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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…
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HMRC request for backdated Class 2 NICs
I had a letter this week from HMRC saying I owed £250 in class 2 NICs from 2008-10, so about 14-15 years ago. It’s a bona fide letter and I phoned them to enquire further, eventually they answered and the chap said they can go back 20 years. I thought it was 6 years at least in terms of records you are supposed to keep.…
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Balancing payment for self assessment
I am in my third year of being self employed. I earned less for 23-24 so have just had a rebate which has been deducted from my payment due in July. However, I have noticed HMRC have added a balancing payment to next January’s installment. I understood a balancing payment was due if you had earned more than expected and…
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Higher income child benefit charge: where do I put pension?
Hi there Due to my husband having a pay rise, we are in the position where we need to file a self assessment form to pay back child benefit this year as a one off. His p60 says his income was £58000 but that hasn’t taken into account his work pension where he has paid at least £5000. Where would we put the pension on his…
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Higher child benefit charge.
Hi guy. I am an employee who is having a nightmare with the tax office. In 2022 to 2023 I have to pay the higher child benefit charge. My calculations are. Wage 52958.00 minus pension contributions of 1695.00. Leaves 51263.00. The higher tax charge being 1% for every £100 over £50000 means I have to pay 12.63% of 2636.00…
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Calculating Capital Gains Tax
Hi, My Mum transferred ownership of her house in 1994 to my sister and myself in a Trust will. We inherited the property in December 2017 when my Mum passed away ; my sister then passed away in May 2022 and left her half of the property to her partner. He is now buying my half and, as this is classed as my second property,…
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Help me work out cb tax..
Hi all, I earned too much last year and have to pay the child benefit tax. I do not yet have my p60, but I have March's payslip detailing my total wages for the year. It asks for net income, I may be being dim, but I'm struggling with what to include. My pension comes out before tax. I have a small reduction in my tax on…
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VAT on company truck now business has been sold
Hi, I am completely over my head with this. I ran a coffee roasting business and purchased a truck to help transport coffee, equipment etc. After a few years I sold my business and all equipment but kept the truck. I did use an accountant paid all due vat etc. when the business was sold. I now need to sell the truck, it is…
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VAT on building work for disabled access
We are due to have our kitchen extended shortly due to my wife needing a wheelchair now, reading the government guidelines we are not vat exempt but the work is being done to make the kitchen more suitable for her as she would not be able to turn her wheelchair with the current layout. Bathrooms are eligible but they can…
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Personal tax allowance
Hello I have recently taken early retirement and cashed my personal pension pots I par basic rate tax on some and I have a personal allowance on others. My wife does not work and has no pensions can I transfer her personal tax allowance over to me. Thanks in advance. Armchair warrior
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How to minimise tax on a bonus
Good Afternoon I currently get paid every 4 weeks and my gross pay is £4K each pay period. We get paid 13 times a year so a yearly salary of £52k. However I’ll get a £9k bonus this month, will this mean that the tax I pay will incorporate them thinking I earn more than £100k a year and therefore impact my personal…
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Tax code correct but taxed too much
Hi guys, I'm not getting anywhere with a Google search on this, only results on how to get your tax code changed if its wrong. Just been paid first pay from new job, only 2 weeks worth due to how their pay schedule works. I was taxed exactly 20% My tax code is definitely correct and I don't have any circumstances that…
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CGT on Bitcoin
Hi Everyone I bought into bitcoin 7 years ago..... Total novice..... I have added over the last 7 years.... I have made every novice investors mistake over that period... (Bought, sold, exchanged to other crypto etc etc etc) I recon I have about £7500 invested which is currently worth about £15,0000 If I have never…
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Closing LTD company and moving abroad
Hello, hope you're doing well everyone. I'm moving abroad in a few months which will lead to me closing down my LTD company. I already took the salary from April (£1,047.50) and have about £15,000 left (after paying corporation tax). I would like to use the remaining cash to pay myself a salary up to the personal…
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Remote contract - can i still claim for expenses on tax return?
Hi All, I work for a company and within my contract it says i'm a "remote worker". i have no official office. yet the company i work for does have office(s) and occasionally they will ask me to attend an office about once every couple of months, which as its over 200 miles away. I tend to get a hotel for the night etc. I…
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Reducing CGT on company shares
Hi Any advice would be appreciated. Are there any ways to to reduce the CGT after receiving the gains from company shares. One of the thing I have heard is that if I put the gains into ISA account then I don't have to pay the CGT. Not sure if this is true.
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Claiming expense vat
Hi all, Unsure on this - I have a small side business earning less than £1000 so I don't need to do a self assessment. However, can I still claim back 45p per mile and 20% on business costs? I can't find a way to do this without completing a self assessment. Thanks.
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CGT on part disposal of investments
Ok, i understand the example below.However, if in the following tax year Jane wanted to part disposal again, lets say another £20k, can someone show me how the calculation is done. Lets say CGT allowance is again £3KThanks
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Calculkating NI contributions
I have obtained the following calculation on gov.uk in respect of Tax and NI deductions on presumed income of $400.40 per week. https://www.tax.service.gov.uk/guidance/self-employed-ready-reckoner/outcome/calculation-result One assumes it is correct as it is gov.uk, but I was wondering what was going on with NICs? The…
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Hmrc letter about non declared rental income
Hoping some of you can assist me with this quagmire. I have recieved a letter from hmrc about suspected non declared rental income. I live in my own mortgaged home with my wife and baby since 2017. We had my sister and brother in law move in with us due to their personal circumstances just before covid and to help them out…
