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Reduced personal allowance
Hi I earn ~£65k, does a reduced personal allowance (1168L in my case) reduce the point when the higher rate threshold kicks in? i,e does the higher rate band start at £49380 for me Thanks
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MTD recommended software for buying / selling from home
Hi all Work from home buying + selling from / to contacts only . Approx £3k turnover / month - £900 profit .I see MTD is something I will have to look at maybe not this year but if turnover increase prob next year. My work is basic - buy from individual via PayPal and sell to another via PayPal payment approx 4 invoices…
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HMRC sending 4 MILLION income tax refund letters – how to tell if yours is genuine
The tax office is sending around 4 million income tax refund letters between June and August. But with scammers commonly posing as HMRC, we talk you through the steps you should take to make sure your letter is genuine, and how to claim any money you’re owed. Read the full story: HMRC sending 4 MILLION income tax refund…
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Reporting or not reporting IHT
Hi on a simple estate of 525k where 500 k is a property left to 2 sons of deceased where there is a 41k debt to pay leaving a net of 484k the inheritance tax checker tool says No tax to pay , BUT do you still have to send in form IHT 400 &IHT 435 to obtain probate as 325k is limit before exemption thank you in advance for…
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Inheritance tax minefields
First off I am a newbie here and I apologise if I have posted this in the wrong place but I hope you can help with what feels like a real inheritance tax minefield. My mum is 75, in good health, and owns her home outright. She wants to leave the house to me and my children, but she’s concerned about inheritance tax and the…
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Benefit in Kind - salary sacrifice EV
Hello I'm wondering if when BiK is calculated on the above scheme, your pre-sacrifice salary is used? I know that you take the value of the benefit and then multiply it by the rate, which is currently 3% for EVs. Then you need to multiply it by your tax band (e.g. 40%). What I don't understand is how you decide which tax…
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Did I really have almost 10k deductions in one month?
Hi All, I signed a retention bonus which has just been paid. As a result, my deductions jumped to almost 10k. Am I likely to see any of that money again or are the tax calculations correct? Any advice is appreciated. The breakdown is: Payments: Salary4,506.25R Award15,750.00GPP Pension Salary SacrificeRate 5 -225.31 Total…
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Tax on dividends question
I have my own Ltd Company and take no income from it, nor do I have any other income from employment. I earn roughly 15k in bank interest. I am thinking of taking 20k from my Ltd Co in dividends. Can someone give me a break down on my tax liability? Thanks.
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Retired and not working but asked to pay tax in advance
Hello, I have been retired for several years. Due to several bonds having matured during the 2024025 tax year, the interest I received was higher than usual and I had to pay over £1,000 in income tax for the year. That was to be expected, but I was also asked to make two advance payments for next year, one by end January…
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WORK BONUSES - ACTION TO REDUCE THE TAX HIT?
My daughter received a hefty bonus last year in the form of a phantom option. She took no action to try and reduce the tax hit and so has received a demand for a large sum of unpaid income tax as at end of year she was in higher tax band and as her total annual income was in excess of £100k her Personal Tax Free Allowance…
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Defining a second home.
Question re: Second Home definition. I live abroad where I pay money to rent a place. Back in UK I was letting out my flat but tenant now left and I am in charge of council tax. But the council have sent me a bill outlining the costs - it regards the place as a second home!!!!! And so the council tax is a whopping double.…
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Retirement Tax Code
Sorry if this is a common question but I can't find anything. I retired last September and claimed and received a refund of my PAYE. I have not had anything since, ie I did not receive a tax code for this year, is that normal ? I am not taking any pension or have any income, but will take my tax free allowance from my DC…
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IHT selling home instead of leaving it to children
Friend's father now in care. Will leaves house to her and sibling which increases IHT threshold to £500k. Estate is £1m - £1.5m. The children are putting the house on the market now. If it's sold and converted to cash before his demise presumably the IHT allowance drops to £325k?
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Married woman's tax allowance - transfer back from husband or not?
I transferred my allowance to my husband a few years ago, as I didn't earn enough to pay tax. Now (both retired) I have a part-time job. My husband has taken a small pension out as a lump sum and so will be paying tax this year. Should I transfer my allowance back or leave it with my husband for this year because his tax…
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Reclaim VAT/import taxes on a returned item under 1000 euros
Does anyone know how to relaim import tax / VAT on an item I bought on ebay from Germany that is being returned due to it being faulty. I thought CDS was the answer due to this info https://www.rossmartin.co.uk/vat/5984-how-to-claim-back-import-vat-and-duties but there is no MRN (movement ref number) due to the item being…
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If you make less than £3000 buying and selling stocks in a year, do you still need to declare it?
Hi, If you have bought and sold US stocks and turned a profit but it was under the £3000 capital gains allowance, do you still need to declare it and submit everything in a self assessment tax return? Thanks
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Tax Free Childcare
Hi, I am hoping someone on here can help me, I am trying to establish whether we qualify for tax free childcare allowance. I currently earn £85k per year, however this year I was paid an unexpected £40k bonus, on top of that I have a company car and healthcare which amounts to a BIK of £10,608. I am currently paying…
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CGT on probate property - HMRC online
I’m due to pay CGT on a probate property sold by the estate before distribution. I’ve registered a complex estate and set up a capital gain tax account. When I’m filing the online CGT form, there is a question about how the trust got the property. The most likely options are either (i) inherited it or (ii) other. I’m…
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Tax code query
Not sure if this is the correct board - a mod may move this post to a more appropriate board if required. I retired last year and am married. I have bought a second annuity as I didn’t really fancy using drawdown which means I am now a 40% taxpayer with pension this tax year of about £55k and possibly taxed interest of…
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SDLT and CGT
My position is that I owned 4 properties. All 4 were rentals. Last year after splitting with my partner, I evicted the tenants from 1 property and moved into it. I now want to move house. My first thought was to sell a house I inherited that is in poor condition and a long way from me (but more expensive area) so it's not…
