this forum regarding cutting tax which has confused me. In peoples attempts to reduce their taxable income to lower their tax position, people look to "salary sacrifice" as a method of achieving this. Which makes sense! However, I've read comments that suggest…
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How to reduce 'Non coded income'
When due to one-off circumstances a large amount of 'Non coded income' gets assigned in the next tax-year to a person (i.e. showing when they look on the PAYE Income Tax Summary of the HMRC Tax Portal), then what is the best way to go about reducing or completely erasing that amount.Should they a) contact the HMRC via…
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2023-24 savings tax bill slightly more than own estimate
2023-24 outstanding tax owed is on savings interest from that year. The taxable employment income and tax already paid on that employment income, were from the P60. However the savings interest tax is exactly £2 more than my estimate which is to the exact penny. I did a 20% tax deduction from the gross savings interest…
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Paid tax deficit and it's STILL not showing on Govt Gatewat
I was
informed by HMRC in December that I owed them some tax (on savings interest).
For some reason they’d miscalculated or something. So I duly
paid it on 18th Dec. A month
later, my Govt Gateway record still says I owe them the tax. I rang them up (the online chat ALWAYS says "no adviser is available") and
after a long…
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Inheritance tax question
My husband and I have savings worth £400k. We don't own our home (we rent). We have 2 adult sons who we'll leave our money to in equal proportions (we've written wills). If we both died a) at the same time or b) within the same year, am I correct in thinking that £75k would be subject to inheritance tax? Sorry if this is a…
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100K Threshold help/ Childcare
Hello, thank you in advance for any wisdom you can share! Here's my situ: I have a salary of 100k I contribute regularly to my workplace pension (5%) My PAYE record on the HMRC app is 7981 per month = 95,772 I claim 30 hours free childcare and also tax free childcare for a child in nursery, and wraparound for a child in…
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Marriage allowance form stuck in post.
Me and my wife filled in the form for transferring marriage allowance for now to the back dated years 2020-21. I sent it royal mail tracked 48 on the 3rd of March, and since the 5th it's been stuck in north west midlands Mc. Would it be a good idea to resend as the deadline is very close?
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Nationwide Bonus payments
A simple question… Are the Nationwide bonus payments subject to tax?
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Can a tax expert explain my PAYE tax code change?
Thank you to everyone (and anyone) who is more informed on income tax, than I am. Please... I was on 1257L on expected earnings of £108k for this tax year, ending Apr 25. But last month my tax code changed to 538TX, because of untaxed interest on £1,947 (net result for me was £260 less take home). For the new financial…
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Income over £100K - 60% tax rate effect
Am I right in saying that if gross income exceeds £100K then it starts to eat into personal allowance? Rather than income after personal allowance exceeding £100K. Sounds bad. Am I right that if I pay an AVC into pension it will reduce this? Better than paying 60% If I remember its complicated. If I'm on course to earn…
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Conflicting Info on HMRC Page - Do I owe or not?
Hey guys, So I pay my tax each year by self assessment and have done for a few years. My return is compiled by an accountant to which I supply the raw data. I keep up with the payments, payments on account etc. When I signed in today I see two conflicting bits of information: At a Glance.. View Account... You have nothing…
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Inheritance Planning and Partnership Capital Account Balance
I am in a business partnership with my parents and they hope to pass the business to me as a gift or as an eventual inheritance. They also want to put a small amount of the value of this business aside for my 2 siblings, as the eventual inheritance for those siblings (my parents have other assets that those siblings will…
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New tax code implemented too early
HMRC playing a blinder ( I used to work for them). My husband's pension had a new tax code for month 11, which resulted in more tax. I had a look, and they had applied the tax code for 25/26. The nice lady on the phone at pensions told us that HMRC sends all the codes straight to their computer payroll, and they now have…
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Savings Interest from previous year tipping this year into 40%
My tax code for this year (2024/25) has reduced from the usual 1257 to 755. This is due to untaxed interest from 2023/24 of £1,255, being added to estimated untaxed interest this year of £3,816. My taxable income from employment this year is estimated at £42,502. I have already maximised my pension deductions to reduce my…
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SA109
I left my job in the UK to work overseas midway through tax year 24/ 25. Salary overseas is tax exempt. I'm ordinarily resident in the UK and will continue to be due to ties/ time spent in uk. I'm not requesting any split year treatment. From reading the notes for SA109, I don't need to submit SA109 even though I've…
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HMRC have paid me interest on delayed refund - is this taxable?
I have received a refund for 2023/24 which is slightly higher than the amount stated in the tax calculation, and assume this is interest. Do I need to include this as savings interest for 2045/25? I have looked online, but can’t see this information where I expected and I’m probably not going to be the only person who asks!
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Tax code dispute
Since I've been hovering around the 40% tax bracket the last year or two, I've started to incur tax on my savings interest (I am PAYE).I disagree with my tax code for the current year and am hoping someone can help. Summary:- For 2023-24 tax year (when I was 1257L) they said I earned £1466 in interest, so minus the £500…
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When should profit (interest) from a saving account be reported to HMRC via Self Assessment
Hi,In November 2023 I took out an 18 Month fixed rate bond with Al Rayan bank that was due to mature in May 2025. The profit (its an Ismalic based account, so its profit not interest) is due to be paid to me at maturity in May 2025. To my surprise however, I have received a Profit Satement from Al Rayan saying that they…
