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39 simple ways to pay less tax
Ways to pay less tax If you find this article useful then pretty much everyone you know will do as well. To show your appreciation for the hours of work that I put into it please share it via Twitter,...
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How to check if you’ve overpaid tax in 60 seconds
The quick way to check whether you have paid the correct amount of income taxIf you think that you may have paid too much income tax and could be due a refund then HMRC have a handy tax checker tool...
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How new reduction in CGT relief will affect second home owners
In the recent Autumn Statement the Chancellor announced changes to the CGT allowance on a second home which may affect many property owners and landlords in the UKWhat are the current rules in regard...
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Guide to tax due on income from a rental property
If you own a property and rent this out then you must normally pay income tax on any profit. To make sure you stay ahead of the taxman I have put together this simple guide to paying tax on a rental...
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Can we backdate our main residence nomination to avoid tax on a 2nd property...
Reader QuestionMy husband and I are thinking about putting our property on the market. Unfortunately we did not know that we needed to declare with HMRC which property is our main one to avoid tax. Can...
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Now you can settle tax disputes with HMRC in one day
Taxpayers that are in dispute with HMRC can now settle their case within a couple of hours through a new fast-track service, called an alternative dispute resolution (ADR).According to a report in the...
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New HMRC powers will allow the Taxman to raid your bank account
Taxman may soon be able to take money from your bank account if you have unpaid taxThe Government has announced some proposed changes to HMRC’s powers when it comes to collecting unpaid tax which have...
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Reader Question: What’s the easiest way to work out how much my bonus will be...
Reader Question: How much is a bonus taxed?How much tax would a person pay on £2,206? The tax payer pays PAYE rate of 40% and how do you let the tax person know? My response:The easiest way to work...
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My parents have gifted me some money – what are the tax implications?
Reader Question: What are the tax implications of a gift from my parentsHi DamienLove your podcast and website, question for you. I’ve been gifted some money from my parent and I’m considering buying a...
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Pensions: Can I carry forward unused annual allowances?
Is it possible to carry forward unused annual allowances?My wife has a SIPP worth about £28K. She has not made any contributions in to her pension for a number of years and is not currently working...
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How to calculate your net pay & check your tax code
How to calculate your net paySimply enter your annual gross salary into the calculator below & click calculate.Click here to use the PAYE calculatorHow to calculate your net bonus (after...
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Tax year end checklist – Time’s running out
With the end of the tax year (5th April) just around the corner time is running out to complete those tax year sensitive tasks before the 5th April. So below I've compiled a tax year end checklist.Tax...
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Reader Q: If I give my kids £90k will they be hit with an Inheritance tax...
Reader Question: How can I give money to my children without paying inheritance tax (IHT)Can I give cash to my family before I die without any comeback to my family? We have approx £80- 90KMy...
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Inheritance tax (IHT) taper relief on gifts explained
This is a popular question and often causes confusion. So I thought I'd lay out a brief explanation of how inheritance tax (IHT) taper relief works.But first I suggest that you download this excellent...
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How to avoid inheritance tax (IHT)
How to avoid inheritance tax (IHT)Benjamin Franklin once penned the phrase 'Nothing is certain but death and taxes' and there is one tax that covers both these terms - that is inheritance tax (IHT)....
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Inheritance tax explained
Inheritance tax explainedInheritance tax explainedInheritance tax is paid if a deceased person's total estate and certain gifts are worth more than £325,000 when they die. This level of £325,000 is...
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Here’s what you should be doing NOW about inheritance tax
Throughout my career in financial planning I've always been struck by the lack of planning when it comes to passing money on to children and the next generation.There is a false assumption that it is...
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Emergency Budget 2015 – Inheritance tax changes announced
Emergency Budget 2015 - Inheritance tax changes announcedChanges to the inheritance tax (IHT) rules were announced in the Emergency Budget on July 8th 2015. There have been calls to increase the...
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New Inheritance tax rules explained
Inheritance tax changes - Budget 2015In the Emergency Budget 2015 George Osborne announced changes to the inheritance tax (IHT) rules including a new inheritance tax allowance taking effect from April...
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Life insurance and Inheritance Tax
Life insurance and Inheritance TaxWhen assessing the potential inheritance tax liability on your death it makes sense to consider life insurance as a method of protecting your estate from inheritance...
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