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How do taxable savings affect a tax code?
Hello all,My code has been 1257L for a few years, but I was notified that it's been reduced to 1187L this tax year.I believe this £700 reduction comes from the taxable savings interest I earned last year, as the deduction amount shown on the HMRC app lines up perfectly to the pound with my account's gross income…
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Maturing Endowment- tax??
Hi I took out a savings endowment policy in May 2000 for 25 years which matures in a few months. It was only £30 a month but will be a nice bonus when it comes through. Ive received a letter today just confirming the upcoming maturity. However it does say that any gains are taxable. Would this be income tax, tax on savings…
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Late payment interest on Self Assessment
Years ago I seem to have been issued with a late payment interest amount - only a few pounds at the time. I have never paid my SA late so not sure why I was ever issued that. I always opted to not pay on account too. Now the accrued amount of 'fine' or 'interest' is over £100. Could it be that the late paymemt came from…
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Capital Gains Tax on a house share sold in Probate
A house is held in two equal shares by husband & wife, i.e. Tenants in Common. The husband dies in 2019, when it is valued at £100k for probate purposes (IHT etc). The late husband's Will leaves his half share to his children from a previous marriage, but gives his surviving wife the right to remain living there until she…
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Self Assessment Late Fees
I have been calculating and paying my Self Assessment Tax Form every year in my Christmas holidays, so approx. last week in December. This has been going on for 10 years. I have never had any fines. This year I've gone to calculate and pay the 2023/2024 assessment and I have 2 late payment fines. I can't work out why as…
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UC and Council Tax
Hello, Being on UC due to unemployment, I have applied for a CT Reduction. Is the bill to be reduced to £0 until I become employed?
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Tax on savings interest through PAYE
Not a 'cutting tax' question, just a tax process one. Up until 22-23 I have needed to complete a tax return. I don't need to as of 23-24, as my income is only from PAYE, is now below the threshold and my savings interest is < 10k, but I haven't yet asked HMRC to acknowledge that so I don't have to complete one. I do have a…
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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…
