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Loan from the bank of mom&dad - taxable?
Good morning guys, So I am looking to get a loan of around 10k from my mom and dad as they will give it to me interest free and I can repay it back at my own pace. Now, they are not UK residents or citizens, but I am a resident. They will give me this money in cash when I will visit them in a few months as it saves me and…
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Bed and ISA - Accumulation Units
I maxed out my ISA allowance last year and have saved £20k in a GIA, which I want to transfer to the ISA on April 6th. I've bought three tranches of MyMap 5 (MYRURA) (I.e. £10k + £5k +£5k) and have have made a small profit of around 6% so well under the CGT limit. However, I believe I need to separate this gain into…
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How are tax codes assigned?
Hi guys, I have a general question about how HMRC apportions tax codes to income. For example, if I have "earned" the following values from the following mechanisms, how would HMRC assign tax codes: 1 PAYE - £13,000 1 state pension - £12,562 1 private pension A - £1,650 1 private pension B - £0 (no drawdowns) What would…
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Personal Tax Account not available
When I try to access my PAYE information on my PTA online I get the following message: Sorry, the service is unavailable or alternatively, Sorry, there is a problem with the service Is anyone else getting this?
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Passing on second home to my Son
My enquiry regards passing on my second home to my Son. to add some detail the house was bought by my parents in the 80s. When they died in the 2000s I had to pay inheritance tax on the property and assets when it passed to myself. I would now like to pass it on to him he has already been living in the house for over 1…
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ISA AND SELF-ASSESSMENT
If you earn over 100k and deposit some into an ISA to bring this down to less than 100k in other bank accounts- does that mean you do not have to do a self assessment?
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What tax is actually going up in April 2022
From this april 2022 what NI and tax increases are actually happening? Also has personal allowance changed compared to 2021 tax year
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WFH allowance stopped?
Hi, I've received communication today that my tax code has changed, and when I checked it is because the allowance for working from home has stopped. I thought I just needed to claim again, however the system defaults to a message saying I don't need to claim as I will get any allowances automatically carried over. Has the…
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Can i / should I put income from property in spouses name…but will they then pay cgt if they sell i
Due to a big change of circumstances my spouse has currently 10k free from their annual tax free allowance. I on the other hand , use mine up. I have a rental property that is just in my name..i bought it years ago, and i receive £6000 income from it a year. I have left it to my other half in my will, and they have always…
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SELF ASSESSMENT TAX CALCULATION AND SEISS
Hello Good People of the forum, a little help required please; I have just opened a letter from HMRC that says they have revised my tax return to include more SEISS grants, and therefore I owe them some class 4 on top of my class 2 NI. It's not much - £70 and change but I thought that I had done the return correctly and…
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IHT AND ESTATE PLANNING
Hi, we are planning on speaking to a financial advisor but do not want to go totally ignorant of what we can do... Can anyone confirm the below - a yes/no answer is fine - I don't expect mega responses. To optimise an estate and working out what can be considered a lifetime gift - hence not applicable to IHT: 1. if the…
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Inheritance capitol gains costs?
We are unsure what to put for costs as asked on the CGT form on the GOV.uk site. My wife has inherited some money from her mothers estate, part of the House sale was left to her some years back when her father passed now she has the remainder of the state the solicitor has advised her of her share (split amongst 3…
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Savings interest and adjusted net income
Hi all, I understand savings interest is included when calculating adjusted net income. Does this only apply if exceeding the personal savings allowance? I.e if higher rate tax payer and total savings interest was £200 (under the £500 threshold) would this be included? Thanks
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How CGT would I pay?
Hello, I’d like to know how much CGT (if any) I need to pay if I sell my flat. I don’t own a 2nd home and currently annually I earn £75k. I bought my flat for £175,000 in August 2006 and lived in it until August 2011. I let it out initially as a temporary measure in August 2011 and I continued letting until April 2021. I…
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Pensioners and tax
I am 72 (73 next week) and have been working two or three days a week in a local department store. I and my partner have basic state pensions. I pay no NI, but am being stopped income tax at between £15 and £25 per week....is this right?
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I was informed by HMRC today that the £5,000 0% Starting Rate For Savings was abolished in 2016
Hi, I am concerned that I was told during a lengthy conversation over the phone to HMRC that the £5,000 0% Starting Rate For Savings was abolished in 2016 and that the Personal Savings Allowance had replaced the Starting Rate For Savings when it came into force in the 2016 tax year and they do not run alongside each other…
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Income Tax - 60% Trap
Hi there, I've recently changed jobs and i'm now in the fortunate position of have earnings over £100,000 Through research online i've discovered this puts me in scope of the 60% tax trap due to loss of my tax free personal allowance. What i'm trying to understand is the best way to mitigate the impact via an increase in…
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Self Assessment - Annual Gas Safety Check cost
Hi, On the Self Assessment, in which box do we need to include the expense for annual Landlord's Gas Safety Check charge? Is it in box - UK Property 27 - Property Repairs and Maintenance or UK Property 30 - Costs of services provided, including wages? Thanks
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On Self Assessment, can we claim Consent to Let Fee which the lender (mortgaged bank) charges?
Hi, If the bank charges a Consent to Let fee for renting out a residential property, where do we enter the fee in the Self Assessment? Thanks
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HMRC Let Property Campaign
Hi Not sure this is in the right category - I'm not after cutting tax (maybe HMRC tax penalties, but happy to pay the tax I owe!) After applying for the working from home allowance last month, I had a letter through from HMRC asking about income from letting a property. I assume my request for the tax allowance prompted…
