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IHT Planning
Something I’ve been considering for some time, not a knee jerk reaction. I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. Rather than possibly make things worse, I want to take professional advice. How do I find a suitably…
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Question on company Loan
Hi All, I have a questions please on a company loan. I have two limited companies, and started the second company last year. My old first limited company I will call "A1 Limited" and the second new company I will call "B2 Limited" to help describe my question please. Question "A1 limited" loaned " my new company "B2…
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P50 refund
I applied for a P50 refund on the HMRC government gateway at the end of May 2025 for tax year 25/26. This is because I lost my job in April 2025 and do not expect to return to work for the foreseeable. After chasing I got a letter from HMRC PAYE advising I would shortly be receiving a payable order for a few thousand. The…
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Christmas and birthday gifts and IHT
Hello all. I'd like some clarification over this statement from the government website, please - Birthday or Christmas gifts you give from your regular income are exempt from Inheritance Tax. What is the definition of 'regular income' and do I need to/how do I prove it's regular income? My thoughts are to start giving my…
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CGT on a bare trust
We set up bare trusts for our grandchildren back in 2013 and now wish to sell the shares in the one for our oldest grandson, he is 19, so that he receives the proceeds. The shares are all in a single children’s investment plan and bought over several years, how do we, or he, calculate and deal with any CGT due?
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Aim share loss and cap gains
Hello, Please can i ask if loss for a share traded on AIM market can be used against cap gains for the sale second property? If so, can the loss be carried over to the next next tax year? Thanks
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Spanish Tax - Failed to complete La Renta - consequences?
My friend worked in Spain from 2014 to 2016 returning to the UK in August 2016. She had reputable employment and paid tax and completed La Renta for 2014 and 2015 but had a 5 month old baby at the vital time in 2017 when she should have completed the Renta for 2016. She is now being pursued by HMRC on behalf of the Spanish…
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A simple guide for CGT liability on GIA please?
Hi all. I'm a slow learner, so please be kind as it appears CGT is simple to understand. I've searched around looking for a dummies guide, but can't find one. A few examples in my head and say 3K is the limit now. I put 100K in a GIA and buy 4 different units 25K each. In 4 years time GIA is say 140K Units value is 50, 50,…
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Capital Gain Tax after House Sale
My wife’s sister died in 2013. Her will left half of a jointly
owned house shared with her husband to my wife. I’m not aware of
any valuation on the house at that time. Her widower remained living
in the house until his death in 2022. His estate was left entirely to
charity with my wife as executor. Shortly after his…
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Free Childcare: Adjusted Net Income
Hi All, I have searched the forum and cannot find anywhere where this has been answered - I seem to be caught in a catch-22 position. Essentially, I am a day-rate contractor, inside IR35 and being paid via PAYE through an Umbrella company. I am fortunate enough to earn >£100k p.a. but that gives me a problem with the 30…
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Council Tax Band Tribunal - is it worth appealing?
Hello, I'm hoping for some advice please, regarding whether it's worth appealing a Council Tax Band change decision via the Valuation Tribunal England route. My partner and I bought a 1930's 3-bedroom, 1 bathroom semi detached house in Bristol in July 2024; it was in Band C. In November we received a letter from the…
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Halfords Shares
Hi My husband worked for Halfords for 10 years and was part of their shareholder scheme. I'm not sure of the dates but would have been the 90's. He has no paperwork as his ex partner destroyed it all when they split up. I have been on to him for years to make enquiries but without a rocket up his rear end he has done…
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How to work this tax calculation out?
I’m trying to understand how income tax works and would like some clarification. I thought the easiest way would be to set up a scenario. Suppose someone has: * Annual salary: £35,000 * Rental income: £5,000 * Dividends: £2,500 * Interest income: £10,000 This person then: * Contributes 50% of their earned income to a…
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SA - previous employer had me as employed after redudency...
Hi! Hoping someone can help with how to complete this on my self assessment form. I was made redundent in December 23 (received P45), with a final payment in March 24 and P11D received July 24. All of this information went into my 23/24 tax return so any tax from this employment has been dealt with. Going to do my 24/25…
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Avoiding 40% tax and reduction of personal savings allowance
I will have £46270 of taxable income from 2 income streams in the year (number altered for ease of question but close to reality). I will also have about £1K of savings interest. How much can I take out from my pension drawdown pot (TFC already taken) if I want to avoid the personal savings allowance being reduced to £500?…
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Inheritance tax allowances for children
Hi, I am looking for advice regarding my fathers estate. His wife recently passed away leaving him £140,000, taking his assets over the £325,000 ITA. Would the money his late wife left him be excluded from his allowance to be passed on to myself?. Thank you for any help.
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Avoiding High Earner child benefit
Hi, all Maybe not the best title, but here's my quandary. I want to take some money out of my pension at some point next year. I earn around £56k, so it won't take much of a withdrawal to put me over the £60K limit and trigger the high earner child benefit thing. Our youngest is due to leave school in May next year though,…
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SA error and accountants
Hello everyone, Whilst previously submitting my Self Assessment online I made some error that resulted in a tax bill, even though my earnings are below the personal allowance rate. Having failed to find/understand the error, I need the help of an accountant to fix the error, recover the tax and not repeat the same mistake…
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Income calculation/ child benefit net adjusted income / tax band
Can I check my calculations with you as below and ask a couple of things re terminology around income please . I am self employed sole trader. Business income (invoices- expenses) = £90000 bank interest £900 (do I get £500 tax allowance so £400 taxable? No other income =Complete gross £90400? Sipp I paid in £30000. Now has…
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SA tax relief on pension contributions
Hi all I have a PAYE job that I have a company pension with, paid via salary sacrifice. My taxable earnings are below the 40% tax band I also have rental income I do a SA for and this pushes me into the 40% bracket for the last 3 years. I've just realised, I think, that I could/should have been claiming tax relief on the…
