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Checked my latest Council Tax Bill - The Figures are wrong
I’ve just received my Council Tax Bill 2021/2022. A cursory glance at the figures aroused my suspicions that
there was something not quite right with them. They’ve broken the bill into 4 categories, one has a large figure
and the other 3 have relatively smaller ones. They’ve indicated the percentage
increase in each…
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£1000 Trading Allowance
Hi I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k. TIA
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Tax owed - no detail given
Hi, I've logged into my HMRC account and just spotted that it's recently updated (1 month ago) saying I owe £44.58 plus interest from a SA return I did for 2019-20. It says the money owed is a "balancing payment" but there's no further explanation. Should I contact them for further information or is it normal for them to…
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Selling crypto currency and do i pay tax whilst it's still on the exchange?
I'm wondering about this. I have some crypto currency on a crypto exchange. When i sell it and convert it into Pounds Sterling on the exchange i intend to withdraw some to my bank and keep the rest until the market bottoms and then buy more crypto currency. My question is at what point do i have to pay tax? Do i have to…
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Reducing payments on account?
I save 40% of all sales income for the purposes of paying my tax bill twice yearly. After a reasonable xmas period I managed to raise just enough to pay my January bill. However despite this due to low sales since January I am defintely not going to save enough by july. It's keeping me awake at night with worry. I am…
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CGT property advice
We own two properties, A & B. Property A was purchased in 1992 and I lived there for approximately four years, after which it was tenanted. We then purchased property B in 2003. Property B was initially tenanted for about three years but we subsequently moved in and are still here. Our aim is to move back into property A…
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Adjusted Net Income: Confused, Please help :)
Hi, I'm trying to work out my ANI and incredibly confused despite much internet searching... I have my salary of £80K plus car BIK of (lets say) £10K so £90K... but then: - I pay my pension contribution of £266.67 pcm before tax is deducted. This is matched by my employer but I do not see that on a payslip. - I pay a…
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SA100 pension and savings questions
I am a higher rate tax payer, I am in a private pension
scheme and I am filling out the 23 / 24
SA100 There are 2 areas that I am never to sure on, firstly I had a nationwide instant access savings account (Non Isa), under the interest paid section it gives the same figure say £1000 for both net and gross interest and tax…
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Tax on side earnings paid in vouchers?
I understand that side earnings eg income from market research/ surveys etc has a £1,000 trading allowance. I was of the understanding that any reward paid in (shopping) vouchers where there is no option to have a cash alternative, didn’t count towards the limit, as per…
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P60 calculation with Salary Sacrifice
As I understand the P60 total for a year is the basis of Taxable pay. So I should use Salary sacrifice and or bonus sacrifice to keep the values where I want them (under 100k in my case to avoid 60% tax trap) If my pension contributions annually are say 20k via SS and my employer also contributes is my taxable pay 80k or…
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Account name removed - will interest be reported to HMRC correctly
We removed my wife's name from a savings account with Aldermore in February of this year. The annual interest summary for the 22-23 tax year now shows all the interest for the year in my name. Should I assume this will be correctly apportioned when Aldermore reports interest earned to HMRC? If not, this will adversely…
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SA108 query
Regarding HMRC SA108 CGT form, which group would investment fund Guinness Global Equity Income Fund Y EUR ISIN IE00BVYPNY24 fall under. 1. Listed shares and securities2. Unlisted shares and securities3. Other property, assets and gains
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Tax Relief for Mileage
So every year I submit my total miles for the tax year, the amount my employer has already paid me (8p per mile as the car is electric). It is classed as a personal car although they pay me a Cash for Cars payment every month to cover the car. This year it is saying 'Total expenses claimed can’t be more than £2500.' ... it…
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HMRC mistake
Hello, newbie here. I’m just looking for some advice about what to do about an HMRC class 4 NI restriction that was not applied correctly by the HMRC on my last tax return (they have admitted this). I do my tax return through a company who deal with medical locums and the different range of jobs we tend to do. I work one…
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Received Letter Tax owed 2017
Hi, I have just received a letter from HMRC. Stating that I owe tax from 2017 So the meat and bones is "We've written to you before about your overdue self assessment tax,You still haven't paid what you owe" I have not had a letter in the past 7 years to tell me I owe tax. I remember submitting this late. My business was…
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VAT advice
Hello, I'm hoping someone out there can help me. I am a franchisee (sole trader) and am selling my business. As a matter of course, the franchisor lists any resale opportunities on their website, along with new franchises available. My franchise agreement prescribes that if a buyer comes via them, ie contacting them to…
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VAT on Legal Fees
Hi all, We're transferring the title on a small parcel of land. The solictor has provided a quote for the paperwork of £300, with the VAT being an additional £160. Is this correct? I've tried googling the VAT rates for such services but am hitting a wall. Any advice is appreciated
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How to find a tax advisor
Our son is due to start work in New York in October. He is aware that he will be due to pay tax here as he will have been in this country for 6 months of the current tax year, that he may be due to pay tax in the States and that there is a reciprocal arrangement re tax between the UK and the States. He will be there for at…
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Declaration of trust on rental property - what does it actually mean?
Hi all, Can someone please explain to me in simple terms how a declaration of trust on a rental property works? I was under the impression that if a declaration of trust was made for a rental property, the rental income could be divided how we like between the 2 parties (husband & wife) in order to avoid the higher rate…
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Offshore income and gains/losses
I had a thread a while back (see https://forums.moneysavingexpert.com/discussion/6395698/cgt-unreported-loss-from-2019-20-but-is-it-a-loss ) about helping a friend with her income tax and am happy to say that things have turned out well, again thanks to @Jeremy535897 for his help! So... my friend's offshore portfolio has…
