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Calculating CGT using Lodgement.
Hi all. Some expert advice needed for my wife's tax return if anyone feels up for it! :) Last October, (in anticipation of the Reeves CGT hike), my wife Bed and ISA'd her annual ISA limit by disposing of £20K of GIA shares and buying them back in her ISA. She is now coming to do her tax return for 24-25, but the figures on…
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Salary Sacrifice: Employer Contributions Vs Employee Contributions
I believe that, currently, if an employee uses Salary Sacrifice to add e.g 5% into their pension, then this amount is added to any additional payments from the employer ( e.g. 3% auto enrollment) and the total amount of 8% is paid into the pension as an "employer contribution". From 2029, though, it seems the 3% will be…
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Capital Gains Tax on a house
My parents signed the house over to me 30 years ago. Whilst they're still alive at the moment I'm considering the implications of Capital Gains Tax. I know that the limit for this year is £3000 but how does this work. Lets assume their house was worth £100000 when they gave it to me 30 years ago and it's now worth £300000…
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Property CGT Tax
Hi, I am looking for a bit of understanding with regards to CGT Tax on a property I am considering selling. I bought the property for £300k (includes buying costs) in 2011 and lived there until 2016 when I got a "let to buy mortgage" where I took some money and bought a new house which i moved into and rented this one…
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Government Gateway
Couple years ago set up GG accounts for spouse and me. We both live outside UK. Mine still works, but it's rejecting her authenticator code. Seems to be no way to relink authenticator to the account (without logging in via Authenticator). You can chose forgot password but this prompts fo ID check using current UK documents…
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Pension tax
Cashed in pension where the hmrc took £17000 in tax filled out p53z to claim back states online applications 5-10 days just looked they are still dealing with October 25 ones , they are quick enough to demand payments owed to them in 7 days why not the same for them
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Extending basic rate income tax band
I am receiving the state pension and a company pension. Other than these my only income is savings interest. I also have marriage tax allowance from my wife and I make regular gift aid charitable donations. My total income will be the sum of my pensions and my interest received. If this exceeds £50,270, I will incur tax at…
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UFPLS and Starter Rate for Savings
Looking for some advice, i apologise if i have this totally wrong, i have recently been made redundant and intend to take money from my private pension for the first time sometime during the next financial year. I intend to take my pension via UFPLS and understand that I could take £16,760 made up of £12,570 (which would…
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Inheritance tax on gifts
If someone gifted four gifts of £200,000 and died within seven years of gifting, how is this taxed? Is it £200,000 x 4 minus the allowance of £325,000, then the remaining tax shared between the four beneficiaries, or something else? tia
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Medical Benefit - Several different employers over tax year
Please help? If you have several different employers over a tax year, and had medical benefit at each of them, are you assessed on the full amount of medical benefit from each added together? Example situation: 2024/25 Oct 24 - Apr 25 - Employed at 'company A'. Was entitled to med ben from Jan 25, so for 3 months. It took…
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Tax treatment of rental income (Rent-a-Room Scheme)
Hi all, I had a question regarding income from renting out a room in my flat. I am planning to rent out a second room in my flat and understand that under the Rent-a-Room scheme (subject to the criteria) I will not be required to pay tax on the first £7,500 of income received in this way. My question was - is this…
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Salary sacrifice cap announcement from the budget
I’ve been following the budget leaks and suggestions for the past few weeks and the announcements today and I’m looking for some clarity. is the cap on salary sacrifice levels before NI contributions kick in targeted only at pension contributions or at ALL salary sacrifice elements? I’m currently in the process of applying…
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Transferring OEIC between spouses
OH and I hold the same equity index fund, unwrapped, on Interactive Investor. With the ever reducing CGT allowance (and markets continuing to rise) it will take longer for her to sell her holding than it will take me, without incurring a CGT bill. Transferring some of her holding to me looks useful, once I have spare CGT…
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Tax/savings advice
Hi, So, I was hit with tax on my savings for the first time this year for 24/25 and have had my taxe code reduced :neutral: I've been saving for a house and stupidly took my money out of ISAs when the interest was low..which was great, but getting it all back into the tax-free bubble will take a long time and has opened me…
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Will I ever be able to receive backdated child benefit for previous years?
Hello, I've just realised I could have claimed child benefit for my son last year (I stupidly cancelled it due to my husband earning £57K in 2023-4, because I didn't know that we could have kept it and just paid the HICB Tax on the £7K), and my daughter since she was born in 2021. I just called HMRC reinstating the benefit…
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Tax Code changed due to Personal Savings Allowance
Hi all I've had notification this morning that my tax code is changing due to "Untaxed interest on savings and investments". I made an error and went over my personal savings allowance but about £150 for last year. However, as I understand it, they'll now assume this will happen every year going forward. It won't, as I've…
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Capital Gains Tax on my only residence
We owned a house on a residential mortgage from 2019 until 2025 when my wife and I sold it. we had permission from the building society to let it out for 20 months as we moved into my grandmother‘s house to help look after it. we paid income tax on the rent we received for the 20 months. The tenants moved out in October…
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Salary sacrifice pension perk to be capped at £2,000 a year from April 2029
The National Insurance (NI) relief you get through salary-sacrificing into your pension will be capped at £2,000 a year, Chancellor Rachel Reeves has announced in the Budget today (26 November 2025). This means from April 2029, some middle and higher earners are likely to get a bit less take-home pay. Here's how it'll…
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Overseas pension - do I need to declare it?
I am about to get a lump sum pension from a country overseas. Do I have to declare it? If so how? The funds will be to help sustain me for the rest of my life but it is paid as a lump some because I haven't got enough years to get the full monthly payment. I am concerned that the lump sum will take me into a higher tax…
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which one
Received this today . Which option will be best for me? I can afford to pay the lump sum but also thinking is there any advantage with the second option? We’re writing to inform you of an issue regarding your recent taxable income payment of £24,751.54 taken from your SIPP . Due to an internal system error, the appropriate…
