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Capital gains shared inheritance
Hi, Husband owns half an inherited property. It has increased in value. We have lived in the property for 4 years. We want to buy the brothers share. How will capital gains tax work in this situation? Thankyou in advance
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Pension higher rate relief & simple assessments query
I've just received my simple assessment and the figures appear exactly as I expect, except my SIPP contributions are ignored. I'm a higher rate payer but in previous tax years I contributed to pensions through PAYE and received tax relief directly; this is the first year I have contributed directly to a SIPP. I received…
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Marriage Allowance - Reducing take home to qualify
Hi. I have searched through the forum to find similar threads, so apologies if covered but I haven't found it. My annual salary puts me at around £54.5k p.a. My wife hasn't worked in over a decade. My wife has never applied for Marriage Allowance, as we always assumed my salary disqualified her from doing so. However, I…
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Capital Gains Tax Query
This is somewhat of a complicated question so perhaps we would be better off paying for some advice but I figured I would try anyway. Husbands Gran due to go into care home within the next few months. House worth approx £350k. Grandad passed away approx 18 months ago and left half the house split between my my husband and…
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Self Assessment/Offsets
Hi. My first one this year. My only income is from share sales, interest from over seas, and dividends. I'm not registered as a sole trader. But my income is derived from trading securities. Stocks and Shares. It's how I make a living. Can I offset anything against tax owed as I work from home. I understand I have PA…
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Buying services online from a different country?
Hi all, I have my curious head on and I noticed today, when buying a service (VPN) that they offer different countries, some of these countries do not have VAT and I wondered what is the legalities of buying from a country that doesn't not have VAT when you reside in a country that does have VAT. * If I live in France and…
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VOA/council rebanded home to higher band - backdated!?!?
This is my first post - apologies for any newbie mistakes 😊 We received a letter from VOA advising our home we purchased 2.5 years ago was under review to be rebanded for council tax.2 weeks later we received a revised payment schedule from our council stating we were now in a higher band. This is not entirely unexpected…
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RSUs Vesting (soon) - How to be most tax efficient?
Hi Fellow MSE Members, I have a few RSUs vesting soon and I wanted to better prepare myself. Salary Overview Before I explain the vest, I wanted to share my salary details. My gross salary is £61800 but I am salary sacrificing around £1040 into my workplace pension. The pension sacrifice along with my medical and dental…
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Company Car Tax 20%/40%
Evening all, When considering company car tax, does anyone know if there is a sliding scale for the tax. e.g. when earning £50k, the rate would be 20%, but when earning £51k does the rate automatically become 51k or is the 40% only on the additional over the threshold? Alternatively, does the marriage tax allowance allow…
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Self Assessment for 12yr old
My 12 yr old grandchild needs to pay a small amount of CGT for 20/21. I have got an accountant sorted to later work out the figures etc, but he told me he needs child to have a UTR and to ring HMRC. After Looooooong wait , I got through to HMRC , explained the situation and was told no problem , send in form SA1 - which is…
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PCP or Business Contract Hire
I have a bit of a dilemma on my hands. We're looking to get a new electric car and I'm conflicted as to whether we should do personal PCP or a standard business lease (contract hire). Due to the company credit rating taking a Covid-hit, the only way we can get it is by putting down a large upfront payment of £10k. Since…
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Previous Employer over-stated tax
Is there any kind of complaints procedure or Ombudsman that I can approach regarding a previous employer who is refusing to engage with me? The situation is that when I joined my previous company they gave me a relocation bonus and a signing bonus. Both of these were sizeable and were taxed by HMRC. I lasted 3 months with…
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Non-cumulative income
My husband had a letter he’d underpaid tax for last year by about £140, and they were adjusting tax code to cover it. I think it’s 1216 or something now. But at the same time, they’ve changed his tax to non-cumulative. He spoke to them on chat and they’ve said that it will stay like that til next April, but he’s being…
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Taxing my disabled benefit
Hi everyone 👋 I took ill health retirement in March 2020 and I've been getting my works pension ever since, which I pay tax on. It's approximately £16000 a year. However, I've just had a demand from HMRC to pay additional tax on my ESA (approximately £5900 a year) which I didn't expect. I'm in the Support Group for ESA.…
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Other income question
Hello. I'm looking for opinions on what I should do for the best please. My husband and I recently bought a second property with a second residential mortgage. My parents are living there, which was declared as part of the mortgage application. We are not allowed to let out the property according to the mortgage. My…
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Inheritance Tax / widower in Care
I have a friend that’s growing concerned with the way her grandparents estate is being handled. Both grandparents were taken into care in recent years with one sadly dying. The bank accounts were signed over to the mother and her two sisters. The house was sold for approximately £500,000 and the money split into my friends…
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Personal allowance after dividends
Dear all, I have recently received a dividend of £22k. My salary is £75k and I have already received a bonus of £37.5k. As a result, HMRC believes my income will be £112.5k and my personal allowance has been reduced to reflect this. I intend to pay what I owe on the dividend at the end of the tax year. However, I have just…
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Divorce and 3% surcharge on buying separate homes
If a couple have applied for a divorce and still live separately in marital home which has been sold, are either of them liable for the 3% surcharge on stamp duty. House will be completed on same day as person one buys their property. Person two buys a property about a month afterwards, however the divorce will not be…
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Covid tax rebate
Hi everyone I've had to work from home due to covid and wanted to claim back expenses. When i apply to do this on gov.uk do I select the flat rate or other. Bit confused with it all really. Thanks Alastair
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CGT on second home
First time on this part of the forum, so please be gentle. Friends have asked me a CGT question- but struging myself to find the correct answer. Friend bought a house valued at 50k back in 2000. Got married and in 2009, and a 50% share in the house was transfered to his wife for payment on a notional £1. They then rented…
