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Can government retrospectively change tax-free lump sum allowance in the budget?
My husband took a £47k rax-free lump sump from one company pension when he was 60. Now, 7 years later, he is planning to take another of his company pensions and buy an annuity as he wants the certainty of a guaranteed income. He plans to take the 25% tax-free lump sum which is £85k. He has the application ready to go but…
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Sole Trader - Mystery shopper - query
Hi everyone. Help please. For assignments that I carry out which involve no payment from the mystery shopper company I carry out work for but I get reimbursement of the cost of the meal, how should that be reported? Am I able to claim it as a meal expense? I'm using Freeagent so extra bonus points if you can guide me…
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Capital gains tax on property
Hello All, Thank you in advance for any help you are able to give. I have consulted the government website and note that if you are selling a home in which you do not reside you are liable to capital gains tax (CGT). However, I need to understand if we can get Primary Residence Relief. So let me explain the situation:…
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How to select top slicing in Tax Return
Hello On this years' return, I have a Life Insurance policy surrender gain which takes me into the higher rate by around £3k, The value is 12292, so notional tax of 4916, over 27 years. However, the top slicing relief is given as only £0.01! I seem to recall an option for this relief when I was completing the return and,…
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Company Car Tax being charged twice?
My hubby was made redundant earlier this year. His end date of employment was the 1st August. He had a company car, fuel benefit and medical insurance. Whilst he was working, his tax code was reduced to take into account his company benefits. We have notified HMRC of all of this and they have adjusted his tax code but are…
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Overpaid tax 2 months in a row.
Hi there. Hoping someone can help. My wife started a new part time job in September (25 hours a week), her annual salary is £14,067, which equates to £1,172 a month before tax. she got her first pay end of September for the amount of £847, checking her slip she was put on an emergency tax code so clearly was taxed too…
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Ebay seller - first ever self assessment
I have just completed my first ever Self Assessment for last tax year. I just want to double check 2 things before submitting to make sure I have understood correctly. For reference I am a buyer and reseller of toys. 1. When I am asked for my turnover, I am giving the figure of the total sales I have made without any…
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Inheritance Tax question
It's being reported that IHT will increase next week in the Budget. As stands, I will currently be taxed by HMRC 40% as I am quite a bit over the £325k allowance. However, I am single, aged 56 in good health, both parents passed, no brothers or sisters, my 2 Aunties are in their 90's & cousins I haven't seen in 20 years -…
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Overseas pension - do I need to declare it?
I am about to get a lump sum pension from a country overseas. Do I have to declare it? If so how? The funds will be to help sustain me for the rest of my life but it is paid as a lump some because I haven't got enough years to get the full monthly payment. I am concerned that the lump sum will take me into a higher tax…
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CGT prep ahead of Budget 24 + Bed and Breakfast rules
Hi. I am new to MSE Forum, hello everyone! I am selling my holdings in my GIA ahead of the 30/10/24 budget in order to rebase the book costs. I think the CGT rates will go up and the 10% rate will double so I want to rebase book costs now. Before 30/10, I want to sell and buy again the next day the same fund (L&G Global…
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Gifting when estate value is below threshold for IHT
Hi could I ask for someone to confirm the following please. Our elderly mother wants to gift money to her children. Her total estate value is below the IHT threshold. She is in good health and doesn't need any care home needs she wishes to gift £10k to all 3 children. Am I correct in thinking, if she was to sadly pass…
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A rare Inheritance Tax Situation
A rare Inheritance Tax Situation I would like to put forward a thought and ask if anyone has
knowledge on the subject. My daughter was a wealthy young lady. She died young. My family inherited her wealth, and we paid a vast sum in
inheritance tax. We had to sell her home to pay all that was due. I am left with a London…
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How are K Tax Codes Worked Out?
Is there a simple route to establishing what the code(s) will be and then modelling salary sacrifice to ensure living costs are covered in the most tax efficient manner.
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IHT on cash gift used to buy joint house
My father sold his house in 2018, and gave me £360k. I used the money together with £260k of my own to buy a house in my name. He has lived with me in this house since. I pay for all the bills and expenses. I am worried we haven't planned IHT: how will this be taxed? I imagine it is not a Potentially Exempt gift as he has…
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Tax on goods from paris to uk
Hello all, Sorry if this is in the wrong forum section feel free to move if needed. After a bit of help as banging my head on the wall looking up the uk goverment website. I am going to Paris in a few weeks and want to purcahse a bag when over there from the gucci store. The bag is 1580.00 euros. I understand i can get a…
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Salary Sacrifice and Second income
Hi I wonder if anyone can help. I am currently full time employed earning just slightly under £50k per year. I have recently (May this year) started a side business on etsy selling personalised gifts. I anticipate i'll be making around £5-7k a year profit on this, leading to possibly more. This will take me over the 50k…
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PSA and pension contribution...?
I'm sure this has been asked before but I cant find it, apologies. So my OH's earnings would put her into the 40% tax band but her pension contribution mean she only pays at BR. Is her PSA £500, based on her earnings? Or £1000 based on taxed at basic rate? .
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Contributions to children’s JISA/ ISA in context of IHT
Hello all Yes, Im one of those strongly against IHT. We are not elite, btw - just a normal professional couple living in SE having paid (from taxed income) a huge morgage on our normal 4bed house. Started from 0 building up what we have. And we do want to pass some of it to our children. We started our family quite late,…
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Tax on my private pension
I have a small pension, paying £140pm and am getting taxed at source on this, I am also self employed, can I ask HMRC to include this on my self assesment (I will make a loss this year so would avoid paying tax on the pension)?
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CGT on (future) past private residence?
Hi there, I have a question regarding capital gains tax on behalf of a good friend. She currently owns and lives in her own property (mortgaged). She is currently considering moving into her partners home and either selling her house or renting it out. If she decides to rent it out (she is aware of the income tax to be…