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Tax Code Change Query
My tax code for this year has just been changed and the HMRC information is not very helpful. I have shown a screenshot of the details below. I understand the change from £60 to £305 for untaxed interest although I disagree with it. I told them last year my 24/25 interest would be £1,060 and they used £60 as the excess…
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So confused about benefits/tax
I started a new job in October last year and with it came various benefits including some I added on such as private healthcare, critical illness cover, etc. I've never contacted HMRC myself previously to tell them of any new benefits but as I've also had quite a jump in salary this time, I'm wondering if I need to. I…
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Share Incentive Plan and Stock Purchase Plan and Self Assessment
My employer operates both a Share Incentive Plan and a Stock Purchase Plan and I subscribe to both. Do I need to declare either or both in my self assessment tax return when (a) I just hold them within the plan and (b) if I sell them? To complicate matters the dividends are American and subject to US withholding tax so the…
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General Advise on TAX (employed and now newly self employed)
Afternoon! I am in the mire a bit trying to get this sorted! I am in the process of registering as self employed as I have a Tiktok account that I recently starting to earn from (in the process because over a decade ago I was self employed for a short while and I cannot find the UTC number thing they want - I've only been…
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Savings interest used by HMRC to push me into 40% bracket
Hi, after some advice from someone with a better understanding of HMRC PAYE than me. I have always been a basic rate taxpayer through PAYE, and my wife has donated me 10% of her allowance for years, so my tax code allowance has been £13827 for a good few years. In December, I got notification from HMRC that I owed £481 in…
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Not enough tax paid
I have just received a Tax calculation stating I have not paid enough tax. How is this possible ? I have been working for the same company for 9 years I have no other jobs or income my company pays the tax (Sainsburys), I have no benefits in-kind such as health care or dental no company car it is just a straight full time…
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Compensation - taxable?
I'm joint owner of a smallholding, a few years ago a water co laid a pipe across it despite our protests over devaluation of the land from a potential sale to commercial developer. That claim is now settled in our favour and has been shared between the co-owners. The commercial sale is still a possibility but is not…
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Banging head against a wall trying to sort self assessment!
I tried to log in to do my self assessment a month or so ago, it's the first time I've had to personally file one since 2017. I couldn't log on, it told me that my last account was deleted. I tried to set up another account and apparently, it's linked to another account, an account I have no information on. I worked…
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Capital gains tax on a GROB (Gift with a Reservation Of Benefit)
Hi, back in 2009 my mother gifted her main property to me and was going to move into her second home, I live in the main home and it has always been my only property. After a couple of months her health was bad from diabetes so she came back to the main home so I could look after her. Her health did improve but never to…
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Money from grandparents
Grandparents living abroad wants to help their grandchild ( in university) to top up maintenance every term. Is it best to send it directly to the grandchild account or to the parents, in terms of declaration to tax man. I understand gift doesn't have to be declared, by thinking if the money is coming in regularly from…
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Carry forward unused personal allowance on INCOME, not Pension, for self assessment tax return?
Hi If selfemployed business income profit (after expenses deducted) is less than personal allowance of £12,570, can the remainder of the allowance be transferred/carried forward to the next financial year? (eg. added on to the next year's £12,570) Thanks
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How to avoid IHT on Directors Loan
I am thinking of moving my BTL Portfolio into a Limited Company to reduce my tax bill and hopefully reduce the IHT that will need to be paid on my estate. When the Properties are moved into the Ltd Company I will have a Directors Loan account approx £1m in credit. I will no the able to withdraw enough income from the Ltd…
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Self Employment - Basis Period Reform
Hi all, happy new year! I have completed my tax return for this year and am about to submit. My accounts end date was the end of Sept so for this year I have done accounts for Sept 22 to Apr 24. Going forward the accounts will be Apr to Apr. I have a couple of questions or observations. I realise that overlap relief can be…
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Underpaid tax
Hi all, Just over a year ago, I had 2 family members pass away and they each left me some money. At the time I didnt know what to do with it, so I just put the payments into high interest accounts - and left them there. Ive now had notification from HMRC that I have underpaid tax due to these. Ive looked at their…
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Capital Gains Tax payable?
I am separating from my partner and we own a home together. I am proposing to give him £80,000 now as a settlement, and remain in the house with my two children. When my youngest child reaches adulthood, I will give him a further 20% of the house value at that point. Would he be liable to pay capital gains tax now on the…
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hmrc interest
This isn't a question about saving tax, but I couldn't find a better forum category for this. For the tax I owe HMRC through my self-assessment, can someone confirm whether HMRC pay interest if I pay it (months) early, and if so, what the rate is? From what I've seen I'm thinking the answer is probably that they don't. I…
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Just into higher band - did I pay too much? Do I understand the system?
I have always been a PAYE employee until this year. As a result, I have looked back over previous years just to try and understand a bit clearer. In the tax year 2022/2023 I earned from work £50303.76 taxable pay - after pension deducted at source. I earned £674 in interest reported to HMRC (not a normal amount for me but…
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Mentally Struggling with Tax and Student Loans
I have worked incredibly hard and sacrificed free time studying books and taking risks to earn £47,500 annually. From that, I receive £2,300 a month, meaning my deductions are £1,700 a month in tax and UK requirements, or 42% deduction. Income tax: £582 National insurance: £232.83 Student Loans: £300.00 Pension: £171.92…
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Huge self assessment calculation on buy-to-let property
I have one buy-to-let property which I rent out to a charity who cover most of the costs. Therefore, my self assessment is very straightforward as there are only a few figures. Total rent is £14,400 Costs approx £2.5k Therefore, profit approx £11,800 With the payment on accounts for last year (Jan and Jul) approx £5,700…
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Private Hire Driver, some self assesment tax related questions
I am a part time private hire driver based in Scotland. I have my main job and also work as a private hire driver from time to time. I bought a preowned car in November 2023 and after licensing and insuring it I started "my bussiness" in February 2024. Now it's time to complete my self assesment form for that period (5th…
