-
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…
-
New higher salary
Hi guys, I've just jumped from £40k a year to almost £69k a year. I worked in the NHS and I wanted to check if there's any traps I need to be aware of, and if you were in my situation, what you would suggest I do with the extra. I have a mortgage on a 2 bed flat, I am married, student loan, no kids or pets. I own…
-
IHT recording giving advice
If DH and I died (one after the other) the second person to die's estate would not be liable for IHT at the moment. However, our house is gradually increasing in value and as I have elderly parents it is possible we may inherit some money and that would put the estate above the threshold for paying inheritance tax. We have…
-
High Income Child Benefit Charge - how to reduce it for 2026?
Hi - I have just signed up for the HICBC to be paid by PAYE instead of by self assessment (the only reason I filed a self assessment was the HICBC). I will need to file a self assessment for 2025. After reading some docs on the PAYE service, I am concerned I may be liable to pay the HICBC for 2025 & 2026 from April 2026.…
-
Marriage allowance - fiscal drag
I've been in receipt of the 10% allowance from my wife ever since inception in 2015. So it's become part of the tax background - and I'd completely forgotten it only remains relevant to basic rate payers! My fault entirely. But - owing to the freezing of the personal allowance and a particularly good year for pension…
-
Moved: State Pension and self assessment for capital gains tax.
This discussion has been moved.
-
IHT – unmarried and childless? Discriminatory IHT .. needs reform !
Hello, a very long time lurker .. first time poster .. so please go easy ! As it stands, my understanding is that members of the “unmarried, childless population” people don’t get the additional “benefit” of the £175k Inheritance Tax Residence Nil Rate Band (RNRB), so are stuck with a measly £325k IHT limit and then will…
-
Onshore Investment Bond Gain.
If the basic rate of income tax is raised will the tax already paid by the insurance company cover it or will more have to be paid. As it is a large gain over 25 years it would be very expensive and I'm tempted to cash it in right now.
-
US Estate Tax on US listed Shares on death?
Can anyone comment on the US/UK tax situation when a UK resident dies with a holding of US (NASDAQ) listed shares? I see that US Estate tax may be due if the assets are worth more.than $60k. But I have also seen some discussion that a double taxation treaty may apply?
-
Tax relief on additional pension contribution
Looking for some advice on reclaiming tax for a one-off additional contribution. I made a one-off payment of £4k directly from my bank account to my workplace pension, hoping to benefit from tax relief (I'm a higher rate tax payer). I was expecting this amount to be topped up automatically by my pension provider (Aviva)…
-
High Child Benefit Charge - PAYE
Morning - I pay the HCBC via self assessment but registered for paying this via PAYE yesterday. Today the HMRC reduced by tax code from 666L TO 333l. I think they have included the charge I need to pay for the current tax year - I thought I would not start paying this until April 26 i.e. spread it out over 12 months. Can I…
-
Council Tax band calcukator
I wish to ask if anyone can advise where I can see a property price calculator in order to see the actual value of my property in April of 1991. I know the estimated value was between £88.000 and £120.000 but what the true value was and is a mystery.
-
Claiming some tax allowanve fro wife who does not pay tax
I did claim this allowance but how can I check that it has been added to my £12,750.
-
Self Assessment (SA100) Advice
My wife and I run a small business together and are registered as a partnership for tax purposes. Profit from the business is our only source of income and the share of profits is split 50/50. For the purpose of this post, let’s assume profit for the last tax year was £50,000 in total. We’ve completed a partnership return…
-
Missed Nationwide payout off tax return
24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait or take action?
-
Winter Fuel Allowance and HMRC
Can anyone confirm if you have to inform HMRC when you opt out of Winter Fuel Allowance? I have opted out but don’t want to find my tax code altered next year due to DWP not speaking with HMRC. One would expect that two Government departments would share the information but I’m not convinced that will happen!
-
Self assessment/ lump sum to Sipp
I just made a lump sum payment of £4800 net into my Sipp over and above my usual monthly contributions, I may or may not do the same next year (26-27) but it’s quite likely. I’m a self employed sole trader and will start getting a military pension next month, which presumably will be under PAYE. Should still be basic rate…
-
Calculating whether any CGT on sale of shares
Can anyone help me sort out how to do this please? I am intending to sell all my shares, which have a total value of around £9-10k. They are shares in 4 companies (Barclays, BT, BP and Lloyds). Most were inherited by my husband in 2001 but placed in my name as he was by far the higher earner at that stage. I think Barclays…
-
Tax on non-ISA savings interest
Hi, In January 2025 I got a tax bill for interest accrued on non-ISA savings for the 2023-2024 year. I agreed with the amount (£3668, of which £2668 was taxed at the 20% rate). My tax code was adjusted accordingly. A few weeks later in February 2025 I got another tax bill for a similar amount (approx £3100 interest) and my…
-
36% IHT rate
Please could
someone check if these calculations are correct about reducing IHT to 36% when leaving
10% of a net estate to charity. 1) No gift
to charity Gross
estate £1,200,000 Less NRB
and RNRB (£500,000) Net taxable
estate £700,000 IHT at 40%
£280,000 Amount to
legatees £920,000 2) 10% gift
to charity Gross
estate…
-
capital gains tax
Can anyone help me with this please ? My in laws owned their house as Tenants in Common which meant their share of their house was independent of the other. My Mother in Law died in 2010 leaving her share of the house to her 2 children equally. Probate was granted The house was retained and let out whilst my Father in Law…
