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CGT on flat sale
Hello, and thanks in advance for any helpful comments. I bought my flat in London in July 2007, jointly with my mum, for £357,500. I lived in it for 10 years until Oct 2017, when I moved to the country and rented it out. My mother then gifted me her half as inheritance in Oct 2018. I have just sold the flat to my tenant…
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Correcting last year's tax return. Double taxed on foreign income.
Hello -this is a two pronged query. My son's 22-23 self assessment was done by a tax advisor -he will be doing it on his own this year as he has gone a back to uni. He has been double taxed on income in France and UK. He would like to get this corrected but can't do it online through self assessment as the return was done…
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Executor's Tax on Savings
My mother is acting as an executor will be shortly receiving the proceeds from the sale of a relatives house, and will be sitting on the money for 6 months while the solicitor, who is managing the rest of the estate sits on the bank savings for 6 months to protect themselves from unexpected claims. After this she will be…
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TENANTS IN COMMON - JOINT TENANTS - OR NOT WORTH IT??
Not sure if this is the right board or not - but Our house is in the wifes name only with no mortgage, and there are 3 adult children. Our wills are mirrored so the other gets everything, and when the survivor dies everything is split equally between the 3 children. The house is worth about £285K and our total estate is…
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Free childcare- Please help me calculate my adjustable net income
Hi I am confused about free childcare and adjustable net income. Per my P60 for 2023-24, my taxable income was £110,380 (after deducting the payments into workplace pension). During the year I also paid into private pension in the amount of £7,760. My private pension contribution was grossed up by basic rate of 20% to…
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Reclaim overpaid tax during tax year
My wife has been on sick leave since Feb 2023 and her contract (quite rightly) has now been terminated. Her final pay, including notice and untaken leave, has been taxed at 40%. She will be able to reclaim most of this when she completes her FY25 self-assessment, but my question is whether she can get a refund (it will be…
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Capital allowance van purchase.
Hi Folks. Director of small limited company with about 9 months in trading. Time has come to purchase a van for the business. Am I right in thinking the total purchase price can be put through as a capital allowance? If so what is the best way to purchase? Bank transfer, cash? Van is used. Any specifics surrounding the…
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HMRC community forums
Does anyone here use the HMRC community forums? I am unable to sign in and if I try to register the "generate new image" code is just a grey box and the audio code in not working either. I do watch the webinars but would prefer to post a question on the forum.
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I submit tax returns but im not registered for Self assessment? National insurance credits
Hello, i need to help my dad. he has been submitting tax returns for years since 1990 using his UTR as hes self employed. He has a terminal illness we need to claim ESA but he doesnt have any national insurance credits as hes not formally registered as self employed so hes currently not eligible. I am completing the CWF1…
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Does my self-assessment tax calculation already include my student loan repayment?
Hi all, last year I started to rent out my flat, while I live with my partner. I decided to get things in order early so that I know how much I'll need to pay HMRC by Jan 31 2025 (ie the tax return for FY 2023-2024). I have input all the fields required, including SLC repayments already paid for the year through my pay…
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Personal allowance increase after SA tax return
Hi I completed a tax return to claim back some expenses related to my PAYE job (I have no self employed income)and following that HMRC have increased my personal allowance for the new tax year. What are the implications of this going forward? As I understand it they are estimating my expenses for this year based on last…
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MSE's Council Tax Discounts guide
Hello everyone, We've written a brand new guide on Council Tax Discounts. This is the discussion thread for that guide. If you haven't already, join the forum to reply. Thanks, Kit
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The Additional Dwelling Supplement (Scotland)
I have a question around ADS (currently 6% in Scotland). I have just purchased Property1 (£200K) (my main residence), I am looking to purchase a buy-to-let flat, Property2 (£100K). I know I'll have to pay 6% ADS on Property2 plus income tax. I'd like confirmation on the following situation: Property2 will be purchased with…
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Capital Gains Reporting (Self Assessment)
Just trying to understand where I need to report Capital Gains made on an inherited property. I inhertited a property where my brother and I are the executors / beneficiaries. Once we sell it seems likely that there will be some Capital Gains to report to HMRC. I understand that as there are two of us we split the profit…
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Unsure how to do tax return now I am employed
I know that this is probably quite a stupid question but I don't think I am Googling the right thing to get the answer I want. I always used to be employed by my own Ltd company so my accountant used to do a self assessment for me every year. I have since closed the company and am now an employee of a large company. The…
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Can I find how HMRC has said I owe more Tax?
I am on simple PAYE but HMRC says I have had some extra income last year, about £550. The only thing I can account for is £408 interest. I thought the first £1000 interest wasn't counted. Can I easily find out where they think this extra £550 has come from? Regards, Rich
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Speeding up P800 calculation process?!
Evening all, I wonder if some of you may be able to help. In the last tax year (2023/2024) I was working full time PAYE from April through to end of January. During this time I was paying tax on my earnings. From February- end of 2023 tax year I was unemployed and not in receipt of any benefits or taxable income.…
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HMRC chat to an advisor online
Just wondering if anyone has managed to chat to an HMRC advisor online lately? https://www.tax.service.gov.uk/ask-hmrc/chat/self-assessment?_ga=2.208246292.743612226.1715159974-933285547.1701094917 I have found it a really useful service in the past but lately there have not been any advisors present. Just wondering if…
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Confused about increasing pension contributions in order to lower tax bracket
Hello, I'm a higher rate taxpayer and i am looking to increase my workplace pension contributions in order to save a bit on income tax. Employer is using relief at source method. My confusion arises mostly from my self assessment and whether I need to tailor it or not. When my SA asks about my gross taxable income, should…
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Company's VAT lapsed?
Hi! We got an invoice from a tradesman (apparently VAT-registered, but their VAT number doesn't check out on the 'Check a UK VAT number' page on gov.uk. They've sent me a HMRC letter dated April this year and entitled "VAT notice of assessment" as extra proof, but the VAT number is the same as the invoice. I'd quite like…
