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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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Tax Relief for Mileage
So every year I submit my total miles for the tax year, the amount my employer has already paid me (8p per mile as the car is electric). It is classed as a personal car although they pay me a Cash for Cars payment every month to cover the car. This year it is saying 'Total expenses claimed can’t be more than £2500.' ... it…
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VAT advice
Hello, I'm hoping someone out there can help me. I am a franchisee (sole trader) and am selling my business. As a matter of course, the franchisor lists any resale opportunities on their website, along with new franchises available. My franchise agreement prescribes that if a buyer comes via them, ie contacting them to…
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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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tax code changed due to untaxted interest on savings and investiments
My tax code has been dropped by a small amount approx £100 due to untaxed interest on savings and investments. In the last tax year I put a a large portion of my wages into my pension by salary sacrifice so as to bring my taxable pay down to the personal allowance of £12570 ensuring I paid myself above the living wage rate…
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VAT on Legal Fees
Hi all, We're transferring the title on a small parcel of land. The solictor has provided a quote for the paperwork of £300, with the VAT being an additional £160. Is this correct? I've tried googling the VAT rates for such services but am hitting a wall. Any advice is appreciated
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How to find a tax advisor
Our son is due to start work in New York in October. He is aware that he will be due to pay tax here as he will have been in this country for 6 months of the current tax year, that he may be due to pay tax in the States and that there is a reciprocal arrangement re tax between the UK and the States. He will be there for at…
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Declaration of trust on rental property - what does it actually mean?
Hi all, Can someone please explain to me in simple terms how a declaration of trust on a rental property works? I was under the impression that if a declaration of trust was made for a rental property, the rental income could be divided how we like between the 2 parties (husband & wife) in order to avoid the higher rate…
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Tax treatment of Teacher's Pension Refund due to Goodwin Ruling
Back in the day, male teachers would have a widow's provision on their pension, but married female teachers didn't have equivalent widower's rights. Then things were changed, but if you had been working before the change date, you could pay to have service pre-change counted towards a widower's pension. The Goodwin ruling…
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IHT 403 - Gifts made out of regular income
I'm trying to reduce IHT by the "gifts out of regular income" route. Do I need all the income to go directly through my current account which deals with expenditure? Or can income remain outside e.g. in an ISA?
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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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Backdating a Council tax single occupancy discount
Hi all, I would like to solicit your opinions and advice on a situation regarding the council tax sole occupancy discount. I am relatively new to the UK. I arrived from France in March 2022, on a company sponsored working visa without kids or other family member with me. When I moved in my rented flat, I knew I was subject…
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HMRC request for backdated Class 2 NICs
I had a letter this week from HMRC saying I owed £250 in class 2 NICs from 2008-10, so about 14-15 years ago. It’s a bona fide letter and I phoned them to enquire further, eventually they answered and the chap said they can go back 20 years. I thought it was 6 years at least in terms of records you are supposed to keep.…
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Balancing payment for self assessment
I am in my third year of being self employed. I earned less for 23-24 so have just had a rebate which has been deducted from my payment due in July. However, I have noticed HMRC have added a balancing payment to next January’s installment. I understood a balancing payment was due if you had earned more than expected and…
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Higher income child benefit charge: where do I put pension?
Hi there Due to my husband having a pay rise, we are in the position where we need to file a self assessment form to pay back child benefit this year as a one off. His p60 says his income was £58000 but that hasn’t taken into account his work pension where he has paid at least £5000. Where would we put the pension on his…
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Higher child benefit charge.
Hi guy. I am an employee who is having a nightmare with the tax office. In 2022 to 2023 I have to pay the higher child benefit charge. My calculations are. Wage 52958.00 minus pension contributions of 1695.00. Leaves 51263.00. The higher tax charge being 1% for every £100 over £50000 means I have to pay 12.63% of 2636.00…
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Calculating Capital Gains Tax
Hi, My Mum transferred ownership of her house in 1994 to my sister and myself in a Trust will. We inherited the property in December 2017 when my Mum passed away ; my sister then passed away in May 2022 and left her half of the property to her partner. He is now buying my half and, as this is classed as my second property,…
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Top Slicing Relief Problems
I have spent weeks trying to determine the annual tax due for 2023/2024. Because a bond was surrendered, I have been unable to determine the precise sequence of the calculations. I have seen many examples, including some on the MSE site, but none seem to reflect my situation. Details are as follows … Income - £6,395…
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Help me work out cb tax..
Hi all, I earned too much last year and have to pay the child benefit tax. I do not yet have my p60, but I have March's payslip detailing my total wages for the year. It asks for net income, I may be being dim, but I'm struggling with what to include. My pension comes out before tax. I have a small reduction in my tax on…
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HMRC chat to an advisor online
Just wondering if anyone has managed to chat to an HMRC advisor online lately? https://www.tax.service.gov.uk/ask-hmrc/chat/self-assessment?_ga=2.208246292.743612226.1715159974-933285547.1701094917 I have found it a really useful service in the past but lately there have not been any advisors present. Just wondering if…
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VAT on company truck now business has been sold
Hi, I am completely over my head with this. I ran a coffee roasting business and purchased a truck to help transport coffee, equipment etc. After a few years I sold my business and all equipment but kept the truck. I did use an accountant paid all due vat etc. when the business was sold. I now need to sell the truck, it is…