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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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High Child Benefit Charge - PAYE
Morning - I pay the HCBC via self assessment but registered for paying this via PAYE yesterday. Today the HMRC reduced by tax code from 666L TO 333l. I think they have included the charge I need to pay for the current tax year - I thought I would not start paying this until April 26 i.e. spread it out over 12 months. Can I…
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Council Tax band calcukator
I wish to ask if anyone can advise where I can see a property price calculator in order to see the actual value of my property in April of 1991. I know the estimated value was between £88.000 and £120.000 but what the true value was and is a mystery.
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Self Assessment (SA100) Advice
My wife and I run a small business together and are registered as a partnership for tax purposes. Profit from the business is our only source of income and the share of profits is split 50/50. For the purpose of this post, let’s assume profit for the last tax year was £50,000 in total. We’ve completed a partnership return…
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Missed Nationwide payout off tax return
24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait or take action?
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Winter Fuel Allowance and HMRC
Can anyone confirm if you have to inform HMRC when you opt out of Winter Fuel Allowance? I have opted out but don’t want to find my tax code altered next year due to DWP not speaking with HMRC. One would expect that two Government departments would share the information but I’m not convinced that will happen!
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US Estate Tax on US listed Shares on death?
Can anyone comment on the US/UK tax situation when a UK resident dies with a holding of US (NASDAQ) listed shares? I see that US Estate tax may be due if the assets are worth more.than $60k. But I have also seen some discussion that a double taxation treaty may apply?
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Self assessment/ lump sum to Sipp
I just made a lump sum payment of £4800 net into my Sipp over and above my usual monthly contributions, I may or may not do the same next year (26-27) but it’s quite likely. I’m a self employed sole trader and will start getting a military pension next month, which presumably will be under PAYE. Should still be basic rate…
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Calculating whether any CGT on sale of shares
Can anyone help me sort out how to do this please? I am intending to sell all my shares, which have a total value of around £9-10k. They are shares in 4 companies (Barclays, BT, BP and Lloyds). Most were inherited by my husband in 2001 but placed in my name as he was by far the higher earner at that stage. I think Barclays…
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Tax on non-ISA savings interest
Hi, In January 2025 I got a tax bill for interest accrued on non-ISA savings for the 2023-2024 year. I agreed with the amount (£3668, of which £2668 was taxed at the 20% rate). My tax code was adjusted accordingly. A few weeks later in February 2025 I got another tax bill for a similar amount (approx £3100 interest) and my…
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36% IHT rate
Please could
someone check if these calculations are correct about reducing IHT to 36% when leaving
10% of a net estate to charity. 1) No gift
to charity Gross
estate £1,200,000 Less NRB
and RNRB (£500,000) Net taxable
estate £700,000 IHT at 40%
£280,000 Amount to
legatees £920,000 2) 10% gift
to charity Gross
estate…
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capital gains tax
Can anyone help me with this please ? My in laws owned their house as Tenants in Common which meant their share of their house was independent of the other. My Mother in Law died in 2010 leaving her share of the house to her 2 children equally. Probate was granted The house was retained and let out whilst my Father in Law…
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Dividends taxed at source... with the "source" being the UK
I had shares of a UK company in an offshore acct with four div'd payments for tax year 2024/25 (they're now sold :smile: ). Let's say these four payments add up to £1000 and furthermore that £200 (ie 20%) of that was tax paid at source, the source being the UK. I know that I have to give the £1000, not the £800 I actually…
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Banks causing delay in overpaid tax?
Hi all I am due overpaid tax for 2024/2025 due to being unemployed (and not receiving benefits) for a few months before starting a new job- the overpayment was not paid back through my PAYE wages because I started the new job in March and my tax code was not a cumulative one. I’m aware the website advises overpaid tax is…
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HMRC Simple Assessment
I recently received a Simple assessment calculation from HMRC, claiming I owed them £5042.80 for the 2023-2024 tax year. I feel like I'm being taxed twice in this scenario ! For this tax year, I earned just under £44,000 from my regular job and after allowing for my personal allowance ( £12,570 ) paid 20% tax on this…
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Stamp Duty Land Tax for non resident
Hello. I am getting such conflicting advice and wondered if someone can help. Situation - uk citizen living abroad on 2year work visa. buying a property in uk as buy to let (only way to get on the ladder at the moment - its complicated) 1st time buyer, dont own any other property. I believe person only has to pay 2% non…
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Future UK share dividends and tax code
Finally got my OH's tax sorted out recently. They owed overpaid tax for 23/4 & 24/5 on overestimated bank interest whilst my wife owed them a small amount due to the reduced share dividend allowance in 24/5. They have altered her tax code for the rest of 25/6 and included an estimate of the amount of interest to be earned…
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IHT – unmarried and childless? Discriminatory IHT .. needs reform !
Hello, a very long time lurker .. first time poster .. so please go easy ! As it stands, my understanding is that members of the “unmarried, childless population” people don’t get the additional “benefit” of the £175k Inheritance Tax Residence Nil Rate Band (RNRB), so are stuck with a measly £325k IHT limit and then will…
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Opening New Ltd Co's due to expansion
I operate within the automotive industry and looking to expand into other avenues. If anyone can provide advice, it would be gratefully received. I currently buy, restore and sell my own classic cars, however, if I was to offer services such as the following, would I be able to run them as their own limited co, independent…
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Inheritance tax - gifting money for extension works for disabled granddaughter
My daughter has a progressive disability and my parents want to help us adapt the house for her. They are concerned about us having to pay inheritance tax on any money that they gift us if they die within 7 years. They know about the £3000 yearly gift but want to help more than that as the building works / adaptions will…
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Wedding Gift
Hi I understand we can gift £5K each to son's wedding, plus £3K annual gift allowance (as well as £3K from last tax year if not used) How close to the wedding does the £5K need to be for it to be classed as a wedding gift, wedding is in June 26? Funds will be used to pay for the wedding, which will need paying before the…
