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Pension increase means having to pay tax.
I live in Scotland where our income tax is different to the rest of the UK. My husband of 75 years old, (I am 73), just got his new tax allowance of £12570 and the total of his work pensions and OAP is £12,714.20 for the next year The April increase in his OAP is accounted for but not any works pensions. My pension total…
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Inheritance Tax question
Hi, I understand that each parent has a £500,000 threshold before tax applies. Say if one of my parents die but instead of passing the house to the remaining parent, it goes to me, will the combined £1m threshold still apply? Or only the single £500k? If the latter is true, then it would be more tax efficient to pass it…
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Self Assessment help
Hi, I’m hoping for some solid advice,a tax office employer would be ideal! Anyway i am self employed and have been for many years and,it will soon be time to submit my self assessment.However……. i purchased a van for 12k of a family member who i often work for who emailed me the invoice.He said he would give me the V5…
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Tax Returned
Has anyone used Tax Returned to claim tax back/expenses in relation to working from home? Do they contact your current/previous employers? Thanks
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Challenging Council Tax
I am following the advice on challenging my councul tax band but I have a problem. The houses in my street are random and many unique. My neighbour's house has more bedrooms than I plus a drive and garage. I have foot access via their drive. Their house is a band lower than mine. I am D and they are C. Our hourses are both…
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Inherritance on property - how work
apologies if this has been explained on here many times, am i right in saying if property left by parents is under £325k valuation then there is NO inheritance tax to pay and you can pass it on to your own children ? same query if any cash left ? what happens if house say £250k and cash £200k if two sons and one left house…
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Entrepreneur Tax availability
I recently exited my company. I am looking to reduce the amount of tax I have to pay. Will entrepreneur tax relief be an option for me. I was not directly employed (PAYE) by the company nor was I listed as a director. I owned the shares for less than a year. I owned 5%. Is it possible for me to take advantage of…
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Marriage allowance
Hi For the past few years I have been on just a works pension which was below my personal allowance and my wife was working so have transferred the marriage allowance to her. However she became ill last June and had to retire with a small works pension which is less in total than her personal allowance for the year. Also I…
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IHT/death/record keeping
Hi, age 70, sister is executor. Gave 3 sons £33k each 2 years ago. Have kept records. Estate currently £650k. Divorced 30 yrs. Estate will have IHT (currently £650-325 - NRB x 40% = £60k {if you 'ignore' the recent gifts/taper} Re the 7 years/taper... Would an executor really actually/be expected to, look at (dredge…
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Self-assessment marriage allowance
Hi, My wife transfers the marriage allowance to me, and this is taken into account in my tax code (i.e. it ends in M). We've done this since this tax break became available however many years ago. My wife files self-assessment returns, and she says the marriage allowance should have been a one-time thing so she didn't put…
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Tax relief when choosing to work from home
I'm due to start a new job soon and my contract states (at my request) that I will be based remotely. Am I able to claim any type of tax relief to cover expenses incurred due to working from home? For example council tax, Internet, gas/electricity, computer equipment etc. I had a look on the gov.uk site and saw this: "You…
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Donation to Ukranian colleague
We have a Ukrainian colleague, currently living in Warsaw, Poland who is helping to host a number of friends and family members fleeing from the war in Ukraine. Another colleague, based in the UK, would like to donate some money to him to assist with the expense of what he is undertaking. Is there a way of avoiding tax on…
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Gift
If you give your child a financial gift, is it better to set it up as a loan agreement with a nominal repayment to avoid them paying any tax, if anything happens to you within 7 years? Thanks
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Council Tax rebranding
Hi, I have followed the instructions on MSE to check the banding of my property and based on the size and value believe it to be incorrect. It is currently band D but I think should be band C. I completed the claim after following the instructions, but, it was rejected as I could not evidence a similar property as mine is…
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Claiming tax for working from home during covid.
I'm a volunteer for a charity, can i claim tax back for working from home (from my pension payments as I'm retired). I have no direct income from the charity but did greatly increase my hours for them as a result of the lockdowns from 16hrs per week to over 40.
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Should I declare LISA interest on my SA?
Hi, Just watching the Martin Lewis show and he mentioned something about only being able to earn £1000 a year interest on savings before paying tax on it. I am self employed, the only interest I get is about 10p a year from my bank account but I also have been paying £4k a year into a LISA so I receive a £1k bonus a year…
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Chasing the reasons from 0T tax code from HMRC ... Frustrating slow
Hiya I have been attempting to find out why my tax code was set to 0T for a couple weeks. I phoned up the HMRC and got throught the department after an 1 hour.Eventually, I was transferred to self assessment desk. The Scottish lady said you could not reset the 0T for some reason. She tried on her system. Has anyone here…
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Cash gift received
My sister in law is selling her home and partners home and buying a bigger house, she is going to gift us a cash gift of 15k would this be classed as inhertinace tax or capital gains? would we need to pay tax?
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Moving into new property
Hi first time poster. I’m due to complete on my first house possible beginning to mid April. I know I have to have the standard variable energy tariffs as I’m unable to do anything just yet until move in and with the energy cap stuff going on. My query is whether I’ll be too late get a council tax rebate as the seller will…
