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Student council tax discount
Hello everyone. I have just started university and am told that I can apply to the council for a discount on council tax. I live with my partner who is self employed. Does anyone know if I would still be entitled to a discount - does it matter if I am in a relationship with a person I live with, or is it just the household…
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HMRC help please? Child Benefit Charge plus underpaid tax?
Hello, Settle in folks, this might be a long one. But I will do my
best to condense so you don’t drop off. At the beginning of the year my husband received a letter
from HMRC saying we’d been overpaid child benefit in 2022. He registered for
self-assessment within the time on the letter (past the self-assessment
deadline…
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Question about gifting - Annual Tax free Allowance and PET's
I wonder if anyone can help me answer this question? I have an unused Annual Tax Free Allowance of £3,000 from the last tax year which I can carry forward and use in this tax year making £6.000 in Total. My question is can I make an additional PET to the same recipient so they would receive both my Annual Tax free…
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Company car
Hi can anyone advise please I am with the same company and they changed our company cars in august this year. I updated the car with HMRC and removed the old car but I have seen on my HMRC account that it’s still showing both cars. I spoken to them regarding this but they said I would still have to pay car benefit on both…
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tax advice.
Hello everyone, could someone advise me on my tax situation. I earn £1296 per month pre tax, I have an annual private pension of £16.000 per annum pre tax and I will be soon getting my state pension of £880.00 pre tax. I have earnt £6.000 in renting out my house. This obviously takes my earning into the higher bracket. Can…
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Income Tax deduction in Sept 2024 increase
I notice that more tax has been deducted on PAYE this month. My tax code is unchanged. What has happened?
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How do you contact the tax office through your personal tax account
My son has been taxed on his second job as a 40% tax payer when his total estimated income will be about £27,000 for the year We have been looking all through the personal tax account to see where you can contact them to let them know that the tax code is wrong but nothing evident Been on the phone and cut off after 30…
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Why did I not pay Additional Rate Tax
Good morning, Not wanting to complain but trying to pre-empty pension contributions for next year so I dont pay additional tax. However looking at this years tax return, the amount of money used against Higher Rate was £86835, I would have thought the maximum amount would have been (125140-50270 bands) £74870, any…
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P11D
Hi my employer submitted incorrectly on my P11D that I had a benefit in kind of fuel during 23/24 tax year of over £8000... which i didn't my tax code was 1213L that year... They have now taken it off and said I will be contacted with the amount that I overpayed - does anyone have any idea what sort of amount I'll be payed…
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Making use of the CGT tax-free allowance yearly?
Can someone check this for me, and if it makes sense?I understand currently the CGT tax-free allowance is £3000, subject to change every year. As an example, If I invest £30k into VUAG and make 10% profit (£3000) and sell up before end of financial year, then use that £33000 to buy VWRP within the same financial year, can…
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Reducing tax on shares vesting
Hi all, Next March a large portion of shares that were in a Long Term Incentive program will vest. Will these count as income and subject to income tax (which will push me into the additional rate tax bracket) or would it be capital gains that I would be liable for? These were all restricted stock units so I didn't…
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CGT on sale of BTL
I’m in the process of selling my BTL property and after deducting expenses will have a CGT liability of approximately £34,000. I’m a basic rate tax payer. I currently salary sacrifice into my company pension scheme - would there be any benefit to sacrificing the maximum amount to reduce the amount of tax I pay?
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Tax refund
In year 23/24 I was fortunate enough to earn over the £100k threshold, so I paid a lump sum of 30k gross into my pension. I have supplied evidence to HMRC to claim my tax rebate and repeatedly chased them, but 5months on I cannot get them to action it. To add insult, they’re taxing me monthly to pay what they see as an…
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Tax on 2nd home income
I am married and have a 2nd property as a buy to let with a mortgage in my name only. I pay tax on rent received. i work part time and receive a small pension tax code 1250. My husband is now unemployed, does not get benefits. Can I put my husband’s name on the 2nd property to share the income and tax I will have to renew…
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Tax rate band on gross salary?
Hi, I am a teacher and pay into both the Teachers Pension as well as Additional Voluntary Contributions via the Prudential. Is my tax rate calculated on my gross salary or after one, the other or both of the above have been deducted. My gross salary is £58,000 so am I in the 40% tax band or could my pensions contributions…
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Capital Gains Tax Installment Interest
Hello, I hope somebody here can help, as I have searched the internet but not been able to find an answer. I am aware than under certain circumstances, it is possible to elect to pay capital gains tax in 10 annual installments. I can't post a link but the details can be found under 'CG66452 - Reliefs: Capital Gains Tax and…
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Reducing CGT due on sale of property
I'm selling a property and am now realising that CGT is going to come into play. I purchased in December of 2003, moved out in January 2013, the property has been let since. I bought for £159k and currently considering an offer of £215k. To be honest I hadn't realised the impact that CGT might have on this sale, but it…
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Changing rental income distribution and Self Assessment
Hi everyone, As I understand it, Tenants in Common (4 siblings in this case) may between themselves allocate the annual rental income different to their actual equal share ownership. So that instead of each receiving 25%, they can choose say a 80-20-0-0% distribution. Is this correct? For Self Assessment does HMRC need to…
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Council tax 25% discount refund - Elderly
Recently found out that my mother lost her 25% Council tax discount when she moved to a smaller property after her husband passed away. It transpires that you HAVE to reapply if you move home. We were lucky enough to get a refund of over £4000 but had to get an affidavit to confirm our claim. Please passs this on,…
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How is taxed worked out - year to date or projected earnings per year
Hoping someone can help without me having to spend hours trying to get through to the HMRC and I'm not sure of I'm in the right section of the forum. I have 2 pensions - one deferred DB from 2006 and one DC pension I'm currently paying into. Both mature this November but I want to carry on working whilst drawing down my DB…
