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Do I have to pay social security?
Type your messageHello everyone, I'm new here. My husband has been sick for over a year. He has been receiving PIP, ESA and LCWRA since January 2024. He is self-employed and therefore I have a question: he earned less than £6,725, so his tax return came out with a national insurance payment of £106. Do I have to pay…
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Optimising savings interest, dividends and CGT allowance
I'm trying to work out how to best use the non-ISA allowances, is my understanding of the tax allowances correct please? My understanding is that savings interest, then dividends are added to pay after pension and charitable contributions to calculate taxable income. (No kids, no company car or any other benefits like…
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Self-assessement - Cash basis and trading allowance
Hello, I hope someone can help as I'm not so sure how trading allowance works with Cash basis for Self-assessment. I made £1400 net selling things on Etsy - sole trader (£1950 gross - Etsy fees £550 ). In addition, I paid £100 for a software and £600 for a laptop I use for these activities only. I want to declare my…
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Tax on Self Employed Income (when also an Employee under PAYE) - query
Hi, Pls can anyone advise re a query on paying tax on self employed income? The person is already employed full time (PAYE). They complete Self Assessment Tax Returns already due to rental income. Last year they started doing additional self employed work - on very small scale basis - 1st year earnings were less than £600.…
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Does Personal Savings Allowance count towards income threshold?
Hi folks, Due to a pay rise last year, i'm just about to tip into the higher rate 40% tax band by April. To avoid this i've been doing AVCs into my pension to bring me to an expected taxable income by April of £50,058, so £212 shy of going into 40% However I've completely lost the plot with fixed rate savings accounts I…
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Can I claim tax relief for working from home?
Hi all, I have two jobs with a university. My main job is full time (1.0 FTE) and I can work from home or in the office. I choose hybrid and work from the office twice a week. My second job is 0.3 FTE as an Associate Lecturer. The contract for this role says that this is a home-based position. Because I already work…
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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…
