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Tax code and private pension contributions
Hello all. I have filed my self assessment nice and early this year and applied for my overpaid tax refund due to private pension contributions. Can continued contributions be factored into my tax code for the coming year? Thanks to my SA they've reduced my personal allowance based on estimated income. But I know I'll make…
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Tax Rates 2012/13 Article Discussion
Hi folks, This thread is to discuss the Tax Rates guide, updated for the 2019/20 tax year Please click reply to discuss Dan
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Tax relief - query on the calcs
Hi I've rarely claimed tax relief in the past, but am doing so this year for milage I've driven, in my own vehicle, for work purposes. My query regards the logic HMRC use. Their site says: "You will receive tax relief
on the amount you claimed at the rate of tax you paid. For example, you make a
claim for expenses of £150…
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Two Separate Tax Issues (Council Tax and Income Tax)
Hello, I have recently been summoned to a hearing at the Magistrate's Court to explain why I have underpaid my Council Tax of the year 23/24. I was under the impression that I had in full. The discrepancy could have occurred around when I applied for Council Tax Reduction when I was unemployed. I believe that they…
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Our Council notified us of increase of our the council tax for granny/annex flat up to 200%
Hi I hope that somebody can advise on a best way to deal with an issue. Our Council has notified us that from Feb 2021 our council tax will be increased by 200% for our basement/annex /granny flat as it has been empty and unoccupied for 2 years now. The basement / annex/granny flat is a part of the house . It has a…
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Reaching higher tax threshhold and best decisions
Hi. I am earning £49000 and planned to earn interest on savings to take me up to around £50270. One thing I have just come across is paying back percentage of child benefit if earning more than £50000. Why is there a difference between that threshold and the tax threshold of 50270? So I would be paying back 2% of child…
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What do HMRC know?
I always have and will continue to report my values accurately to HMRC. I would not dare do otherwise. HMRC and DWP cannot even get state pension top-ups sorted out by working together accurately. So it begs the question, how do HMRC tally up what you report on your SA with what the banks, building societies, on-line…
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P11D and Self-Assessment
Just looking for some quick guidance. I've completed SA for the last few years, as I have self-employment in addition to my main job. I also make significant SIPP contributions as a HRT, which I increase every year. This is the first full year I've had an EV, and won't have my P11D until July. I can calculate the value…
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Tax on interest over £1000
I have power of attorney over the financial affairs of my mother who has dementia. Last year I put her savings into an account earning interest with the result that she earned well over £1000 in interest. Thinking that I would have to file a tax return for her, I called HMRC to ask how I should do this, but they referred…
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Help understanding how repaying tax via PAYE works
I have tried a search but still am confused. Many thanks for help! I lost my job earlier this year and the redundancy payment pushed me into a higher tax bracket. I happily found a new job quickly and received one March payment. Only 20% tax was taken as I was on 1m1w, so I knew roughly what would need to be paid back.…
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SJP Leagcy Ptotection Trust
It has been suggested by my SJP adviser / salesperson that an LPT might be benficial for futur tax avoidance and care charges in the future. Anyone had experience of these or other trusts? I am particurlalry interested in any pitfalls I should be aware of or questions to ask. I am not 100% convinced by the conversations I…
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Self assessment q after starting PAYE
Hi, after many years, I stopped sole trading earlier this year to go to employment PAYE, so this is my first self assessment that captures this. I have 3 payslips so far, tax code for 1st was 0T one then 1257L. NI taken for all, SLC taken for latest, emergency tax deducted for first and then fully repaid second, and no…
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Taxed on income from last tax year (2023/2024)
My local government pension started on 9th March 2024. I had advised GMPF that I wished to claim this in good time and my completed forms were submitted on 25th February 2024. They missed the pay date of 29th March and advised me that I would receive my first payment for period 9th March to 30th April on 30th April . I…
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Pay as you earn - is interest charged on tax owed?
Hi all, just about to do my self-assessment tax. Need to do it because I will have to repay child benefit. If I opt for repaying it via a pay as you earn tax code, will interest be charged on the amount owing? Thanks.
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Stopping marriage allowance transfer
Have we missed the boat to cancel the transfer for the new tax year? For the last few years I have had the transferred allowance from my husband. This next year their income will now be over the personal allowance and mine will be lower. We waited until start of new tax year to change it and it says online it will stay in…
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Letter from HMRC on Overseas assets, income or gains
Hello all, apologies in advance. I posted this on the wrong thread I am slightly concerned that my mum (a UK resident pensioner) has today received a letter from HMRC regarding overseas income. She is a Spanish national and has a property in Spain which is being let. She is however currently paying tax on that property in…
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What CGT to pay on property sale as joint tenants?
I’m hoping someone can help me to calculate what my CGT liability will be on a property I am selling. This was my parents property but I was on the title deeds as “joint tenant” with both my parents. However, they lived in the property and I didn’t. The property was bought in 2014 (10 years ago) for £130,000 - myself and…
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Salary Sacrifice
I am 62, so thinking about cutting tax via Salary Sacrifice. Is it worth it for a 20% taxpayer, I earn around £18k Can I just pay most of my pay into a pension, I work for a local authority, are they helpful to us poor folk or do they just look after the top earners? I pay £100 per month into a SIPP, which has a value of…
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Salary Sacrifice, Pension, and Pension Draw Down
Hello, Hope someone can help. As I have reached the age where small pensions from old employers have started to pay out, and I just need to understand how much I can take annually from my draw down pot without putting myself into the 40% tax bracket. I am employed, with an annual salary of £40,000, of which I have a salary…
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Capital Gains Tax on Property
Hello All, Thank you in advance for any help you are able to give. I have consulted the government website and note that if you
are selling a home in which you do not reside you are liable to capital gains
tax (CGT). However, I understand that
you can get Primary Residence Relief but the amount depends on…