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Reversing 10% Transfer Tax Allowance to Spouse
I cannot find the appropriate HMRC form to reverse the 10% transfer of my wife’s tax allowance now that her state pension increase has altered her forthcoming tax code. The only “relevant” forms seemingly available on the gov.uk website are either for cancelling MA in total or the similar one to her application for her…
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Issues when reversing married tax allowance
Has anyone else experienced issues when wishing to take back their married tax allowance (MTA)? I phoned HMRC in April 2024, as when I made an online request to reclaim my married tax allowance back from my husband, it stated that this would only occur from 5th April 2025!!!! Can you imagine my shock when HMRC informed me…
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Error messaging carrying forward losses from previous years
Hi, I am doing my first online tax self-assessment this year for a side hustle on top of PAYE. FY21/22 and 22/23 I incurred business set up costs and expenses totaling £6344 FY22/23 I earned £375 and had allowable expenses of £806. FY23/24 I earned £3815 and had allowable expenses of £2014 - net profit of £1701. So I am…
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Tax for French resident with financial holdings in the UK
My son has UK/Australian dual citizenship (he moved to the UK from Oz in 2001) and now lives in France where he recently became a French tax resident. He has some investments in the UK: cash, equities, ISA, LISA. Our question is how these are treated for tax by both the UK and French authorities for interest/income,…
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Van Purchase mid year sole trader tax year 2023-24
I have been using simplified expenses for a car up until July 2023. I purchase a van for £13k in July 2023 and want to claim actual expenses on that. I know that I can use simplified up until I switched to the van. Should I enter the purchase price of of the van as a trading expense? and then claim the actual costs from…
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High Income Child Benefit Charge
Hi all, Hope you can help, I have just done my return as was paid over £50k last year- £55,500 We have 3 children and was paid £2910 in Child Benefit My return has come back as me owing £2106. Does this seem right? I haven't had to do it before so just wanted to check, I knew we would have to pay some back but thought it…
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In or Out of Self Assessment?
Read Martin's recent post on self-assessment and followed the link to the HMRC page with the questionnaire. The questionnaire states, as did Martin's post, that you can have up to £10,000 of savings interest without going into self assessment. However as I understand it, the savings allowance is £1,000 (basic rate…
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Use of Home as Office - Self Assessment Tax questions.
Im filling in my HMRC self-assessment tax return as a sole trader. I work exclusively from home, approximately 80 hours per week, and I wanted to know if I can claim any/ or some of my interest-only mortgage payments, service charge etc as an expense under the use of home as business premises? I don’t want to complicate…
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LGPS contributions
Year = 23/24 Pay from employment £53,614.40 UK pension and state benefits £21,261.00 profit from uk land and property £27,732.00 Total Income £102,607.40 Personal allowance £12,570.00 Pension contributions £44,118.18 Anyone know what my tax bill is ????
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Confused about Inheritance Tax rules
I'm married and I've left my half of our estate in my Will to our daughter. If I die first, I don't want my half passed to my wife in case she subsequently needs to go into a care home, where virtually all of her assets will be liable to pay for care. My wife's Will is worded the same. Our house is worth 580k and our…
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Tax code change - "untaxed interest on savings and investments worth"
Hi folks, I had an e-mail from HMRC today saying my tax code had changed. I logged in to see the reason is: "you now get Untaxed interest on savings and investments worth £XXX" This year my salary was due to tip over into the 40% bracket by a about £1k, however i've recently started AVCs by salary sacrifice into my pension…
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Day rate - PAYE threshold calculators?
Hi all, Can anyone recommend a tax calculator that might take in some inputs (e.g., day rate, or gross salary) to calculate what one might be able to do in order to stay within a certain tax bracket? For example - my annual PAYE salary is just over a particular tax band. I wonder how much I might be able to put away into a…
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SIPP contribution & tax relief
There's probably a relevant thread around but I couldn't find it.. I'm seeking clarification regarding SIPP contributions and tax relief. My situation is as follows: * I have flexible PAYE work earning around £10,000 annually. * I also earn between £10,000 and £17,570 annually in interest from savings. * My personal…
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redgoalsuk Thread watched Self assessment return error
Hi All I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment. I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023. My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this…
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Landlord expenses inc mortgage interest - self assessment
Hi all, completing my final self assessment as I sold my flat and had enough of being an accidental landlord. I’m adding 20% of my mortgage interest payments to this box in the self assessment ( - Residential property finance costs ). but it doesn’t seem to make a difference to the amount t owed. Should I put in the full…
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Self assessment and commercial vehicle
Afternoon All, Just looking for any advice please. In the process of completing my self employed husbands self assessment, however during the tax year he purchased a commercial vehicle. X amount was paid as cash deposit and the remaining balance was put onto repayments. Can we claim the deposit on the self assessment, and…
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HMRC say I have overpaid £3,500 in tax; I haven't. What is going on at HMRC?
I sent in an R40 in September to reclaim some tax on savings interest for 2023/2024 that was paid as part of an estate distribution to me as a beneficiary. The estate had paid the estate administration period tax on savings which was above the de minimis limit and so the estate distribution included net savings interest. I…
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Marriage Allowance - help, please!
Several years ago under the marriage tax allowance scheme, I transferred £1260 of my personal allowance to my husband, as I don't earn enough to pay tax. Looking on the government website, this is actually worth an extra £252 a year. It's worked perfectly until now, when last week my husband received an unexpected letter…
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National Insurance Class 2 advice please.
Please take a look at the following - This is the first year of filling in a tax return I started a business on 17/08/23 I took up full time employment on 20/06/23 I have to pay class 2 National insurance on my earnings from the small business NI contributions have also been paid through my full time employment (PAYE)…
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P800 Tax Calc. Will HMRC take money owed from benefits?
I have just received a P800 tax calculation from HMRC for tax year 23/24 telling me I owe them over £900. The letter says that £6700 of my income is from contributions based ESA, and £16900 from untaxed interest. One option for paying the tax owed looks like making a payment to them for the whole amount owed. Alternatively…
