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Cutting Tax: Discussions that will help you
To help you find the Cutting Tax threads quicker and easier we're collating our previous sticky/pinned threads into one single post. Cutting Tax board: Tax instructions - please read Useful Websites TaxCalc alternative? How does the Taxman Know? Inheritance Tax Planning Useful Tools to Help With Taxes Washing Uniform at…
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Reducing payments on account
Almost at end of my self assessment having viewed the calculations and checked data entry multiple times. I now have a page headed Payments on Account and asking "Are you claiming to reduce your 2026-27 payments on account?" I am not sure how to answer. After taking the payments on account I have already made the balancing…
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Marriage tax allowance
Hello I have a question regarding Marriage, tax allowance for my elderly parents. My mother has given her allowance to my father, they are both state pensioners and both retired. I mother has gotten a simple tax assessment from HRMC which she owes tax back to them for £130.91. Due to giving her allowance to my father. My…
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Self assessment gift aid claim for gift aid made previous tax year but not claimed
My 2024/25 was calculated and submitted by a tax accountant ( too scared to do the first one). I forgot to give her my gift aid amount that I made during that year. I'm doing self assessment for 2025/26 and when I got to the gift aid section it reminded me I hadn't included gift aid on 2024/25 return. I have been reading…
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How Much Tax will i have to pay?
Hi, How much Tax will I have to pay when I do self-assessment for working as a Sole Trader? In Tax Year 2025-2026 I was payed £2538 at one company (As a Sole Trader) , and was payed £6160 at another company (Also as a Sole Trader). How much Tax will I have to pay? (roughly) In the same year, all my other employment was…
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Estate planning with overseas child
This might be a 'take professional advice' issue, but in case it is straightforward I am posting it. Spouse and I plan to update our wills. Everything will go to the surviving spouse and then to our two children. Possibly importantly, given the French context, they are my wife's children from her earlier marriage so are my…
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Heirs' income tax on inherited SIPPs
Is there any news (or existing threads) on whether heirs will pay income tax on SIPPs that have been subject to IHT after 2027? I recall hearing the government was considering steps to avoid double taxing.
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Gifting though shared bank accounts
Several years ago, my parents said that they were adding me to their shared bank accounts. Their motivations for this at the time were two-fold, one consideration was around providing a larger FSCS compensation coverage (which at the time was £75k per account holder) and the second was as part of estate planning, where…
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Is my understanding of this tax code notice correct ?
Hi. I'm hoping someone knowledgable about the tax system and deciphering tax code notices can assist. We live in Scotland and my wife is retired and in receipt of a DB pension of £3,400 p.a. and drawdown from a SIPP of £8,400 p.a., i.e. £11,700 gross p.a.. She also has a savings account which last tax year earned £974…
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Freelancer - PAYE vs Sole Trader / Ltd Company
Hi all, Hoping you can help. I'm currently freelancing in one industry but getting paid PAYE. I'm about to take on a second opportunity in a different industry but the company doesn't do PAYE payments and want me to be either a sole trader or operate as a limited company. Two questions: What are the tax implications if I'm…
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Stop making SIPP contributions?
I need a sense check, please. I'm recently retired (just £1k-£2k earned income for another couple of years) and SP starts in two years. For years I have maxed SIPP contributions and now have about £660k in it. I want to run down my SIPP in future years (withdrawing the max in basic rate, using it for income/ISA/low coupon…
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National insurance help
In the financial year 2025-2026 my son was self employed for 5 months but did not earn enough to reach the national insurance threshold, he ceased self employment and then became employed for 7 months paying over £600 national insurance contributions on his salary, will he need to pay voluntary contributions on his self…
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Payments on account
Sorry back again with another long self assessment question as I progress through the sections of self assessment. I have reached Overpaid tax section where: If you think you have paid too much tax you must tell HM Revenue and Customs (HMRC) where you want any repayment to be sent Do you complete section and your bank…
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Can I claim expenses on part of a generic builders invoice
Hi, I have a rental property. I had builders do work on my personal property, but they also did work on the rental (fixing some render and a chimney leak). They invoiced me a generic £6k invoice for 'Property Maintenance' and addressed it to my rental property. Of course, Im not going to claim the whole amount as a…
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IHT - using Normal Expenditure from Income. What is income?
I have been searching the forums for some answers but I sill have some uncertainties. Having recently put together a spreadsheet to calculate any potential IHT payable I was horrified at the result. I have been supporting our children for some years with monthly standing orders. My question is clarifying what counts as…
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Book or course on Inheritance tax Planning?
Could someone please suggest a good book/s or a MOOC or Coursera (free online course) course on inheritance tax planning. Thanks.
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Starting a business to cut tax in retirement
I retired from work 2 years ago and am now 58yo. I started drawing on my pension last tax year and took my first withdrawal via UFPLS to maximise my tax free allowance and took approx £17K out of my SIPP (I have no DB pension). My only income is from savings/bonds interest, dividend income (approx £4k a year) and the SIPP…
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Capital GainsTax on potential property sale
Good afternoon. I have a main residence that I have lived in for 26 years. It has been my one and only home during this time. No lodgers, no renting etc. I wish to now purchase my parent’s home to have as my main residence and keep my original home. My original home will then be mostly vacant except for weekends. I will…
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HMRC and bank/BS interest & income tax
Since financial institutions such as Banks are now required to inform the HMRC of interest payments to individuals, is there any way the list could be copied to the holder? It would make it far easier to fill in the self assessment form in. I recall some income payments for pensions are automatically included, but not all.
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2025/26 Self assessment Underpaid tax
Apologies for the long post but I have questions regarding the underpaid tax section please and advice would be appreciated please to ensure my understanding is correct For 2025/26 I received 3 tax code notices (P2). Jan 25 tax code notice for 2025/26 stated I owed £927 tax from earlier year 2 February 2025 tax code notice…
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Self assessment whole pounds or pounds and pence
When entering figures into the online self assessment form do you put in the full amount as in pounds and pence or just whole pounds. If whole pounds do you just omit the pence or round to nearest whole pound. I can enter pounds and pence on the website but for a previous return I became very stressed and paid for it to be…
