-
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…
-
Anyone Else Having The Same Problem With HMRC?
In order to ensure my wife’s transition to Self Assessment in FY 26/27 I tried to make sure that she would start SA with a zero balance. I contacted HMRC asking what was the figure owing for 24/25 because they had NOT finalised her account. Their figure of £1650 agreed with ours and I paid it on 3 March. A couple of days…
-
New Tax Code number 26/27
My last year code was 175L and the new year will be 124L. It tells me I will pay £150 more tax for the year. I'm confused as to the new code. I was expecting a way of seeing how they claimed the winter fuel allowance back but I'm thinking this shift is not it. The blurb on the website mentions "Minor company benefits, like…
-
Have I misunderstood the 'marriage tax allowance'?
As above When I was completing our online tax returns last night, I looked into the above. Therefore, the benefit of marriage is - saving about 200 in tax a year
-
SIPP contribution tax reclaim.
was made redundant made redundant a few months back. Received my redundancy payment and was taxed on it PAYE at 40% for everything over £30k due to the timing of the redundancy and also far into the tax year we were.wevwer i'm looking into investing some of it into a SIPP in order to claim some of the tax that was deducted…
-
Making Tax Digital (MTD) for Landlords
If you receive qualifying income from self-employment and/or property, you’ll be legally required to use Making Tax Digital (MTD) for Income Tax – based on the level of qualifying income – from the following dates: • April 2026, if your qualifying income is over £50,000 in the 2024 to 2025 tax year • April 2027, if your…
-
Making Tax Digital. Do I need to install new software?
Hi all, HMRC have sent me a letter about the new Making Tax Digital software. They say I need to purchase software in order to 'record' and 'report' my income and send quarterly updates. I have an accountant. Each year I send him all my receipts and spreadsheets showing income/outgoings. He then submits my SA using his…
-
Declaring partner for joint Council tax i.e. adding to them to the account
My partner has moved in and I want to add him to the council tax. He has been here for a little while. I also will need to have the single person's reduction removed. I would very much appreciate if anyone would share their experience with regard to what I can expect or advice of what to do etc. Thank you.
-
Volunteering for School but unsure on tax implications
Hi all My Father (a self-employed builder) is kindly building a shed for my daughter's school for free (material costs only). This isn't something he has done before so I want to ensure he covers himself and does everything correctly regarding records for tax purposes, especially when doing something so generous for my…
-
Do I need to have software?
I am a registered partnership with my wife and have been trading on eBay for several years. I fill out a partnership tax form every year and want to know how the new tax reporting will effect me. I use a simple spreadsheet to record income and expenditure. My turnover is less than £20,000 per year with about a 15% profit.…
-
married couples allowance
I have followed Martins advice and "borrowed" £1260 from my wife's allowance, if she survives me does she automatically get that allowance back or does she have to claim it back?
-
How to prepare for MTD ITSA from April 2026?
Hi everyone, I’ve been reading about Making Tax Digital for Income Tax (MTD ITSA) starting from April 2026, and I’m a bit confused about how to prepare for it. Do we need to submit quarterly updates manually, or is there software that makes the process easier? Also, what’s the best way to track income and expenses to stay…
-
Company car - Mileage rates - Tax return
I recently opted into the company car scheme. I am due to complete a self assessment after the financial year end. The company I work for pays 14p per mile - the current government rate is obviously 45p per mile. Is it just 20% of the 31p difference I can claim back or can I claim the full 31p back? My salary is £53k if…
-
Inheritance tax 'normal expenditure' for married couple
For demonstrating gifts out of surplus income, I believe it's expected that household expenses will be split equally between husband and wife. That's easy for major items such as energy, Council Tax and car insurance. But we pay randomly for food shopping, meals out, petrol etc. It depends who goes to the supermarket. We…
-
Simple Assessment calculation for deceased husband
My husband died last October. HMRC wrote to me as his administrator confirming no tax is payable for the current year 2025-2026. I have recently received a Simple Assessment for 2024-2025 requesting payment of £168.20. Although it’s not a large amount I don’t feel the starting rate has been correctly applied and would…
-
Using SIPP to reduce taxable income - how much to pay in?
Hi, Long time lurker, first time poster. I'm about to make a contribution to a SIPP to reduce my total taxable income below £100k and would appreciate some advice on how much to pay into the SIPP because I've had two views. The situation is (with rounded numbers): Taxable pay from employer 1: £44,000 Taxable pay from…
-
Help with council tax
In 2024 I contacted the VOA (ctinbox) because I believed my property was in the wrong council tax band. My house was built at the same time, by the same developer, using the same templates as several neighbouring properties that are in a lower band. To me, it seemed completely reasonable that we should all be banded the…
-
Selling shares for winding up estate
Hopefully the right forum for this question… My brother (joint executor) has about £40k worth of shares in his name which need to sold and split between the beneficiaries. (we couldn't put them in a joint account due to my employer denying my rights to executing a will with respect to shares) Three get just under £3k each.…
-
HMRC Tax Confident Website
I have just come across the above-mentioned HMRC Website which aims to help people understand the tax system. Since I’m retired I was intrigued to see a specific section entitled ‘Savings, investments and tax in retirement’. I tried to post a link the website but it won’t let me because I haven’t posted to this Forum…
-
Interest Tax Allowance
I'm on the cusp of 40% tax so just wanting to check I have the right understanding of the interest income tax free allowance. My understanding is that the point that it tips from £1000 down to £500 is £50270, so I need to get my taxable income below this amount (through pension contributions) Have I got the right end of…
-
Capital Gains Tax .. imperfect info
Hi, I bought a property in 2004 ( a holiday home). I sold it in February this year. Im trying to do the CGT return for HMRC but am stumped on one thing. I bought the property for £109,500 . I can find out how much stamp duty I would have paid but I’ve lost the invoice for how much I paid in conveyancing fee. (Solicitors…
