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Help with self assessment - medical insurance
I'm trying to fill out my self assessment form but I'm struggling with the 'Taxable benefits and expenses' section. The only benefit I get is medical insurance through work. The help note on the HMRC form states: "The information to complete this box can be found on your P11D form, provided by your employer. Enter any…
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I moved out of my flat to provide full time care for Mum - am I exempt from Council Tax?
I moved out of my flat in 2021, and moved in with my Mum to provide full time care for her. She started claiming Attendance Allowance in Feb 2023, and I started claiming Carer's Allowance at the same time. The property was rented out between March 2022 and Nov 2023, and the Council Tax was being paid by the tenants. I was…
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Self Assessment Help
Hi, I work full time at 44k and freelance on top of it, absolutely caned the work last year and ran up a massive tax bill to the point where it wasn't really worth killing myself to do the extra work and I feel a bit silly. I'm trying to work out how much freelance work to do over a year to hit a sweet spot, where I stay…
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Inter-company Invoicing and Corporation Tax Working Abroad (Potential Transfer Pricing?)
Hi all, My wife and I are contemplating a move to Dubai as we have family and many friends there. I have a limited company (finance brokerage) which employs me and only me. From what I understand, it should be fairly straightforward (however, very costly) to set up a UAE business, become a UAE resident and work from there…
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Increase in HMRC estimate for untaxed interest
My wife's tax code for 2024/2025 has just been increased and HMRC show an increase in the figure for untaxed interest this year. The figure has increased from £149 to £870 and this is the only change. What I cannot see is how they have come to the new figure. I can say that a tax rebate claim was submitted 4 weeks ago so…
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Tax Free Deduction Doesn't Work
So, I have a Tax Free Deduction, but when I enter the amount (which can only be a positive number) and select Tax Free Deduction, it adds it on rather that deducts. Am I doing something wrong?
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Capital and self-assessment
I am completing my self-assessment for 23/24. For the first time I have calutal gains above the allowance as the allowance went down drastically. The taxable amount is £41. Do I put the total gains of £3041 on the self-assessment or just £41? Thanks in advance.
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SDLT and CGT on combining 2 houses into 1.
House converted into 2, owned by separate people. If the owner-occupier of one buys the other and reconverts back to one house where they continue to live * Is there additional rate SDLT to pay on the purchase (guessing yes as the buyer would own another property at the time of purchase)? * What would the CGT situation on…
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>£100K income and personal allowance
In the 22-23 tax year I was fortunate enough to earn around £107K (due to a lot of overtime). My salary is normally around 80k. Due to the impact on personal allowance on salaries over £100K, I opened a SIPP with Fidelity and deposited £9K before the tax year ended, in order to "reduce" my salary to under £100K, and have…
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Variable income and tax
I get paid monthly and my income is variable due to the nature of the job. Some months it is higher than others and i get taxed. Some months it is considerably lower than my tax threshold. Will I get a tax rebate and the end of the tax year for the months I have paid tax as my overall income will fall below the yearly…
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Renting out my house - Fixing a fence - tax offset questions?
Hello, I am hoping someone can help me with a question! I rent out a house and the fence in the back yard fell down due to tenant not keeping the garden clear. Regardless I got some quotes for a new fence and clearing the old one. The clear-up was roughly going to be £800 and the new fence was about £700. In the end I…
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Self Assessment and Basis Period Reform - How Hard is it to understand?
Hi Forumites, I'll keep it brief as possible; Sole Trader who has been filing own returns since my Accountant retired. Basis Period for me is 18 June to 17 June. Now I see that my upcoming return will need to pull this round in line with normal tax year and so will involve an extra period from 18 June 23 to 5 April 24. Q1…
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Is tax due on a buyout fee for surrendering my regulated tenancy?
My landlord is thinking of selling my flat and has offered me a sum of money to vacate the property where I have a regulated tenancy. I was already considering moving for personal reasons so am seriously considering doing this. I'm struggling to find decisive answer to the question of whether that money would be taxed.…
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capital gains tax in scotland
Hi looking for some help here. We have had a flat that we were renting out we are now wanting to sell it. The flat was purchased in my husbands name in 2003 for £95000. We refurbished the flat and converted into two bedrooms spent about £20000. In 2022 my husband gifted the flat to me probably valued at £180000.Done…
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HMRC Charging Order- Contact Details
Hello I received a charging order for an HMRC VAT debt many years ago, but are in the process of selling the house so trying to make contact to get a settlement figure/how to pass details to my solicitor. I wrote to the solicitor on the land registry details and have received no reply and have called a few different…
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CGT calculations for employee profit share allocations
Can anybody help clarify these questions for CGT calculations and base cost for employee profit share allocations: - what is the correct base cost to us for shares allocated 'free' - no payment made - is it 'Nil' or is it the 'initial market value' notified for the date of appropriation? (Can't find any confirmation of…
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Self assessment - declaring an income increase
My understanding is that the tax on my 2024/25 earnings will be due in due in three instalments with two payments on account in January 2025 and July 2025 respectively and a final adjustment to reflect the actual tax due in January 2026. The January and July instalments are estimated based on prior years income i.e. if…
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£325k on Inheritance Tax, if going to two children do you need to pay?
Hi,I see Labour will be changing the inheritance tax. My mum lives in a £500k house, her will says it will go to myself and my brother we would get 50% each of the house £250k each, so would that hit the over £325k is that how it works? Its because the value is over £325k is it automatically gets hit no matter how many…
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Transfer Inheritance Tax Allowance when one partner dies
My mum died in 2007 and all her assets passed automatically to her husband (my dad). No forms where completed. My Dad is still alive. However when sadly he dies will his inheritance allowance be £325000 x 2 = £650000. I believe certain documents need to be sent to HMRC within 2 years of his death? I'm thinking that because…
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Capital gains tax split on property sale following transfer of ownership
Hi, we've hunted high and low online for the answer to this but can't find it and don't want to pay an accountant if we can help it. I bought a property in 2012 and was the sole owner until 2015 when I transferred half of it to my wife (who I'd just married) and so we became 'joint tenants'. We then moved out and rented it…
