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Personal Allowance/Adjustment to Rate Band Query
I retired on 31st July 2024 having essentially been in the same job for the whole of my career. In retirement I will however receive pension from two sources as a result of a company merger that took place a few years ago. On retirement as well as tax free lump sums I took a one off taxable lump sum of £15,145.04. I…
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BTL and CGT
I'm not alone in thinking that CGT might be equalised with income tax rates in the budget on 30th October. I'm making an assumption (maybe rash) that this would take effect from the 2025-26 tax year. If this is the case I have a 7 month window in which to sell my single BTL property and pay tax at a lower rate. I would be…
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Non-resident (12 years). CGT on mutual funds with uk broker?
Hi all. I'm hoping for a quick but of help. I have lived abroad for 7 years and am non-resident for UK tax. I have some mutual funds with a UK broker. As far as I’m aware, a non-resident would not pay tax (in the UK) on these if sold: HMRC says… You do not pay Capital Gains Tax on other UK assets, for example shares in UK…
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Static caravan income
Dear Forum Just before lockdown I purchased a static caravan. To help with the site fees c£4,400 pa I let it out for short periods through Air BnB. I also use the caravan myself during the year. As the income I have received falls well short of the running costs, site fees, maintenance and repairs, utility costs, cleaning…
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Tax increase when withdrawing from private pension
I'm thinking of closing my private pension, withdrawing all the money and putting it into an ISA before the new government increases the rate to 40% as it seems they are going to. I will loose money to tax but at 20% and not 40%. Can anyone see any drawbacks to this?
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CGT and Deed of Trust
Hi - my wife and I married in 2008 and I went to live in her property and we rented out my flat. In 2017 I set up a deed of trust giving her 99:1 interest in the property as she wasn't working and the rental income was offset against her allowances. Now we are 73 & 63 we want to sell the flat. For purposes of CGT will the…
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Trading 212 interest on qmmf's taxation query
On Trading 212 i have a small holding in the Invest account and have enabled interest so my cash can be invested in QMMF's.Some times 100% of the cash is allocated to QMMF's whereas others is split up between banks and QMMF.The interest earned on the QMMF would be declared on tax return as foreign interest as the qmmf is…
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CGT and property
I'm been doing some reading and over thinking this now and confusing myself so can someone please tell me straight. We are putting our home on the market next year and expecting it to sell quicker then us finding a new house. Where we are moving to there are not that many properties that come up and when they do they go…
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cgt on trading 212 free shares
If i receive a free fractional share from Trading 212, then sell it.......is the total amount received classed as capital gain?
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CGT if no profit made after exchanging share of property ownership?
I was wondering roughly how much tax would be liable for the following scenario.House A owned equally by person 1 and person 2 after they inherited it with person 1 living in it. House B again owned equally by person 1 and person 2 after they bought it for £35K in 1998 and with person 2 living in it. Both houses are worth…
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Tax implications of recieving estate income
Hi, I'm looking for help in understanding how savings interest might be taxed if I also receive a one-off payment of estate income from my late mother's estate. I understand that if I were to earn up to £12,570 I would have the full SRFS and PSA available. However, if I were to receive say £20k estate income which the…
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HMRC overpaid tax refund issue
Hello. I have been refunded into my bank account £3207 from my self assessment 23/24 (I’m freelance, paid PAYE normally but had 2 months working overseas last year hence the need to file a self assessment). I have now just received a cheque from HMRC for £3176 from my PAYE assessment. Does this sound like an error from…
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Is HMRC correct
Hi, Hoping someone can help as I've given up the phoning HMRC, I just wanted to talk to someone who knows what they're talking about. My husband has had a dredged letter today to say we owe HMRC £508 from the tax year 23/24. Bit of background I work part time earn under my personal allowance, so I signed up to marriage…
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Self employed and mileage
So need some help here when I submit my invoice later this weekend. I'm self employed and pay tax under the construction industry scheme so flat rate of 20% at source then submit a tax return. I've started getting work from a new company and they pay mileage at 20p a mile. Do I add this amount to my total on the invoice to…
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Shares in Nominee Account - How can HMRC Calculate CGT Due?
I have shares acquired via an employee Sharesave scheme that are held in a nominee account. The most tax-efficient option would of course be to have put them in a stocks and shares ISA but that option was not available at the time (please don't preach about what I should or should not have done :s ) I now wish to sell some…
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Adjusted Net income
Apologies as this has been done to death I’m sure but here I am…another confused person trying to figure out if eligible for the free childcare hours so needing adjusted net income to be under £100k For FY22/23 my details were as follows: Taxable income before personal allowance : £99,585 this is my only income Gift aid: I…
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HMRC tax underpayment
Ive received a letter saying that Ive underpaid tax for year 23/24 and I have no idea how is this possible . Nothing in my circumstances has changed really . Ive been in full time employment for 20 years and always have had savings but no more than the free from tax amount (thats 20k a year right? ) The only change is that…
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HMRC totally confused me today
I called HMRC today as my tax code notice seems wrong, although they say its correct. Can someone have a quick look as Im not confident - the original last tax code notice I received a couple of months ago was incorrect and this is their new one they have sent me but it still looks wrong. This is my tax code notice:…
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CGT son and mum
Hi all quick question. Myself and my son purchased my right to buy home 7 years ago.. I got ill health and moved on bf house officially (CAR license, voting, etc) about 18 months ago, pre that I kept my home as my main address for hospital correspondence etc.. I cannot find anywhere that tells me if I will have to pay CGT…
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