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Married Allowance transfer to hubby
Hi, I would be grateful for reassurance that I have done the right thing in transferring the 10% of my personal allowance to my self-employed husband. My earnings will be below the £12,570 threshold for the tax year and my husband is a sole trader with a turnover of approx £50k. Thanks in advance.
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Self Assessment - How do I use previous years capital gains loss?
Hi all, Has anyone used a capital gains loss from a previous year to offset the gain in a later tax year? I made a small loss (£1000) in my investment account in the 2023-24 tax year which I registered in my self assessment form for that year. In the 2024-25 tax year I made a small gain (£5000) in the same account. I will…
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How do I handle payments on account made before submitting self assessment?
I'm completing the self assessment for 2024-25. In 2025 I made two payments on account of approx £2000 in total. Presumably to cover tax HMRC expected me to owe over and above the tax deducted from my income. How do I deal with these payments on account in my self assessment return? I have tried to get through to HMRC to…
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Tax return questions
Is there a website dealing with quick queries like this other than HMRC direct? I'm looking for answers to where In a tax return transaction fees in platforms like Shopify and PayPal (per sale) go and then if it's a separate place to pay for domain costs and accounts.. The boxes and guidance aren't clear about where this…
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Will asking for my UTR trigger anything at HMRC
Hope this is in the correct board. I've worked for the same employer for 28 years, PAYE tax payer. I use a spread betting account for occasional small trades and received an email saying I need to provide my UTR to continue using it after 1st Jan 2026 (there's a zero balance in it at present). Will contacting HMRC and…
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Tax code change
Hi All, recently had a tax code change regarding interest on savings. The amount HMRC says I have received seems much to high. If I call their helpline can they give me detail to back up the interest figure shown or am I wasting my time by asking? Thank you in advance.
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Working out my taxes as self employed
Hi, I've made the following calculations on an example income of 110000 pounds per year, can anyone help me out if I considered everything?It surprises me that there aren't official calculators for self-employed people online, or maybe there are but with weird names and I don't know if I can trust them... Below you find…
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HMRC paying online for tax underpayment
I paid for a tax underpayment and it only gave me the option to pay for part of the underpayment (£55.73). Now the lines in the screenshot have appeared including my online payment of £55.73. And I also now have an option to pay the remainder (£117.20). But I also noticed a line for this amount saying…
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Help with CGT liability
I am selling my BTL. Reading AI it gives conflicting information on how to maximise your CGT and I'm confused. I did read firstly that if you exchange in one tax year and complete in the following tax year then you can utilise your CGT in both years by apportioning your liability in each tax year. However I later read that…
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Change to tax code
Hello, I had an email from HMRC to say my tax code has changed from 1257L to 1247L. I'm now paying more tax per month, the reason given for it changing is: You now get untaxed interest on savings and investments worth £97. I'm not understanding how this now means I pay more tax, is anyone able to provide any further…
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Underpayment previous year
Hi My tax code changed in the last few weeks to remove a reduction to account for savings interest (it went from 1168L to 1216L) However there is still a reduction due to a £160 "underpayment from a previous year" - however it doesn't make clear which year. Is there anywhere on the online tax account to find out? Here's my…
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Landlord - home office / working from home allowances
As a Landlord can I claim the £6 per week working from home allowance to cover costs incurred with use of home facilities to deal with letting matters? I do use a letting agent to manage the property, but have to make phone calls; use the internet and stationary from my own home on a regular basis to help deal with issues.…
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P800 for TY 2024-25: charitable donations
I'm just going through my P800 for TY 2024-25 and am confused by the Charitable donations section - the figures aren't right and I thought they weren't relevant if I wasn't a higher rate tax payer anyway (my gross salary was over £59K but the taxable amount was reduced by pension contributions). I wondered whether anyone…
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Cryptocurrency Assets and Tax
Hi everyone, I have recently seen https://www.bbc.co.uk/news/articles/ckgl2je65klo Now I have a small amount crypto assets, but I have made a loss from the original amount of money that was invested. The article states that we need to declare these assets and could get penalties if we don't. Does anyone know what the…
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Transferring overseas asset to wife
My basic understanding is I can transfer any asset to my wife. A long time ago, whilst working overseas, I purchased a "fund" based in Hong Kong. Its been thru a few hands as such but now is managed by JPM. As a 40% tax payer, I'm assuming if I try to touch this money, it will be treated as overseas income and be taxed at…
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Self Assessment - Expenses for other property income
I own a freehold residential property which I have been letting out for over 20years. I use a lettings agent to fully manage the rental and for the last few years the tenant has taken out a 24month tenancy agreement. Therefore every two years I pay a T.D.S fee; legal fee and tenancy renewal fee. However, I am confused by…
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Reimbursed expenses on tax return
Hello I am completing my first tax return and I have a question that I hope someone can answer for me I am self-employed, and have been paid mileage by a client at a rate of 45p per mile. I believe this is not taxable as it counts as reimbursed expenses. Please can I ask how I should treat this on my tax return - leave the…
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Help with PAYE please? Freaking out.
Firstly Happy Nee Year everyone! Looking for some guidance if anyone can please. I stay in Scotland and have got myself in a huge pickle with tax due to limited understanding and stupidity and trying to fix it. Current situation:2 ongoing direct debits with HMRC. 1. Simple Assessment from several years ago where I had the…
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HMRC estimated untaxed interest
This seemed the most appropriate forum to ask this. I received a letter today from HMRC saying that I had underpaid tax & owed about £1600 which they would collect over the next year. This has arisen based on their estimated amount of untaxed interest on about £3k. I pay income tax by PAYE & have no high earning…
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Investing for non-UK grandchild
We have two children and are starting to invest for our first and so far only grandchild, eg paying into her Junior ISA. We will want equally to help our other child and his wife if and when they have children. He (our son) is a UK citizen, his wife is French and they live in Paris. He is no longer a UK tax resident and,…
