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National Insurance
Trying to help out my daughter but not getting very far with HMRC or the accounts department that pay her wages. When I used online calculator on the web site (lives in Scotland), 22 year old. It says she should pay £390 N.I. however she has paid £622.35. I know the first £1048 every month is deducted from gross pay the…
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IHT: Adult child living in parents' home
An adult child lives in a home owned by his/her parents. The parents would not dream of charging the child rent or demanding compensation for household expenses or food. Furthermore, the parents say, "You are free to use our car when we are not using it". Out of interest, is there an IHT position on this?
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Can I confirm something?
Hi. I'm having a discussion on the savings forum about tax thresholds. I say that if your personal allowance is lowered, you pay higher rate tax on a lower amount than if your allowance is standard. ie your personal allowance has been lowered to £8000 due to exceeding your PSA. Therefore you pay higher rate tax on any…
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Tax allowance Frozen till 27-28
Does anyone know what will likely happen in year 2027-28? The govt have frozen the tax allowance at £12570 per year (the amount you can earn before paying any tax) This is frozen until 2027-28 By which time under normal circumstances it would have grown to circa £15,990 So what happens when the freeze ends.... Do we just…
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how to clarify self-assessment status
My partner hasn’t worked for a number of years due to ill
health. She cannot recall whether HMRC ever sent her a self-assessment form to
fill in, and if they did, whether she filed a tax return. She has no income to
declare, but doesn’t have a letter from HMRC telling her that she doesn’t have
to file a tax return. She’s…
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What does HMRC do with the other 25% on pension contribution?
Hi All, I pay £80 into my pension. The pension tops it up with £20 to get me up to £100. As a higher rate tax payer, I then file a self assessment end of year to claim back £25 from HMRC. I heard the extra £25 doesn't actually go into your pension pot aswell. I was told the HMRC can treat it any way they want, including…
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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…