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CGT ON 'NOTIONAL' GAIN GIA FOR TAX RETURN
Hi I have a GIA and I am now filling out my tax return. The statement from my GIA provider includes a consolidated tax certificate which shows the dividends that have been earned on the funds in the GIA and on which I know that I will pay income tax. The dividends themselves are now just part of the GIA. Separately the…
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Is Maturity of Corporate Bond a Chargeable Event, for Capital Gains?
Hi, Is Maturity of Corporate Bond a Chargeable Event, for Capital Gains? NB.I asked this question on the 'HMRC Community Forum' and after a 10 day delay, I was privately advised: "Unfortunately, your post has been declined. HMRC is unable to provide specific or tailored advice through the Online Community Forums and cannot…
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Tax on savings
Hi. I’m not
great with understanding the information on the HMRC website, hence this
question that I'm hoping someone can help me with. If my annual income is less
than £17,570 (income would be a Defined Benefit pension of £4,000 pa, and
drawdown from a SIPP of £8,570 pa, totalling £12,570) does that mean I’d have
the…
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HMRC P87 form to claim for WFH ? help please
HI all I would appreciate aby comments on this:- I am WFH permanently due to a health issue. I completed (or thought I did!) P87 form on line (to claim tax relief on WFH) and received a letter from HMRC advising it was incorrect. I rang the helpline and was advised that P87 was the correct form and to complete again…
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claiming uniform for work and backdating
I'm currently doing my tax self-assessment and trying to work out where to claim for expenses related to my work uniform (NHS) - can anyone provide further information? The help pages at HMRC are no help! I don't know how much I can claim and where to enter it in my self-assessment.
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State Pension Total For SA
Where find the total state pension payments for my self assessment, other than going through my bank account? It used to be already populated on the return, but was it was not last year 22/23. Going by the bank, my wife has 14 payments in the 23/24 tax year. First one on 6/4/23 and last one on 5/4/24. I only have 12…
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Capital Gain loss on purchase of new property
I have sold one property which has been rented out and bought another. I have some PRR, but will still be a hefty CGT bill on the sale. Can I claim the solicitor fees and stamp duty on the purchase of the new property as a loss in this tax year in order to reduce my overall CGT liability? Obviously this will mean I can no…
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Unable to transfer Married Allowance on self assessment
Hi We have been trying to transfer the Married Allowance from my wife to my account but it isn't working. We completed the details on her online form and an error message came up. No reason was given and we assumed my name was different to the way they have it, so we tried different permutations. The error message then…
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Tax Code Change
I'd be really grateful if anyone could help me work out the impact this tax code change will have on my monthly pay for the rest of 24/25. Background is that I have two separate employers so PAYE can be quite complicated. Both have had changed tax codes this week. One of them has gone from K545 to 626LX. I have looked up…
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Doing tax return while self employed and PAYE
I've done my own self employed returns but I did some employed work part of the year. Do I submit this on my self employed tax return or leave it? I've attached an example of one pay sheet- didn't pay any tax on it Do I need to put this in and declare it? I was also claiming tax credits at beginning of tax year yearwhich…
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Self Assessment Interest Reimbursement
Does anyone know how to claim an interest charge back on an unwarranted SA penalty charge? Basically, HMRC advised us to pay a penalty charge that was generated due to a HMRC back log. Whilst they reimbursed us the penalty charge( that shouldn't have been charged in the first place) they did not give back the interest they…
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Will Savings interest affect which income tax band you;re in?
Say profit from self employment business was £48 000 in Apr 23-24 tax yr and savings interest was £3000 in same yr. Does that mean I would be in basic rate income tax band (because business income was below £50 270 threshold) or higher rate tax band because total of business plus savings interest came to £51 000 (hence…
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Class 2 NIC self employed
I'm completing my self assessment for 23-24. I work as a sole trader part time. My total income for the year was £14320 and my expenses were £240 So my total taxable income is £14080 I always pay class 2 NIC contributions for my state pension. This time, it is saying my tax bill is around £440 (can’t remember exact amount…
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HMRC Self Assessment - payment reminders
Does anyone know, after completing a self assessment on-line, whether HRMC send out hard copy payment reminders or statements by post?
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do I need to do a self assessment?
and if so when does it need to be done? OK - so I tried to do a self assessment last year, might have been in January. The only reason I was doing this was because I started to get a foreign state pension paid to me and because it's a low amount it isn't taxed in that country. So I assumed it should be taxed here. So I did…
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Child Benefit tax charge + pension contributions
hey everyone i am 40 something and earn 75k and have 2 kids, my partner is a low-ish earner. Only got this pay this tax year and now liable for tax charge which i will pay. Current set up yearly pay £75k pension contributions 7% = £5,250 - work contributions 14% £10,500 Take home £4191.89 Monthly child benefit £170.20 =…
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Declaring the sale of a business vehicle on tax return
I set up as a sole trader in 2018 and on filing my first year’s tax return, I claimed £12,170.00 capital allowance for the purchase of a business vehicle. My wife joined the business in 2022 and we registered a partnership and then both submitted separate SA tax returns for the tax year 2022-2023 as well as a partnership…
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Gifting surplus income
Hello. I understand any surplus income (once all bills & living expenses are paid each month) can be gifted. (Therefore could exceed the £3000 annual allowance) What I’d like to know, if this can be a regular gift ie each month, and to the same people, and is there a maximum amount? Also how do you prove this is surplus?…
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Countrywide Tax and Trust
This company from i can understand has told my friend if she signs her home over to a son or daughter with their plan, Her Son/ Daughter will not have to cover her care bills if she had to go into a Care Home or pay inheritance even if it happens before 7 years is out They want money to draft this out Is this a legal…
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Maturing Endowment- tax??
Hi I took out a savings endowment policy in May 2000 for 25 years which matures in a few months. It was only £30 a month but will be a nice bonus when it comes through. Ive received a letter today just confirming the upcoming maturity. However it does say that any gains are taxable. Would this be income tax, tax on savings…
