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Payslips and P60: different practice for gross/taxable pay
I am preparing my and my wife's self-assessments. Our payslips and P60s are laid out differently. My payslip shows 'Total gross pay' and 'Gross for tax' as the same, both being total pay before pension contributions are taken off. My wife's payslip's cumulative 'Taxable pay to date' and P60 'Pay and income tax details: in…
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Options with Rental
Hi All, Can I please check if my figures are correct and if there are any other ways I can cut Tax. I have recently changed jobs from a salary of £36,000 to £50,000 My wife and I have a BTL with a monthly rental income of £1300. The property currently monthly cost is £800, which includes mortgage, insurance, service…
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HELP switched from PAYE in dec 23 to Self employed.
Hello, Long story short brand new to being self employed and im fairly clueless currently - i was PAYE for over 10 years with a company until redundacy on 8th december 2023. Went self employed beginning of january and registered on gov gateway and have UTR etc A few things im confused about: - For my 23 assesment because…
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Capital gains selling rented former home
When we got married I moved in with my wife and we rented out my old house. We now wish to sell this house. I put some very rough figures into the calculator on gov.uk site, and it came up that I'd need to pay ~10000 in capital gains. Can we get an extra 3000 off if we put the house into joint names? It is currently in my…
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VAT - Private school - does it apply to preschool and nursery??
Hi all quick question. My 3 yr old is in preschool. This is school is part of a wider private school. does this mean if Labour come into Government, the VAT will apply to under 5s or will it just apply to children from year 1.
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Universal Credit
Hi there, I am very new to this forum, so please bear with me... Basically, we (me & my wife) are on Universal Credit (UC) at the moment. However, I will start a new role, which probably won't qualify me to receive any UC. I am asking this question because my new employer wants to pay my rent under a scheme called the…
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Self Employment and Self Tax Return - my deadline to submit tax
I started my first self employment work day 3rd April 2024. When do I need to submit my taxes by? When will my deadline be?
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Please help - this is all so taxing for me
My tax code has been changed from standard 1257L to 1112L due to untaxed income of £1447 on the tax code notice. I have now phoned HMRC 3 times now (on hold 1 hour each time) but am no clearer and found all 3 advisors hopeless quite frankly. These are my figures, all pretty straightforward: Actual untaxed interest 23-24…
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Private Residence Relief and CGT
I have jointly owned a house with my brother since 1998 and lived in it with him until 2021 when I moved out to rented property. I have been intending to give him my share of the house but have been put off by the tax implications as the house value has risen by roughly £100000 and I was expecting I would have to pay CGT…
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Income calculation/ child benefit net adjusted income / tax band
Can I check my calculations with you as below and ask a couple of things re terminology around income please . I am self employed sole trader. Business income (invoices- expenses) = £90000 bank interest £900 (do I get £500 tax allowance so £400 taxable? No other income =Complete gross £90400? Sipp I paid in £30000. Now has…
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Print on Demand income
I have to do SA for the first time (as interest on my savings is over £10,000). I am employed full-time and I also get a very small amount of income from my designs on Print on Demand websites. I haven't worked out the final totals yet but it's probably only about £100 per year. These websites are USA based. One pays me in…
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Advice on steps to be tax efficient with a side hustle that went over 1k trading allowence
Hi, im in the 40% tax bracket with my normal job and made 10k on a one off favour for a friends company. Im wondering what my options are in how to use this 10k effectively. I read i have to do a self assessment i can put into a sipp to reduce tax on this 10k to 0? If so how do i go about doing this. I have a sipp with…
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SSAS Pension contributions: filling in SA form for tax relief?
Hello, I need some help on filling in my self-assessment tax form regarding pension tax relief. Some background: I'm in full time employment and I'm a 40% tax payer. My employer has a work place pension that I pay into and get 20% tax relief automatically. I fill in a SA form each year to claim back the additional 20% tax…
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Trustee Investment/Inheritance tax
We have just discovered an Investment that was supposed to be set up as a trust 3 and a half years ago was incorrectly set up in the sole names of the joint Investment holders. The investment company have said they have no paperwork to say it should have been a trust. It was set up to remove the funds from inheritance tax…
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Planning to minimise IHT involving nursing home fees
My wife has an aunt living in a nursing home paying c£8k per month. The aunt has enough cash to continue paying her costs for only another 6 months. The aunt's pensions amount to approx. £1200 per month. The aunt's only other asset is a house worth approx. £500k; the house is occupied by my wife's sister (75yo) and husband…
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Income Tax Calculator widly differ for Pension and Tax values compared to actual payslip - why?
I have provided the MSE Income Tax calculator with my salary, pension contribution % and tax code. However, comparing the calculator results to the wage slip some of the values are widly different:* Pension is approx £500 higher than the wage slip * Pension HMRC is approx £400 higher than the wage slip * Tax paid is approx…
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Pension lump sum contribution tax relief query/guidance
Hi all. I'm hoping this is the most appropriate section of MSE forums. I’m looking for some guidance or assistance on a
query I have which relates to the tax relief I'm due on a lump sum pension
contribution I made as a Higher Rate taxpayer. I made a lump sum contribution of £4,200 in February 2024 to
buy Added Pension as…
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HMRC, Failure to Carry Out Their Primary Function and Blame Game
Afternoon. I am reaching out to the forum as I don't really have anywhere else to turn on this matter, and it is of significant importance to my well-being and financial position. In November 2022, I discovered that HMRC had received over ten years of P11D information from my employer that was not input into their system…
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Unused Property Finance Costs
Hi, I know this has been addressed but I can't see how the answers relate to me. I have one buy-to-let that made a small profit in 23-24 and my only other taxed income was a pension and interest that together with the BTL profit equal (more or less) the tax free allowance. Because I have not had to use the mortgage…
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Self assessment - have I made an error?
Dear all First SA for me due to making additional contributions to a SIPP to try to avoid HICBC. The tax relief calculator on pension bee suggests for a £3,032 gross pension contribution, I can claim back £606 via SA. The actual SA calculation is showing £468.40 Taxable income for year: £52,630 Bank interest: £472 Gross…
