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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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IHT Taper relief
AIUI from threads I have read on here, that taper relief only applies to gifts that exceed your nil rate band. So for example if you give away £300k and die after 6 years and 11 months, the whole £300k is counted back into the estate, as taper relief does not apply. However in the past month I have read four separate…
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Do I need to declare every gift my father made, for Inheritance Tax
Hi all, I am currently sorting the IHT for my father's estate. As part of the IHT400 form, I am completing the Schedule IHT403 (Gifts, etc). My father was fortunate enough to be able to regularly gift money to his sons, and grandsons (although this was paid into his daughter-in-law's accounts first, before being tranferred…
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Self-assessment - dividends and Capital distributions questions
I have just received my consolidated tax certificate from a unit trust.The Dividend columns are Dividend, equalisation and amount reinvested - do I put the dividend amount in the SA? And the Capital distributions - where do I put this figure? Thanks in advance
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Getting reponse from HMRC
Apologies if this is not the correct forum. Does anyone have advice on how to get a response from HMRC, it invariably takes many months to get answers to the simplest queries despite numerous complaints. I previously ended up complaining to my MP, but now live overseas so no longer have one. Is there any other…
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Capital gain -other income
I have had a capital gain this year so need to submit a capital gain return soon. However I don’t know what my other income will be for the year so am not sure whether the gain will be taxed at 18% or 28%. Is it better to overpay the tax and just claim it back when the 2026 return goes in?
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Company shares questions
Hello, Been reading other similar posts to this but need some clarification as I have never sold any shares. My company lets me put up to 150 per month pre tax and NI into their shares. I also get one free for every 4? Or 5?, I need to check that. If I keep the shares more than 5 years I pay no Tax if sell them but I would…
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Self assessment moving to default cash basis - should I elect to remain on accrual basis?
Hello helpful forumites, I hope some of you might be able to shed a little light/give me some advice here. This week I thought I'd get stuck into this early and get my 2024-25 self assessment tax return submitted. I had collected my earnings and expenses figures together and was partway through when I noticed the statement…
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Paying income tax on company shares - not liable for CGT?
Hi, The company I work for has given me free shares a couple of times over the years. Not paid a penny for them. The company has now been acquired, and I will be receiving £14,220 in my next payslip. The company has told me that "Because of the nature of the option scheme, it has to be taxed as income through payroll,…
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Uber Eats delivery drivers and tax
Hi, I want to check my understanding of the position is correct. My 21 year old son and his friend have minimum wage PAYE jobs but aren't getting enough shifts. So both have signed up with UE. I thought I'd check the tax situation as both are pretty naive when it comes to finances and thought either no tax or UE or HMRC…
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What is Child Trust Fund
Is it a savings account which people have to pay in their own money and savings tax? Or any funds from government?
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Personal Savings Allowance and tax thresholds
Hi Got a question about savings interest that pushes me into the higher rate bracket. Last year I used salary sacrifice to bring all my income from my job into basic rate. My gross income was £50264 I also got £323 of interest from savings. How is my income taxed? i.e. what should I be paying. Various sources are saying I…
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IHT and Joint Tenant Property
I would be grateful for any clarity on the following. Thank
you in advance. A house has been owned by mother and daughter as joint
tenants (meaning each owns 100%) for well over 7 years. The mother has passed away meaning that the
daughter automatically becomes the sole owner via survivorship. However, for
the purpose of…
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Old tax calculation
Hello! This query relates to a tax calculation (for my wife) from 2017/18 so I guess the first question is is that too long ago to be able to be put right (if it is indeed wrong).. see below. She received a tax calculation statement dated 4 February 2019 saying she owed £84.80 additional tax for 2017/18, including a…
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Importing Building Material from Spain
Hi, we are building our extension, my husband is doing most of the work. Previously we have imported tiles and materials direct from Spain, as it becomes way more cost effective, but this was prior to Brexit. We want to import 10 pallets from Spain, mainly tiles. All products are EU manufactured. The transport companies…
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Self assessment - underpaid tax questions
I am completing Self Assessment for 2024/25 tax year and am struggling to answer the questions on underpaid tax. This is the first time I've used SA and am doing it because my actual savings income in 2024/25 exceeded £10k. In Jan 2025 I received a P800 saying I owed £244.40 from Tax year 2023/24. This was due to exceeding…
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Inheriting house
Hello My husband has passed away very recently. Although he had been ill, we were told we had 2 or 3 years left. Sadly, he died within weeks. He left a will leaving everything to me. I believe that means this is an "excepted estate" and I don't have to get everything valued before Probate, nor will I have to pay…
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Does my bank report my savings to the HMRC?...
Apologies if this is an obvious question/answer to some, however does my bank report my savings to the HMRC? and if so, then why do I need to declare interest on savings on my self assessment return?
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Self assessment
Hi :) New to the forum - don't know if this is the right board, but hoping someone can help... I was trying to complete my wife's self assessment tax return today but couldn't get past section 3 - tailor your return - as a result of hmrc categorizing an old pension payment (sipp) as an employment. We found an old pension…
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CGT - reporting house sale
We sold a house last year which was owned by my late father-in-law. The sale completed in July and no CGT was due, all the gain was covered by Private Residence Relief. I don't recall notifying HMRC or filling in a form after completion. Should I have done this? Should I notify them now? We are UK residents and the house…
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Capital Gains tax on rental property
Hi, I hope you can help me with my understanding so far on CGT liability on the sale of our rental home which we hope to do next year. I bought the house in 1989 and lived in it as my main residence. From c1993 (I think) I rented out the spare room to theatre people as I stayed some nights, or went on holiday, with my…
