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Avoiding 60% marginal rate by using pension carry forward in alternating years?
After using my whole £60k pension annual allowance between defined benefit + voluntary pension contributions, my annual gross income is around £120k. It seems to me that if I alternated between using £40k one year and then £80k the next (using carry forward from the previous year), I would save £1500/year or so in tax. Is…
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Adult daughter wants money from Will trust "on account" from her inheritance
Hi, my adult daughter is asking for money to help with mortgage payments over the next couple of years. The Will trust (of my second wife) stipulates all five children (from both our previous marriages) receive the same amount on my death. Is there a way I can legally lodge on the record that this money has been paid to…
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First self assessment with RSUs
Received vested RSUs from my employer June 2023 showing as income on my P60 and accounted for on my payslip with tax withheld and company paying their own NIC. Do I need to put this information on my self assessment anywhere other than P60 total for year? Also I recently left the company and sold the RSUs with a profit of…
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Self Assessment expenses receipts not in own name
Hi my son started a side hustle 2023/24 and needs to do a self assessment. He built himself a computer, from scratch, for the youtube channel. Some of the parts were really expensive (£900 +) so I used my credit card to buy them since he didn't have one himself. The parcels were addressed to me an delivered to our shared…
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Is Maturity of Corporate Bond a Chargeable Event, for Capital Gains?
Hi, Is Maturity of Corporate Bond a Chargeable Event, for Capital Gains? NB.I asked this question on the 'HMRC Community Forum' and after a 10 day delay, I was privately advised: "Unfortunately, your post has been declined. HMRC is unable to provide specific or tailored advice through the Online Community Forums and cannot…
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Conflicting info on paying after a self-assessment
I've done my first self-assessment, and I asked for it to be paid through PAYE. When I got the the end I saw: "Total amount due for 2023-24 £1,619.00PlusFirst payment on account for 2024-25 £809.50Total to be added to Self Assessment account due by 31 January 2025 Second payment on account for 2024-25 will be due by 31…
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Dreaded Self Assessment. First time.
Hi all, I retired earlier this year at age 58 on the 31/05/2024. I have taken my 25% lump sum after my 59th birthday 31/06/2024. I have taken a small amount from the 75% taxed pension. I have a DB very small pension which is also received and received a tax free lump sum from it a few years back. I received a gift of £2000…
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claiming uniform for work and backdating
I'm currently doing my tax self-assessment and trying to work out where to claim for expenses related to my work uniform (NHS) - can anyone provide further information? The help pages at HMRC are no help! I don't know how much I can claim and where to enter it in my self-assessment.
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HMRC P87 form to claim for WFH ? help please
HI all I would appreciate aby comments on this:- I am WFH permanently due to a health issue. I completed (or thought I did!) P87 form on line (to claim tax relief on WFH) and received a letter from HMRC advising it was incorrect. I rang the helpline and was advised that P87 was the correct form and to complete again…
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CGT ON 'NOTIONAL' GAIN GIA FOR TAX RETURN
Hi I have a GIA and I am now filling out my tax return. The statement from my GIA provider includes a consolidated tax certificate which shows the dividends that have been earned on the funds in the GIA and on which I know that I will pay income tax. The dividends themselves are now just part of the GIA. Separately the…
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CGT random questions
Sorry if these questions appear stupid but, here goes: If a person inherited shares from their spouse over forty years ago, is there any CGT to pay if they sell them or for the estate to pay when they die? The person cannot remember if the shares were in joint names originally or if they were moved into their name on the…
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Tax on savings
Hi. I’m not
great with understanding the information on the HMRC website, hence this
question that I'm hoping someone can help me with. If my annual income is less
than £17,570 (income would be a Defined Benefit pension of £4,000 pa, and
drawdown from a SIPP of £8,570 pa, totalling £12,570) does that mean I’d have
the…
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Self Assessment Interest Reimbursement
Does anyone know how to claim an interest charge back on an unwarranted SA penalty charge? Basically, HMRC advised us to pay a penalty charge that was generated due to a HMRC back log. Whilst they reimbursed us the penalty charge( that shouldn't have been charged in the first place) they did not give back the interest they…
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State Pension Total For SA
Where find the total state pension payments for my self assessment, other than going through my bank account? It used to be already populated on the return, but was it was not last year 22/23. Going by the bank, my wife has 14 payments in the 23/24 tax year. First one on 6/4/23 and last one on 5/4/24. I only have 12…
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Capital Gain loss on purchase of new property
I have sold one property which has been rented out and bought another. I have some PRR, but will still be a hefty CGT bill on the sale. Can I claim the solicitor fees and stamp duty on the purchase of the new property as a loss in this tax year in order to reduce my overall CGT liability? Obviously this will mean I can no…
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Unable to transfer Married Allowance on self assessment
Hi We have been trying to transfer the Married Allowance from my wife to my account but it isn't working. We completed the details on her online form and an error message came up. No reason was given and we assumed my name was different to the way they have it, so we tried different permutations. The error message then…
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Notice of tax coding - starting rate for savings
Just been speaking to HMRC regarding an error on my wifes notice of tax coding. The notice did not include the Starting Rate for Savings allowance of £5K against her savings / investment interest. She is entitled to it, has received it in previous years and there have been no major changes to her circumstances. After much…
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Declaring the sale of a business vehicle on tax return
I set up as a sole trader in 2018 and on filing my first year’s tax return, I claimed £12,170.00 capital allowance for the purchase of a business vehicle. My wife joined the business in 2022 and we registered a partnership and then both submitted separate SA tax returns for the tax year 2022-2023 as well as a partnership…
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Class 2 NIC self employed
I'm completing my self assessment for 23-24. I work as a sole trader part time. My total income for the year was £14320 and my expenses were £240 So my total taxable income is £14080 I always pay class 2 NIC contributions for my state pension. This time, it is saying my tax bill is around £440 (can’t remember exact amount…
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Will Savings interest affect which income tax band you;re in?
Say profit from self employment business was £48 000 in Apr 23-24 tax yr and savings interest was £3000 in same yr. Does that mean I would be in basic rate income tax band (because business income was below £50 270 threshold) or higher rate tax band because total of business plus savings interest came to £51 000 (hence…
