-
Using pension contributions to reduce savings tax?
Last year the only income I received was from a private
pension + savings interest. A couple of 2 year fixed savings bonds reached maturity which
meant that two years’ worth of interest became liable for savings tax in the
same tax year. Consequently I ended up having to pay some income tax. (With hindsight I should have…
-
Director's Remuneration - Options
Hi I set-up a Ltd company. In the early stages, I registered for PAYE and set myself up as an employee however I didn't start paying myself a salary until towards the end of the 19/20 tax year. Part of this was because I continued to be an 'employee' on the payroll for the firm I previously worked for, doing ad-hoc work on…
-
EYU needed, manual correction calculations
Hi, Just to give you an overview an employee has received a bonus (of £7500 net amount) outside of payroll in Dec 18 but this was not recorded until Sept 19. I am having to do 2 x EYU for both tax years and I have to say I am unsure of my calculation. Would someone be able to advise please if this is correct please. 18/19…
-
[Self assessment] Tax relief on spouse's class 3 Voluntary NIC
Hello MSE Forum! I wondered if and how I could get tax relief through my Self Assessment for the payments I've made to my wife's Class 3 Voluntary National Insurance contributions? My wife is unemployed and not claiming any benefits. Our situation allows me to pay her contributions, but I questioned myself whether this…
-
Do I still need to submit an SA return?
Hi,Im unemployed (thanks Covid!) but luckily have enough savings to last me 6 months - a year.Im going to start freelancing and confident I can build up a client base. But over the next 12 months (atleast!) I wont be earning more than £10k. Until I build up a client base or find permanent employed work again.Because that…
-
Classification as trader rather than investor
Hi, Maybe someone has some experience with this and can help: I have been trading forex and cryptos in tax year 2019/20 and incurred a loss, so ideally I want this to count as income in my self assessment, which requires classification as trader rather than investor. How would one go about that? I have a regular day job,…
-
Should I pay vol class 2 NI contributions?
I am employed part time and now also freelance a bit too. I have completed my self assessment and don't earn enough to pay Class 2 NI contributions but want to check if I should pay them, voluntarily? My NI record shows 29 yrs of full contributions, 18 years avail to contribute and 4 years (early 1990s) when I didn't…
-
online self assessment and covid working from home claim
I have seen several threads relating to completing the SA102 form for claiming working at home, but I am just using the automatic online form on the government self assessment site as I need to repay child benefit and the form does not have a box 20. Should I still use the micro-application as well. I cannot see any…
-
Self Assessment Tax Return on buy to let - Help please!
Good afternoon, This is my first ever tax return I have to complete as I bought a buy to let property in 2019. * The property is in joint names between me & my partner. * We are both 20% tax payers * This will not take us over the 20% tax payer bracket So my question is.... when completing the self assessment form can we…
-
Inheritance tax on gifts to children - practical consideration
My wife and I intend to gift our children a fairly large sum (prob £40k) each to help with a house purchase at some point in the future. We are aware that these gifts would be potentially exempt gifts and we would need to live for more than 7 years for them to escape inheritance tax. As my wife is much younger that me we…
-
Sole trader - cash basis or traditional accounting for tax return?
I'm self employed and a sole trader. My income and expenditure are quite straightforward: income is in the form of invoices for professional services, and expenditure boils down to some things like PI insurance and software licences. I work from home so am not paying office rent etc. So far I have really just stated my…
-
ETF Investing: how to calculate the amount of tax to pay
Hi to all, in addition to my ISA investment, in 2020 I opened an account with another English bank. In this bank I bought some ETFs in Euro. During the year, I sold some ETFs at a loss and some at a profit. As of December 31st, I still have capital invested in ETFs with profit. I give an example: Deposit: 100 Purchased 4…
-
Capital gains tax on gifted house
My parents gifted their primary residence to myself and my sister in 2006 (All Deeds, Land Registry done), on the proviso that they could live in the house until either one of them or both passed away. They have both passed away in the last 2 years and therefore as we are now selling the property I'm aware of CGT to be…
-
Standard rate taxpayer - declare NEST contributions on SA return?
I'm self employed and not a higher rate taxpayer. During the 2019-20 tax year I began contributing to a NEST pension. Do those contributions go onto my return? I understand that a higher rate taxpayer would declare them to get the 'missing' 20% relief, but do I need to do so as well? Page 4 box 1 simply asks for Payments…
-
Is pension subject to tax?
Hi, If someone is in receipt of a pension from a local council which they inherited from a family member, is that pension subject to tax on a self assessment tax form? The person who inherited the pension is under 30 years old and the pension is small, around £200 month. Thank you
-
Working from home tax relief - office equipment purchases?
Hi, like many people this year I've been working from home throughout the Covid pandemic right from the start. I'm aware of the £6 per week tax relief that can be claimed for unreceipted expenses, ie contributing towards home heating costs etc. However, I'm wondering whether it is possible to claim for other related…
-
Wrong council tax band
If anyone can help. I have recently moved and finally got on property ladder. So I apparently have 6 months to appeal decision to voa, I looked at a very similar property same style and type and built around same time so I believe I have a claim. The voa put me in band E but this other very similar property is band A and…
-
CGT Questions
In 2015, I made a small investment in Bitcoin. I have also continued to invest at various points in 2016 and 2020. Over the intervening time period, this investment has obviously appreciated considerably. I have no intention to sell this asset for another few years as I still think it has some room to appreciate, however I…
-
balancing payment - self assessment
Hi. If I pay 45k tax on earnings for 19-20 tax year, will I also need to pay half of 45k (assuming no balancing payment for 18-19 tax year carried forward) to go towards 20-21 tax bill - so I will end up paying around 67k in tax by July 2021? Please can you confirm this. Thanks.
-
Seiss - which year for filing?
HNY! Starting to get my 19/20 figures together for self assessment this month. I'm a self employed sole trader. I claimed the first seiss back in May. How does this work in filing? Is it added on automatically when I log on? Is there a new section for it? Can you choose which filing/tax year it goes in? I wanted to split…
