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Inheritance tax - £2m estate
My parents have recently decided it's time to slightly downsize and get their estate planning in order. It is currently comprised of £1.8m Main residence £500k Commercial property Unfortunately they are not big spenders so it's either gift it to us or give it to the tax man. The current plan is to sell the main property…
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Reason for tax code change
A few days ago I logged into my personal tax account and updated my expected income from 2 pensions for the current tax year. As planned my tax codes for the pensions updated so that no tax will be taken (at least for now, they may change again when my savings income from 2023/4 is calculated, and definitely in November…
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Declaration of Savings Interest
Can anybody give me guidance on this issue……I have a 5 year fixed rate savings bond with Aldermore Bank. Interest accrues monthly and is added to the balance of the bond which compounds over the 5 years…..I do not have access to any of the money (including the interest) until the bond matures in 4 years time. Do I need to…
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Self Assessment - Dividend Payment Date
I have dividends from an Equity Income Fund with Accounting Period: 01 Dec 22 - 28 Feb 23 Payment Date: 28 April 23 Does this fall into the 23/24 return? Thank you.
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Reducing Tax Bill
I am drawing my pension a year early, 59yrs old, and will continue to work. I will use two thirds of my lump sum,£151,000.00, to buy my property outright, leaving me mortage free and with a small pot of savings I have been told that I will get 25% of my lump sum tax free and then go into the higher tax bracket because I…
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Self Assessment - personal Car
I'm just completing my self assessment and I wondered if I can claim for my car? I have a PCP agreement for a vehicle I use for 25% personal, 75% business. I pay for the car personally, not through the business. I know I can claim for the % of running costs but can I claim for a percentage of the car's value? I've tried…
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Transfer of unused personal allowance to partner.
With the freezing of the personal allowance tax thresholds, I
have just discovered that, were previously I could claim for all my spouse’s
unused personal allowance (£1260), however, with the increase in SP this has now dropped below that level for the
tax year 2024/25. Do I wait for the year end or must this be declared…
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How to report excess earnings for last year
Hey guys, I just calculated my earnings from interest and it seems that I have exceeded my 500 pound allowance last year. How should I report the excess for last tax year to HMRC? I do they somehow know this by magic and will adjust my tax accordingly? In my personal account on HMRC there is just no button to report extra…
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£50,000 cash gift from friend. IHT implications?
Hello. We have a family friend who would like to give us £50,000 towards the renovations of our house. My only worry is what are the chances of me having to pay inheritance tax. I am aware of the 7 year rule. All I can think about is if we end up with a huge amount of tax to pay in the future as will won't be in a position…
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My employer has incorrectly told HMRC my van is a taxable benefit!
After just checking my HMRC account due to a strange looking tax code, It appears my employer has submitted that the van they provided me is somehow a taxable benefit. To be clear i use the van 100% for business purposes and as a field engineer submit itemised usage paperwork each month to this effect. HMRC are saying ive…
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HELP WITH CAPITAL GAINS ON SECOND PROPERTY PLEASE!
My husband helped his parents when they fell into financial difficulties back in February 1995. They had fallen behind on their Mortgage repayments and were at risk of the house being re-possessed. As his marriage to his 1st wife had broken down, he moved into the house and took out a mortgage for £30,000 with his divorce…
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Estate Income
In mid-April I completed an online Self-Assessment Tax Return for 23/24 and received a small tax refund.I have just received "Statement of income from estates" R185(Estate Income) form from the executor and have discovered that I am entitled to another tax refund.How do I do process the "Trusts etc" SA107 form?
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"Statement of income from estates" (R185)
In mid-April I completed a Self-Assessment Tax Return (SA100) for 23/24 and received a tax refund. I have just received "income from the estate of a deceased person" (via R185) and have discovered that I am entitled to another tax refund. How do I do process that?
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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…
