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Van Purchase mid year sole trader tax year 2023-24
I have been using simplified expenses for a car up until July 2023. I purchase a van for £13k in July 2023 and want to claim actual expenses on that. I know that I can use simplified up until I switched to the van. Should I enter the purchase price of of the van as a trading expense? and then claim the actual costs from…
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Use of Home as Office - Self Assessment Tax questions.
Im filling in my HMRC self-assessment tax return as a sole trader. I work exclusively from home, approximately 80 hours per week, and I wanted to know if I can claim any/ or some of my interest-only mortgage payments, service charge etc as an expense under the use of home as business premises? I don’t want to complicate…
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Tax code change - "untaxed interest on savings and investments worth"
Hi folks, I had an e-mail from HMRC today saying my tax code had changed. I logged in to see the reason is: "you now get Untaxed interest on savings and investments worth £XXX" This year my salary was due to tip over into the 40% bracket by a about £1k, however i've recently started AVCs by salary sacrifice into my pension…
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CGT calculation help needed on selling second property, pension income is income tax threshold
Hi, I have a small flat that is not my main property but a second property. I bought it in 2013 and am thinking of selling it imminently. It has probably gained about 80 or 90k over the 11/12 years I've had it. (I bought it at auction and did it up a fair bit). I've never paid CGT before and don't know much about it. I…
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Self assessment and commercial vehicle
Afternoon All, Just looking for any advice please. In the process of completing my self employed husbands self assessment, however during the tax year he purchased a commercial vehicle. X amount was paid as cash deposit and the remaining balance was put onto repayments. Can we claim the deposit on the self assessment, and…
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Untaxed interest on savings and investments
I got an email from HMRC saying i owed an extra £1600 on untaxed interest on savings and investments. Is this an estimate or fact? I brought a house in April 2024 and had a lot of money in savings up until that point and probably around £100k wasn't in ISAs so i was paying tax on a lot. Since ~April I've had £20k in an ISA…
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Childcare vouchers and earnings assessment
I was wondering if I could get some advice, I am in the 40% tax bracket but I have a child at nursery and I claim childcare vouchers. On my account it says I am a basic rate tax payer as I can only assume my HR and payrol have not updated the earnings assessment. For most of 2023 I claimed just £100 a month, but I have…
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Confused about Inheritance Tax rules
I'm married and I've left my half of our estate in my Will to our daughter. If I die first, I don't want my half passed to my wife in case she subsequently needs to go into a care home, where virtually all of her assets will be liable to pay for care. My wife's Will is worded the same. Our house is worth 580k and our…
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2nd job tax total beginner at this
Hello, I am a band 6 theatre nurse and earn £44900 a year. I have been asked to join an agency to do extra lists at the weekends, it is in the same hospital with the same surgeons etc. The rate is £400 per session. I need to sort out my tax on this extra income, so I will need to fill out a self-assessment. I will probably…
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Working two PAYE jobs at once
I have a full time job (35 hours a week) paying 35k but been offered a role on the side where I will do about eight hours a week in my own time but due to the industry it is in the role must be paid via PAYE. It will be around 8k per year. I am wondering if I will be hammered on tax every month as if both jobs are full…
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Day rate - PAYE threshold calculators?
Hi all, Can anyone recommend a tax calculator that might take in some inputs (e.g., day rate, or gross salary) to calculate what one might be able to do in order to stay within a certain tax bracket? For example - my annual PAYE salary is just over a particular tax band. I wonder how much I might be able to put away into a…
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SIPP contribution & tax relief
There's probably a relevant thread around but I couldn't find it.. I'm seeking clarification regarding SIPP contributions and tax relief. My situation is as follows: * I have flexible PAYE work earning around £10,000 annually. * I also earn between £10,000 and £17,570 annually in interest from savings. * My personal…
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Landlord expenses inc mortgage interest - self assessment
Hi all, completing my final self assessment as I sold my flat and had enough of being an accidental landlord. I’m adding 20% of my mortgage interest payments to this box in the self assessment ( - Residential property finance costs ). but it doesn’t seem to make a difference to the amount t owed. Should I put in the full…
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Help double checking this IHT calc please?
I am not sure if I am posting in the right place, but it seemed appropriate. I am completing the Gov.Uk cal on whether IHT is due and amounts for probate. I belive its all done correctly, but can someone just make sure the figures look right - should probate net and gross value be the same? My dads house share TIC left to…
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redgoalsuk Thread watched Self assessment return error
Hi All I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment. I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023. My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this…
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Loss relief for EIS and non-EIS Crowdcube investments
Hi all,I made some modest EIS Crowdcube investments >5 years ago which are regrettably failing. I'd like to sense check EIS loss relief workings: Company 1: Dissolved Dec 2023. £250 original investment; £75 income tax relief claimed in tax year of acquisition. EIS loss relief claimable now on remaining £175.Company 2 -…
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Marriage Allowance - help, please!
Several years ago under the marriage tax allowance scheme, I transferred £1260 of my personal allowance to my husband, as I don't earn enough to pay tax. Looking on the government website, this is actually worth an extra £252 a year. It's worked perfectly until now, when last week my husband received an unexpected letter…
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Paying tax
I am a 40% taxpayer (full time employee in England) so outside ISA, I can get £500 worth of interest per year tax-free. If I go over it, do I need to do a self assessment? Or will it all be handled automatically with PAYE in the following tax year?
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Self assessment tax bill of 7k!!
I’ve been asked by HMRC to do a self assessment tax return for 23/24. I'm PAYE. Unfortunately HMRC changed my tax code so I've been under taxed by 7k!! which is very alarming. (I've no idea why they changed my tax code as my incomes not changed for 3 years). Salary was 87k plus vested shares 18k. Other income is about 1k.…
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Salary increase pushes me over basic rate tax threshold
I’m looking for some advice. I work part time. I have recently been given a salary increase which puts my annual pro rata salary at £13905pa. I’ve since started paying tax £17.60pm and £7.80pm employee NI. Which I didn’t pay prior to salary increase as I was under the threshold for tax. My current pension contribution is…
