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Annuity Payment Allowance in coding notice....
Not sure if this is for the Pensions or Tax forum but I'll try here first if that's ok... Helping a neighbour register for his Personal Tax Account and current SP forecast threw up that his current tax code, recently issued for a pension he's just started to receive includes an "Annuity Payments Allowance". The term…
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Query re 182t tax code?
My son aged 18 has started work at Sainsburys earning £7904 per annum. He has had two payslips so far, the first one had a tax code 0T and he was taxed £121.60, in the second month his tax code shows as 182T and he was taxed £94.40. I can’t find any explanation on the Hmrc site as to what 182T means as a tax code. Is this…
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UK tax on foreign inheritance
Say somebody domiciled in the UK is due to receive inheritance from somebody domiciled outside of the UK. We have no double-taxation convention with this country. The tax thresholds of the country mean that the recipient is exempt from inheritance tax there. My questions are:* If the value actually received by this…
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Continuing Self Assessment when there is no requirement to do so
Disposed of a rental property in this current tax year, so in theory after I do my next tax return in a couple of months time, they'll be no requirement for me to do a Tax Return every year. I don't have any other income other than my salary as a PAYE employee. However, I would prefer to continue to do a Self Assessment…
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Reduction in Tax Code for FY 22/23
Help please. I've just got a tax code notice through which shows my tax code being reduced from 1257 down to 1071. It says to refer to Note 2 which states, 'We have included this adjustment as you have more than one job or pension and we estimate some of your income is taxable at a higher rate'. My circumstances are;…
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Petrol Allowance Refund?
Can anyone clarify for me please. My Grandaughter is a carer and is entitled to a 15p per mile tax refund. She has just completed her claim and the paperwork back has just allowed that amount to be added to her tax allowance for next year. Is this correct as she was expecting a refund of the money spent rather than an…
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Benevolent fund - Inheritance Tax
I am currently trying to sort out the inheritance tax forms for my Dad’s estate. when he dies, myself and my brother were given £5000 from a benevolent fund he had been paying in to. could anyone tell me if this needs to be included on the tax forms as part of his estate, and if so, where? thanks so much for any help!
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Medical insurance and tax
My employer introduced medical insurance as a benefit. I have never used the insurance but have now received a letter from HMRC informing me that I owe over £900 in tax because of this benefit. My employer has just included it on my P11 and HMRC are back dating what I owed over 3 years. I'm gutted that I'm now going to be…
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Tax on Rental property
Can someone confirm the situation with tax on income from a rental property for my situation. For the first time I will make a loss on the the properties I rent out. Does this automatically mean none of the income is looked at for tax purposes i.e. HMRC won't look at the tax deductible and tax relief (the 20% 'rebate')…
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Tax on fixed rate savings interest
I'm looking at a fixed rate account from Ford Money. In their terms and conditions they state: "You are responsible for registering and declaring your tax status and tax residencies, and for paying any tax due to HMRC - if your situation changes you need to update us, so please get in touch." (from…
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Income tax rebate 2020/21
Hi, I believe I'm due a refund on tax for last financial year but according to my online tax account, my tax has still not been calculated (despite them estimating that this would have been done by October 2021). All of the information in terms of monthly earnings, tax paid, is up to date on the Government online portal. I…
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Capital Gains Tax forms
(I hope I have posted in the correct forum)We each have to complete Capital Gain Tax following sale of property. How easy is it to do on the Government websites, if we are not good with maths or understand the tax jargon? Would it be best to use a solicitor to do this?
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Ltd company just to make pension contributions
I'm sure this is a really stupid idea, but: If I'm already a higher rate taxpayer, and I have an opportunity to generate additional rental income - could I set up a limited company to receive the rental income and then pay that into a pension rather than via PAYE or taking dividends? Up to an annual limit of £40K of…
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Appealing Self-Assessment late penalty
Hi all. I’m being fined for a self-assessment penalty for year 2018-19 and possibly the years since. I’ve been very unwell with a relapse in bipolar disorder since Dec 19, and my recovery was greatly hindered by the pandemic and all that came with it (access to services etc.) I’m slowly picking up the pieces again and…
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Any CGT due from selling a flat in Poland?
I would be grateful for any feedback on the following: I have dual nationality, British and Polish. I own a flat in Poland that currently is being sold after my dad died in November last year. I didn't buy this property. It's a flat I grew up in and my parents transferred the ownership to me back in 2006. All done legally…
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CGT - PRR rules for newly married couple selling property
Hi - hopefully someone can help to clarify! I purchased my home in July 2006, and spent many years' living happily in the house. I met someone in 2018, and after a whirlwind romance we married on the 17th October 2020 (during the pandemic!). We put my house on the market In January 2021, and long story short - after 4…
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Council Tax Discount Eligibility
Will households receive the £150 discount even if they are in Council tax arrears?
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CGT disposal of assest in tax year and reporting to HMRC
I wonder If I could check 3 things regarding which tax year a disposal of assest falls in for reporting purposes. 1/ If I buy an asset (cryptocurrency ) in say may 2020, then sell it in may 2022 for a profit, as the tax year runs from april 5th 2022 to april 4th 2023, am I correct in saying that the profit falls into a the…
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Can I do anything with cash sitting in ltd company account?
I'm keeping a significant amount in my business account now as I don't need to take it all out as dividends and don't want to pay the higher tax rates. Is there useful I can do with it? Buy things to store value? Invest? I'm worried about inflation eating away what j was going to use to live off for several years as the…
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New Tax Code - Untaxed Interest
Hi, Just wondering if someonr can help me? I have just received my new Tax Code Assessment and it seems to include a deduction of £60 for untaxed interest. I do have some savings but certainly dont receive anywhere near the threshold that Martin Lewis often mentions of £1,000 interest before tax becomes liable. The note…
