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Taking money out of a Ltd Company
Can I ask the best way of taking money out of a ltd company. I’m employed full time elsewhere and JUST break the higher rate tax threshold. I have a Ltd. company with a small number of rental properties within, which earn a profit each year. Previously I have just taken the highest tax-free dividend and a bit extra prior…
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Tax on gifts
Hi All, My Dad has very kindly offered to share some of his savings with me, to help with my house renovations. He is looking to give me £10k from his savings (along with £10k to my sister). I've read all the inheritance tax guidelines but remain a little confused and clearly do not want my Dad to incur any tax bills as a…
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How to avoid IHT if Labour scraps the residence nil-rate band?
My father unexpectedly passed away this year. I moved back in with my parents after university due to ill health. My father left everything to my mother and if I outlive my mother, everything is left to me. My parents' house is worth approx £350k and their other savings/investments/cars are worth approx £180k. As I…
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IHT - paying for grandchild's daycare from income
I'm trying to help out my daughter by helping with the cost of my toddler granddaughter's day nursery costs, via the tax free account. The cost is very comfortably within my excess income, so will that free it from inheritance tax? And if do I need to keep any records as proof? If to be fair to my other daughter, I pay a…
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Inheritance Tax
Are you still liable for the 7yr inheritance tax rule, if you are under the inheritance tax threshold and you give some money to your children? Or does it apply to everybody no matter how much your estates worth?
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Tax relief items
Hello I was retired and decided to go back to work in January working from home for a company. In April we were given worker status and previous to this we were classed as self employed. Even despite the worker status now given, we still have to do our own tax returns (an absolute pain the the backside to be honest and…
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PAYE Coding Notice online?
I can't find my PAYE coding notice. Is it possible to see it online?
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Married allowance/child benefit
I transferred the marriage allowance to my wife many years ago when I had a low income. Recently my income has been above the threshold but as it's possibly variable we've just left things as they were - which I understand was allowed. Wife just received a letter from HMRC saying she's underpaid tax in 23/24, reason stated…
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CGT Reporting
I am pretty certain that a rule exists that says you must declare capital gains of 4 times the annual allowance, whether or not you have made a gain. At least, everyone keeps quoting it, But I can't find it anywhere - gov.uk is no help at all. Where is the authority for this rule?
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Capital Gains and Savings Allowance
If I have a chargeable event which results in me having to pay some capital gains tax does this count towards my income when I am being assessed for the savings allowance? I can find no straight forward definition as what counts as income as far as the savings allowance is concerned. For example; Income from pensions and…
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HMRC Fines!!!
Hi, hope someone can help. I have just received a letter from HMRC stating I owe almost £3000 in fines dating back to 2016. At the time I had a payment plan sorted by an accountant and believed everything was paid appropriately. I never had any notification of fines and there is nothing outstanding on my online account.…
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Capital Gains
could someone explain the difference in the tax quote why wouuld you what to pay more should they just charge the chepest dose not make sense Straight-line apportionment methodBased on the percentage of your total gain made since 5 April 2015£7,454.04Gain over whole period of ownership methodBased on the amount you've…
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Savings Interest Tax calc. on Self Assessment calculation
Ignore below - I worked it out, sorry. I'm going through the tax calc. from last tax years self assessment and I'd be interested to know why they have split the savings interest (£276) in the calculation. I know the tax comes to nil, but I'd like to understand Savings interest from banks or building societies, securities…
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inherited property and capital gains tax
The forum's input on this situation would be much appreciated . My dad died in 2015 and my sibling moved into his house 9 months later , probate value was £160,000 and todays value will be in the region of £300,000 plus , sibling has spent £40,000 on renovations . The property still belongs to the estate ( my late father…
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Savings Tax
Hello Trying to understand how Starter Rate for Savings works, which as I understand along with 1st £1000 interest tax free, you can add a further £5000 tax free.Tried Internet research, nothing gives me an answer. My question is, am on basic rate 20% tax, How does one work out if you are entitled to this. Is there a…
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Freelance Pension Tax Deductible?
This is my first year self-employed freelance. If my personal tax allowance is £12,500, and I earn £13,500, can I pay £1000 as a one-off payment into an already open Nest pension and therefore owe HMRC nothing at the end of the tax year? Or am I missing something?
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I moved out of my flat to provide full time care for Mum - am I exempt from Council Tax?
I moved out of my flat in 2021, and moved in with my Mum to provide full time care for her. She started claiming Attendance Allowance in Feb 2023, and I started claiming Carer's Allowance at the same time. The property was rented out between March 2022 and Nov 2023, and the Council Tax was being paid by the tenants. I was…
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Self Assessment Help
Hi, I work full time at 44k and freelance on top of it, absolutely caned the work last year and ran up a massive tax bill to the point where it wasn't really worth killing myself to do the extra work and I feel a bit silly. I'm trying to work out how much freelance work to do over a year to hit a sweet spot, where I stay…
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Help with self assessment - medical insurance
I'm trying to fill out my self assessment form but I'm struggling with the 'Taxable benefits and expenses' section. The only benefit I get is medical insurance through work. The help note on the HMRC form states: "The information to complete this box can be found on your P11D form, provided by your employer. Enter any…
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Increase in HMRC estimate for untaxed interest
My wife's tax code for 2024/2025 has just been increased and HMRC show an increase in the figure for untaxed interest this year. The figure has increased from £149 to £870 and this is the only change. What I cannot see is how they have come to the new figure. I can say that a tax rebate claim was submitted 4 weeks ago so…
