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Register late self assessment didn't need to
Hi, my wife used to be self employed. We setup a limited company together and she deregistered for self assessment and gets paid from the company through paye. She had a dividend of £1000 in 18-19 which was not declared. All other income is paye. Total under the allowance so no tax was ever due. We are now getting a…
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Is there anything I lose out on when my employer changes to "payrolled benefits"?
My employer has announced this upcoming change which I'm supposed to confirm but they have not communicated or explained anything other than the P11D will no longer be issued. I understand that my tax code would no longer be reduced by benefits in kind like private medical insurance and instead I would pay the tax itself…
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Capital Gains Tax because of house sale overlap
I have had an offer accepted on a house and the sale is progressing. I was able to buy the house as a cash buyer, I have inheritance and my family have leant me their life savings!! I have sold my current home and the sale of that is also going through. There will be a short period of time where I will own both houses. As…
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A parents' loan will be repaid after the family home is sold. Any tax?
My ex-husband and me jointly owned a property (the only property for both of us). The English Family Court has asked the family home to be sold so there is a clean break. As the family home was purchased with the help of a loan from my parents, my parents will be repaid using the net proceeds from the sale of the family…
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Capital Gains Tax
Hi , I have to declare capital gains on a second home . Improvements , I have installed central heating and double glazing in the property but do not have receipts for these works as it was over 10 years ago .Can I use reasonable estimates for these works when doing my capital gains return ?Thank you in advance .
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CGT on joint acount
We have setup an investment account (non ISA) over 20 years ago mainly for my son when he grows up. The account was setup in a joint account with son, wife and myself. If we are to sell some/all of the shares in that account, am I right that the CGT will be divided by the three of us? Btw, son now working and paying tax…
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Wedding gift exceptions to IHT
Younger son is getting married. Lovely girl, Mum & Dad couldn’t be happier…etc. In respect to wedding gifts which are not subject to Inheritance Tax, the gov.uk website offers this: Gifts for weddings or civil partnerships Each tax year, you can give a tax free gift to someone who is getting married or starting a civil…
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CGT is it applicable
My mum died leaving two homes, both in her sole name. My dad lives in one home and is selling the other as he is the sole beneficiary. My question is although the value of the homes fell under the inheritance allowance, is my dad liable for capital gains on the profit that exceeds the original valuation for probate? Thank…
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Capital Losses on Rental Property
Good Morning, We have a rental property that i am thinking of possibly selling within the next few years. We used to live in the property but have now let it out to move into our now home. We bought it in 2008 and paid £125k for it. It is now only worth £100k. I am aware if it sold for more than we paid for it then we…
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TAX DEDUCTIONS AND CAHNGES IN TAX CODES
Hi, I have 2 jobs: first is 35 hours (p/w) and second is 16 hours (p/w). I have started the first job around 6 month ago and from the first pay slip till now (5 slips) my tax code kept change from 1275/L to 1089/L. I phoned HMRC and they said that i have 355£ outstanding in tax from april 2021 and they will cut more tax on…
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National Insurance question
I thought that to be creditted with a full years NI credits for State Pension purposes - you had to contribute 52 weeks / 12 months worth ?On looking at my HMRC record - I see that (for some reason 1997/8 - I only paid 43 weeks worth - but am still credited with a full years NIDoes this mean that my missing 8 years can be…
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Advice on when/how to pay Capital Gains Tax
Am in the middle of administering my father's estate after he recently passed away - he had some shares and a house in his name which we plan to sell (as executors not beneficiaries). I think we will be liable to pay some capital gains tax, but we do plan to not sell everything in one go so that we can make use of the…
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Not declaring expenses
This is a bit opposite to cutting taxes but I thought this was the most appropriate section. I have started doing some part time delivering jobs using my own car. I understand that I will need to be declare this and that I can claim expenses for using my own car. Is it allowed to not claim any expenses for this. I want to…
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Is my wife due a tax rebate .
My wife was in full time employment until august 31st 2020 paying the tax due . In september 2020 she retired and her private works pension started paying out . Her pension was £12,500 per year so she expected around £1050.00p per month with no tax to pay . But she only received £840.00p per month so she was still paying…
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Do I need to tell HMRC/my employer that I'm taking out a student loan while working?
I work full-time PAYE, salary £21k. I'm studying part-time with the Open University in my spare time. My fees for the coming year will be paid by student loan from Student Finance England (I self-funded the first few years but that's another story). I'm unclear on whether I need to tell HMRC or my employer that I now have…
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capital gains tax
My name was on a joint mortgage that was sold 6 weeks ago, however i never lived there for last 4years as i split from my partner, I paid no contributions towards the property for the last 4 years 3 months neither but kept my name on mortgage to help her out as it was a 5 year fixed rate .However when house was sold i…
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CGT as non-UK resident.
Hi all Thanks in advance if you're reading this and able to help. Just been looking through the minefield of CGT to sell our UK property. Some very knowledgeable people on here so hoping to get some clarity on the matter. Bought the property in March 2014 for 177,000GBP, we lived in it as a married couple until August 2019…
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Planning my journey from sole trader to LTD
Hello I am trying to plan out my business finances for now and the future. The goal is to owe the least amount of tax while gaining the most perks from being self employed. I have an accountant but looking for a different one, so thought i'd bounce some ideas around on here until I find one. Currently I am a sole trader…
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PCP Car Finance and Self Assessment
Hello, I currently do my own returns and am quite happy with it but I wonder what to do with tax and my PCP finance deal. I am self employed, use the car 99% for business use, put no deposit down and will VT this car after 2 years. I thought (probably mistakenly) that I could enter each months PCP payment as an allowable…
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ISAs and pension contributions on self assessments
Do contributions to investment ISAs and personal pension contributions have to be declared anywhere in self assessments? I'm a sole trader.I am guessing not, as long as you remain within the 20k limit (ISA) and only pay the basic rate (pension contribution...relief at source arranged by the pension provider), but just…
