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Inheritance Tax
Firstly, thank you for reading. hoping for some advice/opinions on inheritance tax. This involves my Mum and Dad. Mum has recently died and their Will had them as tenants in common in their house so as I understand it they both owned 50% of the property. The Will says when one dies, my Mum in this case, her 50% transfers…
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Claiming tax relief on VCT investment
Hi I purchased some shares in a VCT in the 2017-18 tax year, they were new shares in an existing fund, and I understand that I can claim 30% of the value invested as income tax relief to set against my tax bill. Can I just put the information on my tax form or do I need another form to complete? Does the relief apply to…
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2nd home SDLT remortgage after marriage
Hi All, Apologies if this has been covered previously, I have read the various Gov info links that have been copied into previous posts but I am still not entirely clear. My wife and I have two homes, both having been purchased in the last 4 -5 years. Our primary residence is currently only in my wifes names (as is the…
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Ctax, How much am I liable to pay back?
Hi, very short summary of the situation. In July 2016 moved into a property in the uk after 10 years oversees. A tenant living here when I arrived had been paying council tax (the previous landlord, now deceased, gave him a favourable rent with the understanding that he cover ctax) and when I moved in said he was paying…
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Employed & submitting a self assessment tax return for second income - confused.
Hello, I have a regular job (I earned 19k for the financial year I am submitted tax return for) and also an online business to earn a bit of extra money. I have been going through the self assessment tax return online and the "calculation" at the end has come up with a figure of £1378 tax due on my additional income. I…
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Capital gains when ex-partner buying my share of property
This is a complicated one and I will seek professional advice on Monday but would appreciate people’s views in the meantime. My ex-partner (not married) and I separated 14 years ago but still own a property together as tenants in common with equal shares. Now our son is 18 the house needs to be sold and my ex-partner…
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eToro Trading - USD TO GBP (CGT)
Hi, For anyone who knows how social trading works, I'm sure it needs no introduction. If I trade on eToro and have a CGT gain to work out.. Do I have to work out the exchange rate between USD/GBP for the purchase cost and disposal value for each and every trade I make? Or can I just say I invested X amount, I have Y amount…
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Payment on account for next years tax bill
Last year was the first year I got an accountant to do my tax, as I'd inherited a couple of flats and some cash from my mum and I thought it would be more complicated. However the accountant messed up and the online form wasn't submitted in time to pay the excess tax via PAYE. HMRC also said I'd got to pay 2017 to 18 tax…
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Lump sum from main property sale and husband/wife gift
We recently sold our main family home. We have no other properties, and are now renting. The property was originally purchased by my wife, but we lived together there for several years. We plan to buy a savings bond or similar to earn some income while we rent and plan our next move. The question is how income from this…
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Does this realize capital gain?
I had to move for work many years ago but we kept our house and rented it out. We would like to keep it as it could be home again if we returned. For long term planning I would like to realize the accumulated capital gain. It is in my name. CGT is chargable when disposing of an asset, and displosal includes selling it,…
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Tax refund - Is this right
Hi, On this years self assessment I had a underpayment of tax of £2065.80 from tax year ending 2016. It was noted in my 2017 statement "Balancing payment for 15/16 included in PAYE code for year 17/18 £2065.80. On my 2017 coding notice it states " Less Underpayment Restriction £5164 Total tax-free amount £8008 - Tax code…
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Companies House Late Filing
Hi, We received a late filing notice last year from companies house as our accountant sent accounts, but they were not received on time. We have a response letter from Companies House that this is not their problem and we should take it up with Royal Mail. Is there anything else we can do to appeal? Also - in the future,…
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BIK 40% or not?
Hi My basic salary falls below the 40% threshold, but bonus payments that i earn on top of that see me through the threshold by a few thoushand pounds at the end of the year. My only taxable benefit at work is my company car, however I am confused as to what rate of tax I should be charged at and therefore what the…
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in year tax code changes
In 2017-2018 I worked for 3 employers, they applied following tax codes: 1st employer 042017-072017 tax code 1150L 2nd employer 072017-122017 tax code 1150L(until 092017) and 968L(from 102017) 3rd employer 012018-042018 tax code 968L I also had a freelance income it that period of £467 So after entering all into tax return…
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Confused about Emergency Tax & P45!
Hi all! I hope this is the right place.... I recently started a new job in October but my previous employer didn't sent over my P45 on time for the new payroll. Whilst I do have it now (via email...), I have already been put on a temporary emergency tax code. HOWEVER, I am unfortunately leaving this job at the end of the…
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changing beneficial ownership to share income
Hello everyone I have specific question, I will appreciate if anyone can shed some light on it. I am retired and my primary income is from dividends that I receive from the shares that I own. My dividend income is more than 100K per year and my spouse who is also retired has much smaller income from other sources. I want…
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how are capital gains taxed
Some questions about how CGT is calculated and how it works in tandem (or not) with income tax. I have seen this example given for a CGT calcuation: Earnings income £25,000 Taxable capital gain on BTL property after expenses and CGT allowance: £83,100 Taxed as: £21,350 (Threshold for Basic Rate income tax £46,350-£25,000 =…
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Employing an accountant for tax advice rather than double checking all my bookkeeping?
Hello there. I run a business in partnership with my wife, and have come to the realisation that I might be able to cut down on my accountancy bill by employing one in a different way. Until now my accountant double checks all my invoices and charges me more than I pay in tax. So I'm thinking I may be able to just employe…
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Do I need an accountant for self employment?
Hi I've been self employed before, but after working for an employer for a couple of years, I'm now back to self employment again. I've filed my own tax returns in the past, but I'll be earning almost double what I was in my past self employed life. I've had an initial chat with an accountant, who told me at this stage,…
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How much of business trip can be claimed as tax deductible for self-employed?
I'm a self-employed sole trader, and run a sporting website as my sole source of income. Business is great in the UK, and I'd like to make it great in the USA as well. By far the best/easiest way of achieving this would be for me to take a trip to the US where I could meet event organisers and competitors face-to-face.…
