-
Repairs before First Time tenants Move In (new Buy-To-Let Purchase
Hi,My friend brought a buy-to-let property in December 2020 and before the tenants moved in first time he did the following works - -replaced battery operated smoke alarms with hard-wired smoke alarms and installed heat alarm in kitchen to meet the legislation-replaced shower-changed a carpet-changed some tiles in the…
-
Nurses Tax Relief
Please can I ask if anyone has been able to claim any tax relief for NMC costs, RCN fees, laundering of uniform and bit unusual but I have read something about buying shoes, tights and underwear ! Any guidance would be very gratefully received, thank you
-
Paying private school fees tax efficiently
Hi I am looking to send my daughter to private school when she reaches high school age and am trying to work out the most tax efficient way of doing this. I am a director shareholder of a business and I receive a salary as well as a dividend, which changes annually based on profits. I believe that I would possibly be able…
-
Crystallise capital gains to use up basic rate allowance to pay 10% CGT now or defer?
Hello On a investment portfolio of shares, it makes sense to crystallise enough capital gains each year so that the annual exempt allowance for CGT is used up (e.g. swapping like for like investments such as ETFs). My question was, using the same strategy, is it also good to crystallise capital gains up to the basic rate…
-
Advice Please | Split Property & Gift Half The Property
My Father is 80 and would like to gift half of his home to me and my sister, and continue living in the other half. As the property can easily be split into two separate flats, (ground floor, and first floor) 1. Is this something that would make the property gifted exempt from tax? 2. Could he live in the new half of the…
-
No £150 if your band E
How is that fair do the government presume that band E have plenty money ????
-
Self Assessment - Adjustable Net Income for Child Benefit Question: 12 on Self Assessment?
Hi, On Question 12 in the Self Assessment (Tailor your return 12 - Was your income over £50,000?), how do we calculate the Adjustable Net Income using Salary from Full Time job and Rental Income? My friend receives a GROSS salary of £40K. From his Gross Pay -his Employer deducts around £5000/annum as Pension Contribution…
-
Council Tax Discount
Millions of households in England will get £150 off their council tax bills, the Chancellor Rishi Sunak has announced. The move is designed to help support households as energy bills are set to rocket by a massive £693 a year for millions as a new price cap is confirmed. Read the full story here: 'Households to get £150…
-
Stolen parcel
I purchased £100 of clothes from River Island which were delivered by Hermes yesterday with photo proof. I listed my doorstep as the safe location because I believed it to be safe. I live in a quiet area with almost no footfall, and knew I'd be home from work within an hour or two of the delivery time. When I arrived home…
-
Capital gains tax flagged by conveyancing solicitors on inheritance property
My father passed in November 2019 and left his estate including house to my brother and I equally We have shared a house since 1991 and are joint owners It was a family understanding that when both my parents passed it would mean we could each own our own homes We are both single and have no dependants I obtained probate…
-
Personal Tax allowance - HMRC Error
Not sure if this is the right thread for this but I couldn't find another that was about personal tax. I have just received a letter from HMRC estimating my new tax free allowance for 2022-2023 to £6870, down from £1250. Shocked, I logged into my online account to find that they have estimated my earning from April to be…
-
Working from home tax relief changed jobs in the tax year
Hi all, I finished my last job on 14th May 2021 and started my new job on 17th May 2021. In my previous job I was office based but working at home due to Covid 19. My employer was paying me a work from home allowance of £18 per month. In my new job it is home based and is not home working due to Covid 19. I do have a…
-
How do I check that the "Gift Aid" entry on my tax code notice is correct?
I expect to have income just above or just below the level as which I would pay higher rate tax. Whether it's above or below depends on the gift aid which was wrong, but I have told HMRC about the increased amount of gift aid and they indicated that they have accepted my increased figure of £2092. The Gift Aid allowance on…
-
Withdrawing life assurance bond: Can we allocate the savings this way?
Hi everyone My elderly parents are intending to take money out of a life assurance bond and want to ensure they do it in the most tax-efficient way. Both receive state pension, and my father also receives a pension through his old job. The savings bond has approximately £16K and is held jointly. On the letter they received…
-
Work-from-home rebate - a complex case?
I would like to know how much COVID work-from-home tax rebate I am eligible for, please. Throughout the tax-year 2020/21 and up until October 2021, I was a "writing-up" PhD student. I received no stipend (tax-free income) because I was a long way into a PhD course-extension even by April 2020. I was forced to work from…
-
Invoice for tax return I didn’t continue with…
Around 6/7 months ago I contacted several companies about an armed forces tax rebate, one of them I spoke too for a bit on the phone the start the process, They told me some documents I needed to send over etc however, due to being deployed, I did not send any documentation over or sign any documents and did not continue…
-
Work from home tax relief if employer reimbursed cost for setting up home office
Hi everyone, A little bit confusion regarding work from home tax relief. My wife has been working from home since the start of the pandemic. She works at a university in one of the support (non academic) departments and was asked to work from home by the employer. BAck in the summer of 2020 when this all started, her…
-
Weekly to monthly pay
My tax code is 650L wk1. It's less than the normal code due to BIK. Being changed from weekly pay to monthly this month. Do I need to do anything about the code? Or will it automatically change to an M1 code, or does it make no difference?
