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Tax on death
My mother recently passed away and inland revenue has refunded all her tax for this year. Her income was below the personal allowance for this year. Do they not pro rata the allowance.🤔
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Claiming Job Expenses Tax Relief
Hi there, was wondering if anyone could shed some light on my situation. I bought a specific piece of equipment (>£2k) with my own money when I was in university (2019) to use it long-term for my career. I wasn't working when I bought the equipment so I didn't pay any tax back then. However, I have since graduated in 2020,…
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Unexpected request to confirm tax residency - Halifax Share Dealing
Unexpected
request to confirm tax residency - Halifax - Page 26 — MoneySavingExpert Forum This is a continuation of the above thread. I too received from Halifax (Share Dealing) a letter for me to confirm where I was a resident for tax purposes. As I have been a permanent UK resident for over 60 years I was surprised to…
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Capital Gains tax
My father gifted his "half " of the home my mother still lived in to me in 2004 ( they were divorced many years ago but he retained a share in the marital home to prevent mother doing equity release etc) Gift is beneficial joint tenants. Mum died in August this year so the property reverted to me. When the house is sold is…
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Tax Reduction for WFH
Hi all, I started my new job in Jine this year on a full time WFH basis. I am employed on the PAYE scheme. So far in my pay slips it shows my usual earnings, NI and Tax contributions not not the usual 1.20 tax return due to WFH. Should I request this from my employer or should I put through a self assessment? I need to WFH…
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Inheritance Tax from 2005
8th September 2021 Good morning I posted here as I couldn’t find a ‘General Tax’ discussion area. Thank you for taking the time to read this. These questions relate to UK Taxes that ‘may’ be owed from the year 2005 to HMRC in the United Kingdom on a one third (33%) share of property inherited in 2005 in France. Please…
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Capital Gains Tax guidance please
A relative of mine is faced with a CGT liability out of the blue. I read about Private Residence Relief where it mentions relief if a "dependant relative" lived in the property when he himself did not. This would surely apply? Thanks for any comments from those with some knowledge of the subject, which I sorely lack!
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FATCA letter from bank
My bank has sent me a letter asking me to complete a FATCA form, it’s an IRS W9. I live and work in the U.K. all my life and have no USA bank accounts. I am dual National though due to my mother being born in states. the W9 form asks for name as it appears on income tax form ( which I do not have as have never got a tax…
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I started contributing into my pension but monthly tax remained the same
Hi All, I am 31 and had previously paused contributing into my pension because my current employer contributed 8% and I was already paying monthly student loan. I contacted the HR person at work and informed them that I will like to start contributing to my pension. She asked what the net amount i will like…
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CGT on sale of 2nd property and timing
Having read a good bit on the subject of CGT, I am looking for some help or clarification. I have a cousin in a bit of a tizzy and asking for my opinion on a CGT situation. They are a PAYE basic rate taxpayer not familiar with these things and they want to keep themselves right, hence the tizzy. Having listened and asked a…
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National Insurance contributions to rise by 1.25% points from April 2022 to fund social care costs
National Insurance contributions (NICs) will rise by 1.25 percentage points from April 2022, Prime Minister Boris Johnson has today announced. The move is in a bid to help fund health and social care costs. Read the full story: 'National Insurance contributions to rise by 1.25 percentage points from April 2022 to fund…
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NI Contribution Increase
If someone increases something by 100%, then it doubles it's current size, right? If someone increases something by half, or 50%, then its half as big again, yes? If National Insurance is "increasing by 1.25%" then that's 1.25% of it's current amount, right, not 1.25% of gross wage. So increasing a £100 contribution by…
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Please help with this Child Benefit Charge situation
Hi all, Please could I get your help on this situation? I'm reading into this higher income child benefit charge and I'm having a panic attack! I have 2 kids which I claim child benefit for. I've never completed a tax return. I've seen this thing about earning over £50k and always thought it didn't apply to me but I'm not…
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Tax liabilities of company provided fuel card
Hi, my employer provides me with a fuel card to purchase all my fuel for a privately owned car. I do no reimburse the company for any private miles I do. As far as I am aware I am liable to pay tax (40% as I'm a higher rate PAYE employee) on the total amount of fuel purchased on the card in the tax year. Is this right? I…
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Tax Rebate for this Financial Year
I recently stopped work as I have gone abroad for 6 months. Due to my salary I was paying higher rate tax on my earnings for the 3 months of the year I worked. Consequently I have paid too much tax by about £4000 and would very much like it back! I completed an online request and provided my P45 info at the end of may when…
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What is the tax status of selling things on eBay?
I have a few collectors items that I brought many years ago. Im now looking to sell off my collection to make more space in the house. I reckon I could get over £20k for these items on eBay. However before I sell anything I wanted to check what the tax status of these ebay sales would be? I am self employed and earn just…
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Chargeable Event Certificate - Help needed please
Hello. So my Mother, 69 years old. Has told me she 'surrendered' a policy with Scottish Widows. The amount returned was £63,877. She received a Chargeable event certificate which states amount of gain: £32,206. Not even knowing these things existed I initially thought that she'd therefore have to pay tax on the £32k…
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Self assessment major error
I’ve made a big boo boo. I do deliveries in my spare time to supplement my income. Have always done a self assessment to keep my nose clean although I don’t earn much This year although I got reminders I never got round to doing one. My fault, just laziness and forgetfulness. Now I’ve got a late payment demand of £1200! I…
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UK/France CGT Agreement?
4th September 2021 Good morning Thank you for taking the time to read this. I am asking the following question on behalf of an elderly person who resides (and has always done so) in the United Kingdom but has a one third share in a property in France and has never lived in the property. In 2005 his sole remaining parent…
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Money made from lease extension payment - what is my tax liaibilty
Hi, I own the freehold on a 2 flat property
and one of the flats has asked to do an extension on their lease. A valuation was done
and I have agreed a price with the leaseholder. I want to find out what tax I would have to pay on the money I'll receive from the leaseholder for the lease extension, I've tried searching…
