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HMRC tax bill for previous year or tax code change
Hello, My retired dad has had a letter from HMRC saying he owes tax for the 24/25 year for updated bank interested as they estimated too low. It seems he has been charged for all joint interest not just 50% and I'm looking into the details of that. This letter says the tax owed needs to be paid as a lump sum. Since then…
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Self assessment first time
When providing details of savings and investments. Is it just tax year totals that are required or more details. For examples savings interest, a total for year or list amount by each individual savings account with details of the acount numbers and bank details. Will they ask for this detail later or not bother. Is it the…
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HMRC over estimate of untaxed interest
I’ve just received notification of a change in tax code for the current year, due to their estimate of untaxed interest. There is also a small amount of tax to pay from the previous tax year. My issue is that their estimate is way over the interest earned this year (mainly due to me using my ISA allowance and a reduction…
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Reducind tax liabilities on contract work after retirement
I am possibly going back to my old job after nearly ten years of retirement to do contract work for a couple of years. As I already receive over £30k from my pensions and obviously pay tax, how do I reduce my tax liability as I would be receiving well over the next tax threshold of £50k with this new income? Any help would…
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Tax relief for laundering & professional registration fees
Hi all, Just filled out the tax relief form on my gov gateway account for tax years 2024-25 and 2025-26, for tax relief on laundering uniform and for professional registration fees. I started completing it for the current tax year, but it would only allow me to add one employment for this year (I was able to add my 2nd…
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Tax adjustment on first drawing a pension.
I've been told by a pension company that upon retirement, and starting to draw a monthly pension income, the initial payments might be net of the emergency tax rate. They said this depends on how quickly HMRC respond to their enquiry with the correct tax code. If drawing the same amount each month, does anyone have a…
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Savings interest - self assessment
I know that if you have more than £10K interest on savings, you should be completing a self-assessment tax return. Is this just taxable savings interest? I have less than £10K taxable interest, but when you add the ISA interest it goes above that figure.
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Gifts from Surplus Income
I’m currently assessing my father’s surplus income in order to establish how much he can give away as gifts made from surplus income which will be exempt from inheritance tax. I’m unsure whether the small gifts of up to £250 per individual and £3000 to a different individual should be treated as coming from his income or…
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Capital Gains Tax advice
Afternoon all, I'm hoping someone with Tax knowledge can help me understand the following situation. My father died sadly a year ago and in order to protect the property value for my Mum who lived there with him, we changed the title deed so it was 50% Mums and 50% was put into a trust in Dads name. It was previously…
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Gifting property to my partner
I 'think' i have a straightforward gifting question - i would like to gift my partner my mortgage free property where we both live. I would eventually like to buy another property and avoid owning 2. I understand the information here: Registering land or property with HM Land Registry: Change the registered owner name -…
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Chargeable Event Gain submission on 24-25 Self Assessment Tax form
Both my wife and I are retired. We have been asked to complete a SA Tax form for 24-25. We are basic rate taxpayers. We had a chargeable event after the surrender of a joint Personal Investment Plan in that tax year, dated 11/04/24. The amount of gain is £9519 with the amount of tax treated as paid being £1904. How and in…
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Self assessment completed - where can I see any refunds due?
As above, thanks. Last week Thursday I completed our self-assessment tax returns online. Somewhere on the website I noted that HMRC owned me money from last year but also wants money for 2025/6 and 2026 - ie so-called "balancing payments." My question is as per thread title. I saw the amount and completed my bank details…
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Care home fees/ inheritance of parents house
My parents are in their late 80’s and in good health. On the advice of their solicitor they have signed their house over to me. They both still live in the house (owned outright with no mortgage). They don’t pay me rent. The lawyer told them that this was to protect against care home fees and deliberate deprivation of…
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Take Home Pay
Hi all, over the last couple of years I have been fortunate enough to be earning enough to get in to the 40% tax band, but this year I decided to up my pension contributions to pull myself back out of the bracket. My first paycheck does not match what I though the tax should be and after asking payroll they have given me…
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BADR/CGT Eligibility
Hi, Just doing some financial tidying up before I have a chance to see my accountant. I've recently liquidated 350k via MVL in my late spouses business, I was a 50% shareholder and inherited the other 50% when they died. There has been 0 increase in value between date of death and now. Using BADR on this would it just be…
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Claiming tax back for tools for work
I am due to start a new job next week. I will be moving to a company that manufacturers and installs window blinds..My role will be split between factory supervisor and out in the van fitting. For the fitting role I have to supply my own tools. Have been out purchased various gear that will be used in the job. Cordless…
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Is this a successful business
When assessing a limited company's accounts how whst info do you look at to assess that? How about this company?
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Do I have to declare my Private Medical on my Self Assessment?
My employer gives me private medical to the sum of around £730, making my tax code S1184L instead of the usual S1257L (I am from Scotland) Do I need to declare this on my self assessment? I asked HMRC this last year when I did my self assessment and they told me I don't, but I got concerned this time around and called…
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Being gifted money from sale of house
Hi everyone Newbie here…..My uncle, 90 years widowed, has moved out of his home into a retirement village where he is paying monthly rent. His property is in the process of being sold at £250K. He has enough in his current account, and from his pension and attendance allowance, to cover his rent and monthly expenditure…
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Self Assessment payment and PAYE
For the first time, I was asked to do a self assessment for year 2024/2025 because my BBSI went over 10000. After submitting the form, I was asked to pay around £3000. My problem is that I am on PAYE and my tax code has been adjusted last/this year a few time because of the BBCI (my tax code is K) now. If I pay this £3000,…
