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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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Capital Gains Tax liability
Bought a house with my wife in 1990. I moved out in March 2018 into private rented accommodation. In September 2024 she severed the joint tenancy and we became tenants in common with a 50/50 share in the house. She died in the October from a long term cancer diagnosis. We never divorced. She left her half of the house to…
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Deed of Variation
Hello, I'm after a bit of advice please. My mum passed away recently and I am currently dealing with probate and all the admin that comes with it. Some time ago my mum expressed that she wanted her only grandchild (my son) to receive a lump sum but the will never got changed and I promised her I would follow her wishes. I…
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Top slicing relief on policy
I may soon cash in a policy that will have a chargeable gain of about £3k. The number of complete policy years is 26. Am I correct in understanding that top-slicing relief means I will be taxed, as income, on 3000 / 26 = £115? If top-slicing relief assumes that the gain is spread evenly across the years, then what happens…
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which one
Received this today . Which option will be best for me? I can afford to pay the lump sum but also thinking is there any advantage with the second option? We’re writing to inform you of an issue regarding your recent taxable income payment of £24,751.54 taken from your SIPP . Due to an internal system error, the appropriate…
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Self assessment payment showing as credit rather than paying the tax bill
I do my dad's self assessment. This year he owed just under £50, and we made the payment a few weeks ago. On his Self Assessment page, under "Your balance" it says that he's in credit by the amount that we paid, and under that it says that this will pay his tax bill on 31 January 2026. Last year he owed just over £60, and…
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Why is Giftaid entry more expensive?
Why do places like National Trust charge more for Giftaid entry than non-Giftaid entry? Given that they can reclaim 25% tax of the entry price why should you end up paying more for entry? Non GA entry might be £10, GA might be £11.50. If they were both the same thay could still reclaim £2.50. Am I missing something?
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Capital Gains Tax - Shares
hi Forumites, I've a query on the CGT summary form under, listed shares. Box 26 asks for 'gains in the year before losses'. The summary notes say, 'this figure will be the gain minus any relief, claims or elections'. If my claim is greater than the losses then the figure will be negative. I believe the word 'minus' should…
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Tax on Savings for 24/25
I am just completing my tax return and want to know how much tax I might have to pay. I am retired and have a pension of £1,810 per annum. In 24/25 I had £26,392 in savings interest and £230 in dividends. Are my dividends free of tax as they are under £500 (should I declare them on my tax return)? Will I get the starter…
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Foreign life insurance income on self-assessment tax
Hi, I moved to the UK in the year 2023. This year in February 2025 I cashed in a foreign life insurance policy. I believe I have to check if there is a chargeable gain event that I need to report to HMRC via self assessment. So I have googled and what I understand are: * Gains on foreign life insurance policies are…
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How long do I wait for tax overpayment
I have 2 jobs and last year 24/25 the tax allowance split was not right and I only paid tax in one job and other job was under the allocation. I understand I can't do anything until 30th November and I haven't received my P800. Is it usual to be last minute or is it worth chasing up. Thanks
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Overpaid Tax - how to get it back
I have 2 income streams during this year - one is an employment income stream and one is a DB pension. HMRC has been taxing the entire pension at 40%, and also assuming some 40% tax on the employer pension. However - I have just finished work (hooray!) and my employment will officially end at the end of October. This means…
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Delay grossing up payment until next tax year?
Hi all, I’m seeking some advice please regarding wraparound childcare payments provided by my employer (public sector) and tax. Currently, I pay my childcare bill each month and then submit an expense claim to reclaim the cost. The reimbursement is treated as a taxable benefit, and my employer applies 'grossing up' to…
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Selling for charity
Hi, if I have a stall at a fete and sell items to raise money for a charity how does this work with tax and self assessment? I will be making crafts and selling, and then donating the profits. Would these profits, even though I am giving to charity be taxable? I have searched Google and have read conflicting info. I am…
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Import tax and Vat
Hello. Help needed with tax bill for imported good. Recently stayed in a German Hotel. Whilst there they kindly gave me, to keep, some of their hotel shampoo, body wash and conditioner. I had only travelled with hand luggage and the size of the bottles was too big for my hand luggage. As they were nice items I thought I…
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IHT - early gifting to young children
Hello, As an early thought gathering, would appreciate people's pointers on ways to try to approach early gifting in our situation and what to be aware of: 1. pretty late with starting family, so 2 x children are still young teens and we are 53/63 2. with SIPPs now included in estate and SE property values, we are deeply…
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BIK and PCP
I have read car adverts for many years now and have noticed that when PCP deals are offered that a common sales tactic is for a dealer or manufacturer to offer a 'deposit contribution' given by the dealer or manufacturer, I believe this is done to make the PCP APR % look better, all very good as a sales tactic, but I would…
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HMRC Self Assessment foreign tax credit relief on US dividends
I'm in the process of completing my self assessment using the HMRC online system. I would appreciate some help in understanding the tax calculation for the tax on my US dividends as I may not be entering this data correctly. I have received £2,174 gross US dividend, with 15% withholding tax taken off (£326) giving me a net…
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Does Capital gains Tax push you into higher tax bracket?
Hi All, I can't seem to find a straight answer from Google as I get conflicting answers from different sites. Can't find exact answer on HMRC website either... This has probably been asked a million times but does Capital Gains Tax push you into higher tax bracket? Say I earn PAYE £48000, and I make a Capital gain of £3000…
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Doing self-assessment without a 25/26 P2 notice
I'm doing self-assessment for the first time because my untaxed savings interest exceeded £10,000 in 24/25. I've got to the section on underpaid tax and have a few queries. The videos suggest that the sums for underpaid tax should already be showing on the screen, for me to either confirm or correct, but there are no sums…
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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…
