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New tax code for updated income
Hi, I have recently received a small pay increase of £2,000, going from £111,000 to £113,000 and have updated my estimated income accordingly on the HMRC site. I have also received a bonus of £42,500 so should I be including that amount as well? For the current tax year, I would have had 6 months at £111k and 6 month on…
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Transferring a joint-owned rental property into one name - Capital Gains Tax question?
My wife and her father jointly own a small additional
property (ie. both names appear on the property deeds) which is rented out to a
long-term tenant. Recently my wife’s
father has expressed a desire to gift his part of the ownership over to my
wife (my wife will be keeping the property, not selling it). In simple terms,…
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Inheritance Tax and Residential Nil Rate Band that has passed to spouse
If one parent passed away in 2021 and £175,000 of their residential nil rate band, plus £231,000 of their general nil rate band passed to the other parent, is that set in stone due to the laws at the time of their death or could their residential nil rate band allowance also be stopped from passing to the second parent if…
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Marriage allowance
At 75 I don't work and pay no tax Hubby is 80 and for the first time he is paying tax On his small private pension. It amounts to about £80 . I started a claim on line to transfer some of my tax allowance to him. Went through it quite smoothly till they asked for 2 documents out of a list. I only have a photo driving…
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HMRC Refund
Hi Hubby did his self assessment back in April requesting it to be paid back, heard nothing from them. He resubmitted it July, still not heard anything. Checked his progress online & it states they're currently dealing with those submitted August. He's tried chat a few times at different times of the day & different days,…
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Charitable bequest or inter vivos donation?
My mother has very limited life expectancy. Her estate will incur IHT charges on her death and she is comfortably a 40% income tax payer. She wishes to leave money to charity and was thinking of doing this in her will. But as she currently has more assets than she needs, it seems to me that it might be more tax efficient…
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Large amount of income reported by me previous employer
Hi, hope you can advise me. I left my employer at the end of March this year. Looking at my HMRC account PAYE section, there is a large amount of income reported by the former employer. I haven't received any income from them for this year, but I did have their shares scheme. I was saving to this scheme for many years and…
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Have I been double taxed? RSU edition
Hello Everyone, I know taxes are hard and I feel the pain but looks like taxes when RSUs are involved is even harder and I need your help! A bit of a background, I work for a US based company's UK subsidiary and have reveived some RSUs over the last 3 tax years. In each case, my employeer when the RSU were granted (not…
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How to avoid IHT if Labour scraps the residence nil-rate band?
My father unexpectedly passed away this year. I moved back in with my parents after university due to ill health. My father left everything to my mother and if I outlive my mother, everything is left to me. My parents' house is worth approx £350k and their other savings/investments/cars are worth approx £180k. As I…
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House sells for more than probate valuation.
I put the value down after a chartered surveyor valuation as 400k at date of death. One year on probate is granted and I want to sell. The property is a commercial block of flats and in order to sell i have spent about 50k plus on it. The rents have all gone up. The value is now 500-550k. As it is only a year since date of…
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CGT - considering moving abroad
At present our main residence is in the UK, we have a 2nd property in Spain where we occasionally stay, within Schengen restrictions but are not tax resident in Spain. We're exploring the possibility of applying for a Non-Lucrative Visa (NLV) which would of course carry with it tax residency in Spain. In tandem we're…
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New to paying tax in retirement
Hubby is 80 and has never paid tax in retirement till now. He has an old age pension and 2 small pensions which this year take him into the20% Tax bracket. He paid approximately £80 . I am nowhere near paying tax. My question is can I give some of my allowance ro him so he doesn't pay tax
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Tax on Interest - asking HMRC where the interest earnings come from...
HMRC has changed my tax code so they can recover the tax on my interest earnings, however, I can't reconcile what they reckon I earned in interest to my own records of interest statements I got from the bank and savings accounts for tax year 2022/23. I'm fairly dogmatic on making sure I get and keep my interest…
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CGT Increase tax code?
I have just accepted an offer on my only BTL. CGT is payable based on this yrs income and my tax code. 1 I have overpaid tax of 1200 from previous year. Current tax code is 450L. Should I ask HMRC to increase my tax code and will that reduce my CGT liability? 2 This years expected earnings will depend on when sale goes…
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Payroll tool (Government PAYE one)
I loaded an employee into the government's PAYE tool as having a salary of £12,000, but they will actually now have a salary of £10,000. I can't see where to change my initial salary. Does anyone else use this tool and know how I change the salary. Thanks so much
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Income vs CGT, and Income Tax Personal Allowance
I'm in a funny situation. Last year I inherited 00s of 000s of £, most of which is now sitting in GIA (non-tax-sheltered) accounts. The gain to date is well over the £12,570 income tax allowance. At the same time I'm aware that the October budget is likely to increase CGT rates, so ideally I'd like to sell most of these…
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Tax return refund not issued, tax code adjusted.
I submitted a tax return in June for 23/24 and was due around £1770. I requested a refund but it never went pending and my tax code was adjusted PAYE to something like 1750L Dues this mean instead of being being able to request as a lump sum amount I'm just being paid it back via my tax code in the current tax year?
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BTL and CGT
I'm not alone in thinking that CGT might be equalised with income tax rates in the budget on 30th October. I'm making an assumption (maybe rash) that this would take effect from the 2025-26 tax year. If this is the case I have a 7 month window in which to sell my single BTL property and pay tax at a lower rate. I would be…
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First Self Assessment reverting back to Paper from Online
If I start an online tax Self Assessment can I revert to paper filing via SA100 if necessary or am I committed to online submission once started? The reason is, I have run into problems filling in the SA100 and after much trying, can't get positive answers from HMRC. I've been told the online form is easier with more…
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Tax implications of one off sale
Hi. as we get older we're thinking of all the hassle we'll burden the kids with when we pop our clogs. My hubby has decided to sell his HUGE record collection to save them trying to do it when we've gone - my daughter threatened to melt them down into plant pots ha ha. Someone has offered him £100000 for the whole lot (!)…
