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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…
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How to claim a tax refund for missing marriage allowance
Hi, My 2023-24 self assessment was missed marriage allowance included tax payment and I want to claim a tax refund. However, I could not find a way to apply a tax refund. I tried click "Request a repayment" at my online account and the system have just show "Your Self Assessment records show you have no amounts available…
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Impact of Medical Insurance on income
I’ve been trying to keep my income below £100k to prevent the tapering of the personal allowance and the disproportionate tax issue this creates, but I think I’ve made a mistake. I pay for Private Medical Insurance as a taxable benefit. From looking at my P800, it appears this benefit is added to my income, so I thought I…
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Scottish Bands/Allowances - is this correct?
If a Scottish taxpayer has: Gross Salary of £43k Savings Interest of £1.2k Dividends of £600 Capital Gains of £25k (realised in Jan 25) Then is it correct that 1) They still have the full £1k Personal Savings Allowance so £200 of savings interest is taxed at 20% 2) The dividend nil rate band is £500 so £100 of dividends is…
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£100k threshold and non salary sacrificed AVCs
I recognise this is a frequently asked question but I have confused myself with responses to other users. This tax year I will be over £100k as a result of bonuses and savings interest - my estimate is it will be about £110k taking into account what has been salary sacrificed into my pension already. I have a 3 day window…
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Tax Relief on salary increase
Good day all. I need some advice please. Im due to receive a salary increase of £1 per hour. Thats £45 per week. My annual salary at the moment is £30934 but with raise it will be £33274. My pension contribution is 5% How can i work out what my best option is... To actually receive more pay per month. Do i increase my…
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AVC payments
Hello. I have a lump sum of £50000 available. I was considering reducing my monthly income to £1000 a month by making £1550 AVC contributions till the 50k was used up. Would this be possible? And be a good idea to recieve effectively tax free income? Thanks
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Tax on timeshare rental
A request from the timeshare company about UK digital regulatory reporting requirements alerted me about the possibility of tax liability for timeshare rental. Occasionally, when we can't use our timeshare, we put it up for rent. It seems that this income might need to be declared on my tax return. Recently, when we had a…
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HMRC Tax Calculation Missing July 31st Payment for 24/25
I'm wondering why my Self Assessment tax calculation for ongoing tax has no July 31st payment listed for 2025. The only difference is that my business has had to transition its basis date/Acccounting period to match the tax year in the latest tax form to be submitted for 2023-2024 on January 31st 2025. Has anybody else had…
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Leaving the UK to move to a remittance based tax system country with savings. Any concerns?
Hi, I’ve been researching remittance-based tax systems, which only tax income that is remitted to the country. I’m finding this to be a great way to save some money for 3 or 4 years. Also, what seems the only chance from escaping costly lifetime mortgages. From what I learned, I can live from my own savings. Keep any…
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Registered for self assessment today - what do I do about the deadline?
I've only just realised that I need to pay a small amount of high income child benefit charge for the 23/24 tax year, so I have registered for self assessment this evening. However all the info appears to say that it will take three weeks for my registration to be processed. What does that mean for the submission deadline…
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Excel spreadsheet for personal tax?
Does anyone know of or have a link to an Excel spreadsheet? Something that has all the UK personal tax bands and allowances (ideally editable) where you then enter all our sources of income, salary, self-employed, capital gains, pension, interest, dividends etc. and can calculate the tax? Have tried making one, but…
