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Annexe class T council tax exemption
Hello, I am new here and had a doubt regarding class T exemption on our Annexe. We bought our house with an annexe that shares a wall with the house at the end of last year. We got a class T exemption on the council tax as we are not allowed to let it out as per planning permission and it was unoccupied. We have just…
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What tax do I have to pay on sale of second property/rent income?
Hello. I'm really confused about what tax (capital gains tax?) I have to pay on a sale of a second property or rental income. I earn £30,000 a year, and my wife earns £24,000. We're looking to buy a home, do it up, then sell it or rent it out. Do I get an annual tax-free allowance/Annual Exempt Amount (AEA) on the income…
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Claiming VAT back on purchase by non-EU citizen with UK further leave to remain visa?
I have a question which I'm sure someone in the know must be able to answer. My wife is a non-EU citizen, who currently has a UK visa giving her further leave to remain in the UK. She therefore has a non-EU passport. We are flying back to her country for a month's holiday later this year. Is she eligible to purchase goods…
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Is a bank switching bonus regarded as income by HMRC?
Apologies if covered before; a search did not produce anything obviously relevant. Does any cash received as a bank switching bonus have to be declared to HMRC and be subject to income tax? TVM, Dorian
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Student Finance and limited company
Hi guys, I had a few question about Student Finance repayment and limited company. I work full time and my student repayment is taken automatically before I get paid as my salary is over £25k. I have a Plan B student loan (undergrad after 2012) and also the Post graduate loan. My parents have a limited company with just…
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IHT planning
In the event of my death, could my wife “marry” my single younger brother for IHT purposes?
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Online Tax Refund
Hi, so I’m a bit confused as I’ve never done a Tax refund online as I usually wait for a check to come in the post. Anyway I’ve over paid tax so I’m due a refund (Hurray!) But when I filled out the form on the Gov.com website (Not very big may I add, just asked for bank details) it said I will receive my refund within 5…
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Reclaim tax on Pension Contributions
HI, I'm after some advise pls. I'm a 40% tax payer and I pay into a company pension, I currently get tax relief on my contributions of 20% but I think I am due the relief at 40%.... Anyone any advice on how to claim this back ? I'm in my workplace union and they can do this for me for a fee of 25% but if it isn't too…
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Wills and Executors
Folks, Strangely unsure which group to post this in. I am having difficulty with respect to appointing an executor for my will. I have only one person to whom I wish to leave my possessions (daughter) and don't particularly want to give her this task but no one else immediately springs to mind. Appreciate I could pay a…
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High Income Child Benefit Charge
Hi all I got a letter through the post about the above. For 2017/18, I started on a salary of £48k but had bonuses taking it beyond £60k. When I signed up for child benefits, it was my first time doing so and I simply forgot about the threshold/was not even aware when I broke it. Anyway, ignorance is no excuse. The letter…
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Foreign Property Loss - Cyprus
Hello I’m looking for some advice in respect of offsetting Capital Gains Tax made on a UK rental property when I sell it against a loss made on a property I have in Cyprus. I was unfortunate / stupid / call it what you like to purchase a 2 bed flat in Cyprus with a Swiss Franc mortgage just before the huge property crash.…
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Gifting letter template
Please help. IMO if we were to gift our children some money, ie in excess off 100,000 pounds each in order to help them buy a property, I believe we do not need a solicitor. The funds are in our bank accounts and source of funding can be clearly tracked, eg salary/etc. Please provide, direct me to a simple template that…
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No Tax deducted from my first month's salary
I am not sure if this is suitable section to ask this question but i received my first salary in UK early this week and according to this same site's take home calculator, for a annual salary of 35k, my take home after NI and Income Tax deduction should have been £2265. I received £300 more in my account and i was a bit…
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Tax on rental property
Hope someone can help please. My husband and I have a rental property. Ownership wise, we are shared owners. I pay no tax to-date as I have no other taxable income. We intend to split the tax liability 50/50 (indeed I believe we've no choice). As the gross annual income on 50% rent is way below my personal tax allowance do…
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Capital gains tax for right to buy
If a property bought under right to buy at a discount is later sold by the same owner, do they pay capital gains tax on the sale price less the original discounted purchase price?
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Personal Savings Allowance on bank interest, tax return question
The new Personal Savings Allowance means I shouldn't have to pay any tax on interest under £1k, right? The general advice out there seems to be that you still need declare it on your tax return, but that you won't be taxed on it. However I've just done this, added my approx £250 of interest under untaxed interest. The…
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What to do with Deferred State Pension Lump Sum
I have dreamed up a fantastic idea that is so great that is bound to be - WRONG. But here it is so that people smarter than me can tell me what the flaws are. Having deferred taking my State Pension for some years I have now started, and have decided to take the significant Capital Sum on offer rather than extra income. (I…
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CGT confusion - 2 semis into one
We lived at No. 10, semi with 12 next door. Owner of No. 12 passed away. We bought (private sale) No. 12 from their son, and immediately knocked through - entire residence is now our permanent, primary residence (and has been for 3 years. Council informed, re-numbered to all is now 10, and Council Tax paid on one big…
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Can I get tax relief for travel and other expenses?
Hi, I work from home for most of my job (managing remote staff), but have to occasionally go to London for meetings - which amount to roughly 2 or 3 days every other week or so (so 20-30% of my work time). This is a 3 hour commute from home, so costs quite a bit in train fare and I need to get a hotel, which again in…
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Personal phone bought for business (PAYE employee)
My employer expects me to have a mobile phone so I’m always contactable, but this is not supplied by the business. My iPhone packed up last night, and as I hardly make any personal calls nowadays, I probably wouldn’t have bothered replacing it. Instead though, I’ve set up a new contract, so I can support my employers…
