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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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Sole trader to… what?
I’ve been doing some freelancing this tax year as a sole trader, earning just about the (£1k) tax free amount so far. Now it looks like I’ll be earning around £300 more so it seems like a good time to start my own company and have that company invoice the client and pay me going forward, which seems to have benefits. Given…
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IHT - Gifting money vs Giving money to assist with Living Costs
This may be the wrong forum section as it isn't about cutting tax (as such) but I would like to understand better the IHT rules. My parents who are both now in their 80s have sold their home and downsized. They now have some surplus money. They would like to help me (family, wife and kids) financially as they know we are…
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Pension contributions above £100k
With fiscal drag and high inflation, me and many of my colleagues are starting to have to get to grips with loss of personal allowance etc. So far I've been making sure I stay below £100k net (and therefore keep my personal allowance) through a combination of pension contributions (matched company percentage and regular…
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Reducing CGT when gifting shares to wife and she selling them...
Hi there - looking for some advice on cutting CGT... I'm looking to gifting some shares to my wife, who is not working currently, has rental income of £8k per year and no other income. I'm looking to gift shares to her and leverage her 10% gains tax allowance. I would like to know if there are any CGT thresholds - if I…
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Do I need to do something about capital gains on shares?
ok so in my ongoing saga of trying to make sense of my finances I'm currently looking to move shares out of a company share save/purchase situation and into an investment account. Must go into an investment account not an ISA as the schemes matured nearly a year back. Would have done something sooner if I'd realised.....…
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HMRC Underpaid Tax post Tax Rebate
I received a tax rebate from HMRC back in January/February as I was on the wrong tax code when I moved jobs the previous August 2022. I called them and the guy on the phone sorted it for me put me on a new tax code and said my rebate would be in my next wage. I then got a letter this August 2023 from HMRC saying I had…
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Parents gift me main home, changing my current home, then I gift money to parents, CGT
The idea - parents gift me main residence, buy another, then I sell my current residence and make the gift my main home, then I gift money to parents. My parents own one house mortgage free (~700k), which they want to gift to me, before buying a different house (~800k). I already have one property mortgage free (~450k),…
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Capital Gains allowance and calculation
Hi, I have Power of Attorney for my elderly mother and have just sold a house (not her residence) that she owned, to pay for care costs. There will be a hefty CGT bill as she bought the house in 1985. I would like to make use of the available allowances, one problem is that there is no longer any record of what she paid…
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Capital gains on house for sale
I own three houses. My daughters live in two of them (they live there - pay no rent - I bought them for them but left them in my name) I have another house - I rented this out until recently, but it is now empty and I am selling it. I live with someone in their house. I believe if I sell the house I will have to pay…
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IHT unused portion from spouse
I’m assisting my mother with her estate planning. She moved back to the UK last year following the death of my Father while they were living in France. My father was not a UK citizen but my parents did own property in the UK and they both had UK wills. When he died, everything passed to my mother without and estate taxes…
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Self employed to employed
Hi after 15+ years as a sole trader doing my own returns, I will be looking to commence employment from Jan. I've already submitted by tax return for 22/23. I will be paying it next month including the POA for 23/24. I will unlikely do any or little self employed work in the next 18 months (under £5k I would guess?). My…
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private medical insurance tax implications
Work are providing private medical insurance but said they would add it to my wage each month. So roughly around £120 a month. This will obviously get taxed. I am on a salary of 90k (+12k bonus). How much extra tax will this cost me if I go ahead with it?
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Cutting hours better off?
It’s so hard to work out if I would be better off all round cutting hours. At the moment I earn £13hr x 30hrs per week. There seems to be so many deductions on my payslip tax NI and a pension that I don’t want to pay into. I think but I’m not sure if I reduce to 20hrs I wouldn’t pay any tax, I would also be able to opt out…
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Offsetting share losses against cgt
I already posted a query tonight, but this might make it unnecessary - I lost a lot of money on shares in 2008/2009 - around £80000. I am trying to sell a house and may be liable for some capital gains tax. Can I offset the losses from the shares ?
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Foreign Tax Relief help
Hello, I am selling videos on stock websites and last year I made more than £1000 per year, so for the first time I registered as a sole trader. I started doing my tax self assessment form. I'm pretty sure I wont have to pay tax since it's only for £1200. But there's a question there if I want to claim a foreign tax…
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SA Tax Return - Paying Extra Tax on Charitable Giving!
Not sure if I filled my tax return in wrong when submitting this morning, but one thing surprised me. I've done some charitable giving over the year 22-23 like many - cancer research, sponsorship etc. And used Gift Aid. I hadn't appreciated that when you add the amounts given into your tax return, that there would be…
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Confused by new tax code
I have been informed by the Teachers' Pension Scheme that they have been advised that I have a new tax code of 760L, replacing 1257L. This has surprised me. I have, as yet, had no direct notification from HMRC of this change. My Teachers' Pension is a mere £2615.28 per annum. My only other income is the interest I earn…
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Tax treatment of Teacher's Pension Refund due to Goodwin Ruling
Back in the day, male teachers would have a widow's provision on their pension, but married female teachers didn't have equivalent widower's rights. Then things were changed, but if you had been working before the change date, you could pay to have service pre-change counted towards a widower's pension. The Goodwin ruling…
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Tax code change letter from HMRC
Hi all, recieved a letter from HMRC today staying my tax code will change from 0T to 802T. Reading the letter, this seems positive as it states a yearly tax free income of £8021. My last pay-check was still 0T, so will I notice an adjustment on my January payslip? I'm not earning less this year, but I am making use of the…
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Advice on current situation
It's actually my partner's current situation but hoping if I lay it out here I can get the usual good advice from this site GF currently owns a flat we live in. She has put an offer in on a house which has been accepted. The current flat has been on the market for a while without an offer so we are now looking into renting…
