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Pension Cycling to Work
If we are retired and have work pensions that we report as “employment” for PAYE, are we able to claim cycle-to-work tax relief to buy a bike? Would this require pension companies to be registered under the scheme?
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Really confused about paying my tax? Amount isn't adding up :(
Hi all, So I'm about to pay my tax today and I'm really confused about something.. I go to my self assessment page and navigate to 'Current position' to see what I owe. The total comes to: 13,737.34 (which is including 2 x payments on account for 2025) However, my tax calculation when I filled out my return states that I…
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Adjusting your taxable income to save tax
I am confused - according to my draft tax return I have taxable income just above £100k but the tax calculation is still giving me the full personal allowance . Why is that - what deductions are made in calculating whether you have gone above the £100k threshold where you start losing the personal allowance? Do gift aid…
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Additional earnings and interest tax
I am employed PAYE. I know I can also earn £1000 on interest saving before I pay tax on it. I also know you can earn £1000 on a hobby before you pay tax. What I am confused about is can I use both of these ie receive £2000 without taxation or is the limit £1000 tax free regardless of category. Thanks in advance.
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Capital Gains - Plea for Help
Hi all. Please can anyone confirm my situation? I have received an email from the accountant I asked to help today and just feels terribly wrong and the figures way out of reach in terms of payment. 2003 Feb - bought house with then husband for £305,000 2008 Dec - We separated, I left and moved into privately rented…
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Cgt on shed
We have large steel frame shed an surrounding plot. Bought and built in 2011,total cost £55,000. Used as part of small shellfish partnership. This partnership ceased operations in 2016 and closed down, with shed kept on, and being transferred to private ownership of the 4 partners. Looking now to possibly sell up this shed…
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Is this a scam? Tax fraud
Just received a concerning phone call from 07303900933 with an automated message supposedly from HMRC stating that a case for tax fraud has been opened against me and I should press 1 to find out more. Is this a scam?
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Marriage Allowance
I currently receive £1260 from my wife’s Personal Allowance.Due to increases in the State Pension over the years,and a static PA,my wife is now paying increasing amounts of tax.We are thinking of transferring back so that my wife receives her full PA,ie £12570. Does this affect the tax rebate I received at the time of the…
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Self Assessment - ammending the calculation
So this evening I submitted my SA on ABRATAX software because I live abroad. I had to fill in some CGT fields. I submitted and peculiarly it was saying I owed an extra 1000£. But I submitted nonetheless with it saying that was due. I have now amended the calculation and resubmitted as a revised SA submission. Do i still…
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Tax on savings income
Sorry, I know there are a lot of questions about this! For the first time in years I have income from savings (approx £12k - I have an offset mortgage and recent interest rate rises meant I could earn more in NS&I than by offsetting). I know about the £10k limit and planned to request to do self assessment next tax year to…
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Self Assessment Confusion; Says 'No Tax to Pay'
(This is a duplicate of a post on the wrong pensions forum) So I did my 23/24 Self Assessment on 2nd January and my calculation shows I owe about £2k of tax for 23/24 and £1k on account for 24/25. Makes sense - EXCEPT my account balance says 'NO TAX TO PAY'. I've spent hours online trying to figure this out, why can't it…
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Tax on Joint savings Account
I have a joint savings account with my wife, we are both retired. I am a 20% taxpayer from pension income, and my wife is a non-tax payer. I believe my tax free allowance on interest is £1000 per year Could you advise on total tax free amount on savings interest that we can claim annually as a couple?
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Discretionary nil rate band will trust and RNRB allowance
I understand that: Your home won't qualify for the £175,000 main residence allowance if it's in a 'discretionary will trust', even if the beneficiaries of the trust are your children or grandchildren. I have a mirror will (with my wife) set up as a discretionary nil-band trust. We both have children by previous marriages…
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Tax Year 20/21 How many weeks of State Pension ?
This time last year, I had my knuckles rapped by HMRC because I had some bank statements missing, so I found a monthly state pension payment and multiplied by 12.In previous years I had methodically found all the payments and added them up between 06aprxxxx and 05aprilxxxy inclusive. Naughty me, cash accounting might be OK…
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Dividens over the allowence and CGT under the allowence - Self assessment form
Hi all, For the 2023/2024 tax year, I've got about £2000 of dividends and about £3,100 in capital gains, and about £5 in interest from the investment account. That is my only income (no paid work, so not on PAYE). I'm slightly confused as to what actually goes on my SA return. The dividends obviously, as they over the…
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Being clever with a bonus
Hi all, Hoping for some advice on the 'best' way to handle the receipt of a decent bonus at work. I live in Scotland, my tax code is S1244LX and so far my taxable income is at £50,230 with 2 pays to go until the end of March. My salary is just over 60k and have received some smaller bonuses through the year. At the moment…
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Capital gains tax share price on transferred shares to spouse ??
I’ve searched everywhere for an answer and not found one - so here goes. My wife has been buying shares using the company sharesave scheme where she works and they are held in an Equiniti corporate nominee account. She has acquired over 500 over the years, with each year having a different exercise price. The first ones…
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P11d mileage recording - any help
I'm having to complete a self assessment this year and have mileage paid by my job that is taxed. I'm confused with how to record this as its not lining up with the page on the self assessment form. I have no mileage allowance not taxed at source (section E). But have mileage allowance payments paid and taxed. If anyone…
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LGPS contributions
Year = 23/24 Pay from employment £53,614.40 UK pension and state benefits £21,261.00 profit from uk land and property £27,732.00 Total Income £102,607.40 Personal allowance £12,570.00 Pension contributions £44,118.18 Anyone know what my tax bill is ????
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Low paid and interest
Does anyone remember the item re extra tax allowance on interest for low paid ? Hmrc have reduced my tax code by amount of interest last year despite no tax due.
