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Capital Gains on Property deduction question
Selling a Buy to Let property and making approx 40k. Old property lots of work done which I understand is usually maintenance and not claimable. I understand a complete re-wire might be claimable as didn't meet standards so had to be done. I also changed the nature of the property from 3 beds to 2 beds as the "extension"…
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When is int charged on Self Assessment payment on account.
I paid my balancing payment on my 2023/24 self assessment, but I didn't have enough to pay the payment on account for 2024/25 - I will pay it, but will I be charged interest on it, or is it not due until 31 Jan 2025?
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Capital Gains Tax Help!
Hi all - I don't know if anyone may have any help or insights into my situation. I inherited a quarter share of a property in 2015, my share worth £63,750 In 2018, I purchased another quarter share of the property from a relative for £83,750 We've just sold the property (of which I owned half and another relative also…
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How to find BIK for used lease vehicle
Hi all, Looking to lease a used PHEV through the business. Car - Jaguar F pace P400e registered Jan 2023 I can only find the BIK on current 2024 model which is 8%. However, I have a feeling the older model might incur a higher BIK % as the battery range is less at 32 miles (unlike the 24 model which is 40 miles) and…
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Completing my tax return when I become a higher-rate tax payer
Just looking for some information on a situation I never
thought I’d encounter. I have an amount of income generated from a rental property
I own & so complete an online self-assessment each year. Rental income plus salary has always been well under the 40%
tax threshold. I also have a very small amount of dividend income…
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Are my sums right? Is it worth trying to mitigate?
Hi. Bit thick for a higher earner so I'm hoping for some help! My annual salary is £92k plus a car allowance of £7k. So far, I'm under the £100k bracket. But I had a larger than expected bonus at Xmas of £30k plus I've just had some employee shares vest (I'd completely forgotten about them as they were awarded 3 years ago)…
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ESPP Share transfer for Husband to Wife to avoid CGT
Can anyone help? - Please. I have USA based ESPP shares. I would like to transfer them to my wife to avoid CGT. From what I can see, you can not do that in the USA. Therefore, I am thinking maybe I can transfer them to a UK platform e.g. Interactive Investor. Does anyone have any experience of this? Thanks in advance.
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Detailed Income Tax Calculator
Hi Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold. Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me…
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Marriage Allowance & Child Benefit
I don't know if this is a benefits or a tax post because it straddles each, but I thought this was the best place for it as it is regarding the technicalities of the Marriage Allowance. My wife and I claim child benefit, but this year my earnings will take me far enough over taxable earnings of 50,099 that I will need to…
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Income just over the higher rate tax band and child benefit limit - gift aid the excess?
Hi, I received a one off bonus this year which means my adjusted net income is going to be £50,470 (I am PAYE) I need to lower it to avoid being a higher rate taxpayer and to avoid the higher income child benefit charge. The reason I need to avoid being a higher rate taxpayer is to keep the full amount of Childcare…
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Partner wants to submit a 2022-23 tax return without HMRC request to do one
She's doing it because she's realised HMRC owe her a refund of tax paid in that year. Am I right to say, there will be no penalty for late filing as HMRC never told her to do one.
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Income tax at higher rate
Hi all, I'm not sure if this is the correct area to post in as I'm not actually trying to cut tax, I just want to understand a little more how it works and my payroll department haven't been able to advise. My basic salary is 32k, however I recieve a quarterly commision which means im now in the the higher rate tax…
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Married couples allowance
My husband died several months ago and I have received a cheque from HMRC in respect of his tax.He was receiving the married couples allowance as he was born before the qualifying date, I was born after that date. Would I be entitled to any of the married couples allowance against my tax or would the cheque issued have…
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Paying tax on investments/capital gains if not working
Theoretically, if you were not working and earning approximately £20,000 a year from investments (only £2,000 of it being earned in an ISA), would the same tax rate apply as you'd pay if you were in employment? i.e. first £12,570 tax free, up to £50,270 you pay 20%? Or is it different for profits earned from investments?…
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Fine - Late Self Assement
Hi Looking for some advice - my wife was a self employed holistic therapist and as such used to complete tax returns each year. Note that she completed each of her 4-5 prior to this issue returns within 2 days of end of tax year. Due to Covid she obviously had to stop working and she contacted HMRC (by phone) in July 2020…
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Same registered address, same director, different register number is it the same company?
There were a series of acquisions. A US company has a subsidiary in UK this company in the UK has acquired other two companies in the UK. The UK companies have same director/finance director, same registered address that were changed to one place, but different register number. Also the initial subsidiary has 2 names with…
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How does estimated income affect PAYE?
Hello, Would be really grateful if someone could help me. I earn around £52k (after salary sacrifice pension contributions have been deducted) but I sometimes get an annual bonus that can boost this to around £60k. I make payments into a SIPP to keep my adjusted earnings below £50k so as to avoid paying higher rate tax and…
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Inheritance Tax
Hi there everyone! I have just watched the video about inheritance tax and i think normally my sister and I would be ok and negate the tax. My parents have however put their house around £700,000 in a trust. The house can only go to family. Nothing additional takes us over the million inheritance threshold as I understand…
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ESPP and RSU - Section 104 price calculation
I work for a US company and have US$ shares acquired through ESPP and RSU schemes. Some I have sold, some I have held onto. For each acquisition I have tracked the "Section 104" pool price so that I can asses each disposal. I have just realised that I have been tracking this price in dollars which is (probably) not the…
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Work from home electricity cost
Hi. I work from home (office is over 3 hours away) and would like to claim electricity costs for running equipment like computers. I can buy a meter for my computer going forward, but can I just estimate the previous year's costs? Perhaps by comparing the weekly consumption when I was working and when I was away but the…
