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On student placement getting very little paye deducted from my salary?
Hi I'm on my student placement for a year - i live and study in Scotland my placement is in London my salary is £25k and I also get my student loan because of the type of course I'm doing. My tax code is S1257L and my gross monthly is £2083.33 however the first month I didn't pay any paye at all and this month I've only…
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How to interpret tax code
I’m trying to get my head around how HMRC thinks and hence as to what they are estimating savings interest to be. I have pension (x) and state pension (y) and a tax code of K1356 The explanation I can find for the code is that I need to pay tax on an extra £13560. I can’t reconcile any figures that get to what the tax…
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Unpaid tax demand - pay now or wait until January
I’m lucky (or planned well) in that I have a number of private pensions but they take me over the personal tax allowance when combined with my state pension. HMRC seem unable to calculate in year what the total would be and hence I’ve just received a tax demand for ~£1300 of unpaid tax from 2023/24. Should I pay this…
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How to pay back tax on behalf of deceased father
My father died in July, I'm an executor and went with mum to sort the death certificate and now the named contact for assorts of government agencies. HMRC have written to me to say I need to pay back tax which dad owed. I cannot for the life of me work out how I do that, online I can only access my tax stuff and there…
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Income tax - paid 4 weekly - how is tax calculated when payslip covers March and April?
Hi I'm doing some calcs on my finances and am trying to work out my annual income and how much tax I pay. I'm paid four weekly and as such when one tax year ends and another starts, my pay period falls onto both sides. In 2022/2023 - The payslip period was 13/03/23 - 09/04/23. Paid on 18/04/23. In 2023/2024 - The payslip…
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Student council tax discount
Hello everyone. I have just started university and am told that I can apply to the council for a discount on council tax. I live with my partner who is self employed. Does anyone know if I would still be entitled to a discount - does it matter if I am in a relationship with a person I live with, or is it just the household…
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HMRC help please? Child Benefit Charge plus underpaid tax?
Hello, Settle in folks, this might be a long one. But I will do my
best to condense so you don’t drop off. At the beginning of the year my husband received a letter
from HMRC saying we’d been overpaid child benefit in 2022. He registered for
self-assessment within the time on the letter (past the self-assessment
deadline…
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Question about gifting - Annual Tax free Allowance and PET's
I wonder if anyone can help me answer this question? I have an unused Annual Tax Free Allowance of £3,000 from the last tax year which I can carry forward and use in this tax year making £6.000 in Total. My question is can I make an additional PET to the same recipient so they would receive both my Annual Tax free…
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Company car
Hi can anyone advise please I am with the same company and they changed our company cars in august this year. I updated the car with HMRC and removed the old car but I have seen on my HMRC account that it’s still showing both cars. I spoken to them regarding this but they said I would still have to pay car benefit on both…
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tax advice.
Hello everyone, could someone advise me on my tax situation. I earn £1296 per month pre tax, I have an annual private pension of £16.000 per annum pre tax and I will be soon getting my state pension of £880.00 pre tax. I have earnt £6.000 in renting out my house. This obviously takes my earning into the higher bracket. Can…
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Income Tax deduction in Sept 2024 increase
I notice that more tax has been deducted on PAYE this month. My tax code is unchanged. What has happened?
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How do you contact the tax office through your personal tax account
My son has been taxed on his second job as a 40% tax payer when his total estimated income will be about £27,000 for the year We have been looking all through the personal tax account to see where you can contact them to let them know that the tax code is wrong but nothing evident Been on the phone and cut off after 30…
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Why did I not pay Additional Rate Tax
Good morning, Not wanting to complain but trying to pre-empty pension contributions for next year so I dont pay additional tax. However looking at this years tax return, the amount of money used against Higher Rate was £86835, I would have thought the maximum amount would have been (125140-50270 bands) £74870, any…
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P11D
Hi my employer submitted incorrectly on my P11D that I had a benefit in kind of fuel during 23/24 tax year of over £8000... which i didn't my tax code was 1213L that year... They have now taken it off and said I will be contacted with the amount that I overpayed - does anyone have any idea what sort of amount I'll be payed…
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Making use of the CGT tax-free allowance yearly?
Can someone check this for me, and if it makes sense?I understand currently the CGT tax-free allowance is £3000, subject to change every year. As an example, If I invest £30k into VUAG and make 10% profit (£3000) and sell up before end of financial year, then use that £33000 to buy VWRP within the same financial year, can…
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Reducing tax on shares vesting
Hi all, Next March a large portion of shares that were in a Long Term Incentive program will vest. Will these count as income and subject to income tax (which will push me into the additional rate tax bracket) or would it be capital gains that I would be liable for? These were all restricted stock units so I didn't…
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CGT on sale of BTL
I’m in the process of selling my BTL property and after deducting expenses will have a CGT liability of approximately £34,000. I’m a basic rate tax payer. I currently salary sacrifice into my company pension scheme - would there be any benefit to sacrificing the maximum amount to reduce the amount of tax I pay?
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Tax refund
In year 23/24 I was fortunate enough to earn over the £100k threshold, so I paid a lump sum of 30k gross into my pension. I have supplied evidence to HMRC to claim my tax rebate and repeatedly chased them, but 5months on I cannot get them to action it. To add insult, they’re taxing me monthly to pay what they see as an…
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Tax on 2nd home income
I am married and have a 2nd property as a buy to let with a mortgage in my name only. I pay tax on rent received. i work part time and receive a small pension tax code 1250. My husband is now unemployed, does not get benefits. Can I put my husband’s name on the 2nd property to share the income and tax I will have to renew…
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Tax rate band on gross salary?
Hi, I am a teacher and pay into both the Teachers Pension as well as Additional Voluntary Contributions via the Prudential. Is my tax rate calculated on my gross salary or after one, the other or both of the above have been deducted. My gross salary is £58,000 so am I in the 40% tax band or could my pensions contributions…
