-
Winnings from Prize Money
Good Afternoon Not sure if anyone can help? Do you have to pay tax on prize money over £1000. I know you now have to declare if you earn over £1000 on say eBay or Vinted, but what if your prize money winnings are over £1000 from Greyhound Racing? And is a regular income.
-
Advice sought on selling sharesave scheme shares and limitting the CGT I will have to pay
Disclaimer: I am a bearer of little brain. I have tried to research this but just find myself getting more confused. Layman’s term would be very much appreciated please.I am looking for advice on how best to limit my exposure to Capital Gains Tax on the sale of shares. The shares were bought by me when I participated in a…
-
Self assessment - carry over property loss
Hi, last year I submitted a self assessment for the first time for my rented property. It made a loss, and on my completed self assessment SA105 form (as generated by the HMRC website) it shows the loss in box 41. Am I right in thinking that this figure should go in box 39 in my next assessment? Thanks
-
Self employed offset van purchase
Husband is semi retired but needed new van. Sub contractor using cis. Has used simple expenses up to purchasing new van. Has changed to cash basis, so can claim van cost as expense. If the cost of the van exceeds his profit from self employment, can he use pension income to offset the loss when he completes the self…
-
Trust & Estate form SA900 2025 Change to box Q9A??
Hi - in previous tax years the Trust that I am a Trustee for has had Box Q9A with a nil rate band of £1,000. This year 'Box Q9A not in use' which has meant that all of the interest earned by the Trust is taxed at 45%! I have Googled, but not found an explanation for this change. Can anyone explain it please? Many thanks
-
How to calculate a tax code
If you are a higher rate earner. For example, earn £60,000 If you pay £8000 into a sipp. What would the tax code be, given no other benefits or deductions. £2000 would be added as relief at source, giving a total to declare to HMRC of £10000. Would the tax code change by 10000, or 5000 points ? Thank you
-
Marriage Tax Allowance
How can I tell if it is worth me doing the marriage tax allowance for my husband this year when I have a untaxed interest on savings element in my tax code for £945, which with my pension income takes me up to the £12570. My husband is the slightly bigger earner.
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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?
-
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…
-
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?
-
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?
-
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).…
-
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…
-
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…
