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Gifting cash within allowance
I read the yearly gift allowance is £3000 and you can back date it 1 year if the previous years allowance has not been taken up. If I were to gift my son this amount are there any forms or records that should be filled out or kept? So my actions are clear to anyone it may concern in the future eg tax man.
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Cgt
If a property has been owned by the person and it has been there only property, which they have lived in for many years - will they have to pay CGT?
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Inheritance tax / gift with reservation value
For IHT is the value of a GWR (house) taken from its value when the gift was made or when the donor/gifter passed away? Thank you.
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Huge tax bill
How much tax due on 130,000 pounds? Son sold some artwork to America. This is what he got for it. Thanks.
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Can we do this
Just seen the Marriage Tax Allowance item and am wondering if we qualify. I am a tax payer even though I am retired as I was fortunate enough to get a very good company pension. My wife is also a pensioner and only gets state pension. So the question is can we make this claim?
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CGT - House Sale - Home Improvements Question
I am trying to calculate the Capital Gains Tax that will be due when I sell the house I used to live in but currently rent out. Using the HMRC calculation https://www.tax.service.gov.uk/calculate-your-capital-gains/resident/properties/disposal-date There is a section that allows the deduction of home improvements with an…
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Did I file my tax return correctly
Hi, To work out tax due in 18-19 tax year, I went through all my bank statements and highlighted incoming and outgoings for my business I took the outgoings, which was everything I spent including allowable expenses, from income. This gave amount liable for tax. So...if HMRC want to check this, I should have nothing to…
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Income tax and bonuses
I have a few questions about income tax in general as well when bonuses are paid. 1. What would be the best best way to check where I currently am in the income tax brackets? I sacrifice some of my gross salary to things like pension AVCs, SIP and other things so my taxable income is lower than my actual gross annual…
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HMRC enquiry
Hi, HMRC want proof of income for 17 to 18 tax year. This income came from overseas company. This company is now closed. So, I have no means to contact them for this information. How should I inform HMRC of this?
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Council tax reduction possible for pensioner with some capital?
I'm looking into helping someone who is a pensioner and also receiving some care allowance to see if they are entitled to a council tax reduction. They meet most of the criteria to get some help but there is a savings threshold of 16k which this person is over by about 6k, which is from savings over many years of low…
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Tax on surrendering investment bonds (basic taxpayer)
Its that time of the year again when I complete my and my OH tax return and I have a query hence this post. In the 2018/9 tax year my OH surrendered investment bonds. The bonds were on shore and held for 13 years. They generated a gain of £26,883 (i.e. surrender value minus initial investment). The top slice gain was…
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self asessment charge?
Hi, On my online self assessment, it says total tax due £2050 Then it goes on to say that I owe what they call 'first payment on account' - which is £970 Then owe a second payment on account of £970 due by July 2020. What the hell is this extra payment? So they're charging me over £1800 to file my tax return?? What don't…
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Self Assesment Tax Question.
Hi, Just a quick question. I am self employed and also receive some works pensions. How is my tax calculated in that if my business makes a loss over a tax year is the loss taken of my taxable income total? It does not appear to be when I submit a tax return. Thanks, Martin
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Private pension self assessment
Hi, One of the options on my online self assessment tax return asks "Did you receive any UK pensions, annuities or state benefits, for example, state pension, occupational pension, retirement annuity, Incapacity Benefit?" I inherited a pension from WEST MIDLANDS PENSION FUND when my father died - total annaul amount is:…
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IHT/allowance
currently my will says "all estate etc to sons" My house is £150k. No mortgage. Single Do I get £325k + the £150k 'additional allowance' or would I have to SPECIFICALLY leave the house 'directly' to them rather than just lumping it in with the estate? thanks for replies/info
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Company Car & Tax Code Help?
Hello Everyone Could you shine some light on a conversation I have had with HMRC please? I gave my compnay car back on September 25th and logged this on my personal tax account online. My employer has now started paying me a cash for cars payment instead. However, in my December pay, I noticed that I appeared to not be…
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Council Tax
Hi, I've inherited a modest flat and it will be officially transferred into my name on the 10th January 2020. From this point I'm liable for council tax of which I expect to pay. I have already started the wheels in motion to sell the flat and no one will be living in it. Let's say I sell the flat within 3 months. I have…
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P60 after changing jobs on non cumulative tax code
Hi, When I've left my old job I left on a non-cumulative tax code so the P45 employer part doesn't show earnings to date and tax to date. I know I will be able to check all of it online but will my new job give me a P60 with nothing but the earnings in that job?
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Inherited IRA from America
This is prolly a very niche question.... My mum has inherited an IRA from my dad who passed away last month... It's worth $12000. If she withdraws it as a lump sum what are the tax implications... Does she have to pay federal US income tax? UK income tax (though I thought inheritance under IHT limits would be tax free)?…
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NI On Leaving Pay
After 3 years of sick leave, my employer finally terminated my contract. I was given two months wages and some owed holiday which amounted to just over £4000, and from which I paid the 12% in National Insurance I am currently unemployed and on ESA (not fit to work) so this £4000 were my only earnings this year - should I…
