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Starting rate for savings allowance
Is this automatically calculated by the tax office on your savings interest or must you apply for a tax rebate from the tax office?
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Tax options for house rental
Hi, hoping someone can advise. My wife and I both own equal shares in our house. We may move abroad for work (but would keep UK residency) for 2-3 years. If we did, I'd earn apx 60k/year,my wife nothing. We'd want to rent our house out, we'd get apx £2700/month. Would I be right in assuming that half of that income would…
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Income Tax question
My wife and I are Ltd Co directors, I set the business up a few years ago and in the 22-23 tax year my wife started helping out with invoicing and admin. I decided to transfer a small number of shares over to her for this. She received PAYE income from the NHS and then dividend income from the shares. The dividend income…
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RSU Grants in foreign currency (USD)
Hello, I have stock held in USD from a US company operating in the UK. These are held in USD however there will be charge to convert to GBP. I am visiting the USA later in the year and my preference would be to keep them in USD to avoid currency exchange fees (x2). I was thinking the only option would be to have a bank…
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P45 - but another payment due next month?
I left my work last week due to redundancy and I agreed with my work that they would split my final payment over two months. I thought it was all fine as the payslip reflected the first agreed payment, but I noticed today that they issued my P45, even though they still owe me another £1000 next month. I have emailed them…
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Reduce income tax through pension contributions as a sole trader
I am currently both employed and self-employed. Through employment I now reach £50k in earnings and therefore anything earned in excess of that attracts the 40% tax rate. My self-employed income is around £5k per year and because of the aforementioned will be taxed at 40%, minus the £1k trading allowance. I do not need the…
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IHT advice please
My wife and I married in 2001. She was instrumental in bringing up my son, from my previous marriage from the age of 6 until he left home at 18, but never formally adopted him. Our house, mortgage free, is in my wife's sole name on Land Registry, as we never bothered to put it in joint names after we married. Our will…
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Family Financial Vehicle
Hi all, As above, I wasn't quite sure where to place this topic, but I wondered if such a financial instrument existed where funds can be held and income generated that subsequently is paid out to family members that wouldn't incur anything other than income tax implication for the individuals receiving depending on their…
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How do I pay late payment interest for first payment on account
as far as I was aware, I'd made all the correct payments on account, but I just logged into my self-assessment account and it says I owe £16 in interest for late payment of first payment on account. I don't know how this happened as I always pay the amount specified when filing my self-assessment. Anyhow, how do I go about…
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Brooksdale Ltd ppi
Hi I was wondering if anyone could tell me, if this company can use your information to sell or use it by themselves, when I applied for ppi I changed my mind tried to cancel it but it went throw, three days ago HMRC sent me letter and sending a cheque to brooksdale it is not much £141 they took %48 so I did sent my…
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Marriage allowance/Self assessment
Hi all, Just a quick question, I have just about crept into the HICB tax charge for financial year 22/23 and am familiarising myself with the self assessment. It seems fairly straight forward but on the calculation page the calculated tax due seems a little higher than what I worked out. I think it is because it is using…
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Minimising IHT
Afternoon all, For a married couple with property assets that takes them over the combined £1M IHT threshold, what is the best way to minimise IHT liability? Thus far, my thoughts: Liquidate amounts above £1M (appreciate not that straight forward) and either contribute to personal pension (within allowances) since LTA…
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Confused with this
I am an Ex-Pat Living in Germany, I have never had to do a Tax return for the UK and i have to do a Tax return for 2022 for the UK. I cashed in a UK Pension Fund and Paid Emergency Tax on it, i am totaly lost on what i am doing as it all seems very complicated I do not pay UK Income Tax as i dont work there So here is my…
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Questions on HICBC / Adjusted Net Income
Hi all, I'm looking at the rules for Higher Income Child Benefit Charge (HICBC), which effectively claws back Child Benefit for adjusted net income above 50k-60k. My quoted salary is around £60k, so looking to input money into my pension to avoid this charge back, however I would appreciate some help with the calculations…
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Allowable expenses for online market place
Hi, Are following expenses counted as Allowable expense? 1) Paid online learning platform ( To search product, sourcing product from overseas etc) 2) Product search like junglescout Furthermore, if i loss in 2017/2018, can i offset the loss for 2018/2019 profit ? Thanks
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Income tax whilst below basic rate
Hello, and thank you for any help I might get . Today I noticed on my payslip that I paid roughly £100 on a monthly gross income of £1900 or so that was labelled simply "tax". To this point in the financial year I have made less than £7000 and was under the impression that I would not pay income tax until I was out of the…
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ESPP and LTIP shares from US company in E*TRADE account, questions
ESPP and LTIP shares from US company in E*TRADE
account, questions 1. What’s the best way (tax / fees / exchange
rate efficient) to sell them? 2. What will she need to fill in on a tax
return when it gets to it? 3. Is there anything else in addition to the
info below I need to check/find out to decide on 1 and 2 above? I’m…
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Does this payslip look ok?
I’ve tried online tax calculators and pretty much everything I try says I should get £70 - £100 more in pocket a month.m than what I do. Tax code S1116L salary 3996.40 tax 725.72 NI 353.81 Student loan 169.00 Pension (auto enrolment at 5%) 159.86 Take home 2588.01 Salary calculators seem to get my NI exact to the penny,…
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WFH tax relief - Brookdale
I claimed online through my personal tax account for WFH tax relief for 21/22. I have received a letter from HMRC stating my tax code has changed and payment will be sent to Brookdale, who I have never heard of. Now Brookdale have contacted me and will deduct £17.07 from my £32.83 claim and now require my bank details. How…
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Help with reclaiming tax paid on a NEST pension lump sum please.
Hi all, My wife took her entire NEST pot as a lump sum near the end of 22-23 Tax Year. She is hoping to get a tax rebate asap, although the gov.uk site does say that letters go out from June to end November. She has previously been unable to get through over phone to HMRC, so i tried to help her out via online. Went…