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Likely CGT / IHT ???
Hello all, I’m wonder if you can help, I have tried to get the correct information and even calculated the CGT calulator on the HMRC website it said there was no CGT due, but I am just trying to get some clarity, I will and explain as simply as possible. Person A receives a property as inheritance 10 years after the death…
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Starting rate for savings - when earning lots of interest
I've read through the HMRC guidance at https://www.gov.uk/apply-tax-free-interest-on-savings I have about £16k of 'other income' - a mix of DB pension and drawdown. But ... I've taken advantage of the new NS&I rates to put most of my savings into the 6.03% income bonds. As a result, I'm expecting about £14k a year in…
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self assessment - cgt
Hi, I've sold some ESPP (US company - shares) beginning of this year and the captial gain is within the cgt allowance (£12300 yr 2022-2023) do I need to do self assessment? no tax will be due. I tried the self assessment check tool (https://www.gov.uk/check-if-you-need-tax-return) to check and it says that I don't need to…
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I submitted a bundle of EIS3 claim forms in March, not heard a dickie from HMRC
Is 6 months PLUS "normal" for an EIS claim to be looked at?
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Savings interest again....sorry
Hello, can anyone clarify my position re tax due on savings interest. Income: state pension £10600, company pension £14900. Savings interest £900. No other income. Tax code : S324M Thanks
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Received notification of K tax code
I have recently changed my job and I got paid for 2 days in August from previous employer and rest of the month by new employer. Both salaries were deposited into my bank account on 25th August. I actually received a tax refund included on the payslip from former employer. However I have received a letter last week…
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Thread now moved, my sincerest apologies.
Hi there https://forums.moneysavingexpert.com/discussion/6471650/crash-course-on-debtors-on-accounts-if-possible-please#latest I wondered if someone might help me understand the following please? if figures in brackets are minuses then why is the figure of 12k in the bottom 8k? A company account reads as follows:- Debtors…
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Voluntary National Insurance Contributions
If I am not on any benefits are not working but have a small income from renting out a flat, therefore are not getting NI stamp paid for ....can I then voluntalily pay the NI contribution? Hoping to get some sort of income when I hit 67. Already paid 20 odd full years so will get something just wanting to maximise it so I…
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Widow's pension mis-reported the amount to HMRC and placed mum in high tax bracket
My father recently passed away, mum is able to receive half of his Civil Service pension. Aside from the CSP, she also has two former work pensions (she's now retired) plus her state pension. When I looked it up online. It seem the CSP has wildly mis-reported her annual income from them (by a 500%+ increase). Strangely…
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If a LTD company goes under, does its tax bill go with it?
Hi, If a limited company has set up a repayment plan to pay a tax bill off over a period of time but during that time the company goes under. Does the tax bill go with the company? My first thought would have been yes. Anything that is to do with the company, stays with the company. But I remember asking an accountant this…
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Taxation of compensation for delay of payment for apartment buyback
Until recently my father lived in a self-contained retirement apartment which he bought many years ago, paying a monthly charge to the home for food, gas, cleaning, etc. When he bought the apartment he was informed that the home would buy it back at the original price minus a sinking fund charge of 1% per year and believed…
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Starter Checklist - ticked box A by mistake
I process a payroll and a new employee is upset because she ticked box A by mistake and paid no tax. I am being advised by a co-worker to apply another tax code to her payroll account. I do not believe I can do this. What are my options, please?
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Self Assessment - Business Mileage
Hi Hoping for some advise / clarification if possible. Our accountant files or Self Assessments and has done for the past few years. This is primarily for our rental properties. I work full time and use a personal car for which I claim around 16p per mile. I have provided our accountant exacting details of all my mileage…
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Self Assenment Tax Necessary ?
I have owned and rented out a flat for 2 and a half years. So far this tax year I have earned 2100 pounds in rental income and about the same from a part time job. Last tax year I earned about 6500 pounds from the flat and earned about 3000 pounds from the part time job. And the first tax year I had the flat I made about…
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Confused about Tax Obligations
Owns 1 property which is letting out for 600 a month with 100 a month going to agent. Has also a part time job earning about 500 a month. Does he have to declare income for tax purposes or is it all done by his employer? Not sure if his employer knows anbout the flat he rents out.
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IHT gifts from either parent equivalent
As per title if I give say £10k to my son and I die tomorrow. Is that iht liable as opposed to if I had transferred 10k to my wife and the money was received by son from her account and she survives 7 years ? This is disregarding all other IHT allowances etc Thanks
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Reclaim tax from previous year
Hi, newbie here so bear with please.. :-)I earned a little over my £12570 personal allowance this year so paid a small amount of tax. Next year I will earn BELOW the £12570 allowance so am I able to reclaim the tax I paid this year? Many thanks in advance.
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Changes to capital gains calculation for rented property since 18-19
Hi, Helping a family member with capital gains submission for recent sale of buy to let property. I had to do for my own in 18-19 …..am I right in thinking that since 18-19 the only changes (not including those to tax free capital gains allowance) are the restriction of letting relief (now not applicable in most cases…
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IHT payable by who?
"4) Get to know who pays, how and when If you have a will, the responsibility for working out how much inheritance tax is payable falls to your executors. The tax is then generally paid from the estate before it’s passed on to your beneficiaries. However, if the tax is payable because of a gift you made while you were…
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Council tax
Hi the council tax is forever an easy go to for local councils to rise each year, does anybody know how to set up a public debate to stop them increasing it in 2024, or you you contact to get it put to a public vote or is it that they can keep putting it up every year with no come back