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Cutting Tax: Discussions that will help you
To help you find the Cutting Tax threads quicker and easier we're collating our previous sticky/pinned threads into one single post. Cutting Tax board: Tax instructions - please read Useful Websites TaxCalc alternative? How does the Taxman Know? Inheritance Tax Planning Useful Tools to Help With Taxes Washing Uniform at…
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Vat on private school fees - timings
Hello If Labour was to come into power, when is the earliest this would be? On average, how long does it take to change a law when a government comes into power? Thanks.
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HMRC delay/error in processing tax refund
I completed my 23/24 SA online on 6th April, as I knew I was due a big refund. As part of that, I provided my bank details (as usual...) for the refund to be made. I got the calculation that I had overpaid, and so I sat back and waited for a refund to get to my bank, as it had in prior years. 4 weeks later - nothing. I go…
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Student with two jobs
My daughter has a long-standing job on campus where she signs up for occasional shifts. She earns less than £1000 per year from this and pays no tax. She has recently started to work 15 hours per week for a supermarket and will earn around £8000 per year so her total income will be below the personal allowance. She has…
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VAT - Private school - does it apply to preschool and nursery??
Hi all quick question. My 3 yr old is in preschool. This is school is part of a wider private school. does this mean if Labour come into Government, the VAT will apply to under 5s or will it just apply to children from year 1.
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HMRC return 23/24
Another self assessment done. Now to nervously wait for the next couple of weeks. Judging by last years bank holiday involvement, we could be looking as early as 18-19th April this year.
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Universal Credit
Hi there, I am very new to this forum, so please bear with me... Basically, we (me & my wife) are on Universal Credit (UC) at the moment. However, I will start a new role, which probably won't qualify me to receive any UC. I am asking this question because my new employer wants to pay my rent under a scheme called the…
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Self Employment and Self Tax Return - my deadline to submit tax
I started my first self employment work day 3rd April 2024. When do I need to submit my taxes by? When will my deadline be?
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Capital gains selling rented former home
When we got married I moved in with my wife and we rented out my old house. We now wish to sell this house. I put some very rough figures into the calculator on gov.uk site, and it came up that I'd need to pay ~10000 in capital gains. Can we get an extra 3000 off if we put the house into joint names? It is currently in my…
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Please help - this is all so taxing for me
My tax code has been changed from standard 1257L to 1112L due to untaxed income of £1447 on the tax code notice. I have now phoned HMRC 3 times now (on hold 1 hour each time) but am no clearer and found all 3 advisors hopeless quite frankly. These are my figures, all pretty straightforward: Actual untaxed interest 23-24…
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Private Residence Relief and CGT
I have jointly owned a house with my brother since 1998 and lived in it with him until 2021 when I moved out to rented property. I have been intending to give him my share of the house but have been put off by the tax implications as the house value has risen by roughly £100000 and I was expecting I would have to pay CGT…
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Income calculation/ child benefit net adjusted income / tax band
Can I check my calculations with you as below and ask a couple of things re terminology around income please . I am self employed sole trader. Business income (invoices- expenses) = £90000 bank interest £900 (do I get £500 tax allowance so £400 taxable? No other income =Complete gross £90400? Sipp I paid in £30000. Now has…
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CGT or IHT on jointly owned property
Hello all, I am looking for some clarification on what to expect when family property is sold. Background - Dad passed away many years ago and at that time the family home was put in to my name and my mothers equally. This is her home still and I have not lived there for 30+ years. My mothers will states that when she…
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Print on Demand income
I have to do SA for the first time (as interest on my savings is over £10,000). I am employed full-time and I also get a very small amount of income from my designs on Print on Demand websites. I haven't worked out the final totals yet but it's probably only about £100 per year. These websites are USA based. One pays me in…
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Advice on steps to be tax efficient with a side hustle that went over 1k trading allowence
Hi, im in the 40% tax bracket with my normal job and made 10k on a one off favour for a friends company. Im wondering what my options are in how to use this 10k effectively. I read i have to do a self assessment i can put into a sipp to reduce tax on this 10k to 0? If so how do i go about doing this. I have a sipp with…
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Paying tax through PAYE?
I believe I have gone over my personal savings allowance for interest earned on savings in one year. Do I have to do a self assessment? or do I pay the tax through PAYE if they change my tax code?
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SSAS Pension contributions: filling in SA form for tax relief?
Hello, I need some help on filling in my self-assessment tax form regarding pension tax relief. Some background: I'm in full time employment and I'm a 40% tax payer. My employer has a work place pension that I pay into and get 20% tax relief automatically. I fill in a SA form each year to claim back the additional 20% tax…
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Inheritance Tax on Franco-British Estate
Hello. Hope someone can help. My mother sadly passed away recently in France. She was French and domiciled in France the last 20-odd years but previously lived several decades in the UK, where she was married and had children. This included about 25 years where her main residence was a house in which she had approx. a 60%…
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Planning to minimise IHT involving nursing home fees
My wife has an aunt living in a nursing home paying c£8k per month. The aunt has enough cash to continue paying her costs for only another 6 months. The aunt's pensions amount to approx. £1200 per month. The aunt's only other asset is a house worth approx. £500k; the house is occupied by my wife's sister (75yo) and husband…
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Income Tax Calculator widly differ for Pension and Tax values compared to actual payslip - why?
I have provided the MSE Income Tax calculator with my salary, pension contribution % and tax code. However, comparing the calculator results to the wage slip some of the values are widly different: * Pension is approx £500 higher than the wage slip * Pension HMRC is approx £400 higher than the wage slip * Tax paid is…
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Pension lump sum contribution tax relief query/guidance
Hi all. I'm hoping this is the most appropriate section of MSE forums. I’m looking for some guidance or assistance on a
query I have which relates to the tax relief I'm due on a lump sum pension
contribution I made as a Higher Rate taxpayer. I made a lump sum contribution of £4,200 in February 2024 to
buy Added Pension as…