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Self Assessment, where to find the yearly pension amount
I posted on the Pensions forum but then noted this section of the forum. Please helpl. https://forums.moneysavingexpert.com/discussion/6350391/where-to-find-the-annual-payment-amount-for-state-pension-when-completing-a-self-assessment-tax-ret#latest
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Capital Gains Tax - Deed of Trust
Hi Hoping someone can point me in the right direction? My father passed away in 2012 and left a flat to my sister
and I valued at £150,000 by a surveyor for inheritance tax purposes. Ownership is
split 50/50 and there is no outstanding mortgage or loan on the property. We decided to sell the flat in the middle of 2021 and…
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Marriage Allowance - Help Needed
Hi I wonder if someone could help me with my question. I’m a son who is helping their parents apply for marriage allowance. The non tax payer (mom) receives £12,220 per year (below £12570 threshold) . This income is from state pension & attendance allowance ONLY. She doesn’t receive a work pension. What happens to her…
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Basic CGT question for shares...?
..but the answer is not so easy to find.. Assuming income of 20k and CG of 29,999, (so basic tax payer), CGT is 10% of 29,999 If income of 20k and CG 30,001 (so marginly a higher rate tax payer). Is CGT: 30,001 x 20% or (30,000 x 10%) + (1 x 20%) If this is the case that final £1 of capital gains was a very expensive…
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Gifting money
I am so confused so hoping someone can clarify before my mum has a meltdown! If she wants to gift a large sum of money to her children over the yearly threshold will we need to pay any taxes. I think we have our head round IHT, estate value and 7 years but its around income tax etc which should we pay or can you be gifted…
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Tax savings
As a OAP only have minimal works pension to cover years of opt out in the 1980s. Have some interest on savings over the 1000. What are the allces for low incomes? Thanks
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Can I claim Van as capital allowance?
The van (diesel) was purchased for just under 5k, it is used for business purposes only. I was going to put this amount under allowable expenses but realised that possibly it should be under Capital allowance. Therefore my question is do I put the full purchase amount under the AIA section? Also next year do i then have to…
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Tax on state pension
Just out of curiosity, am I to blame if the DWP fail to report my state pension to HMRC, and I am late paying income tax.
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Future Inheritance/Capital Gains Taxes
Monday 11th April 2022 Good morning all. I have a question concerning advice and your thoughts for future Capital Gains and Inheritance Taxes. I am one member of a family of three. My Mother, who is 78, will at some point in the future, try to buy a small property which she will live in as her remaining home for the…
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Working from home and tax relief question.
Morning, I have been working from home since Covid reared its head. Most of my team do, at some point during the week, but for me I haven't been into the office since April 2020 (combination of being classed as vulnerable so GP sent in cert for me to work from home and that employer asked us to work from home). I work part…
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PAYE tax code - how to change/update assumptions
I'm 95% sure in pre-covid years you could update info online to get PAYE code adjusted based on expected reliefs - e.g. anticipated pension contributions, but in my tax account now I seem only able to change expected income and P11D benefits. Am I missing something, was this removed or just moved somewhere I'm being too…
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Expenses limits P11D
Is there a limit on how much can be taken as expenses for meals before it has to be put on a P11D and taxed I’m referring to a company policy of providing the option to claim a flat daily fee when travelling for meals only rather than submitting receipts. Other expenses such as flights and accom with breakfast are pre paid…
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council tax band challenge
we rent. landlord bought the house in May 1997 for £43,500 council tax banding for area is A - up to £40,000 B - £40,000 to £52,000 C - £52,000 to £68,000 am paying council tax band C. can I challenge based on the sale price for 1997 being within band B? nationwide calculator says price would have been £40,638 in 1991 so…
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Help with cash basis tax return CIS
Hi, So I have just submitted my tax return but have a query that someone could answer. So I have done cash accounting. I have paid CIS tax . When it says to put in your income, i put in net amount as the help guide said to only put in what you actually received. So question is should I have put net really or gross? TIA
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Is help with bills classed as income and therefore taxable?
Hi all, I hope you are all well. I currently have a friend living with me, I don't charge them any rent but I do ask them to make a monthly contribution to the utility bills as I have to have them on the council tax bill etc. They transfer £250 a month into my account and I was wondering if HMRC would see this as income if…
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New to Self Employment
Hey all, So I am new to this self employed thing and I have some questions that I know some on here will be able to help me out with! Question 1 - Tax I do work full time with an income of around £22k per year and I have started my own dog walking business to work around this job. I've got a spreadsheet and I am going to…
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Dumbo question re savings interest/self-assessment
Hi all, sorry for this question which feels very basic but: When filling in my tax return (self-assessment, self-employed) do I really have to enter the few pence I receive in interest on my tiny savings? It'll literally add up to about 20p if I'm lucky. I know it's not taxable but do I have to at least tell them about…
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Higher Rate Tax Pension Refund Calculation Help
Hi All, can somebody put me straight on my calculations please. After recently finding out I can claim an additional 20% Tax on my pension contributions due to being in the higher rate tax band, I phoned HMRC and after the 3rd call I finally got through to somebody who confirmed I can. HMRC have now adjusted my tax code to…
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Tax code change for no reason....
Hi I currently earn £35K I also have a local government pension paying £6600 My monthly net pension normally £434 has suddenly reduced to £333 I have checked my pension payslip online and noticed that my tax code has changed from BR to D0 I will check at my workplace tomorrow to see if my tax code has also changed there I…
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£907 tax bill is saying I owe 'payments on account'
My self assessment tax bill has come to £900-ish after filling out my self assessment (although I still need to check I've entered everything properly) But it's saying I also have to pay 'payments on account'. I don't understand why? I thought my tax bill had to come to over £1000 in order for me to be eligible for…
