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Self assessment/ savings interest
Is your Gov uk online personal tax account updated with all savings interest at any point? I’m ready to submit self assessment for 22-23 and I think there may be tiny amounts of interest I’ve missed / can’t find , it’s well under the £1000 savings allowance so I’m wondering if hmrc will care? I’ve split the £250 joint…
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Starting rate for savings. How does it work.
I am confused about the above where non savings income is say £5000 - state pension - and interest is say £15000. Does the tax free allowance still comprise of personal allowance £12,570, starting rate for savings £5000 and personal savings allowance £1000, total £18,570, leaving tax payable on £1430? All the examples I…
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Savings interest - Taxed in which year?
I’m approaching 60 and will soon start receiving a DB pension, which will provide an income of about £8K during tax year 2023/24. Income from savings interest during this tax year will be about £7K. No salary or other income, so a total income of about £15K. With personal allowance of 12570, starter rate for savings of…
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Stamp Duty LT - possible refund?
Hi, first post so go gentle please! Seriously though, hello to everyone and thanks in advance for any info / advice. Query: We sold a large property 900K+ and purchased a smaller property 600K+ (in January) with a separate two-bed annex detached within the plot. The relevant advised SDLT was paid via our legals. Within two…
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Net pay differs from calculation
I was given an increase in my salary to £83,530 in May. I take no pension and no other deductions bar tax and NI. I worked out I would earn a net of 4.8k but to my surprise I got 5k. Have I missed some tax aspect? Wondering how it came to 5k. My entire £12570 PA was used up in April pay as I got a bonus of 15k gross +…
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Reducing Taxable income
Hello - is there any way to reduce to taxable income on wages as currently I have calculated that I pay about 3,000 on taxes and same for national insurance - is there any way to reduce or offset the 3000 taxes?
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Tax code pension query
I've been receiving state pension and workplace pension for a few years. This year my work pension income after tax has gone down and pension fund advises this must be to do with tax code. The only odd thing on my Tax Code 2023/24 is that it says my annual state pension is £9264, but I actually get £713.88 per month ie…
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Higher rate bracket and interest earned
If someone is normally in the basic rate tax bracket but for one year only was pushed into the higher rate tax bracket from the gains of the sale of a BTL , would that person only be allowed to earn £500 in interest tax free rather than the usual £1000 ? Many thanks
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Estimating income and capital gains
Our income fluctuates from year to year and we have to report and pay capital gains tax on the sale of our BTL within 60 days without actually knowing our PAYE income We don’t want to underestimate and be faced with having to pay more tax at the end of the year and would rather overestimate our income by a couple of…
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Working from home expenses (gas & electric)
Hi. So whilst completing a my Self assessment for my PaYE employed job I want to claim the working from home expenses ( gas/electric). Whilst I'm aware that I may claim £6 a week or £312 a year, with the cost of gas and electricit for the past year, it feels like that's just the tip of rhe iceberg and realistically should…
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Working from home tax relief
Hi, Couple of questions as I find the info on the government website not clear and in part contracting. https://www.gov.uk/tax-relief-for-employees/working-at-home My partner works full time from home and is employed by Safeguard Global on behalf as the company doesn't have a legal entity in the UK. HMRC is saying you can…
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NIC implications for non executive director
I am an employee of an investment company in the UK. As part of my role I am a non exec director of two of our UK subsidiaries. This has been the arrangement for 5 years. Last week, our payroll department informed me that because I am a director they have to change the way that I pay NIC. This has resulted in a huge NIC…
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Paper tax form request
For years (25 plus) OH and I have been filling in and returning paper tax forms, for a long time now the SA200 short forms. Suddenly and out of the blue, I have received a letter saying I MUST fill in an online declaration... whereas OH has received the SA 200 as usual. We always fill our forms together as our situations…
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Clarification on pension contributions on self assessment tax return
I'm filling in my self assessment tax return for the first time and I'm struggling with the pension section. I've had two jobs during the 2022/2023 tax year, both standard PAYE setups, nothing out of the ordinary. I've not got much paperwork from the first role which is making things tricker. I contacted the pension…
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K codes and staying under the 50k taxable income limit
Hi all - first post on this board and I'm not sure if it's a dumb question or not so please bear with me. I recently took VR and have just got my P45 which states that my total taxable pay for this tax year to date is just over £50k. It's quite possible/likely that I won't be working again until after April 2024, and if…
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Tax refund for expenses
Hello all, new to the forum and just asking for some advice. I am a Prison Officer in England and a few colleagues of mine have told me that they have recieved a tax rebate from a company that claims for extra expenses etc. They have provided the company with their details etc and after around 4 weeks they have recieved a…
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Capital Gains Tax on sale of Property help!
Hey all, We purchased our house in 2010 and rented out the property from 2017 (lived in the property for 6 years) before renting it out. We sold the property on the 15th June 2023 and we are currently working out the CGT on the sale. We made a profit from the sale and we wondered if anyone could give some tips towards…
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Marriage allowance - transferring 10% of personal allowance
The marriage allowance allows the transfer of 10% of personal allowance to a spouse or civil partner if the latter is a basic rate taxpayer. Is the transfer permitted if the receiving person earns over £50,270 but they made pension contributions which increased their basic rate band and kept them out of the higher rate…
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Overpaid Tax - Confused
Hi All, Just looking for some advice or explanation as it is impossible to get through to HMRC! I believe I have overpaid tax on my most recent payslip by quite a substantial amount. Let me explain; 10th August 2022 - Received £4,384 Taxable Income Paid Tax of £813 26th July 2023 - Received £4,024 Taxable Income Paid Tax…
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Paying tax following lost personal allowance
Newbie here, after hopefully some basic information. In tax year 22/23 I earned £100k+ for the first time, but through the year was benefitting from a personal allowance. I am therefore expecting to have to pay £5k to HMRC. Can anyone tell me when this will be demanded and what the deadline for payment will be? Can it be…