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close company?
If I am a 50:50 shareholder and 50:50 director of one company, if I start another company where I am a 100% shareholder and 100% director, would they be deemed to be close companies? I believe not as I have an equal but not controlling stake in the first company.
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Tax on Bonus Payment Query
Hi all, My employment end date is the 31st Jan 2026 and I will be paid my final salary and the 2025 year bonus as one final payment. In order to avoid paying more tax in the 40% bracket, does it make sense to ask for my job end date to be 1st February and for my bonus to be paid in February's payslip. It would act as a…
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"Dividend tax credits" for contract income - still applicable?
Hello MSE forum community. Once again I would like some guidance on a tax question. Thanks in advance.I am preparing my 2024/2025 tax return. In this tax year I paid myself a dividend as a result of winding up a company I used for ex-IR35 contract income back in 2015/2016. I've read some references to tax credit on…
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Removal of Tax Allowance After End Of Tax Year?
New one on me.... Had a notification from HMRC for year 24/25, which has recalculated that I owe them £260 in income tax, but their calculation shows this with the marriage allowance removed. My tax code for the year (only PAYE income) and on my P60 shows personal allowance as including the marriage allowance. The…
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PAYE non tax refund this year- not working anymore
I was made redundant in June, and at 53, I have decided to take early retirement. I filled in the correct form for a tax refund, since I won't be working anymore, and was hoping for a substantial refund, possibly before the end of this tax year, but I received a letter back to say to apply again after new tax year🙄 No…
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Underpaid tax
Hi, I'm probably due to pay some more tax for 2024/25. PAYE income + pension reckon I have underpaid by about £7 Interest on savings exceeds £1000 personal allowance and I reckon I need to pay another £60ish. I have been into my tax account on HMRC/ gov.uk and message there saying I have paid all tax due for 2024/25, the…
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Payments on account not deducted from Tax Return
When I submitted my 23/24 Tax Return, as well as paying my tax owed for the year 23/24, I also had to pay two payments on account for the year 24/25. This is the first year I have had to do this. One payment was due 31/1/25 and the other 31/7/25. I paid them both in good time (one before January 2025 and the other by…
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Action Required: HMRC Application Rejected for Self Assessment
Hopefully someone may have come across this before.A friend of mine needs to register for self assessment and has tried to do so a total of three times now, but each time after a varying period of time they receive an email sayingWe are unable to process your application because the address provided does not match our…
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Marriage Allowance Claim Rejected
I've just had my third marriage allowance claim rejected, the reason given this time is "out of date version of form". This was the only form available to download on the HMRC website at the time of application and is no different to the one they have now posted back to me, bar the date on the footer of the form. My first…
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Which wrappers to take income from in retirement
I am trying to work out the most tax-efficient way to draw
pension income from SIPPs and ISAs (dividends and interest). Our situation is: Me: £2k-£5k earned income (might take on more work but
unlikely), SP in 2028 OH: £14k in pensions and £6k earned income. Our investments/cash are about 50% in SIPPs, 25% in ISAs,…
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Capital gains tax
Hi Could somebody let me know how to calculate the base cost of shares for CGT in the below example please. This in relation to a return of capital and share consolidation: Shares held prior to transaction - 1234 shares Value of S104 pool - £3,100 Return of capital - £903 Shares held after consolidation (11 for 9) - 1009…
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Tax Code K277
Morning All, I wonder if anyone can help... My Husband is on Tax Code K277 - I'm not sure what this code is and I've read online its a Negative code? which to be honest i don't understand. He Has a Small Personal Pension (pays £290 a Month) then gets AA Allowance and State Pension. He doesn't work and has no extra…
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Marrige allowance
My wife is recieving the state pension and is currently a non-tax payer and so I am claiming the allowance. With the rise in New State Pension in April will this affect her non tax payer status as our investments are in her name?
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CGT reporting query
Most of the shares I hold are in ISAs, but for the first time ever I've sold some at a profit that are held outside of an ISA. The gain is around £1,500, I'm not planning any more disposals in the current tax year so am I right that because the gain is under £3000 there's no tax to pay and there's no need to report it to…
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Query re tax implications of leaving a rental property in will.
Re my will I have said that two rental properties should be retained so my husband can benefit from the income until he dies and then be sold and the proceeds given to my grandchildren. He will also get 20% of my residual estate. I could increase that percentage and leave the properties directly to my grandchildren instead…
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Deliveroo Tipping - does the rider pay Income Tax/NICs on the tip?
I'm a new rider for Deliveroo and have been trying to work out if I should be keeping track of my tips separately from the delivery fees. As a Deliveroo rider, I am self-employed. The HMRC/Government website hasn't been much help as it's all aimed at employees in places like restaurants, and doesn't even mention if/how…
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claim back USA Tax
Does anyone know where I would start with a UK citizen claiming USA Tax back? my son plays esports/ gaming and has earned quite a lot of money over the last 2 years and we have been told he can claim this back, as they take 30% for USA Tax, and as UK is lower he should be able to claim some of this back minus the UK…
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Gifts to spouse
There's no IHT to pay on gifts between spouses. If I give my wife £6k does it immediately become hers to use as she sees fit? I'm thinking about giving her the money so she can then use it as her £3k x 2 years allowance to give to our daughter.
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Capital Gains Carry Forward Query
I’m completing my SA for 2024/25 year. This will be the first year where I have not purchased or sold any shares. I have £8000 of previous year losses I’ve been carrying forward and have been entering on previous tax year SA. However, when completing the Capital Gains section for 2024/25, it first asks for what assets I am…
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Bed and Breakfast with Shares and US Options Help
Hi All My wife is a UK resident (she doesn't really have any income but I actively trade US shares and options on IBKR on her behalf), we also have ISAs. We do have margin but for now I have kept liquidity very high i.e. i could easily survive a 50% drop in my NAV and not have a margin call. Most of the long term positions…
