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Self assessment 23/24 - asking for tax for 24/2025 by jan 31st
Hello all, We don't have a big income and living off pensions and a small income from a BTL We are both just over 60 yrs of age. my income is inc building society interest 19k (inc the 2k gross interest from a savings account) First question. My income was less than my wife's previous years so I gave her the 10% allowed.…
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PSC Invoice to save tax
No doubt something very questionable but can't understand what they are talking about but someone here may have had more patience than me... Random call from someone claiming to be from an accountancy firm checking I run a Limited Company and on confirming that I do saying they can massively reduce corporation tax and…
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Second property.
Hi. We reside at a property that we own and are mortgage free. We also own a 2nd property with a small mortgage, owned for 10 years approx. We have never lived at the 2nd property. If we were to sell our main residence move into a rental home for a year could we then sell 2nd property and avoid capital gains tax.
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P45 and P60
Hi, I was hoping someone might be able to please help. My daughter left her previous job on the 6 March, she was meant to be have been paid her final salary on the 15 March but this was incorrect when paid, so another pay was made on the 15 April to correct the error. She has logged onto the payroll site that provides her…
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reclaiming old BIK tax from over 5 yrs ago
hi folks, retired from the railway 10 yrs ago and I'm a lucky one who gets free/low price train tickets, I've been had BiK deductions on my tax code all this time, found out that I shouldn't have been tax as company paided a one off sum when i first retired phoned HMRC and lady there has given me a rebate back to 2018, but…
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Company Car Tax
I handed my company car back In early January this year. It was immediately handed to another employee who is paying car tax on it. I contacted HMRC (when I moved jobs and realised I was still paying tax for the benefit of having the car) to be told I still have to pay for the car until the end of the year. I did not have…
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Not paying enough tax in new job - messy issue
I started a new job on the 15th April, leaving my previous one on the 12th. I handed in a New Starter checklist to my new role when I arrived. I got both salaries in today alongside both payslips, where I've been paid for 2 weeks by each job. I've barely paid any tax on either. Both salaries are above the 40-ish%…
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Self Assessment
Hello, I am currently doing mine and my wife's SA's, I have submitted mine but have not hers, I am lucky to be able to transfer 10% of her tax allowance to mine, does anyone know when this gets done and will show on my portal? do I need to submit both returns first?
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New employment - P45 issue
I was made redundant last April (2023) long story short only in late March 2024 got a new job. Gave my P45 to them, first paycheck for only a couple days was 0T tax code which I believe is a emergency tax code. Now a few days ago the payroll team came back with the following "Please be informed this P45 will be rejected as…
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Am I on emergency tax?
Hi I would be grateful for some clarity if possible :smile: I left my old job on 5 April 2024 and received quite a hefty last wage with unpaid holidays and bonus payments. I didn't realise that their payroll period ended 7 April 2024 so this took me into the new tax year and so used April's tax allowances (I assume). My…
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Very Badly written & misleading article by MSE
Shockingly poor article on MSE's Facebook page today. Headline states that the reduction in National Insurance contributions to 8% will mean an increase in tax paid (thus a number of commenter believe that means a reduction in take home pay). Feels politically motivated.
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Non residency status 90 days and 120 day rules
Hi there. A very specific question that I’m sure many working full time abroad have faced before, so looking for some guidance. I work full time in the Middle East and have followed the rule of <90 days in the UK for the past 3 years to maintain Non-residency status. Since I have now maintained this for 3 years I believe (…
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Do Pension Contributions Affect Student Loan Repayments? - Self Assessment
When filling in my self-assessment, if I fill in my pension contributions for the year, it lowers the amount of student loan repayment I'm due to pay. Should it? I'm a self-employed, basic-rate tax payer. Eg. If my earnings are £25,000, it deducts my £3000 pension contributions (gross figure: my contributions + tax relief)…
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Self Assessment Capital Gains and Interest
Slightly generic question as I don't want to overwhelm with detail... General situation: I've done a self assessment for several years, for the last 5 or 6 years it's been very straight forward...single PAYE income plus tiny bit of interest, some pension contributions and declaring spouse receiving child benefit which I…
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Interest on Crypto but reinvested
Holding crypto on some sites now comes with interest. on the site I use, I get interest in the crypto currency, not in £. So for example, if I hold 0.0500 units of bitcoin, I might get an additional 0.0025 bitcoin if the interest rate is 5% per year. annual allowance says I can earn £1000 of interest per year before paying…
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Am I going to get a fine? CIS
Can anyone help me? I'm pretty certain we will get a fine, but I'm worried about how much we are looking at. Can anyone help me? My partner is an electrician, he subcontracts to one customer doing some one off work. They have been deducting CIS since 25th September 2023, but we weren't aware he had to sign up to CIS. He…
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Tax code and private pension contributions
Hello all. I have filed my self assessment nice and early this year and applied for my overpaid tax refund due to private pension contributions. Can continued contributions be factored into my tax code for the coming year? Thanks to my SA they've reduced my personal allowance based on estimated income. But I know I'll make…
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Tax Rates 2012/13 Article Discussion
Hi folks, This thread is to discuss the Tax Rates guide, updated for the 2019/20 tax year Please click reply to discuss Dan
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Tax relief - query on the calcs
Hi I've rarely claimed tax relief in the past, but am doing so this year for milage I've driven, in my own vehicle, for work purposes. My query regards the logic HMRC use. Their site says: "You will receive tax relief
on the amount you claimed at the rate of tax you paid. For example, you make a
claim for expenses of £150…
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Two Separate Tax Issues (Council Tax and Income Tax)
Hello, I have recently been summoned to a hearing at the Magistrate's Court to explain why I have underpaid my Council Tax of the year 23/24. I was under the impression that I had in full. The discrepancy could have occurred around when I applied for Council Tax Reduction when I was unemployed. I believe that they…