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ULEZ scrappage scheme - deduct award from total cost of new business vehicle in SA?
HI there, my husband was successful in his application for the ULEZ scrappage scheme and bought a ULEZ compliant van with the funds. How should this be reported in his Self Assessment? Can he claim for the full cost of the new van or does he need to deduct £5k from the total cost (£5k being the grant awarded)? And does he…
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Tax on gifted property, what happens when you sell
My brother-in-law was gifted a property by an uncle some years ago. He is considering selling. The value has gone up by about 80k. BiL still works. The uncle paid CGT when he gifted the property. Does my Bil pay any CGT as things stand? Thanks for helping.
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Will this tax go up?
I have 2 questions. Will cgt increase to 20% (basic) and 40%? I'm talking about property, but not your main residence. If I earn £30k, I pay the lower paye tax. But is it correct that if a gain on property is £80k, I would pay (roughly) £14k of the gain at the present 18% and the rest at 28%? Based in Scotland. Just…
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Capital Gains Tax Conundrum
Would appreciate guidance on the following Capital Gains Tax issue... In the 2024-25 tax year, I want to begin selling some shares I own and don't wish to pay CGT so I need to work out the number of shares I can sell whilst keeping below the £3k profit trigger for CGT. Trouble is, I don't know my "tax base cost allocation"…
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Forgot P11d in Self-Assessment
I did my self-assessment as I thought I had overpaid tax through PAYE and indeed the calculation came back with a tax refund. However, I just realised that I didn't get my P11d yet (deadline is 7th July) so the refund would actually be smaller as I got some taxable benefits. What should I do now? Do I need to edit my…
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Wrong tax code last year - what happens next?
A few months ago I realised that my tax code was slightly wrong for the 23-24 tax year (1253L). I sent HMRC a letter in April and a couple of months later the status said "completed" on my online tax account. About a week later I received an e-mail to say that my current tax code had changed but when I logged in my tax…
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IHT VALUATION OF AN ESTATE FOR JOINTLY OWNED PROPERTY
If parents and 2 children own the main home as joint tenants and one passes away what value is included to calculate the estate of the deceased or does the property just pass on to the remaining joint tenants without any IHT consequences. Thank you
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Is Capital Gains applicable?
Advice on employee shares and Capital Gains Tax please! I was previously employed by the UK subsidiary of a US company and, as part of my annual reviews, I was awarded a number of shares each year. The shares are in a scheme (possibly an ESPP?)that is managed by Morgan Stanley who have: * Withheld a proportion of shares…
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ADDING SPOUSES NAME TO TITLE DEEDS
My husband and his business partner own a commercial property as tenants in common. They both want to add their spouses. What forms do we need to fill in and do we have to fill in two sets of forms?
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Can I claim back tax on redundancy payment before the end of the tax year?
I found out today that I will be made redundant. Around £25,000 of my redundancy package will be subject to tax and NI. It will be paid on July 25th. This has been quite sudden so I don't have a new job lined up. I am considering taking some time off as I've been working flat out for the last 5 years. I am conscious that…
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Deed of Appropriation bare trustees
A property which increased in value after probate was subject to a Deed of Appropriation to pass the tax liability from the estate to the beneficiaries. The Capital Gains Tax form asks for the date ownership was passed to the beneficiaries. It was never registered in their names. Is it the date of the DofA? Also, can the…
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Daughter has gaps in National insurance payments
hi my daughter is at uni, just about to graduate and has been working part time at screwfix, she has has a message from HMRC which states she has gap in national insurance payments and has until 2025 to top up. I assumed when you work that the company sorts this all out for her. Should the company take the NS payments from…
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Iht and gift
Father gifts half share of house to son. This is a gwr as they did not meet sharing rules. 4 years later son buys father's half share in house at slightly above market value, and now owns it fully. Son lives at house. Father moves out and purchases his own house. 17 years later Father passes away. Does the above gift of…
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Stamp duty assistance
We have decided to become a multi generation household. My widowed mother is selling her property and we (married couple) are selling our house. We are then purchasing a bigger house using the money from our property and a 300k gift from my mother. My mother will not be on the deeds and will become an occupier only. I…
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Claimed too much tax relief on pension contributions
My self-employed husband has a SIPP with AJ Bell. He makes net contributions into it and then AJ Bell claims the tax relief from HMRC on his behalf. In 2023/24 he made £22k (gross) pension contributions on which he claimed tax relief. But after the tax year ended, we did his accounts and prepared a draft of his tax return,…
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Will I have to pay more tax?
Hi clever people, please help! I currently work a full-time job that pays £39.5K. I am considering taking an additional job at minimum wage for a few hours a week but don’t want to end up worse off! How do I work out if this might happen please?
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Salary sacrifice for solar panels
Hi. We are looking at getting solar panels for our house, and I’m wondering if it’s possible to purchase them through the company I work for and pay them back through salary sacrifice? Has anyone found any information on this? I’ve read a few things that suggest that it is possible, but I can’t find anything definitive.…
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In inheritance tax
Are estate being worth 2 houses 570,000.00 Plus 85,000.00 cash which I what to give to my daughter as a deposit
on a house I well have full inheritance tax allowance
and will inherit my husband allowance as well or other way round Will they be tax to pay on 85,000.00 paid to daughter
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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…
