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Payment on account not appearing on self-assessment calculation?
I am just completing my self-assessment for 2024-25. I made a payment on account for 2024-25 in January and have another payment on account in July. When I look at the calculation for tax for my 2024-25 self-assessment I cannot see where a deduction has been made for the payments on account? Does the deduction happen after…
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Your Income Tax has not been calculated yet for 6 April 2023 to 5 April 2024
Just wondering if anyone else has this message on their tax account In reality my 2023/2024 tax has been finalised. I received an incorrect P800 in January that said that HMRC owed me about £3,500. This was incorrect I was owed only about £100 ish. Eventually this and some other issues with savings interest were sorted out…
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My understanding of IHT, gifts and when a person dies penniless
Reading various websites and Google AI today. I've come to the following conclusion. If you gift money/assets (more than the IHT threshold) and then live in a rented place via the hand-to-mouth route and die within the IHT year tax rule. Any IHT that may have been due is written off. EG: A person gifts 3 million pounds of…
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Tax return and Buy to Let mortgage
Hi, I'm a landlord filling in my tax return for the first time, and as the title suggests I have a buy to let mortgage. I know that I can't list the interest on this as an expense, but I should be able to use it to get 20% tax relief. However, I have no idea where I am supposed to enter the details in order to claim this…
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Backdated DB pension could cost me 45% if I get paid in one go
Hi everyone, I'm not sure whether this should have been in cutting tax or pensions because it's a bit of both, but hopefully someone can help here. Following a four year dispute with my former employer and the pension fund authority, the Pension Ombudsman got involved and have now confirmed that I should have received my…
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Adjustment to rate band
I wonder if you can help? I have three pensions. One Military, one Private and one HMG. The Private pension is taxed at basic rate, before I receive it. My recent notification from HMG calculate the total amount of pensions (3) places me in the higher tax bracket and included in that amount, is the private pension BEFORE…
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Family cash gift
I was given a large cash gift by my mum so I could help my son remortgage his house. He no longer needs it. Can I return the gift without tax implications?
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Continuing self assessment for a closed trust that held an overseas investment bond
Hello all.An overseas investment bond (Isle of Man) held by a friend's mother meant that the family had to register the associated trust with the TRS when the rules got changed a few years ago. Shortly afterwards the mother passed away and the bond was assigned across to the various children who then all cashed in their…
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Savings interest over £10k and registering for self assessment
I suspect my elderly parents will each have received in excess of £10k each of savings interest for the last tax year. They don’t discuss money much so it’s difficult to tie them down. If they don’t register for self assessment to declare this what’s likely to happen with HMRC?
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What counts as income when talking about gifts from excess income?
I know work pensions and state pension income would count towards your 'income' for the purposes of calculating excess income, but would income from benefits count too? Benefits such as Pension Credit and Attendance Allowance?
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MTD (making tax ....difficult)
Hi all, so I have run a small energy survey/air pressure business since 2010. Never needed an accountant as quite simple ingoing's & outgoings, (nothing digital 100% pen & book), but as my turnover is north of £50k I have started to prepare for MTD. I have downloaded Free agent as I get it free with biz account (Natwest).…
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HMRC THREATENING
I submitted my self assessment correctly and on time however a mistake of £26,300 was made by HMRC in the capital gains section of their tax calculation amounting to whereas they had not taken off the 17 years private resident relief amounting to £91,412, and they said I owed them nearly £30,000. Despite all the correct…
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Tax deducted from Early retirement incentivisation scheme
I recently left my job on an early retirement incentivisation scheme (voluntary redundancy) My compensation was net £15000 (Paid April) which due to my tax code resulted in a gross payment of £26448 to achieve the £15000 net. It appears that I have been taxed as if I would be getting this monthly for the whole tax year…
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IHT and other taxes on single large cash gifts
My partner has 2 elderly parents (93 an 89) and are in the no-go phase of retirement with very little outgoings. She is one of two siblings. Her parents have a will which will transfer the full estate between them when one dies. When the final parent dies, the full estate will be split between the two children. The total…
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Selling a Property in Cyprus - Inheritance Tax
Hi, Hoping someone might be able to offer advice...................My parents purchased a property (holiday home) in Cyprus some years ago with the title deeds in joint names. When my father passed away in his will left his 50% share split between my mother, myself and my brother. My mother is currently liaising with a…
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Can a Joint Tenancy be Severed by Varying a Will? / IHT Planning
I'd greatly appreciate some clarification of this situation regarding varying the father's will to put the house into joint names between the son and mother as I've received some conflicting advice: 1.) Son has lived with the parents for the last 25 years due to ill health. 2.) Father unexpectedly passed last year, I have…
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Dividend payment and tax
II have shares in IAG and recently they payed a dividend. It looks like I have been taxed on the payment. I’m using AJ Bell platform. I thought ISA were tax exempt? Thanks for any feed back .
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Tax rebate possible?
I am filing my final self assessment as now ceased trading, with a loss of a several thousand. Have since become employed and paying normal amount of tax. However now that I am declaring a considerable loss for the tax year just ended, do you think there’s any chance I will be due a tax rebate? If so is it automatic?
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Workplace medical insurance
My contract of employment (from 1994!) states that the company "will provide free medical cover". Being young and healthy at the time I never gave this much thought, until recently.The medical cover they provide is actually via medical insurance which costs me over £200 per month as a taxable benefit, and has a £500 excess…
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Pensioner tax on savings, do I need to contact HMRC
I have POA for my mum, dealing with her finances for over 2 years. After selling her home last year, due to moving into a care home, she has received much increased interest over previous years. Well in excess of the £1000 limit. Will HMRC contact me regarding this & the tax I will need to pay for my mum, or do I need to…
