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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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"Big" sale and CGT
We'll be selling most of our more volatile assets in our GIAs and move to "safer" investments. We will have significant gains, way over the £3k exempt amount. That's no problem as we have made the gains and so have the money :-) However, from the moment we sell (around "now") to the moment we have to pay CGT (31Jan2028)…
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MTD Deadlines - Do they need to be submitted ?
Found this online , does this mean that the MTD does not need to be submitted for the first year due to the soft landing ? Note: While these quarterly submissions are legally required, HMRC has implemented a "soft landing" period for the first year, meaning no penalty points will be issued for missed or late quarterly…
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HMRC strike again!
I called HMRC this morning to question my new tax assessment they had made based on me receiving my first state pension payment. Difficult to understand the lady, but in summary; I get my first weekly payment this week (week 16). On that basis they are adjusting my tax codes (as expected). They are assuming i will receive…
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Ebay - Simple delivery - Buyers fee need to be included on a tax return ?
A bit of advice please. My neighbour has been told that he needs to submit a self asseement for his ebay sales for the last year , problem is he has been using a Personal account ( now changed to business ) . I have given him the spreadsheet I use for my accounting but he is not too sure what gross figures to include from…
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Order of precedence for tax question and related issues
I have the following income streams:- 1. State Pension (already more than the Personal Allowance) 2. Private pension (annuity, as it happens) 3. Interest income 4. Dividend income In previous years the first 3 of the above and at least a substantial part of the 4th item fell below the Higher Rate Tax (HRT) band. However,…
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State and private pension
I recive £965 every 4 weeks from my state pension my company i was receiving £639 per mth I noticed 1st juk was £609 just cant understand why any help much appreciated i do not have any other income
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Tax deductions on lump sum
sorry if I am being thick but I am struggling to work out the tax that would be deducted on a taxable lump sum of £60000 using tax code 1257L/x. Can anyone help please?
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Help MTD - Software - Bank or Spreadsheet ?
My accountant is retiring this year and its the first that I have to submit my files through MTD so getting really stressed . I only sell around 10 - 20 items a month ( a lot less recently ) so not too sure of the best software to use so currently using 1 - Starling bank app - I have itemised all my figures etc sales /…
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Self-employed+ one-off job - which P46 option?
My accountant's office is closed so I can't ask them, but I need to complete a P46 this weekend for a one-off temporary job. I will only earn around £300. I am self-employed but am unsure if my earnings will be above the personal allowance this year, as I may have a loss that can be carried over. (Probably the wrong terms,…
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Memorial service costs - IHT deductibility
HMRC manual states that staff should seek advice where a claim for memorial service expenses is made. This suggests that such expenses may on occasion be deductible. Would this be the case where, a month or two after death, a memorial service is held where there has been no prior funeral service (because body disposed of…
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Voluntary redundancy - £100k threshold
I took voluntary redundancy with a decent payout at the end of May and will be starting a new job in September. Combined this will take my annual taxable income for 2026/27 to c.£115k (plus the £30k untaxed voluntary redundancy allowance). Given I have one child in nursery and will also loose 15hrs free childcare and tax…
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What is the best time to ask HMRC about interest record?
I understand that all banks and building societies are required to report interests to HMRC by end of June. It is July now so can I ask for this record of details now, or should I wait for sometime for them to do some processing work, if any?
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SA tax calculation does not show tax paid via PAYE.
I have to do Self Assessment because I receive a tiny foreign pension, so I also supply details of interest received on savings. Normally I have tax to pay of a few hundred £, but my calculation shows over £7k. This can only be because the calculation has not included tax already paid under PAYE. I have been doing SA for…
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HMRC Surplus Income gifting clarity - IHT
With the incoming IHT changes I'm planning my pension with the intention of surplus gifting from my pension income to reduce the estate. The HMRC guidelines seem open to interpretation as it doesn't sound like its pure math - and a rejection would be devastating. So I'd like some advice on what is best practice to avoid…
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Help with correct CGT form
Hi, can someone help me please? I am trying to submit a form SA108 for CGT but the latest one available on HMRC’s website is for Tax Year 2025/2026. I sold the property in June this year, so surely it would be for Tax Year 2026/2027?
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HMRC self assessment for going over pension annual allowance
I need to fill out a self assessment as I've gone over my pension annual allowance (even when taking into account previous 3 years carry forward rules). I just want to check a few things: My pension contributions are through salary sacrifice which I believe doesn't need entered on the self assessment form. Does this change…
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Struggling to pay back a LTD company tax bill
Hi, I've been struggling to pay back huge debts over the years but it's got to the point I can no longer pay them as they currently stand. I'll try to cut a long story short. Started an online business as a sole trader. After x amount of years, turned that business into a limited company. Received bad advice from an…
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discretionary trusts and investment platforms
I am hoping to create a discretionary trust. I would like to know the platforms that would let me invest the money as a trustee in stocks and shares. I have asked AJ Bell and iWeb who have told me that it would not be possible on their platforms.
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Self assessment automatically changing pence amount to 00p
Hi, Filling in the state pension amount on the SA online. I am entering 11,963.95p and it is adjusting it automatically to 11,963.00. Should I be rounding it up myself to 11,964 or leaving it at their correction. It is doing the same thing when I enter the untaxed savings interest amount (pence being 83p and it is…
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Need advice on a LTD company tax debt and what to do next
Hi, (Not to mods: I posted something similar to this back in January, but this time I have a bit more information and would like to keep this as my new post.) I’m hoping someone can help me understand my position before I speak to HMRC again and/or take formal insolvency advice. I’ll try to keep this as clear as possible.…
