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Charitable donations
Hi MSE Forumites, I'm a higher rate taxpayer, and donate regularly to various charities. I believe I am eligible to claim back marginal tax on these donations, but the HMRC website says as someone paid by PAYE that I need to call them to inform them of my charitable donations. Does anyone know if this is this correct? I…
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Calculating CGT liability on an accumulation fund with contributions in different years
Hi All, I hold an accumulating (dividends reinvested) index fund which I have purchased additional units of over the course of several years. I am now looking to sell the holding and I am trying to work out how to calculate the CGT liabilities for this. I have declared the reinvested dividends every year as part of my…
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Capital gains tax on temporary second home?
Scenario: - I own and live in 1 house - I see a house that I'd like to buy - I haven't yet sold mine, but don't want to lose out, so pay for house #2 in cash - Purchase for house #2 completes - I manage to sell house #1 several months later Would I be liable for paying capital gains tax on this last bullet point, since…
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Single with 2, 12yo, 14yo kids - planning early retirement
Hi Help me to understand if the estimates are correct Planning early retirement/pause due to health issue (not a disability , mental health/menopause etc) Salary: 0 Interest: 600 (last year) Dividend: 13000 (last year) Capital Gains: 10000 (Guess, need to sell 20k, 50% from capital gains) Total Income = 13600 Personal…
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Gift Aid for Higher Rate Taxpayer
Can anyone explain how HMRC calculates gift aid tax relief as I am struggling to understand my tax code calculation. The actual charitable payments totalled £1068 and HMRC has calculated a tax free amount of £684. I understand that the charity claims an extra 25% as if I was a basic rate taxpayer and the tax calculation…
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The changing tides of managing personal income through a small limited company.
Say I run my own 'one man band' as a limited company and consider it's costs, profit and loss my costs, profit and loss. Currently income tax & NI on someone else earning £50,000 a year is £14,555 or 25%. The general direction of travel on this tax burden is static or reducing. As a limited company director I pay myself…
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CGT or IHT on jointly owned property
Hello all, I am looking for some clarification on what to expect when family property is sold. Background - Dad passed away many years ago and at that time the family home was put in to my name and my mothers equally. This is her home still and I have not lived there for 30+ years. My mothers will states that when she…
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Am I a 20% or 40% Tax Payer?
My regular salary is £64k - taxed at 20% on £50k = £10,000 and 40% on £14k = £5,600 so my total tax bill is £15,600 However I am sacrificing 50% of my salary into my workplace pension, so reducing my salary to £32k - taxed at 20% = £6,400 So I'm saving £9,200 in tax, is that right?
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How to speak to HMRC nowadays?
Hi there, Been trying now for a week to speak to somebody at HMRC. Probably wasted an hour already listening to automated messages, providing national insurance number, address and date of birth. Repeatedly I am getting kicked out, either it's technical difficulties or they claim they are too busy or that they currently…
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Marriage Tax Allowance Claim- No response from HMRC
Hi I followed Martin's advice regarding claiming as my wife is a non-taxpayer. It is over a month since we applied on the HMRC website and have heard nothing other than an acknowledgement. Is this normal as other responses to Martin's wonderful web-site seemed to suggest it was dealt with quickly Any advice appreciated.
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Student with two jobs
My daughter has a long-standing job on campus where she signs up for occasional shifts. She earns less than £1000 per year from this and pays no tax. She has recently started to work 15 hours per week for a supermarket and will earn around £8000 per year so her total income will be below the personal allowance. She has…
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Zero Contract Plus Pension
I'm claiming my pension, plus engaged on a Zero Hour working as and when needed. The company have only taken £217.60 in tax on wages of £13,667.94 gross. I have commented on a few occasions to my employer but says it's between me and the HMRC. Now the HMRC have come back and said I owe them £2,654.52 in back tax. Surely if…
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Time to calculate 22/23 taxes.
Is there any limit on HMRC time to this ? Background:- In my case no tax return is required, but I do have untaxed taxable income (from the DWP). As a result there is a debt built up. This is (should be) collected from the following year by adjusting my tax code. In 23/34 some 3rd party pension contributions were made and…
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Payslips and P60: different practice for gross/taxable pay
I am preparing my and my wife's self-assessments. Our payslips and P60s are laid out differently. My payslip shows 'Total gross pay' and 'Gross for tax' as the same, both being total pay before pension contributions are taken off. My wife's payslip's cumulative 'Taxable pay to date' and P60 'Pay and income tax details: in…
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Options with Rental
Hi All, Can I please check if my figures are correct and if there are any other ways I can cut Tax. I have recently changed jobs from a salary of £36,000 to £50,000 My wife and I have a BTL with a monthly rental income of £1300. The property currently monthly cost is £800, which includes mortgage, insurance, service…
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HELP switched from PAYE in dec 23 to Self employed.
Hello, Long story short brand new to being self employed and im fairly clueless currently - i was PAYE for over 10 years with a company until redundacy on 8th december 2023. Went self employed beginning of january and registered on gov gateway and have UTR etc A few things im confused about: - For my 23 assesment because…
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Capital gains selling rented former home
When we got married I moved in with my wife and we rented out my old house. We now wish to sell this house. I put some very rough figures into the calculator on gov.uk site, and it came up that I'd need to pay ~10000 in capital gains. Can we get an extra 3000 off if we put the house into joint names? It is currently in my…
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VAT - Private school - does it apply to preschool and nursery??
Hi all quick question. My 3 yr old is in preschool. This is school is part of a wider private school. does this mean if Labour come into Government, the VAT will apply to under 5s or will it just apply to children from year 1.
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Universal Credit
Hi there, I am very new to this forum, so please bear with me... Basically, we (me & my wife) are on Universal Credit (UC) at the moment. However, I will start a new role, which probably won't qualify me to receive any UC. I am asking this question because my new employer wants to pay my rent under a scheme called the…
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Self Employment and Self Tax Return - my deadline to submit tax
I started my first self employment work day 3rd April 2024. When do I need to submit my taxes by? When will my deadline be?
