-
Reducing Adjusted Net Income via EV Salary Sacrafice
I've scoured this forum looking at other ANI queries, but my query doesn't seem to have come up, so here goes.. I want to keep my Adjusted Net Income below £100k to ensure ongoing eligibility for tax free childcare and 30 hours free childcare. My new employer, as well as offering a pension via salary sacrifice also offers…
-
Council Tax Query
Hi I have a general query (or gripe) with Council Tax and its banding. We live on a new build estate in the countryside where everything is adopted - in that the roads, foul and waste water services etc are not owned or managed by the council and we pay a management company a fee to look after and repair any issues on the…
-
Self Assessment
Having a nightmare with my tax return on Self Employment pages. Last year 23/24 involved Transition arrangements as my year end was not aligned to the tax year so they prorata ed my accounts ending 30/06/24 using the part to 05/04/24. I then altered my year end accounts to 31/03 to make life easier going forward. So now I…
-
Removing professional fees when PAYE
I can see how I update professional fees but cant work out how to remove them. When I click on the link it takes me to a form where I can update or claim fees, not remove them. Can someone help, please?
-
Tax Code 21T M1
Hi all. HMRC have put me on a 21T M1 tax code and I'm not entirely sure why. For context, I have a basic salary of £43,750 but in March 22 the company I worked for and had a 5% stake in was bought out and I was TUPEd across. As part of the deal, there is an earn-out whereby I receive 1.5% of the business unit's revenue,…
-
Effect of Gift Aid?
I have just completed my Tax return. It seems that savings interest has pushed me into the 40% tax bracket, but my pensions and interest have only been taxed at 20%. Would this be because of Gift Aid on charitable donations? It seems that I have been given a higher threshold at 20%. Is that likely to be correct?
-
Child Benefit Higher Rate Tax Payer
HI All I was wondering am I better off opting out of child benefit as a higher rate tax payer on £65k ? I have 3 kids, I get child benefit but have to pay it all back and sometimes I get the feeling they take more back than they give me, call me paranoid. Just wanted to hear the view of those in the know. Saw a chart which…
-
House sale proceeds in savings 1-2yrs - tax and best options to avoid it
Advice please. Going through a divorce and just sold my house. Don't know where I want to live so going to move into rented for 1-2 years before I buy a house. On £130k sale proceeds, what level of tax can I expect to pay on it per year and what the are the options to minimise tax. Note, I am a higher tax bracket earner…
-
A Weird Tax Problem
Hi! I am just trying to help my daughter as she has a really weird situation going on with her tax. So it all started in 2022. My daughter noticed a random company appear on her online HMRC account that she was supposedly working for and because her actual employer for the job she did work was also there - she was suddenly…
-
Investor Relief GCT EMI 2024 Tax Year
Hi there, hoping someone can help. I was awarded some EMI shares in November 2021. The company went through a transaction in February 2024. I rolled my EMI shares into the new structure and they became ordinary shares. I was advised to claim the 10% on the disposal of shares as when the company sells again this will be…
-
Voluntary NI payments applied
Hi, I had a shortfall for 2008-09 and 2009-10 that I was eligible to make voluntary contributions for. I did so in December 2024 and today received a letter from HMRC with the below, dated 7 July. As I understand it, it shows that I now have 52 weeks for both years (36+16 and 52). I logged in to my HMRC account and looked…
-
Which scenario would be the most tax efficient
Starting in August, I will be self employed for the first time (driving instructor). I have a car which I bought in February using a personal loan and after having dual controls fitted this will be the vehicle I’ll be using to teach learners. I am now in the position where I have enough money to pay the loan off in full…
-
National insurance payments with two jobs
Hi, can anyone help with the following query? I have two jobs, one earning £45k a year and the other earning 30k a year. I understand that I pay NI on both of these jobs @ 8% as I earn above the weekly threshold of £242 in both jobs. My question is if I was earning the above amount from just one job I would pay 8% on my…
-
(daft question warning) Posting multiple self-assessment returns
I need to post 24/25 self assessment returns for my two children. They are under 16 so it has to be done via paper forms. Can I post both sets of printed forms in the same envelope? (or is each envelope registered/scanned individually, causing issues with more than one return in it?) Follow-up question - as it is only July…
-
Advice Required for Employee looking to become Employee + Sole Trader
I am employed in a full time position (Monday to Friday) where I contribute to a company pension scheme via salary sacrifice. A recent role change (which I'm very grateful for) has seen me earn into the higher tax band. I've not paid that much into the pension over the years and I would like to increase these by taking on…
-
IHT question about owning 2 properties and estate valued over 1 million
With pensions about to be inc in IHT, many more people who have worked all of their lives will fall into this trap and millions more over the next decade or so I'm aware re the one million exemption ATM If the estate was worth more than a million as things stand and someone wanted to pass on percetanges to their children…
-
Tax thresholds 2017/18/ 18/19 19/20
I have just been told by HMRC (self assessment department) that the tax thresholds for 2017/18, 2018/19, 2019/20 were, respectively, £8,164, £8,424 and £9,504 and that I owe national insurance contributions for those years of just over £100 per year. The National Insurance department says I do not owe anything. And my…
-
Deed of variation
Last year from my savings I gave my daughter £20,000 to put into her SIPP to regain her tax and also £20,000 to my son to put into an ISA and LISA to maximise his allowances. He is a non tax payer so I also put £2880 into his SIPP to be topped up to £3600 by the government. These of course are PETs above the usual gifting…
-
Crane Oversailing License Taxable?
We have a large care home being built next door and we potentially have agreed a 5 figure crane oversail license for 12 months. Would this be classified as taxable income? If so, as the property is in both me and wife's name, would we split the fee 50/50 for our tax calculations?
-
IHT
I am UK resident and have £325.00 before paying 40% tax. Is my deceased non UK husband also have £325.00 allowance to add to mine. Non resitent in UK. Tks
