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K Tax Code Query
Apologies for another K Tax code query. Been on PAYE all my working life. Now retired with a pension of approx £20k per year. I do not yet get my state pension. I have just received a letter from HMRC saying I owe approx £950 in tax from year 24/25. I assume this is due to interest I received from savings (which were quite…
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First time doing tax return, please advise
Hello all, I am hoping someone can help me. I will try and be concise. I have been renting out my house whilst working abroad. I am back in the UK now. During the tax year April 24-25 my UK income was £1719. I rented out my property for 8 months of the tax year. The income from this was £12000 (used to pay a mortgage and…
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Gilts and accrued interest in self-assessment 2024-5
I'm doing a self-assessment for the first time and just want to be sure I'm treating my gilts correctly. I didn't have any gilts prior to April 2024. I bought the following in the 24-25 tax year on these dates. I've included the accrued interest shown on the respective contract notes Date Gilt Accrued interest 17/04/2024…
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Pension RAS tax relief reclaim via self-assessment (20/40/45% band)
Hi all, I think I understand tax, then something comes along that utterly stumps me, I go away and read the helpful HMRC advice and realise I'm now more confused....so over to you... So I paid Salary sacrifice pension contributions of £27,022.50 (background, but I guess relevant if I get near a threshold) Then I made AVCs…
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Tax back from hmrc
Not sure if the right forum - I think I overpaid income tax by about £1000 through PAYE in the 24-25 tax year. I saw somewhere that HMRC have usually sorted refunds out by October, should I be contacting them?
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JustPark asking for tax info – can I close my account instead?
Hi, I rent out my driveway through JustPark. Last tax year I earned about £1,500. JustPark are now asking me to provide tax information because of new reporting rules. I’d like to stop renting out the space and close my account, rather than continue and provide tax details. Is there a way to close the account without…
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Inheritance Tax - Section 21 IHTA - meaning of income
I'd be grateful for opinions on whether certain types of receipts could reasonably be included in determining a person's available income for the purposes of the IHT 'normal expenditure out of income' relief. First, a couple of quickies: Premium Bond winnings and the indexation on NS&I National Savings Certificates. Could…
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Change of tax code from 1222L to 486LX
Hello, I would really appreciate your advice - my tax code has changed from 1222L to 486LX from 4.12.2025. My Gov.uk account mentions that this is linked to unpaid interest and estimates that I have underpaid £656 this year. My question is - what would be my next steps? Do I need to submit a tax return? If so, how do I go…
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BIK and higher child benefit charge
Hello, my employer has a tech products and health cash scheme. I know that any reduction in tax is recovered through Benefits in Kind tax at the end of the tax year. However, my income is over 60K so I wondered how this affects the higher child benefit charge? The tech and health cash schemes do reduce my salary so will I…
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Self-assessment tax return, do I include OEIC?
I'm helping an elderly relative complete their self assessment tax return. They have to do one as they have a flat which is rented out. They've received quarterly interest from a 'Unit Trust/OEIC ISA' totalling just over £1000 for the year. Do I need to include this interest? I've looked at various sources, but mixed…
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Self assessment for a UK Citizen who is currently a tax resident in Australia - help needed please
Hi My son moved to Australia on a student visa in February 2025. He has to complete a self assessment for the 24/25 tax year in the UK (we believe there is no income over his personal allowance). Which forms does he need and how can he contact HMRC as the website suggests he needs an alternative form to the UK…
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It's Time To Check Your Tax Codes
It seems that random tax code change season has come round again, a bit late this year, so probably best for everyone to have a quick look. I check mine at least once a week during October / November and today it paid off.Every April I put £2880 into my SIPPEvery April I update that income stream to show £2700 taxable…
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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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Give as you earn scheme
Is it possible to use the Give as you earn scheme to reduce your salary below a certain tax band? For example, if I just fall into the higher rate bracket, can I use Give as you earn so I fall back into being a basic rate taxpayer? Its unclear to me whether Give as you earn is akin to salary sacrifice.
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New Tax Code for this year
My 2025/2026 tax code has been updated today. I have just checked on my online tax account and my December payment has already been posted. Therefore the first month that the new tax code will be used is January 2026. My question is will the January tax deduction correct the cumulative tax deduction as if the new tax code…
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Repayment of loan
I lent my friend money to buy a car. She wants to repay it monthly into my bank account, at around £500 a month. I have evidence of the money going out via a credit card payment. Will I be liable for tax on the repayments?
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Guaranteed Rent schemes and Tax Return
Hi everyone. I'll be submitting my self assessment 24/25 tax return before the 31st Jan. I rent a property and used an agent who provided a 'guaranteed rent'. The tenant pays the agent 900 and the agent pays me 720 (essentially paying them £180 per calendar month). Is this tax deductible given I don't pay anything directly…
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Low income and tax code change
Hi, I'm on a low income of around 11K but with the opportunity of earning a small amount extra in overtime so currently don't pay tax. I have some savings and I earn a little over £1000 a year. I was under the impression that because of my income I qualify for the £1000 psa plus the £5000 starting savings rate so I…
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Do you want to pay Class 2 NICs voluntarily? (Self Assessment confusion)
Morning everyone. Just completing my self assessment online for '24/'25. I'm a bit confused by the following page regarding Class 2 NICs. It seems to give contradictory instructions on the same page. It says: "Your self-employment record shows you owe: Class 2 NICs amount: £ 179.40." It then goes on to say: "The amount…
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Tax on state pension
Hi I am new to the Forum and would like to ask for some advice. My wife and I are both on the state pension. I also have a private pension but my wife only has the state pension. A couple of years ago I was advised to claim 10% of my wife's Income Tax allowance this was fine till this year when my wife received a tax bill…
