-
Child Benefit Charge
I am currently having to pay child benefit charge and looking for some advice on the allowable deductions. I make personal pension contributions which I am currently deducting from my income which will in turn reduce my charge. My question is that I currently pay into a personal pension for both my children (aged 6 and…
-
HMRC and Martin, we have a problem - WFH tax allowance
At least I think we do. Possibly I'm missing something, in which case I know I can rely on you lot to tell me ... The problem If you claimed WFH tax allowance in 2020-21, everyone (from Martin to HMRC) is saying that you need to make a fresh claim for 2021-22. HOWEVER HMRC have also instructed
employers to increase…
-
Using Partners Allowance
Sorry for the long winded post, but here goes: I am self employed and also work full time PAYE. My SA earnings have gone a lot more than i imagined they would when i started this, my PAYE salary is 32k and coupled with my SA earnings im looking at higher tax bracket. My Partner earns 10K a year less than me PAYE, so could…
-
Working from home tax relief - self assessment return
When completing self assessment. To claim having to work from home, would I click yes on this question? Do you wish to claim any employment expenses or capital allowances while working for *************? I am a PAYE employee completing self assessment for the first time. TIA
-
Declarable income?
Last year I helped my Dad sell his Dad's old vintage woodworking tools on a site called Etsy. We split the profits between us as I did all the listing, selling and admin work around it. I am self-employed and in the back of my mind I am thinking I should be declaring it as income on my tax return even though it's not…
-
Marriage Allowance
To cut a long story short, I ticked the box to back date thinking they would check if there was any spare to give me. Next thing is my wife gets 4 demand for around £230 per year. They appear to have given me something which does not exist. The only thing is I am not seeing nearly £1000 in my account. Wrote to them 8 weeks…
-
Mileage HMRC Query
Hello all,Quick bit off advice / correction please.If my contract states I work at home and I travel to a Works office / Site / Survey / Meeting can I cliam mileage tax releif from the HMRC @0.45p for 1st 10000 miles and 0.25p there after . My employeer does not pay mileage.Many thanks,Fly
-
Tax return 2021
Hello all I have done my tax return on the 10th April gone to Bank repayment pending on the 13th of April still pending since then anyone done there's on the same time and did you get your money in yet?
-
CGT gain 20% tax payer pushed into 40% band and my pension
I have made a gain having sold some crypto assets back into GBP this tax year now need to work out CGT and need help Lets say salary from PAYE is £35,000 and Tax code is 1257L and I sell 50% my crypto assets that cost £25,000 in total for £50,000 to keep numbers simple so gain £50,000 - (£25,000 x 50%) = £37,500 Deduct CGT…
-
Capital Gains in Self Assessment
Hi We have recently sold a property which we had been letting out for a few years (I'd posted a query regarding CGT on the forums previously). We submitted and paid the CGT due a few weeks ago. We were advised that we also need to include the CGT details in our Self Assessment (this will be our last one as we were only…
-
HMRC and ridiculously long telephone waits
Surely it is not beyond the realms of possibility for HMRC to give a rough idea of how long you have to wait to get to speak to someone on the phone? 36 minutes so far after the third or fourth time of trying where I gave up eventually. I had tax deducted from my private pension withdrawal in 20/21 even though I am a non…
-
P87 Reporting of Changed Professional Subscriptions Tax Relief
My wife has noticed the tax relief in her PAYE coding for professional subscriptions is incorrect (the cost is now much higher). I understand this can be rectified via the online P87 form. My question is I hope simple - does she submit the correct full taxable relief value of the professional services subscriptions in the…
-
Fine for filing CGT One day late- is it worth appealing?
Hello. I misunderstood the CGT rules and was one day late filing. I thought that as I sold the house on 5th March I had until 5th April to file. I know that was a ridiculous mistake to make as it clearly says 30 days. I had a terrible reaction to the jab and left it until the last minute because I wasn't thinking straight…
-
Adding car into tax rebate
Hi everyone just a quick question. So I got a car about 2 years ago for 10k. That time I was living with parents but was still self employed. My father helped me little to buy the car. And was all paid for. I used it for mostly for work around 70 of time it was used for work as I cant afford separate work vehicle. But at…
-
Self Assessment Query
Hi I am hoping some kind poster may be able to help me with my query. My partner has filled his self assessment in and is not too sure if he did something incorrectly as the amount of tax seems about £1000 more than anticipated. This year he received his lump sum pension taxed at source as well as SEISS grants that need to…
-
IHT tax-free gifts
My mum has a large taxable Estate and has agreed to make some gifts to her 4 children, I understand she could gift £3k tax-free each year, so £750 each. Am I right in thinking she can also make further unlimited gifts to others of up to £250 each, say to her grandchildren and great-grandchildren?
-
CGT question
I understand that you pay CGT on jewellery and possessions if they are sold for £6000 or more. But if I sell a necklace for £1200, would I just put that amount on my earnings, in my self assessment return ? It cost me £1200 and I sold it for the exact same amount three years later, so would I just add £1200 to my total…
-
Personal Savings allowance
I wondered if anyone else had discovered that if you hold savings in your Child's name, their interest counts towards your personal savings allowance?? This seems grossly unfair to me. Has anyone else had their tax code adjusted to take savings income of more than the allowance of £1,000 in account?
-
Divorce and buying partner share
I'm asking this on behalf of a family member. He is getting a divorce and wants to buy his wife out of her share of the house, but can't due to cost of divorce. Another family member can buy his ex wife share out and then both family members take residence. There is a mortgage on the property, how should the tenancy be…
-
Tax on savings interest.
Received a letter today from HMRC asking me to fill in a BBSI form as they believe i have unpaid tax on my savings interest. Just done a quick tot up and i earned about £605 in interest in the last tax year. Got made redundant last July and earned £22135 and paid £4381 tax and believe i am entitled to some tax back as i…
