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Cutting tax
Archives for August 2021
Discussion List
Help with CGT calculation
Hi all, thanks in advance for any help with this. I'm trying to understand CGT on a second property which was our main residence before renting it out. Hubby owned the property before I moved in so it's not an outright 50/50 split. I've got a little confused with how we go about doing the calculation for CGT purposes. Do…
Missed bank info off my tax return
Hi all I completed my 2020-2021 tax return last night. I am owed a refund. Somehow, I completely missed the part where I put my bank details if I've paid too much tax. Is there a process to sort this? Should I just call HMRC, or can I request it with details after it's all been processed? In all previous tax returns I have…
Buy to let self assessment… can I offset caravan site fees?
Hello everyone, I have a small buy to let portfolio where by I receive £24,000 a year. Me and my husband split this and complete a self assessment each year. We are thinking about purchasing a caravan and renting it out for part of the year. We would get an income from this, which we would obviously have to declare. But my…
Taxed owed - Tax code missing?
Hi All, My partner has just received a letter from the HMRC saying she owes just under £2000 in tax from the tax year 20/21. During some of this period she had two jobs, taking on another job due to being on furlough from her main job for 7 months. It looks like she was being taxed on her second job with the code 1250L but…
** Tax on High Income Child Benefit Charge **
Good morning, I have tried HMRC numerous times but no reply. Hoping someone can explain my tax calculation that is 612LX. The 'child benefit deduction' is £1,512. I don't receive that amount for my one child never mind have this amount as a deduction. I'm also not sure what the 'estimated tax you owe us this year £1441'…
Changing pension beneficiaries after death of pension holder
Sorry for the slightly complicated question, I have been googling without success. My father in law passed away suddenly at the age of 69. His estate together with my mother in law is about two million. He had a very large defined benefit pension so had not touched his contributory pension pots which are worth…
daughters first few pay slips, shes paying tax at at £150 a month on a wage of 5865.00 a year
hi all, daughter has got a job as part time at one of large screw pick and and collect stores, shes on annual wage of £5865.60. and never had a job before so shouldnt pay tax yet. her first pay slip was gross pay £209.48 and then shows taxable pay £209.48 and then tax paid as £41.80 her second pay slip is gross pay £754.68…
Underpaid tax or just an adjustment?
I'm struggling with the underpaid section of self assessment. Can someone explain please? This is my last tax code for 2020-2021 with an adjustment for estimated tax owed This is the note 7 on the back My 2021-2022 tax code does not have any such line Where am I supposed to put the £511 in self assessment? There are these…
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