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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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Calculkating NI contributions
I have obtained the following calculation on gov.uk in respect of Tax and NI deductions on presumed income of $400.40 per week. https://www.tax.service.gov.uk/guidance/self-employed-ready-reckoner/outcome/calculation-result One assumes it is correct as it is gov.uk, but I was wondering what was going on with NICs? The…
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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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Hmrc letter about non declared rental income
Hoping some of you can assist me with this quagmire. I have recieved a letter from hmrc about suspected non declared rental income. I live in my own mortgaged home with my wife and baby since 2017. We had my sister and brother in law move in with us due to their personal circumstances just before covid and to help them out…
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Offshore income and gains/losses
I had a thread a while back (see https://forums.moneysavingexpert.com/discussion/6395698/cgt-unreported-loss-from-2019-20-but-is-it-a-loss ) about helping a friend with her income tax and am happy to say that things have turned out well, again thanks to @Jeremy535897 for his help! So... my friend's offshore portfolio has…
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Commercial vehicle windows
Hi everyone - my accountant is currently away for a little over 2 weeks and am in a hurry to source a new vehicle which I’m finding confusing and was hoping some kind folks could help. I am a videographer who travels around filming for clients, and need a van to fit my gear. However I regularly travel with a crew and need…
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Did I overpay CGT?
My mum passed away in 2021, my brother remained in the house. I moved out approx 2018. I was the executor for her estate and sold my mum's house in 2023. I got a letter from HMRC saying I haven't paid capital gains tax. I thought I'd worked it out correctly and had to pay approx £2k as the house value increased by about…
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Income tax and pensioners
I've just realised that the combination of freezing the personal tax allowance and increasing state pension has put my Mother's income about £200 above the personal allowance. Is it her (i.e. my) responsibility to point this out to HMRC? Or will they spot it themselves? Or will they not bother to chase a 90 year-old…
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Sales Vat and Import Vat
I'd value your thoughts about the following situation: I wanted to buy an item from Italy listed at £116 (GBP) but alas the shipping is £19.50 bringing the total to £135.50. I asked the company if they could perhaps charge me in euros, so that I could choose a day with a favourable exchange rate which would bring it in to…
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finding a roofer not registered for VAT
Am I right in thinking that it is legitimate to hire a firm that is not registered for VAT which allows a saving of 20% vat on an expensive roofing job? If this is correct, how to go about finding a reputable roofer who is not registered?
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Business Mileage Allowance with Company Fuel Card
Since my company replaced company cars with an allowance, I lease a vehicle for business use. My company provides a fuel card and each month I submit my business miles; they then calculate a business mileage cost using a rate of 20p per mile and the difference between fuel purchased less the business cost is charged back…
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Received self assesment form?
I received a letter from HMRC regarding a self assesment return I need to fill in online. Im not 100% sure why they have sent me this letter and I can't get through to the Self assesment department when I call (90 min wait and a 65minute wait in the queue) Long story short a lady who works for a legal firm was in the break…
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Salary Sacrifice
Hi, New to the idea of this so have some questions I can't find answered easily on google. Wondered if anyone here could help: If I was to take part in a salary sacrifice scheme with my employee, equal to the amount I put towards a workplace pension, would I get a reduction on all my deductions, i.e. Income Tax, NI and…
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CGT deferral relief and EIS
Hi, Appreciate any thoughts. In a scenario of : A BTL property was sold realising a £62k gain, (£56k after
the £6k allowance reduction) and giving a CGT bill of £15,680 (@28% as a HRTP). I invested £20k in an EIS in the qualifying period and so
could defer 35.7% or £5600 of the gain (as £20k/£56k is 37.5% and 37.5%…
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Offshore Life Assurance policy drawdown
Hi, I have an offshore life assurance policy that I contributed to whilst a non-UK resident. I have since moved back to the UK and contributions stopped. I now want to cash-in a portion of the life assurance policy. I understand that I need a chargeable gains certificate. I also understand that I can withdraw 5% of total…
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OUR HOME IS 2 ADJOINING SEMI-DETACHED HOUSES - IS CGT PAYABLE ON SALE OF ONE??
20 years ago we purchased a semi-detached house. 5 years later, with a growing family, we purchased the adjoining semi and gained permission to create 2 openings, on the ground and stairway, to allow free access. Since then for 15 years we have lived in both houses combined as our family home making full use of all rooms.…
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P45 pay entries
I was comparing the amount in 'Total pay to date' in Box 7 of a P45, from this year 23-24, with the amount shown in my final pay slip and noticed the value in the pay slip which correlates with the P45 value is actually the 'Taxable pay' in the pay slip. Isn't this incorrect and the amount shown in the P45 should be the…
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Self assessment question
Hi, I am employed so all my work earnings are taxed through PAYE which is fine. However, I have got to the stage where I am having to declare dividend income and interest received each year which is over the respective allowances, although below the materiality threshold for completing a self assessment per the gov.uk…
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Informing HMRC of NEST and SIPP contributions
In the 23/24 tax year my wife's taxable earnings were over £60k but her NEST and SIPP contributions keep her out of higher rate tax, Does she need to inform HMRC of the NEST contributions? What's the simplest way to do this? Will HMRC estimate the NEST and SIPP contributions for 23/24 to be the same as 22/23?
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Capital gains on inherited shares
Hi I inherited shares from a relation on his passing over 10 years ago. I believe that if I sell the shares capital gains tax would be paid if the value of them is more than when I inherited them? Also how do I find the value of them from the date of my inheritance and what if the value is less now thanks
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Self employed tax refund delay
Hi, I’ve submitted my self assessment for 22/23 in October and have overpaid tax over 2k, I’ve requested a tax refund in November since then the status of the repayment has stayed on ‘’not yet used’’ I’ve rang multiple times each giving me a 3 week extended deadline that they will write to me or to call back, all they’ve…