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Self Assessment
I’ve had to register for self assessment this year due to receiving a decent amount of interest on my savings accounts. In the past I’ve always paid via PAYE and left it to HMRC to work out what I owe in relation to savings which have been lean pickings until fairly recently. HMRC have been changing my tax code throughout…
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Higher tax rate - is contributing towards my pension a good idea to lower it? Ltd Director
Hi Everyone, I am a one man band Ltd Director in construction. Since all my accounts are dead simple, I decided to stop using an accountant few years ago, and have been doing it myself since. No issues so far until this year. Now this year, since it is the first time I will fall into a Higher Tax rate on my Self…
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Sole trader and Capital Gains Tax
I am self employed and this tax year it looks like I will have a taxable profit of around £40,000. I have also sold a plot of agricultural land that will give me a capital gain of around £70,000. I would obviously like to pay as much tax as I can at the lower rate of 10% on the gain, rather than the 20% rate. What steps…
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Need help calculating how much to pay into pension to offset tax underpayment this year
Hi all, I'm getting myself in a bit of a muddle. Using various tax calculators it looks like I will end up with an underpayment in tax this year of about £3K, I think this is probably due to an incorrect tax code (last tax year I underestimated how much I would earn this year, so my tax code was set too low). This year my…
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Council tax banding
Apologies if this is in the wrong part of the forum. i have recently moved into a new build 2 bedroom end of terrace home and today received my first council tax bill and they have put me in band E. i believe this to be totally wrong, the property is 79sqm and the new semi detached round the corner the same size and layout…
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Error - Income Tax Calculator - Money Saving Expert - Pensions HMRC?
It looks like there is an error in the income tax calculator available on the money saving expert for the tax year 2023/2024 or 2024/2025. If you put income 140k+, then the relief Pension HMRC reduces to 0 (i.e. even if say £500 per month). It looks like an error as the all the supporting info says that if the relief up to…
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Tax relief on employee subsidising company car?
In my work I get a car allowance of £x but you can get a car for a higher monthly cost if you pay the excess out of your net pay. On the basis that I'm getting an Electric Car, with a low BIK rate, can I treat these extra payments as allowable expenses on my Self Assessment? I can't see the difference between a car…
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CGT - just checking
A friend recently sold a Porsche Carrera Coupe that belonged to her late husband. It was bought in approx 1993 for £20k and she sold it for £35k. The car was not their only vehicle and wasn’t in daily use. We have looked for guidance from HMRC and are reasonably certain that there will be no liability to CGT but are there…
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Backdated child benefit and High-Income Child Benefit Tax charge
Hi, can anyone explain how bet to pay the High-Income Child Benefit Tax charge if have just received backdated child benefit (for 2.5 years)? I understand I need to do a self assessment tax return but if I have received the 2.5 years payment today, do I declare at next self assessment (for year 2023-24) or is there a way…
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Rules for a National Insurance refund
I recently applied for a National Insurance refund, believing I had overpaid, but I have had my claim refused. My claim was for 2022/23. I had been working part-time for an employer paying tax/NI through PAYE monthly. In April 2022 I received backpay and overtime I was owed from the previous years employment which bumped…
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Taxable income over 100k next tax year
I’m unexpectedly getting VR in May and have calculated that my taxable severance pay, earnings until my leaving date, and savings income will take me over 100k taxable income next year. Is this something to be particularly concerned about? I know my personal allowance will reduce but are there any other gotchas that I…
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Salary sacrifice car tax
Have recently recieved a message from HMRC saying I owe them £2000 in unpaid tax for a salary sacrifice car I took out 4 years ago. They have calculated the value of the lease and charged me tax on this. I don't understand, I thought the whole point of having a salary sacrifice car is to reduce my tax liability. If they…
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Tax Code Confusion
Hi Everyone, Was wondering if any kind soul can help or maybe point me in the
right direction on problem that seems to have manifested with my tax code. I’ve
spoken to HMRC twice (each time over an 1hr waiting) however I don’t think they're understating my issue. For the last 7 years I’ve been paying 12K into a…
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Marriage Allowance - do I need to cancel
Hi, after watching the live show last night I realised some years ago I applied for the marriage allowance to be transferred to my husband when I was on a low income. For the last 3 years I have been on a higher income (20% tax payer). Do I need to cancel the allowance or will HMRC just see that I earn more? Not sure what…
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eBay Self Assessment and Stock Held Q. ?
Posting here, as better suited for advice on this Forum. So I've registered for 2023/24 Self Assessment for the 1st time, as after 50+ years, I now exceed the £1k / 30 item benchmark by buying goods to resell on eBay. However, I'm unsure on one line of my upcoming Return. I'm employed Full Time, earning £20k+, so already…
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Uniform Tax Clarification
I was wondering whether someone could clarify if we are able to claim for tax relief where we have been provided with a branded fleece to wear whilst at work. Although it is not obligatory, most of the time we are choosing to wear this, are we still able to claim?
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CGT following divorce - please help!
Hi all, Desperate plea for help! Background: - married 2017, bought house 2018 - separated September 2021 - I moved out of jointly owned marital home March 2022 to live with friend - moved from friends in to rented house (not owned by me) in September 2022 - house sold September 2023 completed today (she moved out Sep 2023…
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Marriage allowance
Received letter from HMRC on the 26th March saying I was owed £901.On the 17th April received email saying cheque should be with me within 21days but due to Covid-19 could be delayed and that the cheque was being held in a segregated, non-interest bearing account and will be with me asap. On the 21st May I received the…
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Can I be fined for a terminally-ill parent missing their self assessment deadline before death?
Hi My terminally-ill parent missed their 2023 self-assessment deadline a few months before their death. When they were first fined, I wrote to HMRC and explained why. They eventually wrote back to say that I wasn't entitled to speak on my parent's behalf, so my explanation would not be considered without my parent's…
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Giufting £3K to children
Understand each parent can gift £3k in a tax year, plus one roll over from previous year if it has not been used. Must this be a cash transfer? Can it be an I O U? Can it be a slice of equity in land or property?
