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Capital Gains and Savings Allowance
If I have a chargeable event which results in me having to pay some capital gains tax does this count towards my income when I am being assessed for the savings allowance? I can find no straight forward definition as what counts as income as far as the savings allowance is concerned. For example; Income from pensions and…
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HMRC Fines!!!
Hi, hope someone can help. I have just received a letter from HMRC stating I owe almost £3000 in fines dating back to 2016. At the time I had a payment plan sorted by an accountant and believed everything was paid appropriately. I never had any notification of fines and there is nothing outstanding on my online account.…
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Capital Gains
could someone explain the difference in the tax quote why wouuld you what to pay more should they just charge the chepest dose not make sense Straight-line apportionment methodBased on the percentage of your total gain made since 5 April 2015£7,454.04Gain over whole period of ownership methodBased on the amount you've…
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Savings Interest Tax calc. on Self Assessment calculation
Ignore below - I worked it out, sorry. I'm going through the tax calc. from last tax years self assessment and I'd be interested to know why they have split the savings interest (£276) in the calculation. I know the tax comes to nil, but I'd like to understand Savings interest from banks or building societies, securities…
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Income Tax
I have question about how income tax allowance works. My estimated income for 2020-2021 will be between £29000 to £30000 gross. My tax free allowance amount is £13100. This new tax year started on 6th April 2020 and so far my total gross income has reached £3500. Obviously it will grow and i earn more. My question is: As…
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Savings Tax
Hello Trying to understand how Starter Rate for Savings works, which as I understand along with 1st £1000 interest tax free, you can add a further £5000 tax free.Tried Internet research, nothing gives me an answer. My question is, am on basic rate 20% tax, How does one work out if you are entitled to this. Is there a…
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Help with self assessment - medical insurance
I'm trying to fill out my self assessment form but I'm struggling with the 'Taxable benefits and expenses' section. The only benefit I get is medical insurance through work. The help note on the HMRC form states: "The information to complete this box can be found on your P11D form, provided by your employer. Enter any…
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I moved out of my flat to provide full time care for Mum - am I exempt from Council Tax?
I moved out of my flat in 2021, and moved in with my Mum to provide full time care for her. She started claiming Attendance Allowance in Feb 2023, and I started claiming Carer's Allowance at the same time. The property was rented out between March 2022 and Nov 2023, and the Council Tax was being paid by the tenants. I was…
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Self Assessment Help
Hi, I work full time at 44k and freelance on top of it, absolutely caned the work last year and ran up a massive tax bill to the point where it wasn't really worth killing myself to do the extra work and I feel a bit silly. I'm trying to work out how much freelance work to do over a year to hit a sweet spot, where I stay…
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Inter-company Invoicing and Corporation Tax Working Abroad (Potential Transfer Pricing?)
Hi all, My wife and I are contemplating a move to Dubai as we have family and many friends there. I have a limited company (finance brokerage) which employs me and only me. From what I understand, it should be fairly straightforward (however, very costly) to set up a UAE business, become a UAE resident and work from there…
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Increase in HMRC estimate for untaxed interest
My wife's tax code for 2024/2025 has just been increased and HMRC show an increase in the figure for untaxed interest this year. The figure has increased from £149 to £870 and this is the only change. What I cannot see is how they have come to the new figure. I can say that a tax rebate claim was submitted 4 weeks ago so…
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Tax Free Deduction Doesn't Work
So, I have a Tax Free Deduction, but when I enter the amount (which can only be a positive number) and select Tax Free Deduction, it adds it on rather that deducts. Am I doing something wrong?
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Capital and self-assessment
I am completing my self-assessment for 23/24. For the first time I have calutal gains above the allowance as the allowance went down drastically. The taxable amount is £41. Do I put the total gains of £3041 on the self-assessment or just £41? Thanks in advance.
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SDLT and CGT on combining 2 houses into 1.
House converted into 2, owned by separate people. If the owner-occupier of one buys the other and reconverts back to one house where they continue to live * Is there additional rate SDLT to pay on the purchase (guessing yes as the buyer would own another property at the time of purchase)? * What would the CGT situation on…
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>£100K income and personal allowance
In the 22-23 tax year I was fortunate enough to earn around £107K (due to a lot of overtime). My salary is normally around 80k. Due to the impact on personal allowance on salaries over £100K, I opened a SIPP with Fidelity and deposited £9K before the tax year ended, in order to "reduce" my salary to under £100K, and have…
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Variable income and tax
I get paid monthly and my income is variable due to the nature of the job. Some months it is higher than others and i get taxed. Some months it is considerably lower than my tax threshold. Will I get a tax rebate and the end of the tax year for the months I have paid tax as my overall income will fall below the yearly…
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Renting out my house - Fixing a fence - tax offset questions?
Hello, I am hoping someone can help me with a question! I rent out a house and the fence in the back yard fell down due to tenant not keeping the garden clear. Regardless I got some quotes for a new fence and clearing the old one. The clear-up was roughly going to be £800 and the new fence was about £700. In the end I…
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Self Assessment and Basis Period Reform - How Hard is it to understand?
Hi Forumites, I'll keep it brief as possible; Sole Trader who has been filing own returns since my Accountant retired. Basis Period for me is 18 June to 17 June. Now I see that my upcoming return will need to pull this round in line with normal tax year and so will involve an extra period from 18 June 23 to 5 April 24. Q1…
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Is tax due on a buyout fee for surrendering my regulated tenancy?
My landlord is thinking of selling my flat and has offered me a sum of money to vacate the property where I have a regulated tenancy. I was already considering moving for personal reasons so am seriously considering doing this. I'm struggling to find decisive answer to the question of whether that money would be taxed.…
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capital gains tax in scotland
Hi looking for some help here. We have had a flat that we were renting out we are now wanting to sell it. The flat was purchased in my husbands name in 2003 for £95000. We refurbished the flat and converted into two bedrooms spent about £20000. In 2022 my husband gifted the flat to me probably valued at £180000.Done…
