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Capital gains help please
Hi, I’m hoping for some advice re capital gain tax on rental property please. I bought this property (flat) in 2011 for £185k and it used to be my only home until my now husband and I, bought a house together in 2017. For a smoother purchase transaction I was advised by Eastate agent to turn my flat into a rental, which I…
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23/24 Self Assessment Gift Aid change to Personal Allowance
Hello everyone, I am reviewing my self assessment for 23/24 that my accountant has prepared and I have a query for my own calculations. I made a small gift aid payment of £95 and on the tax calculation is states: Your basic rate limit has been increased by £119 to £37,819 for Gift Aid payments. This reduces the amount of…
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Primary residence relief on a property in trust.
Looking for some advice re CGT/Private residences relief/trusts House was put in to trust by brother of Mrs A in 1999. Beneficiaries were Mrs A’s children but it stated in the trust that Mrs A was entitled to live there during her life unless she consented otherwise. Mrs A lived in the house for that whole time, with all…
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Do I owe Dividend Tax?
I'm trying to figure out whether I owe HMRC for Dividend Tax in year 22/23. Company Pension Earning = £11080 Bank Saving Interest = £3953 Dividends On Shares/Funds = £2045 I worked it out like this: My pension is less than my Personal Allowance £12570, so I should get the full 'Starting Savings Rate ' of 5k, therefore I…
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Self assessment-is an accountant needed?
Hello, we're struggling a bit to get our heads around self assessment and was wondering if an accountant would be needed for the following situation regarding my relative. He works full time starting in June 2023 PAYE 2023-2024 Earned £22,500 (PAYE) Started a Youtube Channel in August 2023 2023-24 Earned £1800 £8,100 from…
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Asking for inheritance to be paid to children
Hello, My grandmother passed away this year and my mother received some money from the estate. She would like to gift this money to me and my 2 siblings. However, I would like this money to go directly to my children so I can save it/invest it for them. Can I ask my mum to write cheques directly to them and I could pay…
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Employed & Self Employed - Tax on savings interest
Just completed my Self Assessment and the tax on my savings interest has got me wondering. I'm in full-time employment so pay normal basic rate tax through PAYE I also do a bit of web design work which brings in extra income. Used to be quite a bit but its slowly petering out and this year profit from that is about £2K.…
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Inheritance Tax
House prices rise and the inheritance tax threshold remains frozen, so, in the fullness of time, even with a modest property value, more people could get caught up in this tax. Apparently, you can leave your property to your children to avoid this tax, but what does that mean? Thanks.
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CGT again: "details of computations of gains and losses"
I'm helping a friend with the SA forms 23/24. She has sales of ~£20,000, gains of £6,068 (so just above the £6,000 exempt amount) and losses of a bit more than £2,000, so no CGT is due but we still have to give HMRC details about the sales, 16 in number, most small. So far we have had only two or three sales for CGT and…
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Savings tax allowances applied to joint savings accounts
My wife and I pool everything, and with her pension income leaving her the full £6000 savings allowance until recently, I'd tended to put most of our savings, barring ISAs in her name. As we age I know it would make life simpler when one of us dies if we maximised what we could put in joint names. Is the rule on joint…
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CGT form query
Hi all a few years ago my husband and I sold a cottage which we owned and had been letting out as a holiday let. When we completed the sale our solicitor emphasised that we should both fill in CGT forms asap even though we had not made a capital gain on the sale. We subsequently bought another property and have just sold…
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Capit Gains Tax Question
Hi All, I have owned my house since 2014 and I have lived in it since then with the exception of one year just prior to COVID when I let it out. The let was an absolute disaster with the house severely damaged and little to no rental payments made. I am now hoping to move house and sell this property, I assume I will be…
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Paying HMRC by direct debit
Does anyone know if it's possible to pay HMRC by direct debit, while still filing paper self assessment tax returns and if so, how?
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Interest 2023/4 and tax calculation
I expect that the interest I earned in 2023/4 (from 9 accounts with 7 banks/building societies) when combined with pension payments will require additional tax to be paid. My personal tax account still says "Your Income Tax has not been calculated yet for 6 April 2023 to 5 April 2024". The accompanying text says that the…
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Death, Investment bonds, Chargeable Gains, Top Slicing and Income Tax
My mother recently passed away and I've been collecting documents and information to complete IHT400. I think I should probably include a figure for income tax for the year of death. I've been doing my homework, reading and going through worked examples. I was hoping someone with experience could just provide a quick…
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Change of tax code
This is a long one so maybe get a cup of tea and a biscuit... I lost my husband in 2016 and as our son was only 10 at the time, I was offered Widowed Parents Allowance. My tax code changed as the DWP passed my info over to HMRC. WPA is a taxable benefit. My son has now hit the ripe old age of 18 so the WPA stopped in…
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Giving shares instead of cash to negate IHT
Please advise. I have US shares kept in a US trading bank and am thinking of transferring a small number of shares to my adult son to keep for at least 7 years in order to negate IHT. Is this also considered by the HMRC as cash giving or it has to be cash? He will need to open a GIA account here in the UK like Trading 212…
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Casual earnings as a writer and tax
I make a small amount of money from writing. I have read that you need to declare casual earnings above £1000. Does this apply if your other earnings are very small? I am way below my personal tax allowance. Also, can anyone point me in the right direction for information on how to do this? Googling brought up information…
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Paying Tax when I am both Employed and Self-employed
I have one main job as an employee which pays just under my tax allowance threshold and will do until the end of the 2024 tax year . However, I am also doing adhoc work as a second means of income which is classed as self employment and so far has totalled £640 in the current tax year. I am not sure how I would be taxed on…
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Im self employed , can i pay my wife for admin work without she registering as employed?
I started a very small craft type business about 2 years ago and sell my products via a web site. this is my only income . it only make about the same profit i would make if i worked at min rate for 37 hrs but thats enough for us. so you can see its a very small business, i am registered as self employed and pay tax on my…
