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How Many Years Back Can I Offset Losses on Investments?
I need to complete a self-assessment and I wondered how many years back I can offset losses against gains on shares / crypto. Thanks for your help.
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HMRC making a deduction from my tax-free income due to benefits I do not receive!
Hi all, I appear to be spending most of my waking hours on the phone to HMRC and DWP to resolve an issue whereby £6105 is being deducted from my £12570 tax-free allowance. HMRC believe this is due to DWP advising them of a DWP benefit I am in receipt of (I am not in receipt of any). However when calling DWP to make a…
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Tax question
My employer allows the payment of my bonus (c£20k) into the company's pension scheme. I don't need the bonus and I am a 40% taxpayer so are there any benefits from doing this? Thank you
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Types of way to reduce income before tax
Hi, what are the rates to reduce your income that is eligible for tax? For example, if one earns £52,000 and they want to get below the 40% tax barrier, other than increasing pension contributions, is there any other way to do this?
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High Income Child Benefit Charge
I had the HMRC letter a couple of weeks ago regarding checking to see if I need to pay the HICBC. Having entered all the information into Self Assessment, the final calculation says that I need to pay back more than the total Child Benefit received. How can this be right?
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Reducing tax on portfolio
I currently have a small diversified portfolio (with eToro) that is growing nicely with crypto, stocks and EFTs I understand that if I make any withdrawals on this it will be classed as capital gains. I am a high earner with income tax of 40% at the top end so if I made a withdrawal I believe I would pay 40% percentage tax…
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Page 8 of IHT403
I am 85 and realise that I need to keep records of what I gift to my family to make it easier for them when I pop my clogs. My estate will be very close to the limit so I looked at page 8 of the IHT 403 and was amazed to see what is required. There is no way that I can access all these details going back over 7 years. Can…
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Tax on Fund Termination Payment
Baillie Gifford unceremoniously closed my "British Smaller Companies Fund" and sent a payment for the closing balance - the "Termination Payment" comprising proceeds and any income. This was not in an ISA. Given I did not instruct the sale should the proceeds part of this be treated as a Capital Gain? I have not yet…
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£1,925 Teachers pay
Hello fellow MSE’s - does anyone have any knowledge of how the £1,925 school teacher back pay works? My partner checked her pay this morning and out of the £1,925 nearly 70% has been deducted which seems ludicrous. (Pending payslip).
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Overseas property CGT - PoA paperwork & calculation issues
Hoping for some insight from folk with previous experience - sorry its long! Im trying to help an elderly relative (uk resident) who sold a property (spain) last fy, they arent able to travel so used a previously trusted person living out there to act as PoA. I understand this gain needs to be declared on relatives uk tax…
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Capital gains tax - how to offset gain this year against previous years loss
Hello, I am currently completing my self assessment tax return for tax year 22/23. I've worked out that I made a small capital gain over the tax free allowance (<£1k). In tax year 20/21 I made a loss of circa £6k. I understand from reading online that I can now offset my gain against the old loss however I never declared…
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183-Day Rule and Tax Residency
Hello, I am a British citizen currently working abroad. Should I inform HMRC that I am working overseas and spending more than 183 days outside the UK? I understand there is a double tax agreement between both countries, allowing me to pay tax only where I earn income. Despite having no income or bank transactions in the…
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Bit confused with Tax Code
Hi, I was wondering if anyone could help me, I have had to give up work due to ill health, I am currently on contributions ESA Support group, I have savings which brings me an income this tax year of approximately £4000, I have had an email of HMRC saying that my tax next year will be £486, I do not understand how they…
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Tax Code
I’ve just received a new tax code notice for the 23/24 tax year which I’m not sure is correct and would like some advice. I earn above the limit for the child benefit tax so have always had my tax code adjusted to pay back what I owe for child benefit. For the 22/23 tax year my taxable income was £58000 and my tax code for…
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Incorrect P87
Good evening, I'm hoping someone will be offer to some assistant. I submitted my P87 with expenses from work while on holiday via an accountant upon returning home, I got a letter from HMRC asking for evidence. This is completely fine i've a receipt of all my hotel stays, uniform costs etc except I noticed id stupidly sent…
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CGT percentage
When I retire, my work pension will be around £8-£10k a year, depending on when I retire. When I do retire, I'd like to sell my rental property where I lived from late 1980s to mid 1990s. The gain is approximately £180k. Will I be taxed 18% or 28%? I tried an online calculator where it said it would be the higher…
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Help with Tax Code change?
Hi all I'm a little confused with my tax code. I am in full time employment. Previous code : 1263L New code as of 23rd Nov 2023 : 1204LX Breakdown is as below: Questions: 1. With regards to the underpaid £28 tax. I can't imagine where this has come from. All I can think of is last month I was provided a 2% or so 'inflation…
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Tax code reduced but no notice given from HMRC
I'm in receipt of my occupational pension and don't work. This morning I received notification from the pension provider that my tax code is dropping by £90, this has no affect on my pension as it is still below that of the new allowance but probably will do in April's increase, albeit not much. Does it seem right that I…
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Hefty Import charges on Warranty Repair
Coming here for advice. Recently had a computer component fail, a graphics card, a high end one but now nearly three years old. I had to ship it to the service company (EVGA Gmbh) in Germany to get it repaired under warranty, for free. As you would expect they don't just repair a faulty card that required 8 nano metre…
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HMRC On Selling £50k Collection
I have collected cards for most of my life and through time and luck the value has increased significantly. I have been selling most of my collection off over the last year to save for a house deposit however I'm not really sure how to explain this to HMRC if they flag this up. My total sales on ebay amounts to tens of…