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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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Business Mileage Claim?
Hello, my company provides me with a personal car allowance and also provides me with a fuel card for both business and personal use. The company doesn’t deduct any costs from me. I record my annual business mileage. The company deducts my business mileage from my total annual mileage and provides a P11D to HMRC for…
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Wrong tax code and repayment options
Hello, I'm looking for a recommendation on a change of tax code. I am a full-time employee and all my payslips and taxes are though PAYE. In March 2024 I paid 3.5k£ into a SIPP (and the correct grossed up top-up of £875 was then added by HMRC the following months). Probably as a consequence of this (since nothing else…
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HMRC - Lack of communication and income tax due.
I have tried to register with HMRC but all efforts have so far failed. I've tried writing to them but no response. I've tried ringing, but they simply keep me hanging on the line after numerous automated questions to put me through to the correct department, then the endless wait to speak to a human being, and the wracking…
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Whose gift is it anyway?
If parents make a gift of money to a child, is it demeed to have come solely from the parent whose bank account the money is transferred from (thinking of things like seven years survival for IHT)? If you want it deemed 50/50 from each parent, is it necessary that it either comes from a joint account or that half is…
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Timing of Annual Tax Summary
Does anyone know when this drops onto the gov tax platform for 2024/25? Specifically the summary with breakdown as it is not on there yet. You can view the top line tax paid but thought after 5 months it may have dropped on. Not a first world problem but just wondered....
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BIK on a company car that's a company "asset".
Hi. I am trying to get my head round potential tax implications for the company car I have which is deemed as a "company asset" as it had adaptations for emergency response. I know I have to pay BIK which I believe is 20% of the cars value, less my contribution and then 40% of that = 1 year tax. My questions is, is this…
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hmrc self assesment (tax returns) processing times
Hi All I did the dreaded tax return yesterday (31st) and finished it by 12:30pm (lunchtimeish) so was about 12 hours before the deadline. When I logged in it informed me I owe 11p from a previous year. I filled it all in and submitted it. This time I owed about £250. I tried to pay, but it still said I owed 11p, which, of…
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HMRC owes me money from 2018-9 and 2019-20. Should I demand interest from them?
HMRC sent me a letter saying they owe me some historic tax credits (total approx £650) for the years ending 2019 and 2020. They've asked me to phone to confirm my bank details so they can repay this. Am I right in expecting they should pay interest on this? I would like to speak to them but go armed to discuss if (and…
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Tax on state pension in first year - again!
I submitted my SA online earlier this month and HMRC have
sent a letter stating they have changed the SP figure (increased by one week of
pension income) for the year based on their (presumably DWP provided) records.
Consequently they have increased the tax
due by Jan 31st (also increasing the tax on account for next…
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Tax Codes explained
Found below in news feed today, thought some may find useful… ***************** A tax code is a series of numbers and letters used by employers or pension providers to work out how much tax should be deducted from your pay or pension at source. Anyone in employment or with a private pension will have one. Making sense of…
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IHT - How to make the 25% tax-free part of an AVC be classed as income?
From my reading it's not too clear what exactly HMRC classes as 'income' when dealing with IHT, however I understand that it's not the same as how HMRC classifies income for income tax purposes. Taking the 25% as one large lump sum I would imagine would not be seen as income from HMRC when assessing the against IHTM14250.…
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Self Assessment "current position" - do I only owe this?
Hello, Hope someone can help. I did my SA return. It showed me the amount I needed to pay. But then later I went into my "current position" statement and it only shows I need to make a balancing payment in July and does not state any payment to be made by 31 January. I did have a credit balance, so I assume they applied…
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IHT - Proving purchases made on behalf of
How do HMRC treat purchases made on behalf of someone (e.g. online groceries) going back many years even, but where there hasn't been any explicitly logged recoupment of the monetary cost? Or where there is an informal/gentleman's agreement to be payed back "at some point" for all historic purchases made? It could be…
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P60 not matching YTD figure on Mar payslip
My husband has left his tax return to the last minute and has just discovered that his Mar 25 wage slip shows £4k higher tax paid in the year than his P60. This means he owes £2k in tax rather than gets a £2k refund if he uses the p60 figure in his return. Does anyone know why there is a disrepency? His March 25 pay was a…
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HMRC confusing wording...
Hi all, Just looking for a bit of clarification on some HMRC wording (doing my tax Self Assessment). I'm a bit confused about the wording of the section on Capital Allowances (first year I have used this section). The section states: "You can claim capital allowances for certain buildings and the purchase and improvements…
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Change of tax code due to savings interest
The interest I earned on a bond I had was over a 2 yr period, tax yrs 22/23, 24/25. HMRC took that interest to be for tax yr24/25 and have predicted that this amount will be earned again during tax yr25/26. This has triggered a change in my tax code. I have spoken to them today to point this out and to inform them that the…
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Taxman and Pensioners
Hi I am just looking for some advice please. My dad is 91 and has had vascular dementia for about 6/7 years. I looked after him for 3 years and he has been in a carehome for the past 3/4 years. Last year there was a letter in his room addressed to him with the carehome address. It was for a tax code and had a marriage…
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Dad gifting money to sons
Hello, My elderly father recently went into hospital. To cut a long story short, it made him think about his finances and where he wants his money to go. He originally wanted me (his son) to have his online bank details and if anything happened to him, he wanted me to I take care of his money. I told him it’s not as simple…
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Accountant let me down, can't make self assessment payment in one go
I work PAYE but have my own ltd co for the last few years, I've always met my payments on time but I have steadily wound my ltd down so this will be my last submission. When I spoke to my accountant in December I explained I wanted my self assessment payment to come out of my PAYE from April as I'd struggle to pay it in…
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Wills and Inheritance tax question
Looking for help please Friends are civil partners in their 50s. They own their house, valued £550k, as Tenants in Common, with a £100k mortgage outstanding. Partner X has a son 25 & daughter 21. Partner Y has a daughter 23. X’s estate value is around £850k (after 1/2 mortgage) Y’s estate value around £720k. What is the…
