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Baffled when doing my Self-Assessment
This is my second time doing my Self Assessment online. Last year, I was just starting and I made 2706 GBP of profit after deducting expenses. Hence no tax was due to be paid. I am Self Employed. This year, it came out as 8429 GBP. After continuing, the system tells me that 179 GBP is due to be paid as tax for Class 2…
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Capital Gains Tax
Hi I originally bought a property at a 50% shared Ownership. Then a few years later I staircased and bought the other 50% . Therefore owning 100% When working out Capital Gains Tax, if I sell , do I look at the difference of the original 50% share value i originally bought at and today's Value or Do I look at the…
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CGT on UK Property & SA return
In May 2025 I sold my interest in a residential property (somewhere I never lived). I made a capital gain which I reported within 60 days of completion by filing a 'Capital Gains Tax on UK Property' return online and paying the CGT by debit card. I am aware that additionally I have to include the property disposal on the…
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tax codes
I had new tax codes in september for three small pensions, these are my only income @£10500 Next week I get my first state pension but i have paid £200 tax on one of my work pensions which now have the codes K ends X and the other two ends T I can see that they have calculated the I will have an additional £6000 in state…
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Strayed into higher rate band for income tax - inventive ways to get back to basic rate?
After a heck of a challenging year with my current employer, a conversation has occurred that has resulted in a welcome pay rise B) I'm happy with the outcome, they're happy I'm sticking around, everyone is winning. The snag for me is I've been deliberately running my income to stay in the basic rate band for income tax.…
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Self Assessment and CGT
I’m completing my 2024-25 tax return. I sold a buy to let property in November and made a CGT payment. Where do I record the payment on my tax return?
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just registered for self-assessment tax and logged in to find late return showing for 2023-24?
I've just registered for self-assessment tax for the first time as I made more than £1000 completing surveys on Prolific in the 2024-25 tax year. I've logged on to the HMRC website to complete my 24-25 tax return and in addition to the 24-25 year it is showing a return to be filled in for 2023-2024 which is marked as…
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Round up or down
Hopefully an easy one to answer - I recently submitted an estate return from which I calculated tax due at £13,266.60. I paid £13,266 thinking that I should round down. Looking at the account statement online, HMRC are saying tax due is £13,266.60. The tax is not actually due until the end of January next year. Question-…
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Tax Return SA100 - Commercial software?
I am registered for self assessment as I'm lucky enough to have interest/dividend income of £11000 . Filling in the SA100 in the past seemed easy enough but now it's getting complicated....for example I have some Banco Santander shares and divis were over £500 and a spanish tax was deducted. Also another share holding had…
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Paying tax on pension fund legacies
Hi there Some of family recently received legacies from my late brother’s private pension fund. Can anyone explain or give me the rationale why the government taxes legacies from pension funds when the person is over 75 and not when the person dies under 75? This seems random and unfair. I’m not wanting to get into a…
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HMRC not transferring spousal 1000 allowance
We've been submitting our returns online for several years now, using a third-party software, with no issues until recently. Last year I transferred the allowed 1000 pounds to my spouse to reduce/eliminate his tax bill. This was calculated and shown as accepted by HMRC with the online submission, nothing owing. He later…
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Is it possible NS&I have sent HMRC the wrong account number?
I telephoned HMRC to check the tax that my parents will be
paying on savings interest for 24/25 tax year. They have two savings accounts. The
first account checked out ok, we had the same figures (HMRC advisor quoted the
bank name and then gave me the last four digits. It turned out the number she
quoted me wasn’t the…
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Rising energy costs and the need to INCREASE TAX RELIEF FOR WORKING FROM HOME
The standard tax relief is £6/week for WFH. I am permanently based at home and my energy bills (alone) have definitely increased by more than £6/week following the price hikes. It's probably costing me more like £2/day now, and that's despite being very conservative with heating (I use a low watt electric rad in the the…
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Employed Full Time and Self Employed
Hello I don't seem to be able to get a clear answer on this anywhere, and a certain online tax calculator tells me I do have to pay national insurance when I'm employed on self employed earnings of £4700, but.... If I earn a full time, employed salary of £30,000 per year, and national insurance is collected via PAYE, am I…
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Estate Capital Gains Tax - Whose Allowance?
I've had a search on here/Google but couldn't find the answer. I am executor of my mother's estate, along with my brother. We are also both the main (but not sole) beneficiaries. We sold my mother's house as part of the estate and have paid the relevant CGT as it increased in value between DoD and sale. We used £3k…
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Quick Question on Opening a Joint Account with a parent re: IHT
I've recently read online that if you put your savings accounts in a joint name with your child, this gets around the 7 year rule and on the death of the parent, the child automatically inherits the balance of the joint account - in the same way as a spouse would. I'm sure this is totally incorrect as the balance of the…
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Electricity Standing Charge an allowable expense?
I have owned a plot of land for 5 years containing a small
outbuilding. During the tax year 2024/2025,
I received an unexpected electricity standing charge bill for £4000 which I
paid (no electricity was consumed). I
was not aware of a live electricity supply until I received the bill. I let the land to a local builder for…
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Two portfolios, one Section 104?
A friend of mine has two offshore S&S accounts/portfolios in France though she's tax resident in the UK. One is a sort of historical accident with just 250 units of one specific ETF (bought a good few years ago) and nothing else. The other has quite a few items and one of those is the same ETF but 1500 units. These units…
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Moved: Switching from Employer Contribution Pension scheme to Salary Sacrifice
This discussion has been moved.
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Under paid income tax 2024 - 2025
Had a letter from HMRC, who have advised me that I have underpaid income tax by £637.60 Income - £49582.91 Deductions £312.00 - (unknown - edit now known as Job Expenses ?WFH allowance) Tax allowance - £12570 Taxable income - £36700.91 Tax Paid £7340 (correct at 20%) Adjustments - £1168.20 (unknown - edit under payment…
