-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
Calculating Income Tax
Hi all, this my first post and I hope I’m in the right
place. It regards the HMRC income tax calculations. My latest tax estimate from
HMRC has just nudged me into the higher tax band but I’m struggling to
understand how it works. My income, less interest from savings, is below the
threshold of £50270 (above this is…
-
CGT on additional property and main home.
Capital Gains Tax conundrum? In 1986, I bought a house which was my main home. In 2010, I bought another house which subsequently became my main home. HMRC were notified of the switch. My children lived in the 1986 home. I am now considering selling both. My question is; How would HMRC calculate GAIN on 1986 home? Would it…
-
Consolidated tax statement does not show accrued gilt interest
My Interactive Investor consolidated tax statement shows gilt interest paid as coupons (inc. on maturity) but does not show accrued interest paid/received when buying/selling units. That makes it a pretty incomplete guide when completing self-assessment. You'd think their computers could give the full picture, wouldn't…
-
retirement gifting from excess income
My husband took early retirement in 2015 and I left my part-time job later that year with no pension payments. My husband became a higher rate tax payer in 2024.We have 2 joint bank current accounts. Both were previously our individual bank accounts on marriage. Throughout our marriage his salary and pension has been paid…
-
Marriage split - not divorcing - Tax queries
Married over 20 years. We've worked hard all our life and built up various investments. The money side and shares is easy to sort, but we had a main home, a holiday home and four BTL's, of the rentals two are owned jointly and one each in our personal names. 18 months ago we decided to separate. No other party was…
-
Making tax digital - tax return not received?
I am a landlord and I decided to voluntarily sign up to the MTD tax returns. The software provider I use is Clearbooks. Throughout 25-26 I kept all records and did my quarterly submissions and then submitted my final declaration (which also included my salary) using clearbooks at the end of the tax year earlier on this…
-
HMRC MTD
A couple of questions regarding MTD Is HMRC informing tax payers if they have to submit quarterly returns or not? 2) My combined income from state and work pensions PLUS Gross rental income takes me into the 40% tax band. Expected gross rental income 26/27 is ca. £45,000 My understanding is that I do not have to do MTD…
-
Reduction in personal allowance.
I've just checked my tax code for 2026/27 and I have had my personal allowance reduced by £101. Reason given, untaxed savings interest. I'm a basic rate taxpayer, so could someone kindly calculate how much interest I would have to earn to give rise to this figure. I don't complete a tax return so I assume they have worked…
-
Council tax discounts for carers
after reading loads of posts, gov website, getting advice from carers uk I believe that because my mother, who has Parkinson’s dementia and is severely mentally impaired, lives with me and my husband, and I am her full time carer (24/7 as she cannot walk, talk, feed herself, or do anything) then we are entitled to…
-
IHT - Residence Nil Rate Band (RNRB) not applied
I think I know the answer to this, but I'm just checking my solicitor is on the ball. Both of my parents died within a month of each other, mother first then dad. Both had simple symmetrical wills: estate left to spouse then to 3 children. The solicitor has applied the £325k Nil rate band to mothers's estate and the unused…
-
Which form for reclaiming income tax paid on pension withdrawal ?
Hi all, ill start off by saying i think its Form P53 we need to use, but appreciate feedback. In last tax year 25-26, my wife received a pension payment as lump sum from Prudential as a "small lump sum option " it was from a " With Profits Fund " Final value was 9127, and received 7758, so 1369 taxed. She dosnt work and…
-
Bank account details request from HMRC
Folks I have received a letter from HMRC requesting interest details for 25/26 - amount, bank, sort code and account no - from my bank accounts following previous correspondence with them for the higher rate pension rebate. I have no issue providing them with the amounts, but am I obliged to give them bank details? It…
-
How long do tax code changes take?
About 2 weeks ago I updated my 2025/26 interest in my HMRC account as it was £700 more than the previous year and I would prefer to spread the tax over more of the year instead of the last few months as normally happens. I'm just curious as to how long it takes them to update your tax code? You would have thought, in this…
-
self assessment newbie - underpaid tax section
hi. I've been told to complete a SA for the first time, for 24/25. I'm employed and only have bank interest to complete I've completed ok. But I'm confused on the underpaid tax included in PAYE coding section towards the end. It says enter the amount of estimated tax for Apr 24-Apr25 to be included in your PAYE code for…
