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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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Wedding Gift
Hi I understand we can gift £5K each to son's wedding, plus £3K annual gift allowance (as well as £3K from last tax year if not used) How close to the wedding does the £5K need to be for it to be classed as a wedding gift, wedding is in June 26? Funds will be used to pay for the wedding, which will need paying before the…
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Missed Nationwide payout off tax return
24/25 SA all done and paid including tax on interest. Only just now noticed (remembered) that Nationwide £200 payout to members is classed as interest, so in my case taxable. Would you hang tight and wait or take action?
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IHT – unmarried and childless? Discriminatory IHT .. needs reform !
Hello, a very long time lurker .. first time poster .. so please go easy ! As it stands, my understanding is that members of the “unmarried, childless population” people don’t get the additional “benefit” of the £175k Inheritance Tax Residence Nil Rate Band (RNRB), so are stuck with a measly £325k IHT limit and then will…
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Mortgage interest on buy to let
If interest has been paid on a mortgage financing a buy to let, but not claimed as an allowable expense against income tax for 3 years, can previous years tax returns be amended (resulting in a tax rebate for tax overpaid) for these previous years? Thanks
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Inheritance tax - gifting money for extension works for disabled granddaughter
My daughter has a progressive disability and my parents want to help us adapt the house for her. They are concerned about us having to pay inheritance tax on any money that they gift us if they die within 7 years. They know about the £3000 yearly gift but want to help more than that as the building works / adaptions will…
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Opening New Ltd Co's due to expansion
I operate within the automotive industry and looking to expand into other avenues. If anyone can provide advice, it would be gratefully received. I currently buy, restore and sell my own classic cars, however, if I was to offer services such as the following, would I be able to run them as their own limited co, independent…
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Banks causing delay in overpaid tax?
Hi all I am due overpaid tax for 2024/2025 due to being unemployed (and not receiving benefits) for a few months before starting a new job- the overpayment was not paid back through my PAYE wages because I started the new job in March and my tax code was not a cumulative one. I’m aware the website advises overpaid tax is…
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Closing LTD company
I've not contracted for a couple of years now and next year's books will have no activity apart from paying off HMRC. I've informed them that I'm dormant I have around £15k to withdraw. What do I need to do and how much roughly will go to them? Thanks
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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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Banco Santandar Share dividend other Foreign dividend income and SA100 Does anybody Know?
So much confusing advice surrounding foreign dividend income especially Santandar - there must be thousands of people still holding these from the old Abbey National days - surely somebody can demonstrate the correct way to enter the figures on a tax return? Assuming the dividend amount is above £500 - In my case I have…
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Capital Gains Tax
Hello everyone. I recently paid a little over £9500 Capital Gains Tax following the sale of a property that I partly owned. After paying the tax it occurred to me that I had perhaps been a little hasty. Let me explain. I use an investment management company to purchase stocks / shares etc on my behalf. They (usually) send…
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Second home council tax charge
I have received a council tax bill for a second home, which includes a 100% council tax premium. I challenged this with the local authority on the basis that the home was in the process of being sold, so I should be exempt from paying the 100% uplift. The local authority have now responded saying that because I didn't use…
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NHS / HMRC mileage quandary.
HI all, I’m hoping someone might be able to help me work out my mileage
/ pay implications if I take a new job (working in the community as a nurse for the NHS). I am already a community nurse and currently work in a job where I
commute to an office base, where I pick up a pool car and then go out on my
visits using that.…
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IHT implications when returning a gift?
Hi, I was gifted a rental property by my father. It is mortgage free and has a tennant in it. Due to a breakdown in relationship he wants it back. If I sign the property back over to him, and he dies in (for example) 2 years time, then will I still be liable to the IHT ? I'm confused, because, I see 2 conflicting points:…
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Reduce payment on account to £0?
I'm self employed and in self assessment. According to HMRC I owe £1300 in January as a payment on account. Based on the last 6 months, I'm expecting to have income this tax year of between £5,000 and £9,000 (hopefully around the higher end!) from work plus about £1,000 in non-ISA savings interest, which I think means I…
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Informing HMRC of retiring and tax code?
I am retiring at the end of December and I am currently a 40% tax payer with my employment and I will remain a 40% tax payer of course for the rest of this tax year when my employment ceases in December. I am also currently in receipt of a small pension from my late wife and I have a D0 code against it, i.e. it is fully…
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Foreign Income S.A.
Hi I’m filling in my SA and have one foreign income item to enter it’s from paid work. When I view my calculation the gross amount of the foreign income isn’t included in my total taxable income and I can’t figure out what I’ve done wrong. I’ve entered under the foreign income section both the gross amount and the tax I’ve…
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Reducing IHT
Something I’ve been considering for some time, so not a knee jerk reaction. I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. I want to make gifts to my son to reduce IHT. There is no question of gifting amounts which could…
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Reporting/Paying CGT on line
I recently went on line to use the HMRC online CGT
reporting/paying website I’m doing it for the wife who has 2 disposals to
report. We are not obliged to fill in an annual tax return. One disposal shouldn’t be a problem Unit trust bought on one
day disposed on another day. The second disposal is part of a s.104 holding of…
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How to enter lump sum payments into personal pension on self assessment return
I am unsure as to how to handle payments into my personal pension on my self-assessment return. I made regular monthly contributions plus a couple of slightly larger one-off contributions. Is this what this box is talking about? "Total of any 'one-off' payments to registered pension schemes included in the 'Payments to…
