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Gross Income declaration and NI
When filling in my tax return, should I deduct NI contributions from the gross earnings mentioned on my P60?
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70 still working
I have 3 pensions from employment within the public sector plus my state pension and I have a 20hr per week job (because I choose to work). So my income is over £50k and I'm being bashed by tax. The job I have offers a pension scheme should I join it and can i use it to get below the £50? I saw something about salary…
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UK tax on earnings in USA
I’m looking at moving over to the USA for work purposes but wanting to understand any potential tax implications of my earnings coming back in to the UK - I’m looking to retain my house here in the UK so would need to pay mortgage etc. Is there a way to structure things such that I don’t get double taxed? Really don’t know…
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Who Sets Up a Trust
I am a carer for a disabled relative and looking to ensure he is financially looked after on my death. I have been advised the best way to do this is through a trust. Which professional would provide such a service. Solicitor, financial advisor, accountant? Not really sure how to go about this and would appreciate any…
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Declaring Interest on Self Assessment
I am about to complete my accounts to give to the accountant. I've had many, many savings accounts and have gone over the £1000 for interest. What happens if the exact figure is incorrect, will HMRC just change the return. I have phoned them, but they have no information (the banks/building societies have not sent them in)
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Self Employment Basis Period Reform
Hi hope someone can help. Went to enter my figures on my self employment pages of my tax return and found out about the Basis Period reform. My question is that I submit my figures from my usual set of accounts ending during the tax year in detail as asked but for the basis period part I can only see one box to declare…
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Tax deductions on investments
Hi there guys, Apologies if this has been done 1000 times, but i guess these sort of threads are always a little bespoke to the situation ;) This year i'll be looking to bed & isa a number of investment funds. Given the recent CGT regime of 'generosity' by the current government, i'm aware that the current allowance is…
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Roof Replacement and Windows & Linteks Replacement
Hi, I own a rental flat in a block of 10. The whole of the block is undergoing extensive works under a section 20. The cost of the works will be about £200K . The block management company is therefore charging every leaseholder £20K each,for replacing the roof, new lintels and new windows. Can I offset the above £20K…
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Estate Planning - lifetime interest
I have recently been diagnosed with a life limiting illness (mother of 2 children age 13 and 8 and very happily married). I have been advised by my solicitor to consider leaving my share of our home directly to my children with my husband having a life interest in the property (and it’s capital value); in case my husband…
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tax due on interest, sense check
Just looking for a check on my understanding of the tax to be paid on interest earned in the 23/24 tax year I'm a 20% tax payer, pensions amount to approx £20k. On top of this I've around £3200 in interest. My understanding is that £1000 will be taxed at 0% with the remaining £2200 taxed at my 20% rate, does this sound…
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Top Slicing Relief Problems
I have spent weeks trying to determine the annual tax due for 2023/2024. Because a bond was surrendered, I have been unable to determine the precise sequence of the calculations. I have seen many examples, including some on the MSE site, but none seem to reflect my situation. Details are as follows … Income - £6,395…
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Capital Gains Tax After Voluntary Repossession
Hello! I need advice on the following situation: My ex-husband and I bought a house together in 2012. We lived together there for one year and after that we separated, I moved out, and he continued to live there with his new partner. My name remained on the mortgage and title deed. Now in 2022 the house was voluntary…
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Working from home and income tax
Hi. My girlfriend works from home as an out of hours social worker/approved mental health professional. Her home is essentially her office. On occasions she has to work at the office in her local authority council building. She has to work from home on the out of hours as the office is closed from 5pm weekdays and all…
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HMRC Annual Tax Summary Past Four Years?
Hi folks! Anyone know if there is a way to get a hold of HMRC Annual Tax Summaries past the four year cut-off? HMRC online provides them back to 2019-2020 but I need to go back another two years. I've checked the Gov.UK forum and can't find any answers there except a blanket statement that they can't provide past four…
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Inheritance Tax / putting part of home in children’s names.
Hello, now house prices have gone up considerably where I live I’m now in the IT bracket. A few yrs ago it would have been unthinkable I would be over the limit.I have 2 sons (both in their 30’s) living at home with me. Is putting part of my home in their names as well as mine a good idea? Or is gifting part of it better…
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tax code changed due to untaxted interest on savings and investiments
My tax code has been dropped by a small amount approx £100 due to untaxed interest on savings and investments. In the last tax year I put a a large portion of my wages into my pension by salary sacrifice so as to bring my taxable pay down to the personal allowance of £12570 ensuring I paid myself above the living wage rate…
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married mans tax code and passing some allowance to wife/OH
Hi My tax code is now 105N from 625N We have other income other than pensions My wife was getting the allowable tax allowance transfer from me. But I want this back and did complete it as such on the self-assessment form. This will apply for 24/25 I understand FYI: my company pension has now started taxing me at source and…
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House as location for filming TV show
Hi all. Sorry if there’s a thread for this. I can’t find anything recent. I posted in Boost Your Income and the only clear advice I got there was to try this forum. We’ve got an offer of a reasonable amount of money to use our house (16k, this isn’t a thread on whether we should do it or not, as we’re now in the middle of…
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Exploring Self Employment & Tax queries
Hi everyone. I am exploring the possibility of leaving my job where I am PAYE as a standard employee. I am on a reasonably good salary (£68k) with 10% company pension contributions, a company car worth about £400 a month, contributory healthcare, a mobile & laptop. I contribute about 20% of my gross salary as personal…
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PAYE Tax Calculation Incorrect
Hi Not sure if this is the right board to post on so apologies if not! I process the payroll at my work and have never had any issues with this. I'm the only employee on PAYE so a fairly simple process. I've just printed off my P60 for the year and instantly saw that the tax paid seems incorrect - underpaid by around £200.…
