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Bank interest tax year dates for self assessment
Does anyone know if declaring bank interest received in a personal account 1 April 2022 to 31 March 2023 is correct/sufficient or if it should be 6 April 2022 to 5 April 2023? Interest has been credited by the bank on 1 of each month and is below the taxable limit but appears to be 'counted' for the purposes of taxable…
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Writing to HMRC
This query is about Royal Mail as much as about HMRC as about tax, but I can't find a more appropriate topic. We wrote to HMRC at: Inheritance Tax, HM Revenue and Customs, BX9 1HT, United Kingdom. We used the Royal Mail "Special Delivery Guaranteed by 1pm" service. We posted it on Tuesday 25/07/2023 at 10:22 and when we…
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Incorrect company benefit
Hi, I’m hoping I can get some help with understanding a company benefit listed on my HMRC paye page. I recently downloaded the HMRC app after having some issues with my new employer incorrectly registering my pension, and in the paye section there is a company benefit of £996 listed. I have no company benefits that I can…
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Tax on overtime help please
I had £1130.25 worth of overtime and i have been taxed £610.40, NI £366.37 and £143.21 for pension leaving me £10.37 is this right?
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When to register as self employed
Am I right in thinking that you need to register as self employed by 5 October after you become self employed? when do you actually become self employed? Individual started a hobby. Then started selling items. Then started teaching others. Looks like this year they will exceed 1k. If they had turnover of over 1k last year…
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Self-Assessment submission woes.
Hi all, Wondering if anyone has recently had problems submitting their SA tax return for 2022-2023. I have been self-employed for 20+ years and never had so many problems. Owing to multiple streams of fluctuating income, I started using a third party app, recommended on the HMRC Commercial Software Suppliers page to keep…
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What is my taxable pay ?
Firstly thank you for reviewing my message . Could someone kindly tell me what I would need to pay into my pension to keep me under 100k. £112,678.72 after my work pension payments is where my end of tax year situation will be on payslip including a bonus due. I have family private medical cover that is an additional £2511…
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EV tax relief for pensioners
Probably a stupid question so apologies...but given that tax relief is available to employees through salary sacrifice (assuming your employer signs up) is this something which could be available to private or company pensions? That is, the costs of leasing an EV are taken out of the pension pre-tax. Presumably this is…
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Daughter’s first full time job-tax?
Hi, looking for advice for my daughter who is 21 and just finished her degree. She started her first full time job in June and has yet to pay any tax. Her gross pay per annum is about £22k. As she started in mid June, I’m guessing she will only pay tax on about 10 months of her annual pay this year (June to March). what…
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IR35 - Small Business
I recently discussed with an IFA the possibility of setting up a ltd company and invoicing my company this way and also splitting my salary between me and my partner (who currently doesn't work). If the company is small (we turnover less than £4m per annum) is this a legitimate way of me bringing down my tax bill? I am…
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Not really cutting tax but paying it for agency work
Hi Moneysavers, I work 4 days a week for the NHS as a theatre nurse, I have been offered extra work with an agency on weekends, and I will be paid £381 per session for 7.5 hours of work. The agency rules are that I will be responsible for my own tax. I plan on doing these extra sessions very occasionally. Is it easy to do…
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Is tax relief given on contributions from Directors Salary under Primary Threshold?
Hi, I'd very much appreciate some help with my query. I draw the maximum directors salary under the primary threshold (so tax free) from my small limited company, plus tax free dividends, and pay surplus profits into my pension to offset corporation tax. I have accrued some savings over the years and wanted to boost my…
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Telling HMRC to split Interest from a Joint Savings Account other than 50/50?
After my Mum died a few years ago, my Dad added me as a Joint Account Holder to his Current Account and Savings, the idea being that should he become unable to manage his finances or pass away I would be easily able to help, e.g. buying groceries, paying bills etc. (yes, I know there are other ways to do this but this was…
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Quick Self Assessment / tax code question
Hi all, hoping someone can advise (in simple language that I understand!). My only income is through my one employed job, paid by PAYE. I also complete a tax return. I completed it for the last financial year a few weeks ago. Shortly after I received notification from HMRC that my tax code had changed. On the HMRC website,…
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YouTube payments and Pensions
Hi. I am fortunate enough that on starting a spare time YouTube channel, I am now receiving some small monthly payments from adverts (£100 to BEST £300). As I have a Full Time job, I will end up paying tax on this at year end. I wish to therefore put this into a SIPP and as I hold a personal one with Aviva this is…
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I haven't lived in the UK for years. How can I avoid HMRC paperwork?
This has been happening now for the last few years. I cannot get anyone at HMRC to say "No, you don't need to file a tax return. Instead, they forward me to the self questionaire. I click through this. It doesn't tell me that "You don't need to file a tax return". But it also doesn't say that I do have to. So I don't file.…
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Self assessment unexpected charge
Hi all, I paid my self assessment tax on time last year. I paid it over Dec and Jan (clicking other amount) and paid the final amount on 23rd Jan 2023. On this occasion I clicked on the button that says pay full amount. WhenI paid the last payment. It told me that my balance was zero. I've just gone into my tax account to…
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Charity Donations, Gift Aid & Tax Reclaim
Hi, Completed a self assessment and learned about claiming tax back on gift aid charity donations. Visited a museum owned by a charity. Base ticket price was £18.15, but there was a ticket for £20 which included a 10% donation "which enables us to reclaim tax on the whole ticket price under Gift Aid". I *think* this scheme…
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Dissolving my Ltd company - Capital Gains Tax (CGT)
I have a company which is formally open but has not traded for a few years. There is a small-ish sum of money in the account (less than £50k) and I'm trying to understand the CGT implications if I dissolve the company. I am currently a non tax-payer as my only income is Carers Allowance (CA) (£75p/w) but thinking of…
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Rental expenses - LPS Northern Ireland
Would anyone know if rates payable to Land & Property Services in Northern Ireland could be used as a monthly expense when calculating tax owed for a rental property? In Northern Ireland we don not pay council tax but a rates bill each month.