-
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…
-
Capital Gains Tax
Hi, I purchased an ex council property in 2000 when it was valued at £57,500 for my MiL. Property was gifted to me 2015. No valuation was carried out. A neighbouring property was sold for £135,000. I re-mortgaged property 2024, when it was valued in excess of £120,000. I have sold property for £90,000. Am I liable for CGT?
-
Can I avoid higher tax band for last year?
I'm just getting everything together for the tax year ending 2026, I notice that my salary income and fees I received come very close to the 40% tax band. I wonder if I can slip into the basic rate tax band my queries are: Does savings interest form part of the "Income after allowances" on which tax bands are based?…
-
Inheritance Tax
My wife and I have a property in joint name worth about £800k and she has savings in bonds , ISAs etc plus cash worth about £500k. In the Will I will be inheriting whole of her assets if she dies before me. We have a Mirror Will. Will I be liable to Inheritance tax as her assets will be worth £900k. Kind regards Ash
-
Tax effective charity donations
My husband has died recently and I have started up a fund with a charity in his name, to which I want to donate £50000 over 10 years. I currently earn just under £50000, and have savings where the interest will push me into the higher level of income tax. My inheritance from my husband is below any level for probate or tax…
-
Declare YBS small change big difference on self assessment?
Hi, Helping my dad fill out his self assessment online for 25/26. Having never done it before I'm just wondering if the 65p interest which YBS take for the SCBD charity needs to be declared in the 'did you give money to charity ' section. Thanks
-
Software advice for HMRC MTD for Landlord
We're a small landlord. We usually use our accountant to file our annual return. With the new Making Tax Digital system we need to do quarterly updates to HMRC. We also sell enough on eBay to need to include that as well. Can someone point me to a software that is reasonable cheap (or free) that is MTD compatible that we…
-
Trying to Understand the 22% Tax on Savings.
I’m having a blind spot and hopefully someone can help me understand this. I am a higher rate tax payer simply because of my Bank & Building society Interest (BBSI). Thus far when submitting my self assessment it hasn’t made any difference in which way the figures are entered, if it hits the 40% level it’s taxed at 40%. If…
-
Saving tax on investment property
My brothers and I own a house that's been converted into 4 flats. The flats are let out on ASTs, and we own the freehold. No mortgage. We've owned it 40 years, and it's gained in value. That's where we're starting from. We now want to sell off the flats individually, with new 999 year leases at nil ground rent and with a…
-
Tax Codes & Starting Rate For Savings
I have just got off the phone with HMRC, and the operative seemed to suggest that my wife will not benefit from the “starting rate for savings” due to me using the marriage allowance. Is this correct? Her tax code was 1131N (2025/2026 tax year) but has been reduced to 940N for the 2026/2027 tax year. She paid no tax on her…
-
LTIP - Tax reclaim? (Scotland)
My wife was awarded a chairmans award by per employer (Long Term Incentive Plan). She has since retired during the last tax year. We waited until the current tax year before exercising and holding her shares. At time of exercise we paid the administrator the estimated tax. During this current tax year she will minimise her…
-
Tax calculation
Can someone help me understand why dividends seem to be taxed at 20% rather than 8.75/33.75%? HMRC: Pay from all employments £49,318.00 Dividends from foreign companies £548.00 Interest from UK banks, building societies and securities etc £415.00 Dividends from UK companies £428.00 Total income received £50,709.00 minus…
-
HMRC Self Assessment service showing “unavailable” message
Is anyone else having issues accessing Self Assessment on the HMRC website? It has not been working for me for at least the past two days. Yesterday and today I have been seeing the following message: “Sorry, the service is unavailable. You will be able to use the service later.” The HMRC status page indicates that all…
-
Capital Gains on Inherited Property
Hi all I'm a bit confused as to whether or not we need to pay capital gains tax. Mum died end of February this year and the sale of the house is currently taking place. The house was in trust for myself and my sister. As the property had been held in a family trust, probate wasn't necessary. Mum had lived in the house…
-
IHT Allowance - IHT402 and IHT400
My mother died in 2013 and left everything to my dad. My father has recently died and has left £10k each to his two grandchildren and the balance of his estate (approx. £560k) to his two daughters (I am one of them). We are trying to apply for my mum's nil rate band to be transferred to my dad's estate (100% as my mum…
-
Duplicate Government Gateway account and self assessment - Help
Hi, I have just opened a Government Gateway account and registered for self assessment. When I got to the end of the process and was told that I already had a Government Gateway account and was to use the original one. I completed the forms for Self Assessment on the duplicate account and was expecting the 2 accounts to be…
-
Overpaid income tax 2025/2026
Looking for some advice regarding overpayment of income tax for 25/26 tax period,The overpayment is a result of an unusual set of personal circumstances of approx £4500. I know that HMRC say that any under or over payment will be resolved between June and October 2026 for the previous tax year. In peoples experience is…
-
Long term planning - reduce tax bill
Hi, Is there anything further that I can do to further reduce tax charges? Currently I do the following: Put the max £60k per annum into my workplace pension Use my full £20k per year ISA allowance Give my wife any spare cash to put into her ISA Put the maximum £9k p/a into my chidren's ISAs. The idea being that they can…
-
Tax Self Assessment and marriage allowance
I am filling in my self assessment for 2024/25 I had the marriage allowance in place to transfer 1260 of my personal allowance to my husband for tax year 2024/25 I cancelled it for tax year 2025/26 onwards On self assessment it says if you already have a transfer in place (as I did) you should select "NO" to the question…
-
How to calculate Rate Band Adjustment?
I have 3 sources of income - 2 pensions plus a state pension. Cumulatively they take me into the Scottish Higher rate band but neither one of the private pensions on their own do. So my tax code includes a deduction for the state pension plus a rate band adjustment. My other pension has a tax code of SD0 which is all at…
-
Personal Allowance and Pension Tax Calculator
Hi! My salary is currently £100,000 and I have the potential to earn ~25% bonus annually, paid out in March. This is variable depending on performance / business results but is typically around £25,000. I completed a self-assessment for 2021/2022 in December 2022 and had an overpayment of £2800 which I'm repaying over 12…
