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Property Income Allowance
Intending to claim this £1000 per annum allowance against tax for last year but a little concerned that if I do it this time I won't be able to claim actual expenses offset against rental income in the future. By way of illustration - I spent relatively little on the property last year - only the essentials and it does not…
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Capital Gains Tax on crypto withdrawals
Hello, I invested about 6k in crypto in 20/21, and made a profit of around 10k. I changed it all into Tether (cryptocurrency tied to the US dollar) back in 2021 and left it in the exchange/wallet. I now want that money into my bank account. My question is about avoiding Capital gains tax. I know the profit limit is 3k…
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Massive inconsistency in rent a room schema (self-assessment)
HI, I've just started to fill in the self assessment. In 2023-2024 I've received £1945 in rent from the lodger. Filling in the form, there's a first page saying asking if you have received income of less than £7500 (my case) specifying in the description that in this case filling in following details like the exact amount…
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Owe tax because of overpayment
Can’t find a better forum for this. I switched jobs between government departments last April. My old department kept paying me and I notified them immediately. They paid me for three months despite repeatedly asking them to stop and to reclaim it. They stopped after June but never reclaimed it (despite more requests). I…
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Working out CGT Gain on Jointly Held Property
Hi All, Long time lurker here wondering if anyone could offer any advice r.e. where the 'Gain' sits with the following scenario. We will be getting professional financial advice, however as an avid reader of these forums i do like to do my best to develop an understanding myself if possible. Hopefully I can get all of the…
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Higher Tax Rate at 40k ?
I’ve just received a letter from HMRC saying my tax code has changed but on the notes it says …. If your total income and taxable state benefits for the year are more than your tax free amount then you will pay as follows : 20% up to £37700 and 40% between £37701 and £125140…… I thought the 40% tax rate kicked in at 50k ?…
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No Refund Tax Code C1131N
Have started taking income from pension (no other income) the initial tax code on first payment was 1257L which has now changed to C1131N due to previously transferring some of personal tax allowance to my wife some time ago. My wife retired 3 years ago & is a non tax payer so would not benefit from this. HMRC have advised…
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Car Tax
I have been paying my Car Tax via DD for years as it automatically renews, I dont believe I even get a renew letter it just carries over.. Its just come to my attention you pay more for car tax if you pay by DD. Shouldnt the DVLA or Tax office make you aware that you could save money paying in full each year than just…
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New to 40%-help!
Hi I work for the NHS, and 40% tax hasn't been on my radar, until suddenly it is. I'm on a few quid over 50 grand, so hovering just under the threshold. Our pay award this year, and an incremental increase will unexpectedly bring me up to just over 56k, so way over. I don't know what happens? Have seen reference to self…
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First self assessment
Not so much about cutting tax, but seemed the right place to post it. I'm going to stop work at the end of this calendar year, aged 65. Once state pension starts, I believe I'll have to do self assessment, as there'll also be pension from abroad, paid untaxed. I've never done SA before. Trying to figure out how it works.…
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Private Education, Wrap Around and Tax Free Childcare
Hi All, We are in the fortunate position that my wife is employed at the school our children go to. For this we are given a single bill that is calculated by 50% discount on fees no payment for breakfast or after school club plus any lunches/suppers. Now that we are entering Primary One according to HMRC rules we cannot…
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Tax Free Dividend Allowance
Hi, is the tax free dividend allowance of £1000 on top of the personal allowance? I have net taxable income of £56k and receive £1k dividend on top. I have to partially repay the child benefit. This year is the first time I've been over the lower limit. Done my tax return online and it is calculating that I owe 70% of the…
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Re. simple tax return for 2023-2024
I have rarely ever had to do a tax return. I am a standard rate tax payer with no other external income so the only issue is interest on savings. I have exceeded the £1000 allowed in 2023-2024 for the first time so will have to do one. Is there a simpler version of the form which just covers savings interest? If I declare…
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Second Job Taxed at Basic Rate - When can this tax be claimed back?
My Daughter is a lifeguard and has casual work at 2 local swimming pools. She recently received her first payslip for the second job and was taxed at 20% on her earnings. Her payslip had tax code BR / 0 which would appear to mean that her second job is automatically taxed at 20%. As a student working part time her earnings…
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Untaxed interest on savings affecting my tax code
I submitted a tax self assessment last year and included a tiny amount of interest from uk banks ( less that £100) I had a tax code of 1131 ( personal allowance plus transferred marriage allowance) I have just started to receive a small pension and got a message from HMRC to say my tax code has changed to 1129. This is now…
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Non coded income
Slightly sensitive one, this. I manage all my and my wife's investment and tax affairs (self-assessment etc.). She has build up some private savings over the years but does not like to talk about them, so I cannot ask the interest she is earning to enter it on her tax return. She recently retired from work so I was tonight…
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HMRC error leading to tax bill - pay or wait?
I've had a tax bill due to HMRC making an error and am not sure whether to pay it now and wait for them to admit their mistake or wait it out and hope it's not too long before they admit this. I did my usual online return (in Jan) and the tax calculation was 0.00 owed. I've recently had a letter saying I owe them 120ish.…
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Gifting money tax issue
Hi all, My mother has kindly offered to gift me 10k… all was going well until her friend said that there is a limit of 3k per year and the 7 year inheritance tax issue. Can anyone explain how the 3k rule works? Am I taxed on the amount over 3k or is my mum? And how do parents manage to gift their kids house deposits if…
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Council tax and electoral role dilmena
Hi there, I've been in essence living under the radar since my marriage broke down about 3 years ago. I currently live in a shared house which is in one person's name and I've lived here since early 2023. Before that I subletted a flat from someone for a year but kept all my details registered to my old marital address.…
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HMRC Let Property Disclosure - need help!
Hi, I have been letting a property for the last few years. The rental income is around 6k to 7k per year, and I have no other income. My understanding was that, as I was under the (10k) personal tax allowance threshold for paying tax, I did not have to file a tax return, as I did not need to pay any tax. I have now been…
