-
CGT dilemma
I purchased a rental 2 years ago, that I'm certain I overpaid for - it's in a bit of a rundown area. It was bought at £75k. I'm selling to a relative for £65k. The relative's mortgage valuation was £65k. On checking online, chatgpt says I need a valuation once contracts have been signed by both parties - is this when…
-
SA and Gift Aid charity shop donations
I understand I can include Gift Aid from donations to charity shops on my SA. If the letter says eg 'we've been able to reclaim a total of £44.60', is £44.60 the amount that I put in the Gift Aid payments box? Thanks (and apologies if this is a stupid question).
-
CGT and LBTT
On doing online research, it says that LBTT is deductable for CGT purposes. My question is - is ADS , which some online platforms say is a form of LBTT, also an allowable deduction?
-
Tax on Overtime
I'm in a permanent job and get one Saturday a month as OT, but I had the option to do 3 Saturdays this month, and all my colleagues are saying that the money from the 3rd Saturday will all be taxed and there is no point in doing more than 2 Saturdays, as this will be taxed at a high rate, etc. I'm earning less than 45k a…
-
CGT - CIP & Share Sale - Overseas Resident
Hi All, Just looking for some advice in what should be a relatively straight-forward case.... I am a Brit, but left in December 2021 to live here in Singapore. We're moving to Switzerland in August 2025, but have no plans to return to the UK anytime before 2030 (at least). Anyway, I file a self-assessment every year as we…
-
Tax Code Confusion
Hi all Can someone help me in regards to TAX CODE I was just checking my Husbands Tax relief and thought i would check mine, and there seems to be some confusion I left a job on 1/12/2024 and it is showing my tax code as K269X, i then started a new job on 09/01/2025 and my tax code says BRX and says i have been taxed 20%…
-
Tax
I want to hold both cash ISA and S&S ISA and would like to understand the tax implications. is it better to use a maturing cash ISA to invest in S&S ISA or transfer the maturing cash ISA to another Cash ISA, and use cash to invest in S&S/ Funds which will be taxable when I sell. (I hope not to sell the S&S until I am…
-
CGT on gifts
Wondering how CGT would be worked out in this scenario. If you’re selling a property gifted to you for £0 by a parent. Would the future CGT be calculated on the difference between the market value of the property on the date of the gift and the sold price? Or would CGT be calculated on the full sale price of the property,…
-
Online Self Assessment Calculators
I have a fairly straight forward self assessment to do - my income comprises salary, BIK (car), savings interest and I make some SIPP contributions and some charitable donations. My issue is that I cannot find any free online self assessment calculators at do ALL these income types and contributions as I struggle with…
-
How to get an adjusted tax code for savings interest?
I’m just doing my tax return 24/25 and declaring £4K of savings interest. I’m expecting to continue earning that amount and hopefully with a modest year on year increase. Rather than each year having to pay what I owe in a lump, is there a way to get my tax code adjusted so I may more tax throughout the year? I anticipated…
-
Transferring property to and from daughter for CGT/SDLT?
Hi, 20 years ago my wife and I moved to a new property (B) owning 50% each, and didn't sell or rent out the previous one (A) which I wholly owned. 10 years ago, my daughter moved into A. I gave 50% ownership of A to daughter and 25% to wife (to make the ownership 25/25/50) to save on capital gains (as daughter would be…
-
Capital gains tax
Hi, my mother transferred her property (our family home) to myself and my siblings by ‘Love Favour and affection’ at no financial cost. She has now decided she wants to move house. My siblings and I wish to sell the property. Can someone advise please if Capital Gains Tax (CGT) is paid on the profit made from the date the…
-
Adjusted net come to help with childcare
Hi, I’m looking for some advice please. My husband has just been offered a two year secondment which will include a pay rise. It would be 109k a year, which is amazing, however I realise this would push us over the 100k limit to receive funding for childcare. We might need a second car as this new post is further away, so…
-
Capital gains tax on selling an expensive house for a cheaper one
Current house worth £250k and new house will be £100k. Can I move house and pocket £150k after fees? Or is that difference subject to CGT. Thanks
-
Self Assessment Query - 024-25 PAYE Notice of Coding letter
Hello, does anyone know where I can a copy of the 024-25 PAYE Notice of Coding letter? I need it to check some figures for my self assessment. I had hoped this would in my messages associated with my HMRC account, but it is no there. Many thanks
-
Tax code mess for 24/25, what should I do?
I had the wrong tax code for most of 24/25, for two reasons: Issue 1Tax code was split across two incomes, my pension (419T) and an employer (711N). The reality was that 99% of my income was from just one source, my pension. Issue 2My tax codes included marriage transfer allowance where I was transferring my allowance to…
-
Self assessment tax calculation wrong
My nhs pension and state pension are cubbed and I get paid after tax is deducted and in response to my filing a tax return I have been asked to pay £5600 on an interest from a deposit of £5600? How is this possible.Error by HMRC?
-
Self-assessment unpaid tax question
I am having to do a self-assessment tax return for the first time because my savings interest has exceeded 10k this year due to selling my house and there being a long break before buying a new one. I am unsure about the question regarding any unpaid tax. I am 99% certain I have no unpaid tax… but I am not sure where in my…
-
Property as tenants in common or sole name to help with IHT planning
My father put his home in both our names as tenants in common way back in 1990. He is now selling up and buying another house. He asked if I would be tenant in common once again. I said yes but then I thought for inheritance tax it would be better for him to have the property in just his name and leave it to me, to…
-
Inheritance tax and civil partners
My long term partner & I are considering a Civil Partnership to protect each other from inheritance tax. The problem is we do not live together so have 2 houses. We know we would need to nominate one of the houses as our "main residence" for IHT but would that mean that the other is treated as a "second home" and subject…
