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Money gift
Many apologies if i am posting this in the wrong place, please feel free to move me I’m not sure where to post. My step nan died twelve months ago and the sale of her property will complete in the New Year and her estate will be settled she left everything to my step mum. My step mum wants to gift me £150.000. to be used…
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Tax code 1211l to 392l
I’ve had a change in tax code I’ve been in the same job 13 years never an issue ever before All of sudden November’s and Decembers pay are being taxed under code 392L non cumulative as opposed to 1211 cumulative This has massively hurt me I’m now paying more tax and earning much less even when working extra overtime for…
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Micro-company dividend taxation question
Hi, [This is probably not the best forum to ask this... if anyone knows of a free forum for small company type questions re tax please let me know] I just filled in the first draft of my Self-Assessment. In 2017-18 my company paid me £8200 salary and I received £8690 as dividends (sole shareholder). Plus £10 interest (!)…
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Sole trader - tax relief on IP
The .gov guidance states if you’re self-employed, you usually own the intellectual property even if your work was commissioned by someone else - unless your contract with them gives them the rights. In this case, how would you approach valuation for tax relief and how to distinguish this from the direct costs already…
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Working from home costs
At the start of this financial year the company I work for made it compulsory for us to work from home 1 day per week as there aren't enough desks in the office. I've seen on the HMRC website I might be able to claim tax back for some expenses i.e. gas and electricity. I'm unclear on exactly what I can claim back and how…
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Marriage tax allowance and pensions
I don't have all the finer details as my Dad is very private when it comes to finances but I said I would make enquiries and if it seems promising I will be allowed more details lol From what I can understand my Dads state pension works out at around £13000 a year and because of his standard personal tax allowance he is…
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income tax relief on pension contributions
I completed self assessment this year for the first time and I've just had a pay rise which takes me a little further into the 40% bracket. I want to increase into my company pension contributions to 'eliminate' the 40% tax. The thing that is confusing me is my employer pays my pension out of my net rather than gross. I…
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Beneficiary of a non-resident trust
My grandmother was a US citizen and resident in the US. When she passed away a trust was set up a trust in the US and I am the beneficiary. The trustees are US citizens and resident in the US and the trust assets are invested in the US.. I understand the trustees have registered the trust with the US tax authorities and…
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CGT from when?
I've recently opened an account with a US trading platform. I would love to be able to open an S&S ISA, but as an expat living in the Middle East, I don't have that option and the US broker seems the best option for me. However, I have a few questions regarding what would happen if I were to return to the UK. As far as I'm…
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Add Wife to Rental Property
Hi, When i met my wife i had already owned a flat for several years.. we have since moved to a new house, which we own together, and rent out the flat. I am a higher rate tax earner, and she a lower rate. Even though the mortgage is in my name, and the deeds are in my name only, rental income is paid in to our joint…
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deductions from tax free amount - help understanding one part of this
I'm completing my self assessment tax return at present and hoping someone help explain part of this for me. I am looking at my tax free amount and under this child benefit deduction from my tax free amount shows as £2691. We pay back the full amount of child benefit for one child which is just over £1000 from memory (not…
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How to pay IHT if estate is in property
I hope this is the right place but I want to understand whether I am being given a straight answer to a problem. An estate will be over the IHT threshold on death however the assets are all property, both main residence and investment property but with no debt. The advice being given is to sell the investment properties…
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Can someone please explain?
Hello, As a result of a tax code change midyear, I received a tax code notice from HMRC, which shows the following (I've blanked out my employers name): Over the course of this year, I've been earning child benefit and this now has to be paid back due to my earnings being over £50k. If left unchecked, I would have earned…
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Self assessment;paying tax that is due..
I notice on the SA that if you submit your return by end of December 2018 and the amount due is less than £3000 then you can opt to have it collected via PAYE rather than stumping up all the cash upfront. Are there any obvious pitfalls to this? It seem to me the option to take as you are effectively getting an interest…
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Welsh" income tax
Had a letter today about the Welsh Assembly's right to now set partial tax rates (as per Scotland). As it happens they aren't proposing to use the new powers in the first tax year (2019-20) but it got me thinking. How do they ensure that they get their "cut"? eg paying Company is based in England, the employee works at a…
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IHT, tax allowance & gifts.
We have talked about this for a little my. My parents (step parents) are both retired and have a lot less income than they used to when working. My mum gets a bigger pension eg state and private as opposed to dad. Can she pass on any unused tax allowance from her approximate 11800 allowances to dad? If yes, how does she do…
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Equity in US Company
I've been invited to join a US business as a 30% shareholder. The plan is for me to invoice the company through my UK business for a monthly income but hold the shares in my personal name. Our intention is to grow the US company and sell it in the next few years. I'm sure Capital Gains tax will need to be paid somewhere…
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Buy to let mortgage - tax relief
Hi, My wife and I jointly own a second property and split the income on our tax returns 50/50. She doesn't earn enough to pay tax, but I am a top rate tax payer. We have a mortgage on the bu to let that comes out of a joint account and is in joint names. For tax purposes, can I claim the mortgage relief alone (i.e. not…
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Self employed and Employed taxes?
If I am employed and make below the threshold for 40% tax, but my self employed income pulls me above this, will I have to inform my employer to adjust the amount of tax they are paying from my employed income?
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Self assessment tax relief on company pension
Hello, Hoping for some help on claiming tax relief I believe is due for my company pension. In my company scheme I am making an £80 monthly contribution from my pay post-tax (net). £100 pcm is going into my pension account. This is separate from the employers contribution. As I am a higher rate tax payer I believe I should…
