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Salary Package Advice
Dear Forum, Interested to know everyone's thoughts on how best to maximise monthly take home pay based on the following; Location: ScotlandBase Annual Salary: £95000Monthly Car Allowance: £535Annual Bonus: £20000 (Paid as a lump sum in May) What is the best monthly pension contribution to make to maximise take home pay,…
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HMRC Previous Year Tax Checker Tool - Incorrect Results
Hi all, hopefully this is in the right place on this forum. Like many people I have yet to receive my 2023/24 Tax Assessment from HMRC into my online tax account. I am expecting I will need to ring them to sort it. To inform that conversation, I used their official online calculator to work out an estimate of what I might…
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Moving into 40% tax bracket & pension relief
Hi. Likely to be moving up a tax band shortly. Only ever paid basic rate before so just curious how this will work with my pension contributions. Pension is deducted from wages and comes off my gross pay. I understand that 40% tax is only due on the wages above the threshold. When it comes to pension tax relief does the…
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Inheritance tax
Can I gift £3000 each to my daughter and her husband within the annual exemption rules for IHT,
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Incorrect tax code on NHS pension
My wife’s
income is state pension and NHS pension. She left her last job - it was not NHS - in summer 2024
(although she subsequently took on one day a month’s consultancy which she will
declare on self-assessment). Gateway shows her FY26 tax code as changing from
BR to D0 for her NHS pension and also shows c.£62k…
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Difficulty understanding my tax situation
I have 2 jobs, company car and
medical insurance benefits that gives me a combined taxable income in excess of
50k. In order to reduce my tax, I took
out the salary sacrifice (into my pension) option with my main employer to
avoid paying as much tax. I have only so far made 2 months payments of salary
sacrifice. I am…
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100k taxable threshold and company benefits
Hi, I want to cap my taxable gross income for the next tax year (25/26) to 100k to become more tax efficient. With overtime my income is approx. 120k so I will be contributing more to my salary sacrifice work place pension to drop me just below 100k. I have company benefits (car and private medical insurance) worth…
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Contractor Expenses Inside IR35
I've been working Inside IR35 since the Off Payroll Reforms, and I've been fully remote since the pandemic. My new client is expecting more time in the office (London) when I live in Scotland, I need some new office equipment (chair, desk, peripherals) and my WFH running costs are increasing all the time... Long story…
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Capital gains tax
Hi. Can someone explain to me how much relief I would get if I sell my house. I bought the house in 1988 and lived in it until 9 years ago it has been rented to tenants meaning I lived in it for 28 years, I paid £40000 for it and it's worth around £230000 now can someone explain how much if any Capital gains tax is…
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Do I need to pay tax on my dividends?
This discussion was created from comments split from: Carers Allowance - Are dividends earnings or income?.
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National Insurance payable?
I've tried searching but been unable to find a clear answer. I am a sole director of a company and pay myself just below the threshold where the company would needi to start paying Employer National Insurance on my behalf. This company has been running for about 10 years. Any surplus income generated by this company is…
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HMRC sent me a bill for £4000 for untaxed interest
This discussion was created from comments split from: HMRC say I have overpaid £3,500 in tax; I haven't. What is going on at HMRC?.
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Gifts and Inheritance and buying a property
Hi, I’d really appreciate some advice. My parents own a mortgage-free property worth under £600,000. My wife and I own a separate property with an existing mortgage. We’re planning to buy a larger home for all four of us to live in. To do this, we intend to: • Sell my parents’ property and use the equity toward the new…
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Confused about paying 40% income tax
I thought you have to earn above £50,000 to pay higher rate income tax. Why is it in my tax code letter, there is a reference of. Will be above £37,500 due to getting half of late husband pension. Does not seem right if I will be charged 40%. Thanks PAYE tax rateRate of taxAnnual earnings the rate applies to (above…
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Not paid enough income tax for current year
I logged into my tax account and found I had not paid sufficient income tax this year. Is there any alternative to having next years tax code to reduce my tax free amount each month. I would like to pay the amount of unpaid tax directly asa lump sum.
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CGT on SAYE
Hello, Not looking to cut tax, but seeking advice. I have made a small profit from an employer SAYE over my option price and tax free allowance. The proceeds have been transferred to me, how do I declare / pay the tax due?
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tax code change
hey, just received an email to say my tax code is changing to 1221L as i didn’t pay enough tax ending 5th April 2025. my query is under the income section of my personal tax account it estimated my salary ending April 2025 was £14,124 and starting April 2025 it will be £15105. both of these amounts are wrong. My salary is…
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High earnings, SIPP contributions and 60% tax trap
Hi folks, my first year as a high earner and I do struggle to understand the tax rules and will appreciate your help. If I earn £130k this means my personal allowance is reduced to zero and I fall into the 60% tax trap as I see online. What's the best way to avoid this and reduce taxes? I can potentially pay a lot into…
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Tax reduction
Hi Folks, Can you please advise how I can reduce my tax please or how best to maximise my incoming. I am a single dad ( divorced ) earning a yearly salary of £121,404.00 I already take advantage of yearly ISA ( 20k ) i.e contributed into a stock and shares ISA I am on an emergency tax code starting with K265 I am due a pay…
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Capital Gains Tax - unsure if liable
Hi all, looking for some advice for a family member. I’ll try to keep it brief, aware that may need financial advice but thought would give it a go on here first. *Brother owned a property (joint tenants) with then spouse and left in December 2020 due to relationship breakdown and rented nearby. *Then spouse stayed in…
