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Is it better to pay class 4 as well class 2 NI contributions?
With a profit of £8420 you only pay class 2 NI contributions and not class 4. Will you lose out on anything e.g. pension . Or anything else by not paying it and only paying the class 2 ?
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Working From Home - tax relief (again)
Sorry if this has already been asked but i could not find a a topic on it. I work for an employer (PAYE) and this is my sole income from employment. However I do complete a Self Assessment Tax Return in respect of a property i rent out. When I enquire on the Gov.Uk site it says as I do do a self assessment return I need to…
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Redundancy - Tax code after handing Company car back
I have started a new job after being made redundant. I no longer have the BIK of a company car with new job. Can anyone tell me if my tax code will revert back to the full personal allowance straight away? thanks in advance for any help.
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Ltd Company Director and full time job
I am a one man Ltd company director and i also have a full time job. I do have an accountant but i am here to take second opinion. I pay 40% tax on my full time job. I have been running a ltd company sice last year Sept. I use my company for a consultancy work and i have not taken any salary out from my company. I have the…
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BR TAX code
Do I ask my employer or HRMC to avoid paying BR tax next month? Started a new job and first pay cheque, paid heavy tax on BR code. Couldn’t really afford another month BR tax code!
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CGT on Cryptocurrency
Have I worked out the CGT I need to pay correctly? Cost of buying £12,200 Sold £88,300 Profit £76,100 Allowance £12,300 Taxable £63,800 10% £5,000 20% £2,760 Total CGT £7,760
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Tax code BR
I have paid a huge amount of tax on my first pay slip. I notice my tax code is BR, how do I change this without a P45 please as I’ve never had this before - I always assumed my employer (education) would sort these when I started? Huge hit to my monthly income. Any help would be great as I couldn’t afford a second month…
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Lifetime Allowance
OK - 1st World Problem Alert!! I have been dutifully paying into my pension. I've worked since I was 18 and had a pension all of that time. 30 years later, there's a lot in it. So where's the problem? Well, its pretty evident that even if I don't put in a penny more, I've still got 17 years of working life left in me, and…
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Does anyone know anything about a 6k tax free investment allowance if you are not earning?
I am in my 70s, not earning and dependent for much of my income on dividends. Heard from a friend with a similar situation that she had been advised that there is a tax free investment allowance if not earning, but I can't find anything online about this. I would be grateful for confirmation or clarification. Thanks
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Capital gains tax and LISAs when resident in both the UK and Netherlands
Hi all, First off, this is probably quite an involved question, and I'm happy to pay for this advice, if anyone can direct me towards someone with good reputation who'd have experience with this sort of scenario. I have two questions, but they're both related to my somewhat vague residency status. Some context: I moved to…
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hmrc late penalty 1200
I trust this is the correct category? any help from experts on here will be very much appreciated - here is what happened - any suggestions to make it stronger better. Many thanks. Hello You will see from
your records that I completed past self assessment returns in a
timely manner. The returns were always straightforward…
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MARRIAGE ALLOWANCE TRANSFER HOW LONG DOES IT TAKE
My wife applied to allow transfer of marriage allowance to me her spouse in March 2021. We received notification almost straight away of coding changes, I received a credit of £250 for current year and a code change reflecting the new allowance, my wife also applied for past years 20/19/18/17. My wife also received a tax…
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Non-Coded Income - Help?
Just submitted my self-assesment for a capital gains in 20-21, logged into my HMRC account today to see if it went though and it did but noticed in PAYE a Non-Coded Income for 21/22! Also my tax-code has changed to L1257 I did get some Vanguard dividends in my general account in this tax year but the amount isn't correct…
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First time Self Assessment - A bit over my head - Help!
Hi all, Wonder if anyone could help, let me firstly say the obvious - Its 95% likely ill be getting an accountant as clearly i have a lot of questions and i know thats the only real way to be sure! I have a couple meetings lined to up, but before this i wonder if anyone could help - probably really silly questions. I have…
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When to nominate Holiday home as Primary residence
We have owned a holiday home for > 2 years. We are selling our Primary residence. Our Holiday home will become our Primary residence. In order to minimise the amount of CGT due in the future (when we sell our new Primary residence) are we allowed to nominate our Holiday home as our Primary residence now (some 3 or 4 months…
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Paid off an underpayment but still getting a bill
I had an underpayment of tax two years ago. This was shown on a tax calculation (they don't seem to call them assessments these days). I paid it off in a lump sum and received a receipt via email from HMRC. I have now received another calculation which is asking for the same u/payt to be paid off by Dec this year. The new…
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Property sale overlap... CGT?
Hope someone can answer a CGT question for me. We currently live in property A, which we're in the process of selling. We're also in the process of buying property B which will be our new home. It's likely we'll complete on the purchase of B before the sale of A completes. Don't need the funds from A in order to buy B.…
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Problem with contract
Hi, I am in the process of selling my late Mums house. The house is sold Stc . My solicitor says there is a clause on the title register that stops the sale by a single person. He has told me to contact the people that did my Mum's will and find out why it was put on. The firm that did the will are only a wills company and…
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Currency conversion before permanent move abroad.
I'm repatriating to Canada permanently after 13 years in the UK, so I will be converting my GBP savings to CDN. I'm thinking I'd like to set up an HSBC CDN bank account now and start converting GBP to CDN before I go back. Then I can simply transfer the CDN to CDN when I move next year. I'm confused as to whether I will…
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Trust received inheritance tax
Hi I hope someone can advise me. My dad passed away 4 years ago and left his estate to my mum in a will naming her, me and my sister as Trustees of the estate. Mum continued to live in the family home until she sold it recently and purchased another property where it was picked up by solicitors that the trust stated that a…
