-
Recording AVCs on Self Asssessment
Hi there, just looking for a bit of advice. Each year I do self assessments for myself and my husband. They are usually pretty straight forward but this year we have both started paying into AVC pension pots through our employers. I am a basic rate tax payer so I assume I won't benefit from any extra tax relief. This may…
-
Gifts and IHT
Do the limits on gifting only apply if the estate reaches the IHT threshold? Being a northern home owner, the value of the house is only about £200,000 (but it's a nice house:)) and maybe £70,000 in cash and investments. Therefore unless I win the lottery my estate will get nowhere near the threshold. Am I therefore free…
-
Found tax rebate cheque from years ago
Hey guys, I just found a, not insignificant, cheque from HMRC for 2013 that had gone to an old address. Can I still ask them to send another or is that lost forever now? Thanks for the great forum Cheers Rich
-
Declaring Tax on Savings
[FONT="]Since the introduction of the £1000 tax free savings allowance any interest that I've received on my accounts has had no tax deducted at source. I know that I now need to report this interest to HMRC and pay the appropriate tax. I was sort of expecting to receive a reminder from HMRC to do this (for the 2016-17…
-
Yearly tax codes
I have in the past, applied for uniform and lunch break tax allowances. I no longer work the type of shift were I am work during the lunch hour, do I need to change my tax statement? I work PAYE, but I dont get a year tax code form. My tax code is 1206L 0, I am 56 and single earning £15k
-
council tax refund
Hi everyone, I'm a student with the Open University and only recently I have found out that it is possible not to pay for council tax if one is an OU student studying an equivalent of a full time course. This applies to me and I am planning to make a claim soon for 2017/18 and I expect the council to refund what I have…
-
share in son's property - stamp duty?
I'm hoping to pick the brains of a tax expert here as we are so confused..... My son is hoping to buy a home but needs a bit of help. My plan would be to buy a share of his home with him as an investment until he can afford to buy me out. I would be planning to buy a 15% share of the property for an amount of £38000. The…
-
2nd employment tax codes / wrong way round?
I have always had a single, salaried 'main income'. My employer has always changed frequently as I move around within the bigger organisation, and generally this goes smoothly with the use of P45s to new employer. I've never had a different situation. 2 months ago however, I took on a 'secondary employment'. It is…
-
Fuel Allowance
Good Afternoon I would like a bit of advice on fuel allowance. From 2011-2015 I was being paid 25p per mile for business mileage in my own car - I was told this was the going rate which I took as gospel. I see now that the entitlement is 45p per mile up to 10,000 - then 25p there after. I usually drive 15-20k a year. First…
-
HMRC announces date for SA fix
https://taxagents.blog.gov.uk/2017/09/28/2016-17-self-assessment-sa-tax-calculator-fix-is-due-to-be-in-place-monday-23-october-2017-tax-agent-blog/ I tried a prototype and it processes Mrs. Polymaff's return correctly. There's a first. :)
-
HMRC changed my personal tax code, why?
At the start of this tax year HMRC told me my allowance for the year would be £10,500, made up from personal allowance £11,500 add savings allowance £1,000 less expected savings income £2,000 Now they tell me it's gone back to £11,500. When I look at my HMRC personal tax account no explanation is given other than I have…
-
Changing previously claimed tax reliefs (EIS / SEIS)
Once you have made a claim for tax relief can you subsequently alter how you have allocated it? For example, if I've previously claimed capital gains reinvestment relief for a gain invested into a SEIS company in 14-15, can I write to HMRC (since the deadline for amending the return has passed) and change this such that I…
-
Liability to Council Tax in the UK while travelling abroad or living abroad
Does anyone know the rules on whether you should be registered for Council Tax in the Uk while abroad travelling? My bank / mobile phone statements go to a relative's address in the UK. They are now thinking of claiming the single person council tax discount as they are currently living alone. However, I am thinking as I…
-
Second income - tax advice
Hi all, I work part time for my local Ambulance Trust and have started to do some private ambulance work on days off on a bank basis. I do not get taxed from the private work and have been putting money aside to account for this. Firstly, how do I go about informing the HMRC about being taxed on this second income. The…
-
Simple assessment/salary sacrifice query
Don't know if anyone's able to offer any guidance on this... I've received a demand from HMRC for supposedly unpaid tax from 2016/17 on medical insurance I have with my employer, which reads as follows: Medical Insurance you paid tax on - £124.00 Your actual Medical Insurance - £502.00 You owe HMRC - £76.20 I got in touch…
-
Claiming CGT loss, self-assessment question
I sold shares earlier this year at a loss of around £20,000. I would like to declare the loss to HRMC for tax relief. I have a couple of questions: 1) On the page where I enter the loss from the share disposal, which code should I choose for the following question: I'm currently choosing OTH (Other Claim) as I'm not sure.…
-
Household Tax vs. Benfits
Hi Due to new baby and the reduced hours my wife is working / everything becoming more expensive! I've taken to reviewing our household finances in the hope of avoiding having to do much more overtime. This prompted a conversation with a friend. Their household income is virtually identical to ours now that my wife is…
-
Co-hab or Marriage for IHT purposes
Long story short I want to mitigate IHT liability to my partner if I die.! We are currently not married. Moving in together in a few weeks!when the house finally completes! House will be in my name for financial reasons currently, unlikely to change for 10 years at least. Both of us have children from a previous…
-
Live in Spain Pay tax in UK
Hi all I am currently resident in the UK, spend just over 6 months a year there and spend the rest in Spain. I want to spend more time in Spain but I want to keep my tax system in the UK. I am a PAYE employee for a small company who let me work from home. I do not want to change job, I love what I do. I know many people…
-
How to add up interest/dividends for tax return
I have always made a list of all interest and dividends, added them up and then, as you round down income, knocked off the pence to get a whole number. However, if I round down each number in the list before adding up, my sum total is obviously slightly less. I have always done things the first way, but which way is right?…
