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Marriage Allowance
I need to cancel this allowance for the year 2022/23 because I'm going to be in receipt of the state pension and will be liable to pay tax. I have a personal tax account via the Government Gateway. When I go to the Marriage Allowance page there is the option to ‘stop marriage allowance claim’. If I click on this does…
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How Much can I pay into my Pension per Month
I must start taking my 60 pension in a few months but will continue to work for a while. I have AVC that I am also taking as they are linked to my work pension. What is the maximum I can pay into my pension each month? I would be adding to my AVC that would be taken when the rest of my pension matures at age 65, also with…
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Claiming Residual Value of Business Van in One Accounting Year?
Hi there, I am 99% certain that, before he retired, my accountant told me that at some point I could claim the full value of my van (used solely for my business). I have had it 8 years and it is old - 2004 plate - and so probably not worth much now in my capital pool. I have not claimed the 18% WDA every year because my…
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Capital Gains Tax on sale of field
Hiya, can anyone knowledgeable advise.... We have been approached to sell our 7 acre field and are just trying to work out the capital gains implications. Can someone state what rates CGT are on the sale of land? Are they 10/20% dependant on income tax bracket, as oppose to the residential rates of 18/28 %. All pointers…
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Inheritance/care home costs if dad sells his house to buy a new house with myself and partner.
Basically my dad wants me to have ownership of the house (I am married and live in a different house) but know there are all sorts of care fee and tax implications. What we actually want to do is do his house up together and ours and then sell both properties to then live together in a house with an annex for him. What we…
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Sorry, wrong board, please delete.
Sorry, wrong board. Please delete.
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VAT Claim Rejection – Please help
Good afternoon, I’ve just received a letter from HMRC rejecting my claim (VAT431C form) for a barn conversion. In summary: * I appointed a builder to manage the entire project on a supply and build contract * They invoiced me monthly for the work they had completed I have attached the letter from HMRC and an example of one…
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I know my gross salary each month for 2022 - wanting stable take home pay
Hello forumites, I have my gross pay by month for 2022. It's somewhat variable. What I want is ... to pay as much into a salary sacrifice pension to take my taxable pay down to £50k (for child benefit and tax reasons), and then receive a steadyish take home pay. Also, the lumper in July will pay for our £6k family holiday…
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PPI tax refund
In June 2020 I claimed online for the tax I paid on my PPI claim. They asked for further information by post which I duly submitted and I thought that was the matter dealt with. By September 2021 I had heard nothing back so I made a further online claim. It said that my case would be updated within 12 weeks so I waited.…
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Business Mileage
I am wondering if somebody can give me some advise as I have conflicted advice from people I know in similar circumstances and my accountant. I used to have a fully expensed company car which I paid BIK on at the higher rate of tax being a 40% tax payer. They paid all of the fuel and I reimbursed them for private mileage…
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Switching accumulation to income - capital gains Q
I've retired, and want to change the way that dividends are treated on my general investment account. At the moment, I'm invested in accumulation funds. Income funds would suit my needs better. I'm being told that if I sell the accumulation units and immediately buy the equivalent income units, no capital gain liability…
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Do I need to set up trusts for IHT issues
Hi, All my life I have been a worrier and have ensured we have always had life assurance. We do not have much in regards to possessions and never will have. House is currently estimated to be worth approximately £150,000. I have a maximum inheritance to leave in addition to that of £200k and my wife has a maximum of £500k.…
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Student Loan Repayment & Pension income
Hi, I have query about private pension income being considered as "Income" for calculating student loan payments? I understood, it was NOT because under regulations 41 and 45(1) of the Education (Student Support)(Repayment) Regulations 2009 (as amended), student loan deductions are taken from any income subject to…
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Income Tax Confusion
Hello, I am getting really confused about what has happened with my income tax on my wages. I have spoken to my current employer's accountant who handles the payroll, who said they were acting as instructed by HMRC. Spoke to HMRC who basically said the accountant has screwed up. Only reason I am chasing this up now is…
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Tapered annual allowance on non-standard code
(Unfortunately) more out of curiosity than applicability: I read everywhere that if you earn over 100k your allowance is reduced by 2£ for every £1 you earn. So, if you are on the standard tax code (1275L) that works out to the allowance going to 0£ at c.£125k when the 45% tax band kicks in. My question is: what happens if…
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Revenue and customs letter
Received a letter today for self assessment charges from March 2002 till 2006 for not handing in tax returns, no excuse but I wasn’t in a good place and don’t think I was working or living at home at that time. Is this time frame ok before I contact them and does anyone know if they will take payments as I’m unemployed atm…
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Marriage allowance gone pear shaped
After reading about marriage allowance claim on MSE my wife & I, both pensioners decided to claim. My wife, the non tax payer had to claim & did this over the phone.After doing all the security checks etc. the lady said she could do it straight away & took all the details from my tax over the last 4 years. She seemed…
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IHT, NRB, RNRB, Unmarried & Property Title "Owned Equally Between Them Or The Survivor Of".
We are belatedly doing some estate planning, which will ultimately require professional help in the form of a Solicitor. However in the interim, I want to try and understand the subject matter a little better before being seeking professional advice. As a result I am reading up. So the situation is as follows. We have been…
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Tax Relief on Pension Contributions
Hi, I'm hoping someone can check my calculations, I want to try to avoid paying any tax at 40% this year by putting additional money in to my pension. My salary for 21/22 is £59,570 My medical insurance benefit is £700 This gives me a total income of £60,270 So far this year I've paid £3095 in to my pension from my salary,…
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Complex(ish) CGT Question
I have a complex CGT question (well, complex for me). I have a half share in a property which I acquired in June 2013 for £85,000, and after years of wrangling with the other (half share) owner and a (so far) total of £6,750 in legal costs/expenses, I have finally managed to get it sold for £207,954 (after solicitor/fees)…
