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Get help on self assessment tax return
I know lot of people file tax return on their own and somehow I find it is very difficult to understand and ensure that I am providing all and correct the info. I want to be sure I am not breaking any rules or providing incorrect info. Also, if I am in another country, it may be even more difficult due to income from…
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Help in self assessment: Are you claiming to reduce your 2019-20 payments on account?
I am filing self assessment tax return for 2018-19. I am having to file tax return due to 'The High Income Child Benefit Charge '. In my self assessment, I have the below numbers: This is sum of Child benefit I have received plus the interest earnings through savings, current and Help-2-buy-ISAs etc. In the next page in…
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Pension and Student Loans
I'm trying to budget for next year but have got myself very confused (easily done when maths is involved). I am currently completing a 6-year course with the Open University and I'm in year 5. I got a letter advising of April this year I will start paying towards the loan. I think the payment will be minimal, something…
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Overseas income trading allowance
I am UK resident and employed. I also have some overseas income from a blog. I receive this income tax free due to double tax treaty. I have been asked to do a self assesment by HMRC. The question is: do I need to declare the income at all if it is below 1000 gbp (trading allowance) or if I declare it, am I being given the…
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Do I need to complete a self-assessment form
I am a full-time student but have been offered 30 hours of work paid £25 per hour over the Christmas period on a freelance basis. Can anyone advise if I need to complete a self assessment form for this? Does it need declaring? What is the threshold for when you need to declare earnings? Thanks
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Expenses on foreign rental income
Wondering if anyone can help with a tax question I have. I own a property abroad but am a UK resident. The property is a furnished vacation/residential rental that I earn income on. I therefore pay tax on income in Canada and the UK. I’ve recently had the AC unit replaced in the property and in Canada it’s not treated as a…
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Transfter property into ltd company - refund on higher rate SDLT?
I rented out my former home when I bought my current home and so paid the higher rate of SDLT. If I transfer my now rental property into a limited company is this an arm's length disposal of the previous main residence to get a refund on the higher rate of SDLT? There is no mortgage on the rental property and no capital…
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CGT - discounted house purchase
Hi all, Apologies if this may have been asked before. I am currently thinking to sell a second home I currently own. Reason being is for my wife and I to purchase a new property, the additional stamp duty is unfortunately making it completely unaffordable so reluctantly are making inquiries for its sale. I purchased the…
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Iht ?
My estate is left to 3 children A/B/C, 1/3rd each. IHT will be payable. If I were to gift say £100k to A, now (nil to others now) and die now (ignore exemptions, etc), how would IHT be calculated at death ? Would the estate pay the total IHT then they get 1/3rd each, or would A pay 'extra' on the £100k
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Accountant hidden fees
Hello, Any thoughts. I had to move on from an accountant, I started a limited company last January and very new to this world. I chased him about bookeeping and nothing has happened, not even payroll for months - I mostly get out of the office replies he is constantly on hols. Anyway - he sends me an invoice for items that…
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Bik
Hello, I get medical insurance as a benefit in kind, which appears as an additional "payment" on my payslip of around £50 p/m. However, this does not get included in the "total gross pay", it is added to another total, the "total taxable pay". My question is: Do these "payments" contribute to my tax band calculation? In…
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Reducing Adjusted Net Income
Hi, I've got the potential in March 2020 to receive a bonus to take me slightly above £100k for adjusted net income after my employer salary sacrifice contributions are taken into account. I plan to make a lump sum payment into a SIPP in March when I receive the bonus. My query is how simple is it to calculate what this…
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Income Tax Change
Anyone here any good with income tax on PAYE. My tax deduction is LITERALLY the only change on my pay slip in November vs October pay. If nothing else changed, salary, benefits, overtime, sickness, NI, pension, Tax code then anyone any ideas why my tax deductions would be £60.00 higher than the prior month?
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Children’s savings and tax
Not sure whether to post this in savings or tax, but here goes... I am additional rate tax payer My wife is a stay at home mum with no income We have two children 3 and 5 We’re we to put £20k of savings in my children’s name (looking at virgin account) at 2% this would earn £400 in interest per year I understand as this is…
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Claiming back tax
Hi all I recently well nearly a year ago drew my pension only a small amount and had 40%deducted for tax.IWas given a p45 form I think it was and was told I can claim some tax back. How do I do this,I am self employed.
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Furnished Holiday Let - Income allocation
My wife and I own a FHL and I understand that as a qualifying FHL we are able to apportion income between us for tax purposes as we see fit in order to utilise lower tax rate allowances before higher on a pooled basis as far as FHL income is concerned. We have two children (under 18) which we could add as minority property…
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Can I claim a partial tax refund before end of year?
Have taken money out of pension to clear mortgage due to ill health. Have been taxed at 40% I will have to pay some tax, but I will be nowhere near the 40% tax bracket at the end of the tax year. Can I claim 20% tax back on the entire amount now, and leave the other 20% paid, and they can sort out what I owe at the end of…
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Pension Increase tax question
Hello combined brains on MSE. A quick tax question for those cleverer than I I've attached my monthly payslip, which shows I pay 42% into my pension, and end up with a smidge over £2500 in my bank account each month. I've just been awarded a 2.5% pay increase, but want to keep my take home pay at £2500. What contribution…
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CGT on inherited property
As part of a Court Agreement If an inherited property is sold 3 years later for less than it was valued at Probate, would the person who inherited it pay CGT on the uplift in value since Probate? Although it is a gain in value, it's money that hasn't been received. Also would the Estate be able to claim back IHT if the…
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How diligent is HMRC?
I was speaking with a friend earlier who studies law & she claimed that HMRC isn't really that interested in chasing small time tax evasion. She said that if someone wasn't declaring their interest income to HMRC & paying tax on it, HMRC wouldn't really care, even if they found it, which itself is unlikely. She said that…
