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How much am I actually saving?
Hi all, Trying to put my "clever financial planner" hat on but need a few brains to help me think through this. 😂 The question is about making rental income stretch as far as possible. I have a rental property which generates, for example let's say £1,000 a month. I receive the full gross (pretax) 1,000 each month from my…
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WFH Tax relief eligibility
I have recently started a new job and wanting to figure out if I am able to claim WFH Tax relief but the HMRC webpage isn’t that clear. My contract is 100% remote, I live roughly 150 miles from the office (too far to commute). The HMRC state I can claim as “due to circumstances such as living far from the office” but I…
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Have I paid enough into my pension to avoid 40% tax?
As per the title, just wanting a last minute check that I've calculated this correctly (whilst I can still pay into SIPP before FY 23/24 ends tomorrow!): £39,087.95 = Taxable income via PAYE (after employer pension contributions) £12,528.98 = Self Employed income (gross income less expenses) £ 867.94 = Savings Interest…
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Maternity leave and paid too much student loan and tax
Hi, I’ve been on mat leave since August and since December I’ve been on SMP since then. I earn an average wage and my pension and tax I believe has been taken from my SMP. Also student loan was taken for the first 8 months. When can I see if I can claim some student loan back? And how does it work with the tax? I’m sure I…
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Property Sale, CGT Due?
I am looking for some advice as I can't find the exact answer after scouring the internet! I sole purchased my property (main residence in 2008). I lived in the property until 2011 at which point I moved overseas with my company for work (the property was rented a few months later). In 2014 I returned back from my overseas…
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Week 56 - 23/24
Im paid 4 week and on Friday 5th April 24. So it's a week 56. I have to submit a SA for the HICBC. Does the extra week 56 tax due get paid via SA ? Or via my tax code next year ?
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SDLT on remortgage
Hi, I am the sole owner of my house and I am currently re-mortgaging. My wife will now be added to the Deed. The outstanding mortgage is circa £460,000 and she owns another property. Will we/she have to pay any stamp duty or second home stamp duty? Your help would be much appreciated. A
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March bonus -> 100k -> childcare benefits?
Hi there, My total taxable income including benefits (all paid through PAYE) is a few £k's below the 100k threshold. An unexpectedly high bonus increased my March payslip to about 102k. One main aspect worries me: childcare. I already opted out from the child benefit when I passed the 60k threshold above which this benefit…
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Marriage Allowance Rebate Refusal
Following the recent publicity about getting a Marriage Allowance rebate, my wife recently applied. Our understanding is that as the one who earns the least and pays less or no tax, she should be the one to apply. Our situation is quite simple. We are both retired and in receipt of State Pensions. We live in Scotland.…
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Adjusted net income help
Dear all I am confused on the HMRC website as to whether my pension contributions are counting to my adjusted net income. I pay 12.5% pension contributions net through PAYE. My total salary is 106.6k. I had been planning to make extra private pension contributions to bring the ANI below 100k but now I am confused as to…
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Benefits in Kind
Hi I'm trying to get my head around how much I need to sacrifice to keep me from paying 40% tax Taxable pay after pension sacrifice £43K BIK £5K Obviously no 40% tax to pay. However, am I sacrificing too much, if my taxable pay was £50K and BIK was £5k would I pay 40% on £55000 - £50270 = £4730 or not pay 40% tax as…
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Use personal allowance against capital gains tax
If a minor has zero income, but a large capital gain on investments (say £7000). Do they use the £6000 CGT exemption to reduce the gain to £1000 and pay 18% on this? Or can they use the personal allowance to cancel out any tax liability? If the latter, would they need to report the gain?
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Capital Gains Tax on a Split Title
Hello! I have a niche query regarding capital gains tax on a basement that I am in the process of selling. I purchased my flat for £95,000 in 2017, which included the title for the property combined with a title for the basement below. For some context, the basement is not habitable at the moment, so is only used as…
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Self Assessment Question
Hi - hoping someone can help me please. My adjusted net income for this tax year is going to be around £120,000. Am I right in thinking that my self assessment tax bill on this amount would be £4,000? (40% tax on a £10,000 reduction of my personal allowance?). Second question is that if I paid this £4,000 into my work…
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HICBC question
Hey folks Ive been paying the HICBC for a few years now… PAYE but fill in self assesment every year. Had a question, regarding the changes announced at the budget for the 2024/25 tax year. What am I paying currently for HICBC via my tax code? How is it charged? Is the 2024/25 being charged throughout this year and then an…
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BT Employee Share Ownership Scheme 1984 to 2001 and Capital Gains Tax
I worked there for over 10 years. Between 1990 and 2000 I received some free shares each year. Each such batch was held in trust for 3 years and then transferred to me. Now I have sold them I had thought that the base cost for Capital Gains Tax would be the market value on the day they transferred into my name. This is…
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HMRC Estimates of Interest Income - Where Shown Online ? Do HMRC Have any Minimum Thresholds ?
Q1 Where can I view HMRC's estimate of the earned interest they will use for any P800 in summer for the current 23/24 tax year ? How long before it's likely to be fully updated (my pensions income doesn't yet show Mar payment) from the banks ? Q2 I could enter my estimate of total interest if required soon after the final…
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Doesnt appear to have been any tax and ni paid since started new job!
Hi Folks. There appears to have been an issue with my employer paying my tax and ni, the issie being there seems to have been none paid at all since i started! I have raised this with them this morning, but was wondering if there qere any issies with hnrc systen or sonething that could accoubt for this. TIA
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Additional taxes on second properties / holiday Lets
wonder how long it is before both the govt and local councils realise they could make decent return by increasing taxes on additional properties, seems to be ever increasing buying more properties to rent out as a holiday let and then minimising taxes via all the loopholes currently on offer
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Claiming Business Mileage
My employer reimburses employees who drive their own cars whilst travelling for work. Currently they pay 45p per mile up to 10,000 miles per year then 25p per mile thereafter in line with HMRC guidelines. Starting in the new financial year they will only pay 25p per mile regardless of yearly total and say that the 20p per…