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can a disabled person iinherit a house then rent it out for income
Hi all, a complicated question, but i`ll try my best to outline the basics of my query. I am a full time carer, on income support, caring for my disabled 20yr old son, who has quadriplegia cerebral palsy and will need care for the rest of his life. I am also responsible for his financial matters and have obtained a lasting…
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Inheritance Tax - gift allowance v gift from income
Not sure if this is the right board, please advise me to move if necessary. I'm trying to understand the difference between the annual gift allowance of £3k, versus the "gift from income" as far as IHT is concerned. Hypothetically - I could give my daughter £300 per month comfortable out of my income, which would be £3600…
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Options to reduced tax liability on BTL
Guys, Want to purchase second property as investment. I am an additional rate taxpayer my wife does not work - her total earnings are interest income and are less than the tax free allowance. Looking at various financing options and pro/cons. initially i was thinking to get the Property and Finance solely in wifes name -…
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20% taken off dividend
My trade account has taken 20% of my dividend I got from P2P Global Investments and Target Healthcare. I also have these in my ISA and they haven't taken any tax. I was under the impression you could get the first £5000 of dividends tax free for 2016/17, anybody know why they have taken 20% of my dividend? and can I get it…
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Loan interest received and Pesonal Savings Question following pension tax relief
Hi there I am new here so please be gentle. 1. I have £4,000 of income from a single personal loan to a friend - I declare this as being box 2 of the SA100 as savings received... and get taxed - Is that the right place to put it? 2. I am considering using an extra pension contribution to get my total income including the…
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Mitigating IHT
Hi, a friend has calculated his IHT liability (incl. the 5/17 £100k allowance re his father leaving the house to him - he curently lives in it). This leaves him with a liabilty of £80k. He has been 'told', that he 'simply' needs to 'create' another beneficiary for £80k and this tax liability will disappear ! "No solicitor…
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Annual inherited gift allowance
Good morning, Our daughter is 21 in August and we would like to give her £20,000 (which is currently in a joint savings account) I understand we can both give her an annual gift allowance of £3,000 each and this can be backdated to the last tax year ending April 2016 and this is exempt from Inheritance tax? So I am right…
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Too much tax applied to redundancy pay?
Hi Hoping someone might be able to work out if the right tax has been taken off my redundancy pay that I received at the end of last month Of the £26,850 payment, £17,500 is tax free (statatory redundancy). Of the £9,350 that is taxable (pilon), I paid £2,875 tax Gross pay to date is £35,300 Tax code is 1035L M1 Thanks
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Tutoring via agency - tax position?
I have started working through a tutoring agency to give Maths lessons to a student at the student's home two hours a week. This is the only client I have at the moment; I only really intend on taking up one student at a time as I am currently doing a phD and that's all I have time for. The tutoring agency encourages…
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Tax on 3 year savings bonds
Hi, I have a 3 year Building Society savings bond due to mature in October 2017. The interest has rolled automatically into the Bond year on year. I have not declared this on my tax returns for the past 2 years as I was not able to access this interest until the bond matures. The tax due on this bond will not have been…
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Personal Savings Allowance 2017/2018 Changes!
Logged into my Personal Tax Account recently and noticed this in the area for the 2017/2018 tax year about PSA: and this about untaxed savings: My reading into this is, you must estimate your savings interest for 2017/2018 upfront and notify HMRC ASAP. As PSA is no longer an allowance, you will get taxed on your estimated…
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2017 Budget Spoilers?
The clock is ticking and Mr Hammond will take to the stage on Wednesday 8th March. So excluding anyone who actually knows what is to come (as revealing that would be illegal!) - there are two questions to answer. * What will the chancellor announce? * What would you announce if you could?
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Gift to daughter
Hi can I give a £30,000 gift from a sale of a house without her incurring tax penalties.
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Higher rate stamp duty
Hi, I am new to this site. A question hope you can answer. I have a property which I let out. I am living with parents. I am purchasing another BTL property, As this is additional property higher rate of stamp duty will apply, My brother is interested in purchasing the property from me, If that is sold before completion of…
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How to report a small loss on approved sip
Hi. Tax and NI have been paid through the PAYE system but there was a small loss on the sale of the shares and a small dividend payment before they were sold. Less than £100 in total. Should the total go under other income?
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Tax return
Hi guys, I'm really confused. Husband has been self employed, but his boss pays his tax, so I'm confused as to why Hmrc are wanting him to fill out a tax return? Sry for sounding thick. What should we be doing? Should he have been keeping receipts as if he's a business? Thing is though, he's not a business. Hoping someone…
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Advice
Hi, I have a full time job which is PAYE and now I have just started a part time job too which can either be paye too or I can invoice them and sort the tax myself can anyone advise what's best to do. Thanks
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HMRC audit for Private Limited Companies time period
How many years back does HMRC usually audit private limited companies tax returns? I know that official guidelines say keep your records for 6 years at least but is there a time window by which they usually investigate returns? For instance, personal income tax returns are usually, if chosen, audited within 12 months after…
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BTL tax return
Thinking ahead for doing my tax return next month for my BTL. I am currently a basic rate tax payer will probably earn around £20k this year. And my BTL income on top of this is £4800. Can i still claim my full amount of interest on my mortgage against my tax? Thanks.
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Capital Gains Tax for a newbie
Can unused CGT allowances be carried forward to future years? Eg. If someone sells an asset bought 10 years ago and has a Capital Gain of £111,000, and no other chargeable gains over the previous 10 years, is the tax due based on - 1. £111,000 less £11,100 ? or 2. some other sum? Thanks in advance
