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Too late for SIPP?
Hi, 'Er indoors is looking to do some tax avoidance by putting money into a SIPP. The plan is reduce her taxable income down to the 20% band (in current tax year). However, I was reading that we may have missed the deadline for self assessment which was 5th October 2024. First time doing this, so unsure if we have missed…
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How to correctly declare income from royalty copyright
Hi, I've been trying to find an answer to this question for a while and always get conflicting answers. I receive royalty copyright payments from a US based company each month. This company has ownership of the licensed IP and I receive a share of the royalties as agreed in the revenue share agreement. What I would like to…
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Discretionary nil rate band will trust and RNRB allowance
I understand that: Your home won't qualify for the £175,000 main residence allowance if it's in a 'discretionary will trust', even if the beneficiaries of the trust are your children or grandchildren. I have a mirror will (with my wife) set up as a discretionary nil-band trust. We both have children by previous marriages…
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Tax on money transfer in uk
Dear Forum, I can’t find this specific scenario in the heading and FAQ’s so I am looking for some advice. I have joint accounts with my wife at bank A and bank B both UK banks. We transfered money from bank A to bank B. Next we get hit by the taxman for 20% on the value of money tranfered. Why? As this is not a monetry…
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Inheritance Tax and replacement double glazing.
I am making monthly gifts to my children out of "Normal Expenditure". I have just paid a deposit of £902 and will in the next financial year pay £3,609 on completion of replacing single glazed windows and a backdoor with double glazed windows and door.My question is - is this classed as Capital spending or Normal…
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New Truck for holiday business tax deductible expense
Hi we have been running a holiday rental from our Showman's caravan for the last 3 years . We brought a vintage truck to add to the holiday business last year, but we are still in the process of restoring/renovating. Could this be added to our tax return as a tax deductible asset even though we are not renting it out yet.?
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Tax doubled this month?
Hi - Hope someone can offer guidance. Before I attempt to call HMRC and hang on for hours! My tax code in December was 1269L and tax was around £880 a month Tax code change on January 9th to 1039L to accommodate untaxed savings interest for the year since April. I was therefore expecting tax to increase by may be a couple…
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Reversing 10% Transfer Tax Allowance to Spouse
I cannot find the appropriate HMRC form to reverse the 10% transfer of my wife’s tax allowance now that her state pension increase has altered her forthcoming tax code. The only “relevant” forms seemingly available on the gov.uk website are either for cancelling MA in total or the similar one to her application for her…
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Issues when reversing married tax allowance
Has anyone else experienced issues when wishing to take back their married tax allowance (MTA)? I phoned HMRC in April 2024, as when I made an online request to reclaim my married tax allowance back from my husband, it stated that this would only occur from 5th April 2025!!!! Can you imagine my shock when HMRC informed me…
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Error messaging carrying forward losses from previous years
Hi, I am doing my first online tax self-assessment this year for a side hustle on top of PAYE. FY21/22 and 22/23 I incurred business set up costs and expenses totaling £6344 FY22/23 I earned £375 and had allowable expenses of £806. FY23/24 I earned £3815 and had allowable expenses of £2014 - net profit of £1701. So I am…
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Tax for French resident with financial holdings in the UK
My son has UK/Australian dual citizenship (he moved to the UK from Oz in 2001) and now lives in France where he recently became a French tax resident. He has some investments in the UK: cash, equities, ISA, LISA. Our question is how these are treated for tax by both the UK and French authorities for interest/income,…
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Van Purchase mid year sole trader tax year 2023-24
I have been using simplified expenses for a car up until July 2023. I purchase a van for £13k in July 2023 and want to claim actual expenses on that. I know that I can use simplified up until I switched to the van. Should I enter the purchase price of of the van as a trading expense? and then claim the actual costs from…
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High Income Child Benefit Charge
Hi all, Hope you can help, I have just done my return as was paid over £50k last year- £55,500 We have 3 children and was paid £2910 in Child Benefit My return has come back as me owing £2106. Does this seem right? I haven't had to do it before so just wanted to check, I knew we would have to pay some back but thought it…
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In or Out of Self Assessment?
Read Martin's recent post on self-assessment and followed the link to the HMRC page with the questionnaire. The questionnaire states, as did Martin's post, that you can have up to £10,000 of savings interest without going into self assessment. However as I understand it, the savings allowance is £1,000 (basic rate…
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Use of Home as Office - Self Assessment Tax questions.
Im filling in my HMRC self-assessment tax return as a sole trader. I work exclusively from home, approximately 80 hours per week, and I wanted to know if I can claim any/ or some of my interest-only mortgage payments, service charge etc as an expense under the use of home as business premises? I don’t want to complicate…
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LGPS contributions
Year = 23/24 Pay from employment £53,614.40 UK pension and state benefits £21,261.00 profit from uk land and property £27,732.00 Total Income £102,607.40 Personal allowance £12,570.00 Pension contributions £44,118.18 Anyone know what my tax bill is ????
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Confused about Inheritance Tax rules
I'm married and I've left my half of our estate in my Will to our daughter. If I die first, I don't want my half passed to my wife in case she subsequently needs to go into a care home, where virtually all of her assets will be liable to pay for care. My wife's Will is worded the same. Our house is worth 580k and our…
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Tax code change - "untaxed interest on savings and investments worth"
Hi folks, I had an e-mail from HMRC today saying my tax code had changed. I logged in to see the reason is: "you now get Untaxed interest on savings and investments worth £XXX" This year my salary was due to tip over into the 40% bracket by a about £1k, however i've recently started AVCs by salary sacrifice into my pension…
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Day rate - PAYE threshold calculators?
Hi all, Can anyone recommend a tax calculator that might take in some inputs (e.g., day rate, or gross salary) to calculate what one might be able to do in order to stay within a certain tax bracket? For example - my annual PAYE salary is just over a particular tax band. I wonder how much I might be able to put away into a…
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SIPP contribution & tax relief
There's probably a relevant thread around but I couldn't find it.. I'm seeking clarification regarding SIPP contributions and tax relief. My situation is as follows: * I have flexible PAYE work earning around £10,000 annually. * I also earn between £10,000 and £17,570 annually in interest from savings. * My personal…
