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Will the new NatWest Rewards be taxable?
NatWest are changing their Rewards account. This currently pays 2% cashback on various household bills but from 1st Feb 2020 will pay £1 per month for logging into their mobile app and £4 per month for paying two DDs for at least £2 each. The monthly fee remains at £2. Will the new monthly payments of up to £5 be taxable…
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Tax on income from an offshore company
Hi guys, So I am a UK non-Dom resident and I have an offshore company which has an account in Switzerland. The company will be earning money in the UK. Will I be taxed on the profits that the company will earn in the UK or only if I decide to bring the money to the UK or something else? Any help would be appreciated Thanks
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Marriage tax allowance & tax codes - have I made an error?
Good evening, I wonder if anyone could help me with understanding the marriage tax allowance - specifically if I have made an error in claiming? I applied for the allowance as I anticipated being a non-tax payer as usual - I expected to earn approx £11k in 2019/20. My tax code changed from 1250L to 1125N whilst my OH…
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High income child benefit charge and pension
I live in Scotland and last week I received a generic letter from HMRC stating that I may owe them money from child benefit payments since 2012/13. I’ve worked for three employees since then and over that period my salary has ranged from £45k to £56k. My wife earns less than 25K. Over this period I’ve consistently made…
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Help me out with new tax code
My wife's just received a new tax code notice "375T M1" What does that mean? She has a tiny pension payment, about £250/month plus withdraws £750/month in drawdown. Not old enough for SP yet so thats her only income. Thanks
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Stamp Duty for Residential Tenants
Hi, i have called the HMRC 3 different times with 3 different answers and the HMRC/ Gov website is not only incredibly confusing but in some cases conflicting. We are 5 mates who are about to sign an assured shorthold tenancy agreement directly with a landlord to rent her property for 24 months. the total rent over this…
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How to reduce tax oved with loss on my buisness
Hi. I worked two jobs, hmrc somehow forgot to count first job and took not enough tax from second one. So in the end i have to pay about £800 tax, but a the same time i made about £1000 loss on my buisness. Is there any way to reduce that owed tax with loss? Hmrc still showing £800 to pay in my self assesment and dosn't…
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Capital Gains Tax - Changes regarding Sale of Property
Hi, Please excuse my ignorance on this subject. Today I read an article on the changes (announced in last years budget) to the CGT calculation that come into effect in April 2020. https://www.menzies.co.uk/april-2020-capital-gains-tax-changes/ If I had seen the proposed changes at the time we (my wife and I) would have…
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left 90k by grandmother
Hi there, long story short my grandmother was in a residential home, her home was sold to help pay after her savings depleted, unfortunately she passed away 8 months after being admitted into the home. Her estate has a value of 297k and everything was left to my mum. My mum has agreed for the money to be split 3 ways…
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Business mileage claim on self assessment
I am just completing my self assessment and I cannot see where I input my business mileage claim, Can anybody help!
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Gifting from Income
If I use my IHT Annual £3k gift Allowance each year, but also make gifts above this, say a further £3k a year allocated to more than one Benificiary, but this further £3k like the other £3k is made in one go but at a different date each year, can this still be regarded as gifts from income?..or does it have to be regular…
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High Income Child Benefit Charge
Hi, We've had letters recently from HMRC confirming HICBC and explaining how it works. We have had a final reminder since. Whilst we have stopped the claim (2 weeks ago) the problem is HMRC are asking us to disclose all from tax 2012 -2013 to 2017 - 2018. I have not completed a SA in this period. We had twins in Jan 2013.…
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Help needed : Have you had any 2018-19 Income Tax refunded or off-set by us or JobCentre Plus?
I am filing tax return for 2018-19. I need help in answering this question: Have you had any 2018-19 Income Tax refunded or off-set by us or JobCentre Plus? My situation is, I work for UK public sector. I had been subscribing to professional journals and memberships that were eligible for tax exemptions/benefits. I was not…
