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MSE Income tax calculator vs HMRC - WHO'S RIGHT??
Until recently I have been in receipt of an employee's salary, plus a pension from a previous employer. I have been checking the income tax I've paid over the last few years from the actuals I've had deducted by HMRC against the MSE Tax Calculator. The pension tax code is D0 and the figures from HMRC and MSE are the same,…
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Marriage Tax Allowance
Hi I would like to apply for the above and see that the word EARNINGS is mentioned. Is a PENSION considered as EARNINGS? Thanks
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Penalty charge error
I filled in the self-assessment questionnaire on the HMRC website and was told I don't need to put in a tax return. I have now been sent a penalty charge notice. Is this normal?
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MSE's Council Tax Discounts guide
Hello everyone, We've written a brand new guide on Council Tax Discounts. This is the discussion thread for that guide. If you haven't already, join the forum to reply. Thanks, Kit
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National insurance
I earn under the tax limit even when I work overtime but when I do work overtime it takes NI out of my wages. How do I get this back ?
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Company still paid me after I left the UK - what does this mean for my tax?
Hello, I am in a fairly unique position where my previous employer was still paying me for a few months after I left the UK to go travelling (despite handing in my notice and resigning). After checking my UK account for the first time in months, I noticed this and did the right thing - I got in touch with the company…
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Private Pensions contributions - dealing with HMRC
Hi All I am a higher rate tax payer (40%) I am lucky enough to have 100k that I would like to transfer into my private pension pot. To smooth the investment out I will transfer £4,167 per month for 24 months. My private pension provider will automatically apply the standard 25% tax relief to the contribution. Given I am in…
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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Trading allowance
Hi I stopped being self employed in Dec 2023(HMRC have been notified) When I fill in my final tax return can I still use the £1000 trading allowance?
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Is this an effective strategy to stay within £100k tax bracket (avoid 60%)
If my salary is £112k and my work pension scheme set to 'net arrangements' and in the interest of remaining within the £100k tax bracket, can I pay £12k (monthly or as lumpsum bend f each march) onto a SIPP (non work related, RAS)? ps. yes, overall annual figure would stay <£60k AA.
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£27k estimated taxable income, but I have not earned this?
When should I get a letter confirming my tax code for the new tax year? My husband got one weeks ago and I want to check what tax code I will be on in the new year. Can someone help explain this: I went onto the portal and HMRC have me down as £27560 as income I do pay tax on, but I only earned £12,500k this year... where…
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Tax reduction beyond pension contributions. What else is available?
I've maximised my pension contributions this year, reaching the £60K limit through salary sacrifice, and have exhausted my allowances from previous years. Even after sacrificing £60K from my salary, I still have slightly over £100K remaining in income for the year. Are there any other avenues available to minimise tax…
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Self Assesment Help
Hi everyone i have seen similar topics but thought be easier to explain if i start my own, this year i startered doing call out at work so i get my basic pay plus call outs and obviously that changes every single month, i am currently on track to earn over 50k and i am aware i will have to pay some of my child benefit…
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Cutting off 60% tax trap
Going around the circles between my HR/Payroll, HRMC and Youtube so here for your rescue please! Thanks in advance. I am trying to figure out how I can avoid getting trapped by the 60% tax over £100k. My basic salary is £111,200, employee benefit allowance of £7k, annual bonus of £20k (paid 20th April 2023 during 2023/2024…
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Getting out the 40% Tax bracket by increasing Pension Contributions.
Hello all, As per topic really, but with a little twist. Scenerio Full time employeed @ £46500 per anum 10% Pension contrinution under Salary Sacrifice system. Part time £6500 per annum paying income Tax. No pension. Result £53000 per annum, if I up my pension to 15% on my main job am I right in thinking that would drop me…
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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IHT & Options
Hi My Dad passed away at Christmas, he and my Mum had a joint mortgage which myself and 2 siblings have since paid off with money my Dad left us. So my Mum still lives in the house alone which is worth approx £240k. My Dad left the house to his 3 children ie us in his will. But as my Mum is the joint owner I believe she…
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CGT following a house sale - questions
We have completed on a house sale this week. The sale price ended up higher than the probate price so I guess we have to pay CGT on the difference. 2 questions: 1. Is CGT paid individually? The house was jointly inherited by my partner and her brother. Do they each complete a form? Using 50% values? 2. It looks like CGT is…