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Marriage allowance question - taking it back
We did the transfer of the £1260 marriage allowance a couple of years ago and that all went through fine. At the time it was financially the correct thing to do. Due to pay rises etc, its now not really an advantage as its taken off one and given to another so im thinking of just reversing it all back so things are nice…
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Received a 1099-MISC form from the IRS despite living in the UK. What do I do?
This week I opened a letter and found 1 solitary piece of paper, which is a tax return form 1099-MISC. No other letter or instructions were included. For a couple of years between 2012-2014 I used to post travel videos on YouTube and had my account monetised, but have not uploaded anything for over 7 years. However, I…
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Tax implications of Company car compared to Salary sacrifice lease car
Hi all For someone earning £26k per year. What would be the tax implications of accepting a company car as opposed to a salary sacrifice car. I am trying to work out which option will significantly reduce my take home pay (net) and affect my pension in the long term. I am only planning on signing up for 3 years
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Issue with Houses following Marriage
I seem to be getting myself in a muddle over our tax liabilities following our marriage. Background to my issue Sept 2020 I married my husband and at that point I had my PPR and my husband had two properties one of which was his PPR and a secondary flat he occasionally used and acquired following probate when he was…
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Rental Income - Is it the amount paid by the tenant to the agency or is it the amount agency to me?
Hi, Suppose the letting agency is collecting the rent every month and then they deduct the commission and they pay the remaining rent to my bank account, which amount I should use as my rental income? For example the tenant is paying £500 on the 28th of every month to the letting agency’s bank account. Agency then deducts…
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Tax Code increased for untaxed interest
I received a notice of coding today for 2022/2023 which included an amount for untaxed interest. My estimate for this year and actual for last year is about £600, so well within my £1,000 limit. I spoke to HMRC and they have included estimates based on closed accounts, some of which last earned interest in 2018. We went…
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Underpaid Tax (due to 'estimated job expenses'?)
Hi My partner has recently received notification of underpaid tax going back over 4 years. When we looked into it, it appears that they've been allowing for 'estimated job expenses' of £2000 each year over this period, none of which he has ever claimed or knows anything about as he has very minimal expenses and it's all…
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Think I am paying too much tax. Where and how do I start
Hi All Hoping someone can provide some shining light on a tax question. I recently received my new tax code notice for 2022-2023 and noticed that my tax code had changed with certain benefits on there which were from my last employer. I moved jobs last year in July 2021. I contacted HMRC to query this and it's because of a…
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Paper forms from HMRC?
Hi, I have been trying to claim Marriage Allowance and will also need to complete Self Assessment for this tax year. Unfortunately despite being at the same address for 18 years I cannot do this online. I do not have a valid passport or phone contract so my ID is not accepted. I have phoned them (several times) and get…
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Do I still have to pay tax?
I have a low income (but savings so not destitute). In 2021 I earned just over the personal allowance ...around 12K. I took the opportunity to pay money from savings into personal pension. So paid 8K net 10K gross into pension. Got the forms not quite right so contribution left my account in 2020 to 21 but was credited on…
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High Income Child Benefit Charge
Why has the threshold for starting to pay back Child Benefit remained at £50k, with 100% to be paid back at £60k since it was introduced in 2013? This needs to be fixed.
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20/21 Assessment - still waiting
I posted a few months ago saying that my PTA still shows that 20/21 still hasn't been calculated - but I cannot find the post to add to it. I find that I am still waiting and seek advice. Although I know that I am likely to owe tax from that year, hoped that it would have repaid before this April following a tax change.…
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Adjusted nett income and pension contributions - help please!
Hi. I have some queries around adjusted net income that I was hoping some of you may be able to assist with. For the purpose of tax planning and childcare allowances I need to ensure my adjusted net income stays below £100k as such I am reviewing my pension contributions for any additional contributions I can make to…
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Transfer half property to spouse - CGT on gains since previous transfer?
Hi, My wife has had a property in her name for a few years; let's say when it was transferred to her it was worth £500k. There is no mortgage on the property. She wants to transfer it to be in both of our names (joint tenants) so we can take a mortgage out on it. She hasn't got the house valued since it was transferred to…
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Tax & NI to pay on BIK when already salary sacrificing for pension
I'm trying to figure out how much tax & NI I would need to pay for a BIK (private medical insurance). Salary sacrifice for my pension takes me down from £60K to £30K. The BIK value is £1200 so how much would I have to pay per year in tax & NI for this benefit?
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Next tax year estimated taxable income from employment
Checked my tax account and my estimated taxable income for next year (from April 2022) has gone up. Does my employer provide this or is it calculated from the current year (I've done a fair bit of overtime this year)? Thanks in advance
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How much can we claim per Mile for travelling to Rental Property and to buy goods for rental
Hi,How much can someone claim per mile for traveling to rental property and return to home, also for the journey to buy goods for rental property etc? Is it 45p/mile?Thanks,
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How do I claim Work From Home Expenses (heating, electricity, monitor etc.) on Self Assessment?
Hi,On the Self Assessment form how do we claim expenses (heating, electricity, monitor, keyboard etc.) due to Work From Home?Is it on box - "Employment 25 - Other expenses and capital allowances"?Thanks,
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Anyone well-versed in Crypto taxes?
Hi all, I have a crypto portfolio and I have questions surrounding Income/Capital Gains Tax on crypto earns/stakes and mines (whereby you get interest at 3% - 100%+ on exchanges/defi) Example: A) Say I have 2 BTC at 3%pa staked. This will give me 0.06BTC pa. At £30,000 current price this is equivalent to £1,800 in a year…
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Underpaid tax
Hi, I've had a letter from HMRC advising me of my new tax code for 2021-2022 due to an underpayment of tax from 'previous years' of approximately £340. In the letter it referred to a previous letter explaining that I've underpaid, but I've not received it. When I go to my HMRC online account it says I've underpaid by £18…
