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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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Voluntary NI payments applied
Hi, I had a shortfall for 2008-09 and 2009-10 that I was eligible to make voluntary contributions for. I did so in December 2024 and today received a letter from HMRC with the below, dated 7 July. As I understand it, it shows that I now have 52 weeks for both years (36+16 and 52). I logged in to my HMRC account and looked…
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Self Assessment
Having a nightmare with my tax return on Self Employment pages. Last year 23/24 involved Transition arrangements as my year end was not aligned to the tax year so they prorata ed my accounts ending 30/06/24 using the part to 05/04/24. I then altered my year end accounts to 31/03 to make life easier going forward. So now I…
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Which scenario would be the most tax efficient
Starting in August, I will be self employed for the first time (driving instructor). I have a car which I bought in February using a personal loan and after having dual controls fitted this will be the vehicle I’ll be using to teach learners. I am now in the position where I have enough money to pay the loan off in full…
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Investor Relief GCT EMI 2024 Tax Year
Hi there, hoping someone can help. I was awarded some EMI shares in November 2021. The company went through a transaction in February 2024. I rolled my EMI shares into the new structure and they became ordinary shares. I was advised to claim the 10% on the disposal of shares as when the company sells again this will be…
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A Weird Tax Problem
Hi! I am just trying to help my daughter as she has a really weird situation going on with her tax. So it all started in 2022. My daughter noticed a random company appear on her online HMRC account that she was supposedly working for and because her actual employer for the job she did work was also there - she was suddenly…
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National insurance payments with two jobs
Hi, can anyone help with the following query? I have two jobs, one earning £45k a year and the other earning 30k a year. I understand that I pay NI on both of these jobs @ 8% as I earn above the weekly threshold of £242 in both jobs. My question is if I was earning the above amount from just one job I would pay 8% on my…
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(daft question warning) Posting multiple self-assessment returns
I need to post 24/25 self assessment returns for my two children. They are under 16 so it has to be done via paper forms. Can I post both sets of printed forms in the same envelope? (or is each envelope registered/scanned individually, causing issues with more than one return in it?) Follow-up question - as it is only July…
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Advice Required for Employee looking to become Employee + Sole Trader
I am employed in a full time position (Monday to Friday) where I contribute to a company pension scheme via salary sacrifice. A recent role change (which I'm very grateful for) has seen me earn into the higher tax band. I've not paid that much into the pension over the years and I would like to increase these by taking on…
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IHT question about owning 2 properties and estate valued over 1 million
With pensions about to be inc in IHT, many more people who have worked all of their lives will fall into this trap and millions more over the next decade or so I'm aware re the one million exemption ATM If the estate was worth more than a million as things stand and someone wanted to pass on percetanges to their children…
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HMRC 6 month backlog on refunds? Anyone else?
After submitting 23/24 SIPP contribution figure (via SA) to HMRC in Oct, my OH's account is showing that she is due a (correct) c.£2k refund to cover the additional relief for a HR tax payer. She requested the refund Oct 28 and has the reference (&screen shots) to evidence it. The standard statement indicates it should be…
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Tax thresholds 2017/18/ 18/19 19/20
I have just been told by HMRC (self assessment department) that the tax thresholds for 2017/18, 2018/19, 2019/20 were, respectively, £8,164, £8,424 and £9,504 and that I owe national insurance contributions for those years of just over £100 per year. The National Insurance department says I do not owe anything. And my…
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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…
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Deed of variation
Last year from my savings I gave my daughter £20,000 to put into her SIPP to regain her tax and also £20,000 to my son to put into an ISA and LISA to maximise his allowances. He is a non tax payer so I also put £2880 into his SIPP to be topped up to £3600 by the government. These of course are PETs above the usual gifting…
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Crane Oversailing License Taxable?
We have a large care home being built next door and we potentially have agreed a 5 figure crane oversail license for 12 months. Would this be classified as taxable income? If so, as the property is in both me and wife's name, would we split the fee 50/50 for our tax calculations?
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IHT
I am UK resident and have £325.00 before paying 40% tax. Is my deceased non UK husband also have £325.00 allowance to add to mine. Non resitent in UK. Tks
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HMRC sending 4 MILLION income tax refund letters – how to tell if yours is genuine
The tax office is sending around 4 million income tax refund letters between June and August. But with scammers commonly posing as HMRC, we talk you through the steps you should take to make sure your letter is genuine, and how to claim any money you’re owed. Read the full story: HMRC sending 4 MILLION income tax refund…
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Unexpected Chargeable Event gain
Hi helpful money savers, I’ve already filed my 2024/25 self-assessment return, which included income just slightly over the higher-rate threshold due to variable earnings and poor planning on my part. I’ve now unexpectedly received around £10,000 from a deceased relative’s life insurance investment bond held in a loan…
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Tax allowances/code & 40% band
Resolved this now
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Thought Self Assessment had processed, now got £440 penalties - help!
Hi everyone, I have been self-assessed for some years now. I did not file my tax return on time, due to health issues (mine and in the family) so expected to pay £100 fine, which I was annoyed with myself about, but could not really dispute as I should have done it. I thought it had been done on 7/2/25, downloaded the…
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Copy of tax return from accountant
We normally do our own tax returns as we have a fairly straight forward situation. This year however my husband has had a few changes which has resulted in his tax return being more complicated. On this basis we are going to get an accountant to do his and due to the prices we have been quoted, I will be doing my own still…
