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Simplified vehicle costs - self employed query
Hi a quick question. I am in the process of becoming self employed. One of the bigger changes that I am trying to get my head around is vehicle expenses. I am purchasing a private vehicle and am proposing going down the simplified expenses route for claiming for vehicle costs. The question arises around the fact that I…
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The Paye People...... scam ???
has anyone heard of this company? Most of my colleagues have had pay outs from hmrc, through the Paye People, from £3000 to £15000. It seemed to good to be true and it now seems that might be the case? One of my colleagues has been told by hmrc that this is a scam and that hmrc will pursue the individuals for reimbursement…
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3 x request a paper tax return & what to do if none arrive
Any suggestions on what to do when three separate requests for a paper tax return all result in nothing arriving?A friend of mine has to do a self assessment for the first time in their life and unfortunately they cannot use the standard hmrc online software because of the complexity of what needs to be put on the return.…
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Tax and salary sacrifice
I am retired but still work part-time and am fortunate enough to have 3 pensions. As a result, I am liable some tax at 40%. I recently got a bike under the cycle to work scheme and get tax relief at 20% on my part time earnings but I am wondering if I will I get a further 20% tax relief when my tax is calculated at the end…
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Tax implications of renting main residence
My 88 year old mother-in-law is now permanently resident in a nursing home with severe dementia. To help her fund the care we have started to rent her house as a short term let through Air B and B. My wife has power of attorney and we are letting the house through an agency. Obviously the profits will need to be declared…
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“Nothing to pay” even though there is!
Hi. My partner and I have been letting a property for about a year. We have the rent paid into a separate account and draw an amount each and leave enough in there for the tax bill, I recently did my first return for this income. Initially by mistake I clicked the box to recover from my tax code. However I then amended the…
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Adjusted net income
Hi there, really grateful for some advice as I’ve been reading the guidance, articles, other peoples posts and spoke to an accountant and my head just wants to explode! I’m trying to see if / how we can get my husbands adjusted net income to below the £100k threshold in order to continue benefiting from tax free childcare…
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CGT payable on inheritance of property and subsequent sale higher than probate value
I think this is quite simple and i'm really just hoping to get confirmation of the action required. We have 3 beneficiaries and a deed of Appropriation was completed that notes the proportion each beneficiary was entitled to which I believe allows us each a £3000 allowance against CGT. Property sold July this year. The…
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Stock Options Buy-out: income tax Vs capital gains
The American company I work for was recently acquired. I have 7000 stock options unexercised in an EMI scheme. The acquiring company is buying these out, and if my math's right it would be roughly £30000 pre-tax. One of my colleagues has raised the spectre of income tax VS capital gains. The advice I've seen online is: "If…
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Buying half share of house
In this example pls answer: 2 brothers live in a house together as tenants in common holding 50 50 shares each. House is worth 500k. If one brother buys the other share out for 250k and owns it outright, do they have to apply a 15% discount for the share. Or is that only done if it was upon death for IHT.
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How much tax might I pay on a second job?
I work 24 hours in retail and just over the tax free allowance. Currently living wage no bonus. Will I pay more tax on my 1st job? I have been offered a 4 hour a week job so 28 hours in total? How much extra may I earn? £183 per month is the 4x living wage rate per month.
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Redundancy Payment and Re-Hiring
Hi, I was terminated on 10th June and I will shortly receive a redundancy payment equivalent to seven months pay, all of which is tax exempt. I applied for and have been successful in being accepted for a new role within the company but I would be returning as a re-hire in September/October. I didn't think this was allowed…
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Paying tax through PAYE?
I believe I have gone over my personal savings allowance for interest earned on savings in one year. Do I have to do a self assessment? or do I pay the tax through PAYE if they change my tax code?
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How to enter redundency payment on self-assessment tax return
Morning all! Hoping someone can confirm if I'm completing my online self assessment correctly. I was made redundent at the end of last year and was paid more than the £30k tax free redundency allowance. On my P45, my previous employer has completed the total pay to date and tax to date boxes including the additional taxed…
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Self Assesment form and rental income
Hello, filling one of these out for the first time as I have a full time job with an employer and rent a property out. Is there anywhere on the form where you deduct your personal tax allowance of £12, 500 from your yearly salary or does the HMRC system automatically account for this when it does the final calculation of…
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Removing council tax on annexe classed as 2nd home
Hi all, after some advice on where to start for this. We have an annexe in our front yard. It's had it's own CT band (A) for as long as we've had the property. We used to have a lodger in the annexe, who moved out in 2021. Since then we've sporadically rented it out on AirBnB, but stopped doing this last year and are no…
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Deed of Declaration of Trust - original with solicitor no longer practising
I hope that this
is the right forum as it relates to capital gains tax and how I prove
that I gave money for an interest in a
property purchase. I gave my parents a
sum of money to purchase their flat, and we arranged a Deed of Declaration of
Trust. My parents have a copy of their signed part (as does their solicitor),
and…
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Tax code change - will I pay more
HI I’m in the
fortunate position to be in receipt of a DB pension (£40.2K pa) and also still
working in a part time salaried position (£40K pa plus car allowance of
£3.5K). I was full time until about 6
months ago. My tax codes for the last
few years have always been SD1 for the pension (going by the HMRC website this
code…
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Marriage tax allowance for dependent non UK wife??
My Brother is in the Army he has a Thai wife they have been married for 18 years , who is dependent but she does not live in UK she can only visit for 6 months a year , He has been told that he cannot get married mans Tax code as she is not British citizen . They also have 2 children son 16 and daughter 12 . Is this true…
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Tax Implication of Rental Property Change Of Ownership
Me and the wife currently have a share of 4 houses with a friend. We have mortgages on all 4 properties; two are jointly in my name and his and the other two in my wifes name and his. In a couple of years the mortgages on all 4 houses will be paid off and we would ideally like to 'split' the houses so that we have full…
