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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…
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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…
