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Tax rebate on pension contributions for 21% Scottish tax payers.
Hi Has anyone who pays all there tax via PAYE managed to successfully receive 1% tax rebate from HMRC on their pension contributions where they are a 21% Scottish tax payer? I attempted to request this on the gov.uk PAYE chat to be told that because I didn't earn over £50k and wasn't a high rate tax payer this wasn't…
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Guernsey Tax on Rental Property. Are we Paying Tax Twice?
My partner used to live in Guernsey and now lives and pays tax in the UK. She retains a property in Guernsey and pays Guernsey Tax on it every year. The amount she earns on the flat, minus the Guernsey Tax, is also declared on her UK Tax Form under Foreign Income and is included in her taxable total. It appears to me that…
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HMRC Response
Hey All, Getting a bit desperate and in need of some advice. Really not sure if this is the best place on the board. I received a 5K tax bill (which I've disputed) HMRC kept adding late fees and interest etc - so in order to halt this I thought it best to pay the bill and continue the dispute and hopefully then get it…
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Salary Sacrifice Pension contributions
Hi, I am employed and pay TAX via PAYE, my employer has a salary sacrifice scheme. My earnings take me above the threashold to submit a tax return and for year 2021- 2022 I had an additional tax bill of around 2.5k. To try and prevent this last year I increased my pension contributions to 20% to bring my taxable earning…
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CGT on Cryptocurrency
I regularly invested in a cryptocurrency over the past couple of years and have printed out all of the buy transactions. I recently sold 25% of my holding and am trying to understand how I work out profits for CGT. I will round the numbers to simplify things. If I paid a total of 1000 gbp for 20 coins and sold 25% ( 5…
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Charitable donations for previous years
Was hoping someone could help with this: I make significant donations to charity every year For several years I have not been a high rate taxpayer, so have not done anything. When I was a high rate tax year previously, I rang them up and told them how much I paid, sometimes they would ask for receipts, and I'd get a cheque…
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IHT / Cash Gift & 7 year rule
Hi, If a parent gifts a cash gift of £350k to their child and survives over 7 years would there any IHT liable ? Thank you
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AIA Asset Disposal - Balancing Charge Calculation
Hi all! I’m a sole trader, not VAT registered. I bought a new phone and computer in the tax year 20 / 21. The phone cost £370 and the computer cost £1200. I worked out usage for the phone at 50% business, 50% personal, and the computer 60% business, 40% personal. From that I calculated a figure of £185 (phone) + £720…
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Monetary gift
I have very generously been gifted £7000 by a friend who is still living. I am self employed, how do I declare this on my tax form and will I be taxed on it? Thanks for any constructive advice
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Paper tax return
Has anyone completed a paper tax return this year? If you did, what paperwork did you receive after completion? I only received a calculation with the usual statement not received. When I called hmrc, they said that I had to request one. This doesn't make sense as the calculation letter says - the amount owing will be…
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New to self employment in Jan 2023.
Hi all, I have had to register for self assessment in January this year as I became self-employed from a job where I was on the books. So now I've had a letter asking for me to fill in the tax return for 2022-23 tax year. My question is, when I come to put down how much I've earned in the tax year, do I put down JUST what…
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Inheritance tax or Add name to Deeds?
My parents were advised by friends that if they add me (their son) to their title deeds, this would help avoid inheritance tax. I understand they would need to survive another 7 years to avoid other taxes but was wondering if they did, is this actually accurate? Any advice would be much appreciated. Summary of situation:…
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Cash gift
I was recently gifted more than 3000 pounds by my mother and I have a couple of questions. Do I have to declare this now or simply make a note of it because of the 7 year rule (in the event of her death). I know it's not taxable at present. Do I pay capital gains tax on interest earned from these savings (bank account and…
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Self Assessment side job? PAYE full time. What do I need to do?
I have a PAYE job as my regular 9-5. But in the past few months I have started designing yoga mats and selling them on ESTY using printify to print and dispatch. You can have a gross income of £1000 before you need to do a self assessment form. So far I have made around £300 profit since launching in September. In terms of…
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Salary Sacrifices
Just wondering whether anyone could advise on Salary Sacrifice, i am looking in to one being an NHS worker with Fleet Solutions, i receive UC to top up my earnings as i am with my partner, and we have a young child, Does the gross income increase with a salary sacrifice thus meaning i miss out on the UC payment? currently…
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Some advice regarding overseas assets, income or gains nudge letter
Hi, I would appreciate some advice. Today I received a nudge letter from HMRC regarding"overseas income or gains you may have to pay tax on" My only overseas investment is an investment fund plan I set up on IOM as I was working overseas and non-UK domiciled and wanted a regular savings vehicle. I contributed £400 a month…
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HMRC online account
I've always done a paper tax return but think should now set up online account (due to royal mail losing letters). If I set one up now, would I be able to view previous statements (SA300) and tax calculations or just the ones going forward? I'd asked them if they could confirm over the phone the date of the last sa300 they…
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Tax on State Pension
My personal tax account online shows two different amounts for my annual state pension. One is 52 weeks at this year's weekly figure and the other is 51 weeks at this year's rate and 1 week at last years rate. The lower amount was used on my notice of coding for this year. My recent P800 for last year includes 52 weeks at…
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Tax implications on receiving loan repayments from partner?
My situation is that my partner and I would like to buy a house. We're not married and generally keep our finances separate, she earns quite a bit more than me, however, we'd like to buy a house together and I have significantly more capital than her. Rather than getting a mortgage, we could pay for the house in full and…
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Income Tax
Hello, is anyone here able to advise me on the following please...? I am self emplyed but only earned £400 this tax year. I have also been working as a contractor for the last 7 months but have been taxed at source. i.e., my employer has deducted both income tax and national insurance from my Gross pay before paying me. My…