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How do we pay minimum Tax (Capital Gains) on Vanguard funds-30 day rule?
How can we legally pay the minimum if any at all, Capital Gains Tax on Unit Trusts, shares, Vanguard funds? I have Vanguard Life Strategy UCITS they are called, index funds I think. I don't understand the Capital Gains tax on these shares. Forget pensions and ISA's to utilise allowances, I have them. What is this 30 day…
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Not working, but rent out 1 property (What NI should I pay and how) (Self employed or not)
I hope I am posting in the right place. I seem to be confusd since the change in how the tax return is done and what my status should be. I have always worked, whether it be full or part time, but aound 3 years ago, became a carer to my late father, my boss at the time was not too helpful over my swapping shifts to allow…
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Child benefit, pensions and avoiding 40% tax
Hi, I'm a little confused on the best way to avoid paying 40% tax and also keep child benefit.. Hope you can help. I was made redundant in April 2020 and was lucky enough to receive ~£48k (£30k tax free) , had a break of 3.5 months and started a new job. This means my estimated Annual Income this year (according to my…
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Cash basis box
I've always ticked the cash basis box on the self-assessment form (or at least since it appeared) but I now realise that I actually use the accrual method (some clients take weeks to pay so I find this simpler). Could this cause me any issues in the future? My income and expenditure are 100% accurate and HMRC actually gets…
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Sale of foreign property and impact on Child Benefit query
I've recently sold a foreign property (at a capital loss, so no CGT). My question is does the money from the sale of that property (or asset) count as income which can affect Child Benefit (with the 50K threshold)? I have called HMRC who told me to call Child benefit, who told me to call HMRC! The money form the sale is…
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High Income Child Benefit Tax Charge :s
Ive searched for this, followed the links & done the calculator but im still confused, We have been claiming CHB from Dec '19 to Apr'20, so the 2019>2020 tax year, I changed jobs in October, so my P60 is split between employers, Where im getting confused is the calculator just asks for salary before tax, ok,, so then says…
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Landlord SA tax return - management fee??
I am busy calculating my SA tax return. A friend who is also a landlord informs me he takes off 12.5% of his earnings as a management fee and it is even possible to backdate it! I have not heard of this before - can anyone confirm if this is the case and if so how long can it be backdated for?
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Tax on crypto transactions
My first post.I think but I am not sure that I underpaid a significant amount of income tax for last 2 years. I checked HMRC guidance on taxation of income from cryptocurrencies. But my case is not covered. This is why I am not sure if I underpaid or not. The income is around 70K per year. I actually did not have this…
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HMRC Any other income - how to declare?
Hi I work PAYE and have done for 3 years now after a brief try at being a contractor which didn’t work out. I dont fill out a self assessment as don’t normally have any other income however I have received a payment from a specialist company who closed down my ltd company on a Voluntary liquidation basis (now closed). I am…
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CAPITAL GAINS TAX - IMPROVEMENTS ALLOWABLE ?
Hi, I wonder if anyone could offer some guidance on this scenario please ? I am selling a house which was originally my own residence, but since 2016 I have let it out. I have made a capital gain of £109,274. The two queries i have are: 1) Can I claim private residence relief for the 191mths (out of 232mths owned) I was…
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Marriage Allowance
I see that in most cases, you need to earn under 50K to claim Marriage Allowance, with your partner paying no tax. I have earned roughly £53K from PAYE, and made a self-employment loss in my side business, along with pension relief, when I view my calculation on self-assessment, it says that I'm not a higher rate tax payer…
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Self Assessment Email
Hi,After some advice please.I usually do a self-assessment around this time of year and HMRC are sending me emails chasing that up. They state on their email:"You’ll still need to submit a return even if you don’t owe any tax."The last tax year I earned under £1,000 from self-employed work (I was on PAYE in my main job) so…
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HMRC SA payment by 31st January 2021 - Sunday?
Silly question this, but if I filed my return in the next few days but initiate a bank transfer on Sunday 31st to HMRC, will that payment be deemed as having been received by HMRC on the 31st or the next working day - Mon 1st Feb?
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UK Chartered Accountant for tax return in Restricted Stock Units case
Hello all, Asking for recommendations on UK chartered accountants who could do tax returns for a PAYE where there is a variable of RSUs Restricted Stock Units that had vested in the financial year and were sold. Recommendations that do not cost an arm and a leg would be greatly appreciated :) thanks
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Self assessment POA
Hi In 2020 I deferred the 2nd July 2020 POA of 2500 but paid the 1st POA of 2500. My self assessment calculation for 19/20 is 7500 plus 3250 1st POA Jan 21. My query is can the 2nd POA of 2500 which I deferred in July 20 be ignored and will not need to be paid in this case? Just the remaining 5000 (7500-2500 less 1st POA…
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Am I likely to get fined?
For the last few years I have been way below the tax threshold, (earning 8-9k) but I realised this week that in the year 2019-20 I had not disclosed £1,700 in some casual earnings, from what is basically a voluntary job but the guy is paying me occasionally to help me out. So that brings my earnings for that year to around…
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Taxed too much. Advice needed.
Hi,It started last month whereby I was taxed way too much and not on an emergency tax code or anything.Only tax code change I've had is to go from 1250L to 1281L as I did the working from home expenses form. My annual salary is £33258 and normal tax amount each month is around £339.December payday I get taxed £1157 and I…
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Working from home claim
Recently colleagues have been encouraging me to submit a claim for working from home on the gov website telling me anyone working from can apply. I sent the application then realised my bills are included in my rent so it makes no difference to me financially if I'm at home or in the office. Can even people with bills…
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Government Planning Online Sales Tax
Just having a few thoughts about this. Many online retailers have physical stores as well. Let's say you do M&S click and collect and have to pay 2% tax because you ordered it online. That means the store is charging two different prices. At present you pay the same price regardless of how you order it. What happens if you…
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What's the worst that can happen?
I think I'm now in a position to finalise and file my tax return. However, if between now and the filing deadline I discover I've missed something, will I be able to amend my return? What if, on the other hand, HMRC thinks I've missed an interest payment (not declared bank interest received) for example? Will they just get…
