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Working out net pay with BIK & salary sacrifice
Hi all Please can someone tell me if I am working out my net pay correctly. My employer does not payroll BIK so I get a P11D with company car valued at £5,589 and medical at £437, so a total of £6,026). Salary £55,237 8% Pension salary sacrifice £4,419 Taxable pay £50,818 Personal allowance £6,544 (tax code 654L - £12,570…
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A simple guide for CGT liability on GIA please?
Hi all. I'm a slow learner, so please be kind as it appears CGT is simple to understand. I've searched around looking for a dummies guide, but can't find one. A few examples in my head and say 3K is the limit now. I put 100K in a GIA and buy 4 different units 25K each. In 4 years time GIA is say 140K Units value is 50, 50,…
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Non tax payer
My wife had to stop work in 2022 due to ill health, and is unlikely to be able to go out to work again because of her condition, she had been self employed for quite a few years and has another four years before she will get her state pension. there is a minefield ahead for her to go through the benefit system having never…
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Marriage allowance, what upper income is actually used calculate eligibility
I wonder if anyone can help? I would like to know what "income" the marriage allowance is actually worked out on. My husband income is technically over the £50270, but with various things, pension contributions and a few tax reliefs things(WFM Gift aid etc), he only get taxed at 20%. Can I transfer the Marriage allowance…
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Timing of tax payments
I want to confirm something. I receive all my income gross and therefore pay tax on self=assessment. In 2024/25 I will have a one time significant increase in income. For 2024/25 I would normally pay my tax on 1 January 2025 and 1 July 2025 with a balancing adjustment on 31 January 2026 for any over/underpayment. The…
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Capital Gains Calculation
Hi A quick question (hopefully). I bought my house with my ex-husband in 1998. We've since divorced and a new mortgage taken out on the same property with my now husband in 2007. Which date should we use for the capital gains tax calculation? Or do we use the earlier date for me and the later date for my husband?
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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…