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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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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…
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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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Uniform tax
Hi. I have just managed to claim for my uniform expenses and i did it for the last 4 years. They have said how much Ive overpaid for each year which surely means its what they owe me. Theres a £10.80 £21.55 £32.20 and £12.80 yet my letter and cheque just says that they owe me £12.80 and thats it. I dont understand where…
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New Tax code & massive deduction
Hi all just got my paycheck and found HMRC have taken out an additional £700. Compared my payslip to the previous month and the new tax code is K1565 NONCUM (the old was 1257L NONCUM). In mid August I switched jobs and went from £87k to £107k per annum. I got paid twice in that month from both employers. I visited the HRMC…
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Can I reclaim tax and NI
I recently started my first job in November 2023, prior to that I was unemployed for around 1.5 years after graduating in 2022 and received universal credit during that time. According to my P60 I received this week my tax code is 1257L M1 Pay £9647.09 Tax £880.40 NIC £462.91 Am I right in believing since it is below the…
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Marriage allowance
wondering if someone could clarify something for me. I'm self-employed and I noticed that 3 years ago I only earned around £6000 and could have transferred my marriage allowance to my wife, if I do a back dated claim for only that year I take it the allowance won't be automatically applied to all following years as I…
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Inheritance tax implications of gifting to a limited company?
I am thinking about a scenario of a parent and son, where the son is
a sole director of a Limited Company. The parent gifts the son’s
company 400k. If the parent then dies within a year of making the
gift, am I right in thinking that the company would bank the 400K
without any tax implications? If this 400k would have…
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Question about tax rules on Long Service awards from work
I have just heard that I am getting a Long Service award to the value of £500. I understand why we are not allowed to have cash because of tax rules but why is the university not allowed to buy a travel gift voucher for a chosen travel company on our behalf or a store gift voucher which doesn't need to be spent in 1 go? I…
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CGT calculation on 2nd home
Unexpectedly, in our mid 70s, we have just seen the perfect house for our later years of life when our current one is too much for us to manage. We are in the very fortunate position that we can buy it outright without selling our present home. And, in any case arent ready to sell the home we have lived in for over 40…
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how do Inland Revenue determine on whether to apply tax to dividend or interest?
I will be over the personal allowance by £1500 this year. My income includes dividends (7000) and interest (3000), both of which are over the tax free limit for each. It would be to my advantage if the considered the £1500 that is over the personal allowance to be Dividend payment vs Interest payments as dividend attract…
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Working from home expenses
Getting everything together ready for my tax return, just looking at what I can claim for working from home expenses. I'm employed on PAYE. Initially I worked remotely due to the distance from my employer, they've now gone one step further and closed the UK office so everyone is now working remotely. My workspace consists…
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Querying national insurance overpayment?
Hi all, I've just gone through my current and previous tax years and cannot make sense of my national insurance payments. I've typed my yearly salaries into income tax calculator websites to work out exactly how much tax and NI I should have paid but they don't match what shows on my government gateway account. I don't…
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Capital Gains Tax 6th April 2024
If selling a flat which was a buy to let, to avoid paying more tax and make the most of the £6000 allowance, do i need to have filed a CGT form with the HM Revenue and just inform them, or do i need to have paid the monies by the 6th April 24? Or is that i just need to have completed the sale? I was told that the allowance…
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Seeking Advice on Claiming Tax Relief for Home Office Expenses
Hi everyone, I'm currently filling out an online HMRC form and could use some guidance on claiming tax relief for home office expenses. Specifically, I'm interested in claiming "Tax relief for expenses of employment" related to using my home as a work office. I've come across the option for a simplified flat rate allowance…
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marriage allowence
My wife sent a claim form in for marriage allowance over a month a go and as no reply what do we need to do
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Capital Gains Tax : sold our home/b&b
We have recently sold our main home of 8 years. For 6 of those years approx 8% of the home was used for only 40% of the year as a B&B the rest of the year rooms were used by family or empty. Finding conflicting advice regards CGT. Has anyone else recently had the same experience ? Because its not exclusive business use are…
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Pension Contributions to stay under £100k
Hi, I am in the very fortunate position to have been offered a role with £120,000 salary, there are limited other benefits but the business is open to splitting this as required for my maximum benefit. For context I am not married but we have 3 children (0,3 & 5) meaning I currently have 1 in nursery and next feb will have…
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IHT and/or income tax on a lump sum payment from US based pension fund?
Hi, Apologies if this is something already covered elsewhere but I've searched in vain on the forum and also on the internet. I originally posted this question in the death/funerals/probate section but it was suggested that I may get more response here due to the unusual situation. Can anyone tell me how UK IHT and income…
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Increasing salary sacrifice into pension to reduce property income liability
Hi all, I am considering buying a property as a buy to let but am concerned about my tax implications. I have done BTL before but the tax regime and my situation have changed since then. As I am currently just below the 40% tax threshold in my day job, the income from property would push me well into the higher tax rate…
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Crossed 100k due to bonus - next steps
Hi all. For the first time this year my annual income crossed the 100k mark, so this world of tax is new to me and looking for advice. Base salary is £95,360. A bonus of £28k was received. My tax code is 1257L. I pay 7% into the company pension via SS. Also £110pm private company medical EE pre tax. I understand I will now…