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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…
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Dividens over the allowence and CGT under the allowence - Self assessment form
Hi all, For the 2023/2024 tax year, I've got about £2000 of dividends and about £3,100 in capital gains, and about £5 in interest from the investment account. That is my only income (no paid work, so not on PAYE). I'm slightly confused as to what actually goes on my SA return. The dividends obviously, as they over the…
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Being clever with a bonus
Hi all, Hoping for some advice on the 'best' way to handle the receipt of a decent bonus at work. I live in Scotland, my tax code is S1244LX and so far my taxable income is at £50,230 with 2 pays to go until the end of March. My salary is just over 60k and have received some smaller bonuses through the year. At the moment…
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Capital gains tax share price on transferred shares to spouse ??
I’ve searched everywhere for an answer and not found one - so here goes. My wife has been buying shares using the company sharesave scheme where she works and they are held in an Equiniti corporate nominee account. She has acquired over 500 over the years, with each year having a different exercise price. The first ones…
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P11d mileage recording - any help
I'm having to complete a self assessment this year and have mileage paid by my job that is taxed. I'm confused with how to record this as its not lining up with the page on the self assessment form. I have no mileage allowance not taxed at source (section E). But have mileage allowance payments paid and taxed. If anyone…
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LGPS contributions
Year = 23/24 Pay from employment £53,614.40 UK pension and state benefits £21,261.00 profit from uk land and property £27,732.00 Total Income £102,607.40 Personal allowance £12,570.00 Pension contributions £44,118.18 Anyone know what my tax bill is ????
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Low paid and interest
Does anyone remember the item re extra tax allowance on interest for low paid ? Hmrc have reduced my tax code by amount of interest last year despite no tax due.
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Self assessment - Income over 50K
Hello and thank you in advance for any advise. Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.…
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SA Form: self-employed losses error
I am trying to complete my online self-assessment form and
cannot get past the Losses page for self-employment, due to persistent error. The business has made modest losses on the last 5 years. On the losses page I am getting for the “Loss to be carried back to previous year(s)
and set-off against income (or capital…
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Doing tax return while self employed and PAYE
I've done my own self employed returns but I did some employed work part of the year. Do I submit this on my self employed tax return or leave it? I've attached an example of one pay sheet- didn't pay any tax on it Do I need to put this in and declare it? I was also claiming tax credits at beginning of tax year yearwhich…
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Landlord self-assessment help
Hi, I am looking for some help regarding my self-assessment. I must be doing something wrong as the calculation is coming out too high. My rental income for 23/24 was £5025, my mortgage payments were £3183, giving a profit of £1843. But my tax is showing as £1025. I want to use the £1000 property allowance rather than…
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"Non-dom" tax: Is fund segregation relevant for income and gains accrued after 6 April 2025?
Under current rules, "non-doms" should separate foreign income and gains from "clean capital" to avoid creating "mixed funds". However, with the proposed FIG regime coming into effect in 6 April 2025, will it still be necessary to segregate these funds if income and gains accrued after this date can be remitted into the UK…
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2023/24 Tax Return Rental income (interest on loan)
I hope someone can help point me in the right direction. I've tried reading, looked at lots of You Tube videos but can't seem to find where for this tax year I enter the interest on the mortgage for the buy to let. I am a carer £3983 so only other income is property rental. I chose NOT to put the rent up so I could retain…
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Original Price of Freeserve Shares?
Hi All. Just - finally - sold my 14 shares in Orange SA (part of France Telecom, I believe, but formerly Freeserve, then Wanadoo. Can anyone tell me what the issue price was of those Freeserve shares - way back in the ?90s - pls? (Needed for CGT reasons - to show the huge loss...)
