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How do I know if/when I am in the 40% tax bracket?
Sorry if it's a really daft question, it's the first time I've ever been close to the higher rate tax bracket. I have a NONCUM tax code and employed by the NHS. Due to pay rise and back pay in October I believe I will have paid some tax at 40% in my most recent payslip. Next tax year I am certain that I will pay some tax…
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Best Way to Avoid Inheritance Tax
Hi There, Currently my Nan has left both myself and my sister her property in her will, the property will be worth just over £325,000 when it comes to sell and is fully owned out right. Any advice on what may be best to do here to avoid the extortionate inheritance tax would be much appreciated. Would it be best to…
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IHT gifting rules
I have started a spreadsheet to prove that my regular gifts to grandchildren come from surplus income rather than savings. I think this still leaves me able to gift £3000 a year from savings. But next year I think I will have a very substantial bill for building work. No matter how much belt tightening I do most of this…
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Marriage Allowance
Hi! This is the discussion thread for the Marriage Allowance guide. Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide. Thanks folks :) ,
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IHT Gift who pays
My wife and I's estate would be eligible for IHT. I recently gave £10,000 to my daughter to help with a flat purchase. If I were to die within 7 years would she have to pay the IHT or would the gift be rolled over into my wife's estate and none due. I have already separately used my annual £3,000 gift allowance.
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Mileage claims with NHS
Partner works for the NHS and drives in the community, quite a lot of miles. They're paid mileage uk to 3500 miles a year at 59p a mile for petrol, EV 4p a mile once you hit the 3500 miles you get 24p a mile for petrol, not sure about EV she does about 6,000-8,000 miles a year. someone put in her work group chat that you…
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What are people buying ahead of the budget?
Ahead of the budget on Wednesday I wonder what items people are buying / stocking up "just in case" the budget has an effect on their cost. Fuel, alcohol and cigarettes are the obvious ones but is there anything else?
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CGT on crypto, separate pools or one pool ?
I have some crypto coins at exchange A which are back to even (Yay!). And some more of the same coin bought more recently at exchange B which are now in profit (>£3k) I want to move away from exchange A because it's a bit expensive to buy/sell (it's SKRILL and they sell the crypto for Euros and then charge a FX fee to…
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Tax and working abroad
I might accept a job (full time indefinite employment contract) in Germany, whilst continuing to live in the UK. Would work remotely where possible but have some semi regular travel to the office there. Unsure about whether I would have to pay tax etc in Germany or the UK, hopefully not both. Can anyone recommend a good…
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P45 issues
I'm trying to file my self assessment form. My main employer gave me a P45 when I left but the leaving date given on it falls in a different tax year to the final payments (which were provided after I left in the new tax year). Two contacts at HMRC (one a specialist apparently) plus my accountant has said this is wrong…
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Money into own business
I put £16k of my own money into my business to buy stock. That stock became an asset (closing stock) and as such part of our profits. I ended up paying about an extra £3k tax on it. Was there a better more tax efficient way to introduce money to the business? Should this have been put down as a loan from a Personal…
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HMRC savings account error
I phoned HMRC today to change my tax code around as I have 2 jobs and I seemed to be paying a lot of tax every payday. I pay by PAYE. When talking to the adviser about my allowances it was flagged up that I'm paying interest on savings over the basic rate £1000 allowance. When she looked closely she asked me about 2…
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Honorarium
I was given an honorarium of roughly £1800 and am just wondering where it goes on my SA. I earn about £25000 from regular employment and have some rental income. Please let there be an a easy answer :-)
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Tax on Savings and Dividends
Just out of curiosity, say I have a company pension £6000 pa , taxable savings Interest £6000, £7570 share dividends for year 23/24 . Can I assume that I can use my 5k 'Starting Rate ' and 1k 'Personal Savings Allowance' to offset against my £6000 savings interest , therefore no tax to pay (ie. at basic rate) on my savings…
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Tax Point For Selling Bitcoin
At what point is CGT due when selling Bitcoin. Is it when you sell the coins in the exchange converting them to GBP or when you withdraw the cash to your bank account? I have a fair bit to dispose off and with now only £3,000 CGT allowance it will take along time to sell them if I want to avoid paying 18% tax on the…
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Selling a personal collection - Capital gains ..
Can anyone give some advice on behalf of a friend who is looking to retire in a couple years concerning capital gains on personal items . He repairs / restores to resell brass / woodwind instruments as a soletrader , over the last 30 odd years he has bought musical instruments for himself to play and because he enjoys…
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Tax on a New Home
Hi, I'm hoping to buy a new home with my partner. Due to the condition of the new house, I will have to live in my current home for two months while repairs are carried out. I have one other rental property. What are the implications for this tax wise?
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Savings interest in 40% band
I am a basic rate taxpayer (on net pay scheme) but will become a 40% taxpayer when my added savings interest goes into that band. So after the £500 psa, I will start paying the 40% even with part of the savings interest below the band threshold. I know that by increasing pension contributions, you can avoid the 40% band.…
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Self Assessment Registration
I completed the self assessment registration at the end of September but have heard nothing from them. It had said I’d get a letter with a number in 15 days. I’ve allowed extra time, expecting it to appear. It hasn’t. There is nothing I can see in my online account that refers to self assessment - ie. Nothing that wasn’t…
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Capital Gains Tax
Hi, I and my sibling have just sold a house that we owned 50% each. However, the proceeds were split 60% - 40%. Do we each pay CGT on 50% of the gain, or 60 - 40%? Many thanks for any advice.