-
my un used tax allowance
can anyone advise me on the following I am 59 and no longer working and my husband is 60 and is still working full time. I do not receive any income whatsoever so wanted to know if there is any way I can let my husbaqnd use my 10k tax free allowance ??? legally ofcourse
-
Reporting a lifetime gift
My father wishes to make gifts of cash to his children, the total of which will exceed his nil-rate-IHT band. Does he need to submit a formal notice of such a gift to HMRC, as well as keeping his own record together with this will? And in the case of his own record, does it have to be in the form of a special legal 'Deed…
-
RSUs and (non-)residency
I'm trying to understand how RSUs are taxed when someone becomes non-resident after a grant or when someone becomes resident after a grant during non-residency. I found HMRC manual ERSM20300 but have trouble understanding the manual. I understand that RSUs are seen as "money's worth", which made me believe that they are…
-
Donation for a student led event
Hi all, I'm organising a student conference and have generously been offered a large sum of money to book a venue, cover catering costs and printing fees etc. The problem I am having, however, is that my university is unwilling to hold the funds (I'm assuming because they don't wish to incur admin costs), and at the moment…
-
Reducing tax bill by investing
Hi all, I have been searching for answers to this but have not found anything so maybe someone here knows. Lets say I have earned enough for a large tax bill this year. For the sake of argument, lets say that my tax bill is £20k. Is it possible to purchase a buy-to-let property with the £20k I have put aside for tax as the…
-
Couple of SA questions for a new guy
Sorry for the potentially dumb questions but I'm filling in my first ever SA, albeit a few weeks late :( I made £600ish profit from the sale of some shares in the 13/14 tax year, do I have to declare this (and where please)? I'm thinking it's below the capital gains threshold but want to double check. Secondly, and I need…
-
Vehicle Tax Solutions?
Hi all. I found out earlier this year that I had to pay either £600 in Van tax because I use my parents company van for my own work, or pay a £3000 contribution back to them. I pay for the diesel, but this I had no idea about so it came as a nasty shock. They have two vans, one which I am the registered owner to. We did…
-
Have solicitors messed us up IHT or CGT
evening wife and her 2 sisters got left a house in inheritance . 3 valuations done one week after death and average price was 315k .. 6 months later put it on market and estate agent marketed for 400k ... had offer of 400k so solicitor worked out our iht on this 400 figure .... sale fell through because valuation came back…
-
Nominating a PPR: Can someone please explain ESC D21
I live with my partner in her house which she has owned for over 20 years. In late 2012 we purchased a property jointly on a BTL mortgage which we refurbished with the intention of letting, however it has remained empty. We are currently contemplating whether to sell up and move into the second property (mortgage would be…
-
New job - higher salary and bonus - what will the tax be?
Hi all, I am going to get a new job. The salary will be £42,000. Can anyone tell me how much tax I will be paying in the UK for this basic salary and how to cut it? I think I will fall into the 40% tax rate but not sure. On top of this I could be getting a £4,000 bonus too so not sure how much that will be taxed!
-
Tax treatment for vested shares on US company
Hi all, I have been struggling to find out the answers to my questions and have tried to HMRC website but to no avail! I'm hoping fellow MSE forum members will be able to help! 4 years ago (Feb 2011) I was awarded restricted shares from my employer which is a US company on the NYSE. There were 150 restricted shares in…
-
Query re new CGT position for non-UK resident selling property
Hi I am a British citizen currently living and working in Cyprus, but not paying UK income tax. I have accepted an offer (subject to contract) for a property I own in the UK, which I had been letting out from 2001 (when it was my principal private residence) until last November. I had been prompted to sell it by the…
-
Tax query
I am entitled to £10,600 personal allowance. My income is £13650 pa. I assume my taxable is 20% of £3050 £610 pa. Is that correct, and my code would be 1060?? many thanks
-
Capital Gains on House Sale
Hi, I bought a house 14 years ago for £X and lived in it for 8 years. When I moved out, I gifted the house to my wife and we let the house to tenants. The house is now worth £Y. I know that if I had kept it as my own, if I sold it now, the capital gains tax would be based on the proportion of the time I lived in it (8/14)…
-
SEIS / EIS Tax Relief
I was just responding to a post about SEIS / EIS tax relief on another thread and I wanted to ask if anyone has had any good stories - any successes to share about investing in small companies to gain this type of tax relief? Bit of a long shot, I know but I have been interested in doing it for a while now and I wanted to…
-
MSE News: Couples now able to register to shift tax allowance between spouses
Married couples and those in civil partnerships can now register for a tax break, which could help them save up to £212 ... Read the full story: 'Couples now able to register to shift unused tax allowance between spouses" Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how…
-
Tax Status Of ATC Loss of Licence Payment
I would appreciate some advice. I am an air traffic controller and suffered a mini stroke with an emergency hospital admittance. As a result, I have lost my medical licence to practice. My company operates a contractual loss of air traffic controller’s licence benefit scheme. This states that two years salary will be paid…
-
Capital gains tax: Foreign assets and immigration
Hi, I just got a headache trying to understand the rules about capital gains tax and foreign assets. I moved to the UK in 2012, after living and working in Canada and the Eurozone. I have savings in both these countries. I now want to buy a home here, so I'll have to dispose of my foreign assets, and not remitting income…
-
how do I get my tax code changed to the correct code?
It's come to light recently that I have been on the wrong tax code for a few years, I've been an employee for over 8 years on paye I have no company benefits and no reasons as to why my tax code should be different from anyone else within the company I work for,my employer told me to contact hmrc and get them to explain…
-
Freelance/Sole Trader Travel Expense Question
Hi, First post here, not sure if I am posting in the right place, sorry mods I have a question about travel expenses and if I can claim travel because of the nature of what I do. I know that HMRC says i can NOT claim for "travel between home and work". It then gets quite technical in what is regarded as a fixed place of…
