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Decreasing tax
I would like to drop into a lower tax bracket and want to improve my disposable income. I am self-employed. If I pay more into a pension and pay into an ISA, will this help?
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Warning: Beware scam calls about the Government’s £150 council tax rebate
Households should beware cold callers asking for their bank account details in order to seemingly pay them the Government’s £150 council tax rebate, as it’s likely to be a scam. MoneySavingExpert.com has seen a number of reports from councils urging residents to beware of fraudsters, while officials have also cautioned…
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Adjustment to Tax rate band
Hi folks, Newbie here and looking for some advice on income tax here in Scotland. I have a pension, 22k pa and recently started work again, 31k pa. On checking the HMRC app today on my PAYE I saw that they have put an adjustment on tax band rate on my pension. So it has gone from S1257L to S58L. That's one huge drop. My…
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Tax on payments to a family member
I help my mother out with financial matters since she is not confident using a computer or dealing with money. For this she insist on paying me £100pw even though I tell her it is not necessary. What implications does this have for tax? No company is involved, just money passing between 2 people. For example does it count…
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Deductions for capital gains tax on property sale
Hello, my partner has sold his house and will need to pay CGT. In terms of deductions I know we can deduct costs of purchase, including solicitor fees. My question is about three months after buying with his ex partner they separated, and he paid to have the house transferred to his sole name, and paid further solicitor…
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How do I go about things?
Hi, So I'm in a position I've never been in before with regards to tax, and I'm not sure about how to go about things. Up until now, since the end of my educational life, I've always worked for other people, and never had to file a tax return, but November last year I was made redundant, and since then I've been living off…
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Personal tax investigation insurance
Hi I'm retired and for the first time in years about to submit my own self assessment return for saving, dividend income and capital gains from UK shares. Having previously been under the thresholds. Is it possible to buy personal tax investigation insurance as I submit my own return and do not use an accountant. All…
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HMRC Paperless Contact - How to change back to snail mail ?
I turned on Paperless Contact when I last submitted my Self Assessment a few months ago. Does anyone know how you can go back to Paper Contact ? I signed in to my account but couldn't find anything or any help associated with this. Thanks in advance
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Taxation on small amounts of profit
Hi guys! If I am gonna earn in this year small amounts of money of profit from crypto (like 100-200 GBP per year) do I need to report it to the HMRC? Many thanks
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Registering for Self Assesment
I have not completed a tax return for quite a few years but find I need to do one for Yr 2021/22. I already have a UTR issued previously but wasn't sure if you have to re-register every year you want to submit a return. I plan to submit a paper return, so can I just complete the form using my existing UTR and send it off…
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Advice on receiving a gift from non UK resident relative
I am in the incredibly lucky position that a relative wants to gift me some money in order to buy some land (approx £40k), but don't know who to get advice from as its a bit tricky. My relative is a UK citizen but is resident in Ireland. They don't own any property in the UK (neither do I!), however do have pockets of…
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Process Benefit in kind through payroll or P11D?
The Company's private health insurance with AXA has doubled this year and I've wrongly wasted weeks because someone misinformed me you can salary sacrifice health costs. Why didn't I go to Martin first :( Anyways, the company wants to help employees by paying for 25% of the employee's dependant costs so this applies to…
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Employed to self employed- sole trader
Hi everyone, I'm considering starting my own business but trying to work out actual figures of income. I have a business advisor working on my business plan. Was wondering if I give a few figure if anyone could give me a rough figure of take home pay. So my business I hope to earn £42k per year. My advisor asked about…
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Paid for two months at once
I started a job last year on a contract until the end of March 2022 where I would be paid retrospectively for the last month based on a time sheet. This meant on April 14th I would’ve been paid for March. This month, I started a new year-long contract with the same company, where I am now paid for the current month,…
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Changing from Self-Employment to Limited Company
I am in the unusual position of considering a move from self-employment to a limited company. This is despite income and profit being below the values one would normally consider for such a move, and where being limited is of little additional benefit. In short, I am a football referee and have completed self-assessment…
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What to do with the money in my business.
Hi all. Hoping this is the right area to post this. I'm after some suggestions. For the last 13 years I have single-handedly been running a small but quite successful Recruitment company, specialising in the supply of Temp workers to the Engineering industry. However, the climate in this sector is currently the worst I…
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UK tax residency question
If you are in the UK for 183 days or more in the tax year you are 'Resident for tax' in the UK. But if you are in the UK for less than 183 days, there are supplementary 'tests' to determine if you are UK tax resident. The first 3 (there are others too) are: 1. Were you resident in the UK for 1 or more of the 3 previous tax…
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Anyone actually seen this new brexit tax reflected in their April payslip?
I was told to expect to see higher NI payments this April, but not seeing any change in my payslip - should I be checking with my employer?
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WFH tax relief - Brookdale
I claimed online through my personal tax account for WFH tax relief for 21/22. I have received a letter from HMRC stating my tax code has changed and payment will be sent to Brookdale, who I have never heard of. Now Brookdale have contacted me and will deduct £17.07 from my £32.83 claim and now require my bank details. How…
