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Payments on Account - can I reduce to zero?
Hi all, Looking for some advice. I'm an individual and have completed a self-assessment every year since 2011, due to having a rental property. I'm a PAYE salaried employee for my main income. For my 2022-23 self-assessment I'm being asked to make payments on account for 23-24 because (for the first time ever) my income…
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Claim back 40% income tax on pension previous years?
I have a slightly different twist on a similar question about this. Can someone help with this scenario? Annual salary : £60k For each of the last 3 years I was making pension contributions of around 11k per year of which £8400 (after 20% TR) and the rest was employer and employee contributions This year I have maxed out…
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What will my take-home pay be?
Hi all, I'm hoping someone can help. I started a new job at the beginning of this month and my remuneration package is as follows: Salary: £90,000 Car allowance (cash allowance): £7,200 Signing bonus (to be paid in January): £6,000 I will not start paying pension contributions until February (this is company policy for new…
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Carry Forward Tax Allowance on Pension Contributions
I am aware of the the rules permitting you to carry forward the previous three years worth of unused tax allowance for pension contributions. What I want to know is what, if anything, needs to be done from a process perspective. Do I need to inform HMRC that I wish to use the brought forward amounts and if so how? My…
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Do tax codes reset to original code every April ?
My tax code changed to the 40% / D0 rate 2023 due to a pension payment but as i do not have any extra income this year only my £34k salary will it change back to 1257L in April 2024 or will i have to get in touch with them ?
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Inheritance Tax Allowances
Love Martin and agree now is not the time to change BUT 1. For single (with no offspring or owned home), worked all their lives, over £325k is not "rich" to have excess taxed at 40% (& disincentive to keep working or saving). 2, The 4% who pay, given house price increases, will grow exponentially. 3. Most reliefs have not…
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Missing payments
I have been retired 18 months and found a link to check my NI contributions, whilst checking my pension something I wasn't aware off. I found it said I had 3 incomplete year's but apart from periods of being unemployed I have always be in a paid employment with a company. When I checked further the dates missing are all…
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Does a Council Tax refund attract interest and if so then at what rate?
After 11 months of correspondence and a pending appeal to the Valuation Tribunal, my local authority have conceded and agreed a refund of several thousand pounds. This represents only the actual amount overcharged. They are refusing to pay interest on the amount. If they failed to make the repayment and I were to sue them…
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IHT situation
Separated 16 years . One estranged adult child who is sole beneficiary of my will . How can I best legally mitigate his IHT liability given my estate is now over the Nil rate band since originally making this will? I cannot contact wife or son. I need to keep control of my assets until death so hoping this could be dealt…
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Exemption from Inheritance Tax: gifts out of surplus income
Hi. Anyone know if an inheritance in cash that has been received can then be passed on as a gift to someone else under the 'surplus income' exemption? For example, if someone already has plenty of money to cover their future expenses and receives a lump sum bequest, can that simply be gifted to another person and be…
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Why Am I Still Asked To Pay More Tax Every Year?
Every year since earning over £100k, I complete a Self Assessment Tax Form and every year when completing this online form I find that I have pay mo0re tax which can be between £2,500 and £3,500. During the year I pay tax every month based on the Tax Code given by HMRC. My Employee is paying Tax based on that code. So why…
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Giving money saved for child
I've saved for my children from birth until they were 18. The money has always been kept in seperate accounts. I became estranged from my son and i've held the money until i knew it would be spent wisely. The problem I have now is the amount is £16k and he is 25. Can i transfer the money to him without either him or me…
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Paid Mileage for Self-Assessment tax return
Hi, My wife is self-employed and does her self assessment tax return each year. She gets paid by various clients on a day-rate or an hourly rate for which she raises invoices to them. When she fills in her self-assessment, she claims the mileage expense as allowable mileage at the 0.45p rate (under 10.000 miles). So no…
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Salary > 100K and salary sacrifice pension
Hi - I'm in a lucky position this year. My gross salary this year, due to bonus and RSAs vesting, will be > 100K (~ 130K). This is likely to be a one off, and I will revert back to ~80K from next year. I also have a 2 year old child, and income > 100K reduces the benefits I have access to. My employer has a salary…
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Self Assessment when no income ?
Hello all, Bit of an odd one. I did speak to NDL but they said to ask TaxAid who I've not been able to contact yet. Anyway a bit of background... Around 2014-2015 I was self employed, earned little but did the return etc, no problems at all there. After that I was no longer working due to health, I did tell HMRC I was no…
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CGT - offsetting different investments
Hi, I lost around £1k in total on crypto trading during the year (using a couple of different platforms and making quite a few transactions. Don't have full transaction history as i don't use those platforms any more (Binance, Coinbase & Etoro) but can possibly get it out of them. I assume this loss counts as a CGT loss?…
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Self Assessment Capital Gain reporting on jointly owned property sale
My wife and I sold an investment property in 2022 which we need to report as a capital gain on our upcoming Self Assessment return. Do I just divide the property sale price by 2 for the 'Disposal proceeds or market value' field and do the same for the remaining fields like 'Incidental costs of disposal', 'Cost or market…
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Inheritance Tax
With the possibility of the government cutting/abolishing IHT (which I don’t think will happen btw), media commentators on the left always say that it affects only 4% of estates. Can this be correct? Seems a very low percentage, given how many millionaire households they claim the UK has now.
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Inheritance tax after selling house to fund nursing home
Please could someone tell me if the residence nil rate band will still apply when a house is sold to fund nursing home fees? Will the value of the house be taken into account when the money passes to direct descendants?
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DC Pension named beneficiaries - spouse or children in this case?
Hello, Would appreciate your thoughts on this situation from the
overall intergenerational tax/access to funds point of view. To cater for situation if one of parents in the below summarised
case suddenly (currently no known life limiting illnesses) dies within the next
5-10 years (and if different; after DH turns
75 yo),…