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Changed jobs, tax problem
I changed jobs from my old employer to my new employer on the 2nd January this year. In january I received two payslips, one from my old covering 1 day pay and overtime worked previous month, and one from my new one, showing tax paid for the month, plus my P45 which I handed into my new employer. In february I received my…
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New HICBC threshold and property finance.
Hi, I’m a bit unsure on how much I will need to pension next year with the change in hicbc level. for last couple of years my income has been roughly Employed £45000 Self employed £5000 Property “profit” £10000 (of which £4000 is interest payments on mortgage) total £60000 so I have been putting £10000 gross amount into…
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Capital Gains Tax from property
I have a query regarding capital gains tax. I have read on line that making a pension contribution into a personal pension plan can help to reduce CGT. For context - my partner has a rental property which is in the process of being sold - bought for £125k about 20 years ago, selling at £385k, with purchase/selling fees and…
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Marriage Allowance - state pension rise 2024/25
Firstly apologies at really not having a clue on this! As I am on State Pension and no other income and hubby is still working I transferred marriage allownace as Martin Lewis metioned it - I worry that rise in SP for 24/25 to £11,500 and the allowance will take meover the tax threshold. It say Marriage Allowance transfers…
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Any SDLT experts here? Got a bit of a complicated scenario?
Not sure whether this forum or one in the house buying/selling would be better but here goes: I have a property that I own with my ex-partner, we broke up not long after the initial purchase (rushed into things, you live and learn) but as we were in a 5-year fixed rate we have waited until now to remove her. I'm going to…
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CGT and loss making shares
Hi, I have a number of BT shares bought at a higher price than they are currently, am I right in thinking as there is no gain there is no GCT to pay ? If fact as they are a loss to me, could the loss be offset against other profitable shares to reduce their CGT if I sell together ?thanks.
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Gift with reservation of benefit.
What are the implications of placing our house in a trust and continuing to live in it rent free
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Gifting shares to spouse procedure
Hi, I would like to gift few shares to my wife, ideally it will be easier to sell shares and transfer proceeds as opening brokerage account and transferring actual share might take very long time. There are questions about this on HMRC forum but there are no concrete examples about how to notify HMRC incase you wish to…
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Self employed v employed
Hi, A friend is earning £12.50 an hour and has been offered a job elsewhere at £750 a week (which is much more than they are earning). They had verbally accepted the job but their current employers don't want to lose them. The issue is they can't increase their hourly rate as others who have been there longer are on not…
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Using up tax allowance
I'm getting confused can some one please tell me If I am correct or wrong. I have retired now aged 62 and my only taxed income this year was £6000 in interest from savings and £1000 from dividends. I worked it out I could take £12570 from my personal pension.(no tax free lump sum will be taken or withdrawals yet ) and…
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[answered] Is HMRC issuing PAYE Coding Notice (P2) docs anymore?
______________________________ Been getting a PAYE Coding Notice (aka P2) each February for decades (in post originally, then via online PDFs). Yet when logging into HMRC online, I cannot for the life of me see where the heck they are anymore. I see it says "...on a 'Tax Code Notice' letter from HMRC if you get one" (see…
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Limited company director pension contributions together with Work place pension?
Hi As a limited company director can you contribute to SIPP from business directly, whilst already contributing to primary work place pension. If so, does the annual allowance include all of these contributions together. Thankyou for advice.
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Worried about Tax, HMRC thinks I have 2 roles
Hi everyone, I left my job late last year to take some time off and R&R. I accepted an offer with company A in late January. I however got an offer from company B start of February and accepted that one, meaning I declined company A’s offer before start-date. Issue is, I got signed up on payroll for company A despite not…
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IHT
My mother will shortly move into a care home. If she decides not to sell her home, will the additional IHT allowance of £175,000 on the passing on of a family residence still apply on her death even though she will not be living in the family residence? If it does, will this still apply if she decides to rent the house out…
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Pension contributions and tax band
Hi, excuse my ignorance on this topic as this might be a basic question but I want to confirm if I am getting it right. It is about pension contributions and how they can affect tax bands. Say you earn over £50270 and therefore you are a higher-rate taxpayer. And you contribute to a workplace pension through your salary.…
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Spring Budget 2024: Workers to pay less national insurance from April
Workers will pay less in national insurance from 6 April, the Chancellor Jeremy Hunt has announced in today's Spring Budget. Around 29 million workers are set to benefit from the change, which will see contributions cut from 10% to 8% for employed workers and from 9% to 6% for self-employed workers. Read the full story:…
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NI cuts
When doing Self assessment for 23-24, is last year’s NI rate payable in January or will it be the new rate of 6% ?
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Tax question
Hi, not sure if this is a stupid question or not but it's the first time I have been in this position. I have been added to a bonus scheme where a bonus is paid in April based on the company's previous year performance. I currently earn £47700, and in April I will be paid £11k in bonus. I know this will push me in to the…
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2024 Budget - "UK ISA" and SAYE transfer
Hi knowledgeable people. I noticed in the budget today the proposal for the new "UK ISA" which is an additional £5000 ISA allowance for investment in UK Companies. I am currently contributing to a SAYE Sharesave scheme with our parent company which is UK based (listed on the FTSE 250). When the scheme matures I am usually…
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Still need to pay back child benefit?
I stopped child benefit payments as I am over the threshold. I agreed to pay back last years via direct debit starting this tax year. I think after a lot of pension salary sacrifice and company stock I was somewhere in low 60s. Will.i still have to pay this back as agreed before the budget, or do things change now?
