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2017-18 pension conts in excess of £40k
I have just filed SA for 2017-18 using the online portal. I declared a payment to my personal pension of (gross) £26k. With company pension conts (salary sacrifice basis) I have exceeded the £40k annual allowance. I do have available allowance from prior year so that I should not suffer penalty. However, nowhere in the SA…
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Marriage Allowance
Hi Don't know if someone can help My wife and I applied for Marriage Tax Allowance claiming for 16/17 onwards about a week ago and today I received a cheque for £360 however my wife received a letter saying she now owed £500 in tax. She called HMRC and they claimed that for 16/17 she had not paid enough tax due to the…
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Better than BIK? Genius or dunce...??
So. Am I missing something here?? I currently have a RAV4, on which I pay 20% rate BIK, circa £140pcm. My pay will be going up this year and including the PD11 value will push me into the 40% bracket. Lease on the car is up next April (2019 - I'm looking ahead here guys :D ) My options are; 1) new company car, which will…
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Do you pay tax on student loan repayments?
Hi, Does anyone know if you pay tax in the money that comes directly out of your payslip to pay off your student loan? Regards, Tom
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TIN for W-8BEN form
Hi I have just purchased some US Shares and have been told I need to complete a W-8BEN form to reduce the tax on profit from 30 to 15%. Is completing this form the right thing to do? On the form it asks for a TIN, I've tried to get guidance on the internet but its not very clear. As UK resident i do not have a TIN but I…
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Potentially dumb question about P11D, payrolled benefits, and tax returns
Hi all, It's tax return time again! Hope you can help. I have my P60, and asked my employer about P11D, and got this response: "Because taxable benefits have been administered through the payslip we no longer have to produce P11Ds" Presumably this means that the amount I have paid in tax shown on my P60 includes all tax…
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Stamp Duty
I posted this on the House Buying Board, but then realised it may be better off placed here. Apologies for the duplication! My partner is in the process of selling his house and buying a new one that will be big enough for us both to live in. Initially the purchase of the new house will be solely in his name. In the…
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transfer share to my wife?
Hi, I bought some shares from the company I worked for years ago, now the company is bought by some rich investor and suddenly I will have to sell all my share and it worth much more than the price I paid. I will make a profit around 72k after deducing cost and the tax free annual allowance. As a high rate tax payer, I…
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Tax on a new job after redundancy
Hi all, Newbie here looking for some help please. I'm currently going through the joy of redundancy but thankfully I have 15 years service and my company are offering a very good package. I also have been very fortunate in finding a new job. I dont currently trigger 40% tax but my redundancy payment will mean that I will…
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Contacted by HMRC for taxes to be paid as part of an LLP
Hi, I needed some urgent advise. From December 2012 to February 2014 , I was contracting through a Limited Liability Partnership (LLP). As a partner , I was paid 2 amounts i.e. A Profit Share and a Capital Drawing. I was told at that time that the Profit share was liable for tax deductions but not the capital drawing. I…
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Paying Tax on Rental Income
Now i've done some research but its not all plain sailing so just after some clarity more than anything. am i right in thinking that if i am away travelling the world for the whole of a tax year, where i have no other income other than the my rent on my house, i dont pay any tax as i make no profit on it. it basically pays…
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Capital Gains Tax Confusion
I owned a flat from 2011 to 2017. I lived in it myself except for the last two years when I rented it out as I had to move down south to study. When it became apparent I wouldn’t be moving back up North I sold it and made about £36k on it which has since been used to buy a house which is now my main home. I just talked to…
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Uniform Tax Rebate
Evening moneysavers, I've recently applied for a uniform tax rebate and my tax code has changed from 1185L to 1191L does this mean the rebate has ben successful? Thanks in advance.
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Inheritance Tax What constitutes a gift.
HMRC publications on Inheritance Tax are quite clear about the amount of monetary gifts that are allowed - £3,000 pa, £250 to anyone, wedding presents, gifts from surplus income etc etc. The 7 year PET ruling is also clear. Has anyone seen publications of what other expenditure can be considered not to be a gift. e.g 1. If…
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Mileage Allowance Rebate Help
Hi All, At my work we are provided with a £350 monthly allowance towards the costs of financing a car to be used for work (a Sales role). Company mileage is claimed back at a standard 25p per mile. The company offers access to an optional lease scheme via a 3rd party which is paid for as salary sacrifice. The type and cost…
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Income tax and commission
So I get a quarterly commission (this is the first time in my career) which means for that month I am paid, my income tax and student loan are hugely affected. I got paid commission in April. I have just logged on to HMRC and it shows my projected income to be HUGELY inflated because of this. I am not going to make…
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Self Assessment for savings interest
Please excuse the very simple question but I'm confused about paying tax on savings interest over £1,000. It's the first year I've ever had to consider this. I've made about £1200 interest (excluding ISAs) last year. I thought that I therefore would have to complete a self assessment return because of the £200 over the…
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Capital Gains Tax Allowances on Inherited Un-rented Property
Hi Forum Readers:) A good friend of mine has inherited a home from her grandfather :A. As her own mother was homeless, she allows her mum to live in her house completely rent free. The property owner in question already has a home which she has resided in for many years, so subsequently she now has two houses. Her mum has…
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Who sets the value of a house for IHT purposes?
Who sets the value of a house for IHT purposes? I have read that the executors must valuate an estate in case of death or transfer, and that includes the house. But how they do it? RICS Surveyors? Estate Agencies? Just guessing? Obviously it makes sense to valuate a house at a minimum, so to avoid paying as much as…
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Surprising payslip!
Just received my first monthly payslip, for under £1k, from my new employer, (very small) supply teaching agency. NI deducted; correct tax code printed (which I gave them on joining), but no tax deducted at all. Very confused. No umbrella company involved. I’m not self-employed. I was a regular PAYE paying individual until…
