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inheritance
My father has an estate of around £1.8million in the shape of 1 property of about £1.5 and another small flat £400,000. If my father gifts those two properties to myself and my two sisters and remains in the main property would he have to pay a market rent ? If one of us was to move in the house with him would he still…
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Underpaid council tax demand
Hi everyone . I rent in Manchester and pay my council tax monthly by direct debit . My council tax just informed me they undercharged me £355.for the last year . They demanding full payment now 🥴. I wondered if I can ask them to spread the debt over a period of months . £355 is a hefty bill for me right now and I don’t…
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Which mileage tracker should I use?
Hi, I've been driving Uber for a while and I want to invest in a mileage tracker app for tax deductions. I was thinking of getting MileageWise because of the high rating in the app store and because it can use Google Maps Timeline to retrospectively create a mileage log. Has anyone tried this before?
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£17,570 Tax Free Interest on Savings for a non-working, non-income wife?
I am just about to take the maximum £268,275 from my pension tax free. I pay tax at a higher rate, so I'm going to transfer it all into my wife's name as she doesn't have any income, therefore pays no tax. She will put it in a savings account for now. At interest rates of ~5%, plus some additional savings, the savings…
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ESC A19 advice - being chased for very old PAYE unpaid tax (2017/18)
Good morning I am currently wrestling with HMRC over a demand for unpaid tax from the 2017-18 tax year In summary, they are claiming that I owe £945 in unpaid PAYE income tax, which is not an insubstantial amount, so im not willing to give up without a fight I first received communication regarding this earlier in the year…
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Inheritance tax and house ownership
For personal reasons our house is currently solely in OHs name despite having been married for the whole time of house ownership and paying the mortgage together (now cleared). It was in both our names until 5 years ago. I have no issues or concerns with this. what implications does this have on inheritance tax, in…
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Effective date of changes in forthcoming budget.
There are reports in the press that any changes to CGT in the 30th October Budget may be effective from 6.00pm that night. This had not occurred to me and I had assumed that changes would apply from 6th April next year. So, what about changes to the Inheritance Tax PET rules? There are rumours that that The Potentially…
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Adjusted net income and taxable income (calculation)
This topic always confuses me even after I think I've understood it. Appreciate if anyone could confirm whether my calculation below is correct. - Objective is to keep adjusted net income (for 24-25 tax yr) below £100k to avoid losing personal allowance and eligibility for free 15 hrs nursery- higher rate tax payer…
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Rental income on deceased parent’s property.
I am renting out my deceased mother’s property the rent is being paid to the local council to reduce a large outstanding care home bill of hers. Do I need to declare the income or is it for her estate?Thank you.
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Overpaid inheritance tax
I am an executor and a beneficiary for an estate on which we paid inheritance tax based partly on a property valued at £285k (3 estate agents on advice of our solicitor). 6 months on and having dropped the asking price 3 months ago to £250k there has been very little interest. If we do manage to sell at, say £250k, I…
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Stamp Duty - being taxed twice!!!
Hi I bought a Property by auction for £145,000. There was a reservation fee of 5% + VAT which is ££8,700. So that's tax at 20%. When it came to fill in the Stamp Duty consideration, the Solicitor filled this in with 145,000+8,700=£153,700, so that means I am getting taxed AGAIN on the Reservation Fee (which is inflated by…
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Work Place Pension contributions
Hi all I am a 40% tax payer who contributes 9% to a work place pension. The contributions take me in to the 20% tax band. Will this change the tax I pay on savings interest - i.e., 20% not 40% ? Thanks.
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Can this tax code be correct?
Good morning, Apologies if this should be elsewhere, but the Tax Code Checker forum seems to be somewhat defunct. My wife is a 69 year old retired nurse, in receipt of the state pension and a small (£5k) NHS pension. Having finally managed to get her a GovGatewayID and checked her account, it seems that her tax code is…
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IHT - paying for grandchild's daycare from income
I'm trying to help out my daughter by helping with the cost of my toddler granddaughter's day nursery costs, via the tax free account. The cost is very comfortably within my excess income, so will that free it from inheritance tax? And if do I need to keep any records as proof? If to be fair to my other daughter, I pay a…
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Capital Gains Tax upon gifting of a property - Transfer to spouse first?
Hello, I'd love to get some advice on capital gains tax following gifting of a buy-to-let property, and just sense-check my plan to reduce this and whether it is above board before I ask the solicitor to proceed. The scenario is my Dad+Mum own BTL property jointly (50:50), They want to gift it to their daughter (my sister)…
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1st time self-assesment form
I've never filled in a self-assessment form but I have tried to day and despite being told it is a straightforward process I have found it stressful so I'm looking for a little advice please. My situation for the tax year 2023-2024. I had two jobs as an employee then decided to try being self employed. My totals; £1026 -…
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Tax liability on company closure from inherited shares
Hoping someone can help me on this one, I've had a look around the net but just can't work it out. My father was a 50% shareholder of a company with his business partner. Sadly he passed 5 years ago and the company is now finally set to close. My father's Will distributed his shares in the business to my mother (50%),…
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When is income rental?
Hi, I am just looking for a bit of advice. I have 1 rental property that came empty in August. I have chosen to leave it empty as my mum is coming to stay for 3 weeks this month and it will give her a base and somewhere to stay without having to hop from friend to relative. I am funding the empty period via my salary so…
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HMRC help please tax code.
Hello all! I'll start by saying yes I know it was all my fault! 😢 I was self employed and had an outstanding tax return owed, I am now employed and hmrc have changed my original tax code so they can reclaim the debt I owe them which is fine as I want it paid off but the amount they are taking from me each week has caused…
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Fixed HMRC home allowance
You can claim some fixed allowances if you are a sole trader (part time sole trader selling a few bits and bobs to supplement my income - I also work part time as well) and have to complete a tax return - which I do. The amount depends on the number of hours you work at home but it is hardly a King's Ransom and amounts to…
