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Private pension nominees versus wife
Hi I am new to the forum so apologies if this has been covered but I couldn’t find what I was looking for. I am an older woman about to marry my lovely man. The question I have is, he has a private pension and after his divorce he put his 2 children down as equal shares upon his death. Once we are married he has stated…
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SMI reduction
Hello,I have applied for SMI reduction with my local council, for my son who has severe autism.we usually pay our council tax by monthly instalments from April to January.I applied in November after seeing the Martin Lewis money show, and I was not aware of this until seeing the show. I have still not had a decision letter…
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Capital gain tax
I bought a house in 2003 and lived there until 2010. At that time, I purchased another house, moved into it, and rented out the first property. Two months ago, I bought a third property and am now considering selling my current home to move into the new one. In this case, would I need to pay capital gains tax on the sale…
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Personal Tax account
I recently received a P800 for 23/24, which said I owed tax for that year, due to a difference between actual and estimated BIK. It said I could pay the amount online, so I did that, and received confirmation email. I thought I'd check it was all up to date. Previously I'm sure after logging in, and then choosing PAYE,…
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Gift from elderly parent(s) and potential impact
My elderly mum/dad are about to gift me £20,000. I am one of three siblings who will ultimately inherit their estate when the sad but inevitable happens. I have no idea how much this will be, without factoring in potential future care needs. Maybe £500k including their property (as a figure) but never something I have…
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2nd Job - Scotland
I am looking to get a second job, I am in Higher tax band 42% in my main job, if i get second job my overall salary will be within band 42%, not planning to earn more than 10 to 12000 a year. Is tax on my second job will be 42%?
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Clever gifting out of excess income or not?
If… 1. I have £200k and I loan it to my kids over a five year period - £20k per year each and there are two kids.2. They earn £10k per year by putting it in ISA’s by the end of 5 years. 3. I can at any time get the money back if I need it for any reason. Although I haven’t gifted the money and it’s still in my estate I am…
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Company Car tax after handing back Company Car
Hi,I've had a company car which gave me a 566L code for the last 7 months.Handed back and I'm now on 844L. While I appreciate it's a slight increase in take home pay - I can't help but feel this is a bad deal. The 566L code knocked £130 off my take home wage, but the 844L code now costs me £80 on my take home wage for the…
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Discretionary Trust IHT
I read the following: "... discretionary trusts are subject to periodic charges every 10 years and exit charges when assets leave the trust. These charges are calculated based on the value of the trust assets exceeding the nil-rate band". The settlor died 13 years ago, and the trust is now valued at a mere £100,000. Is the…
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IHT Nil Rate Band
Wife died 2024 Tenants in Common I created a deed of variation gifting £320,000 plus her half of house, worth £215,000, from my wife's estate which was £400,000 plus her half of the house to our daughter.Probate granted. My estate cash/investments are £510,000 plus my half of house £215,000My will gifts everything to my…
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Gifts from Income-is this acceptable?
Trying to come up with a plan that would satisfy HMRC. Would this be acceptable? A person each tax year keeps a spreadsheet of Income and all Expenditure. This would be a summary of the ins/outs of their bank account as that would be everything. Then in Week 52 of tax year, any balance is gifted to dependents. Same in year…
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Handed back company car - tax code has been adjusted ... but not to what I expected?
I've been driving a company vehicle for many years now always paid the tax on it. This Saturday gone however I purchased my own car and physically handed back my company car Updated HMRC online and they adjusted my tax code from 318L to 985L - think I am being thick as I assumed it would revert back to 1257L ? Just phoned…
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Marriage tax allowance
I currently have the marriage tax allowance applied to my tax band. My current salary is about to go up to £47405 backdated to April 24, I recieve an annual bonus around £1000 not guaranteed but could be more or less. There is a small chance that my salary may increase to around £48500 again back dated to April. I…
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SMI Council Tax Reduction?
Hi All, I have a
slightly complex situation here and am after some advice. My husband has
been mentally impaired for years (Parkinson's Disease). Things have got so
difficult for us over the last year or two, as he's got worse both mentally and
physically, he went into a care home in November, which has meant a change…
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Self Assessment and Dividends
I have a few small share holdings that generate dividends. One of them is automatically reinvested in new shares. My understanding was that I should declare the dividend used to purchase the new shares (even though I never see the money) in the dividends section along with the dividends paid directly from the other…
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Lump sum back pay
Hi All I am due a lump sum gross back pay of around £7,5k. What would be the breakdown of this in terms of tax and NI? Also I believe we are going to be given the option of splitting the payment over financial years as others will have a lot more of a lump sum would it be recommended for my payment? Thanks in advanced.
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Where do I put casual labour/wages on self assessment for my business
Hi, in previous years there was a section to add any wages paid throughout the year but I cannot find where to put this. To explain, I pay my partner to do the books (yes, they put this on their return too) and there is just one guy I paid to help me out, its under 3k for year. Has it changed? I can't find anything on it.…
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SEIS Income Tax Relief
Hello all, I have a question about SEIS income tax relief. I have made an investment into a start up business and received a SEIS3 certificate in order to claim tax relief. I earned £125k PAYE last financial year so I do not need to do a tax return but wondered how I go about claiming the tax relief for the above if I do…
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£3,000 Annual Gift Exemption Question
This is my understanding based on the government's website, so please correct if wrong. You can gift someone £3,000 each tax year without any tax liability. So if the donor dies it would not be a tax issue for either inheritance tax or the individual receiving the £3,000. If the donor does not die, again no issue for…
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Pension contributions from interest earned to reduce tax bill
Probably been asked before but I couldn't find it! I am retired, and live off interest from various taxable savings products. This tax year, due to some longer term bonds maturing around the same time, I will have earned about £35k in interest. I calculate that this will mean paying £4,300 in tax. The calculation is…
