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Self Assessment Newbie unexpected 22-23 request
I have never done SA before but, as my savings interest will now exceed £10,000, I contacted HMRC to register for SA. They have sent me a letter last week requesting I complete the SA for 23/24. I have kept records so feel quite confident about this (!) However, today I received another letter requesting me to complete SA…
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Capital Gains Tax on Property
Hi, I hope someone can answer this tax question. I’ve owned a house for 30 years. For 24 years I lived in it, then for the last 6 it’s been wholly used as an Airbnb, and I had a second home. I’ve now sold the original home. Do I pay capital gains tax a) On the difference between the price I paid and the price I sold it…
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No Chargeable Event Gains Certificate from German Insurance Company
I was married
and lived in Germany where I held 3 life insurance policies. Upon divorce, I
returned to the UK where I am resident and pay tax. As part of my
divorce settlement, I had to transfer a portion of the policies to my
ex-husband. This happened during the same year that the divorce was finalised
(2017). In the…
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Self Assessment and Charitable Donations
Hi, I am filing a Self Assessment for the first time (2023 24) and am in the higher tax bracket for that year although in previous years I was a basic rate tax payer. My question is whether I can carry forward tax relief from charitable donations made in previous tax years (prior to 23/24) to offset against my higher rate…
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Deleting Self Assessment to start again
My address changed after I started my self assessment. My HMRC profile shows my new address but this is not automatically applied to my SA. I can choose to correct it with the effective date but I would prefer to have it correct in the first instance as it has been in previous years. I see an option to Delete the SA. If I…
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Dividend classified as return of capital - how to report on Self Assessment
I've made a mistake on my Self Assessment by declaring a 'return of capital' payment as a dividend. (Despite the company website and general financial press both stating the payment type as "dividend", the broker has confirmed I've to treat it as a return of capital instead). I'm addition, I sold all the shares in the…
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Engineering an erratic salary to reduce NI bill?
I've been making some significant 'salary sacrifice' pension contributions to remain eligible for childcare schemes. Whilst asking my employer about how NI deductions are calculated they explained that these are calculated within each individual salary payment. Based on the typical NI Tiers (0%, 12%, 2%) it seems like this…
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Tax deductible medical expense conundrum!
Hi allI am a self-employed gardener with a badly damaged knee.The NHS are suggesting that I need a new knee but I'm still waiting to see a surgeon for the definitive answer. As a gardener, my knees are critical, especially with the amount of lawn mowing currently required.Being self-employed, I get no sick pay and I have…
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Leaving firm - share match (sip) shares - options
I work somewhere which does a share match scheme. And i am leaving in 2 months, A) i have some shares which are over 5 years old which i can sell the free shares and purchased tax free. B ) i have some shares between 3-5 years i can sell free and purchased shares WITH TAX. C) shares under 3 years i will have to sacrifice…
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My Employer has not passed on my PAYE to HMRC (nor my student loan repayments to Loan peopl).
Actually this has happened to my daughter. Her previous employer (for two years) has been pocketing her PAYE deductions (and her student loan repayments). She was definitely PAYE and she has all her payslips and P60s. However HMRC have now sent her a £5000 tax demand and are saying it is between her and her ex employer to…
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Self Employed - can I claim travel as expenses
I'm self employed supposed to a limited company. I work in healthcare and provide my services as a locum, i work in different places each week but some places I may work the same place more than once. Ie 2 days this week and 1 day end of the month. Can I claim travel expenses ie bus and tube costs for all of these? Thanks
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Sole Trader take home query
Can someone please help me. I’ve got myself in a mess trying to understand the principle of returns from self employment as a sole trader. I am trying to review it against my current situation an an employee on PAYE Im fundamentally looking to see what my annual ‘take home’ return is after tax etc. based on the following…
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IHT 403 - Gifts made out of regular income
I'm trying to reduce IHT by the "gifts out of regular income" route. Do I need all the income to go directly through my current account which deals with expenditure? Or can income remain outside e.g. in an ISA?
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Tax code change
For some reason this month my tax code has jumped from the standard 1257L to 1436L i’ve no idea why any clues ?
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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…
