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Interest Tax Allowance
I'm on the cusp of 40% tax so just wanting to check I have the right understanding of the interest income tax free allowance. My understanding is that the point that it tips from £1000 down to £500 is £50270, so I need to get my taxable income below this amount (through pension contributions) Have I got the right end of…
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BR tax code on SIPP
OH has just made her first SIPP withdrawal, UFPLS, and received a notification from HMRC of a BR tax code for future withdrawals. That seems correct since her SP and NHS pension more than use up her tax allowance. My question is whether the provider will take a straight 20% from her taxable SIPP withdrawals no matter which…
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SIPP contribution tax reclaim.
was made redundant made redundant a few months back. Received my redundancy payment and was taxed on it PAYE at 40% for everything over £30k due to the timing of the redundancy and also far into the tax year we were.wevwer i'm looking into investing some of it into a SIPP in order to claim some of the tax that was deducted…
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Declaring partner for joint Council tax i.e. adding to them to the account
My partner has moved in and I want to add him to the council tax. He has been here for a little while. I also will need to have the single person's reduction removed. I would very much appreciate if anyone would share their experience with regard to what I can expect or advice of what to do etc. Thank you.
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Volunteering for School but unsure on tax implications
Hi all My Father (a self-employed builder) is kindly building a shed for my daughter's school for free (material costs only). This isn't something he has done before so I want to ensure he covers himself and does everything correctly regarding records for tax purposes, especially when doing something so generous for my…
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married couples allowance
I have followed Martins advice and "borrowed" £1260 from my wife's allowance, if she survives me does she automatically get that allowance back or does she have to claim it back?
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Company car - Mileage rates - Tax return
I recently opted into the company car scheme. I am due to complete a self assessment after the financial year end. The company I work for pays 14p per mile - the current government rate is obviously 45p per mile. Is it just 20% of the 31p difference I can claim back or can I claim the full 31p back? My salary is £53k if…
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Inheritance tax 'normal expenditure' for married couple
For demonstrating gifts out of surplus income, I believe it's expected that household expenses will be split equally between husband and wife. That's easy for major items such as energy, Council Tax and car insurance. But we pay randomly for food shopping, meals out, petrol etc. It depends who goes to the supermarket. We…
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Simple Assessment calculation for deceased husband
My husband died last October. HMRC wrote to me as his administrator confirming no tax is payable for the current year 2025-2026. I have recently received a Simple Assessment for 2024-2025 requesting payment of £168.20. Although it’s not a large amount I don’t feel the starting rate has been correctly applied and would…
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Using SIPP to reduce taxable income - how much to pay in?
Hi, Long time lurker, first time poster. I'm about to make a contribution to a SIPP to reduce my total taxable income below £100k and would appreciate some advice on how much to pay into the SIPP because I've had two views. The situation is (with rounded numbers): Taxable pay from employer 1: £44,000 Taxable pay from…
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Help with council tax
In 2024 I contacted the VOA (ctinbox) because I believed my property was in the wrong council tax band. My house was built at the same time, by the same developer, using the same templates as several neighbouring properties that are in a lower band. To me, it seemed completely reasonable that we should all be banded the…
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Selling shares for winding up estate
Hopefully the right forum for this question… My brother (joint executor) has about £40k worth of shares in his name which need to sold and split between the beneficiaries. (we couldn't put them in a joint account due to my employer denying my rights to executing a will with respect to shares) Three get just under £3k each.…
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HMRC Tax Confident Website
I have just come across the above-mentioned HMRC Website which aims to help people understand the tax system. Since I’m retired I was intrigued to see a specific section entitled ‘Savings, investments and tax in retirement’. I tried to post a link the website but it won’t let me because I haven’t posted to this Forum…
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Declaration of trust to prove beneficial ownership of a property for tax purposes
I solely own a property and would like my civil partner to receive 50% of the rental income. I understand the following:- A declaration of trust is a legally binding document that defines the beneficial ownership of a property, separating it from the legal title registered at HM Land Registry It formally states who owns…
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Is it possible to see what you could've earned pre-tax code change?
BR-tax payer before we kick off. So approx 75% in to the tax year my code gets changed due to unpaid tax on interest earned. I was 12.x.L whatever the x number is. I've been changed to 10.x.XL I think the code is. I'd need to check a payslip but I don't imagine it matters for the question as the point is the same. So…
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Gifting money to son to pay off mortgage
Hi I'm retired and fortunately ok moneywise. I'm about to inherit enough money to give my son £50k so that he can pay off his mortgage. I can't believe there aren't tax problems with this but not sure what they are. Can anyone advise? Thanks
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Does this count as part of taxable income?
I've never had to think about moving out of the 20% tax bracket before but I might have to for this coming tax year, depending. Story short I've got a claim going on which looks like it's about to finally get settled. If you take that claim figure & add it to what I earned this tax year then I'm just a few £100 short of…
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Interactive Investor 16 March SIPP withdrawal deadline
ii today emailed tax year end dates including this coming Monday, 16 March, for SIPP withdrawals. I shouldn't take that as a hard deadline, should I, but as giving them a fudge factor? OH plans to make her first SIPP withdrawal, selling the assets on Monday for settlement on Thursday. Since ii seem to take 5-8 working days…
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What action to take after incorrect calculations by HMRC re salary reduction
I've had a message from HMRC about my estimated income tax for 26/27, saying that it will be significantly lower than what I will pay for 25/26. Looking back at my income tax history this seems to have been triggered by my employer reporting me as having left the organisation at the end of May 2025, but then having started…
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loan from a family member from abroad
Do I need to include in my tax return £105000 I received last summer as a loan from my mother in Spain?
