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HMRC Simple Assessment
I recently received a Simple assessment calculation from HMRC, claiming I owed them £5042.80 for the 2023-2024 tax year. I feel like I'm being taxed twice in this scenario ! For this tax year, I earned just under £44,000 from my regular job and after allowing for my personal allowance ( £12,570 ) paid 20% tax on this…
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Minimise CGT on property by transferring to spouse or more hassle than it's worth?
I am considering selling a rental property that is solely in my name, if I transfer the ownership so that it is jointly owned by my wife and I then we can offset both of our CGT allowances of £3000. My (very good) tenants are looking for somewhere with more space and I don't want to re-let and roll the dice, there is no…
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HMRC Simple and Self Assessment (and double bill)
Hi, not sure if anyone else has found themselves in the same situation as me. Last year I was asked to fill in a self-assessment and then later got a simple assessment. I didn't twig what the simple assessment was and at the end of the year filled in a self-assessment and paid the outstanding tax from untaxed interest.…
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Working From Home Tax Relief 2025/26
Does anyone know what the arrangements are this year? The online form/process looked completely different to last year I've claimed every year since Covid - because my employer closed the office and moved us all to full-time remote workers. I have the signed contracts that confirm this The last couple of years, you…
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New higher salary
Hi guys, I've just jumped from £40k a year to almost £69k a year. I worked in the NHS and I wanted to check if there's any traps I need to be aware of, and if you were in my situation, what you would suggest I do with the extra. I have a mortgage on a 2 bed flat, I am married, student loan, no kids or pets. I own…
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IHT recording giving advice
If DH and I died (one after the other) the second person to die's estate would not be liable for IHT at the moment. However, our house is gradually increasing in value and as I have elderly parents it is possible we may inherit some money and that would put the estate above the threshold for paying inheritance tax. We have…
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Moved: CGT - house to be left to me and nephews, also, house in limbo..
This discussion has been moved.
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High Income Child Benefit Charge - how to reduce it for 2026?
Hi - I have just signed up for the HICBC to be paid by PAYE instead of by self assessment (the only reason I filed a self assessment was the HICBC). I will need to file a self assessment for 2025. After reading some docs on the PAYE service, I am concerned I may be liable to pay the HICBC for 2025 & 2026 from April 2026.…
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Marriage allowance - fiscal drag
I've been in receipt of the 10% allowance from my wife ever since inception in 2015. So it's become part of the tax background - and I'd completely forgotten it only remains relevant to basic rate payers! My fault entirely. But - owing to the freezing of the personal allowance and a particularly good year for pension…
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Moved: State Pension and self assessment for capital gains tax.
This discussion has been moved.
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IHT – unmarried and childless? Discriminatory IHT .. needs reform !
Hello, a very long time lurker .. first time poster .. so please go easy ! As it stands, my understanding is that members of the “unmarried, childless population” people don’t get the additional “benefit” of the £175k Inheritance Tax Residence Nil Rate Band (RNRB), so are stuck with a measly £325k IHT limit and then will…
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Onshore Investment Bond Gain.
If the basic rate of income tax is raised will the tax already paid by the insurance company cover it or will more have to be paid. As it is a large gain over 25 years it would be very expensive and I'm tempted to cash it in right now.
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US Estate Tax on US listed Shares on death?
Can anyone comment on the US/UK tax situation when a UK resident dies with a holding of US (NASDAQ) listed shares? I see that US Estate tax may be due if the assets are worth more.than $60k. But I have also seen some discussion that a double taxation treaty may apply?
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Tax relief on additional pension contribution
Looking for some advice on reclaiming tax for a one-off additional contribution. I made a one-off payment of £4k directly from my bank account to my workplace pension, hoping to benefit from tax relief (I'm a higher rate tax payer). I was expecting this amount to be topped up automatically by my pension provider (Aviva)…
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High Child Benefit Charge - PAYE
Morning - I pay the HCBC via self assessment but registered for paying this via PAYE yesterday. Today the HMRC reduced by tax code from 666L TO 333l. I think they have included the charge I need to pay for the current tax year - I thought I would not start paying this until April 26 i.e. spread it out over 12 months. Can I…
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Council Tax band calcukator
I wish to ask if anyone can advise where I can see a property price calculator in order to see the actual value of my property in April of 1991. I know the estimated value was between £88.000 and £120.000 but what the true value was and is a mystery.
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Claiming some tax allowanve fro wife who does not pay tax
I did claim this allowance but how can I check that it has been added to my £12,750.
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Self Assessment (SA100) Advice
My wife and I run a small business together and are registered as a partnership for tax purposes. Profit from the business is our only source of income and the share of profits is split 50/50. For the purpose of this post, let’s assume profit for the last tax year was £50,000 in total. We’ve completed a partnership return…
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Winter Fuel Allowance and HMRC
Can anyone confirm if you have to inform HMRC when you opt out of Winter Fuel Allowance? I have opted out but don’t want to find my tax code altered next year due to DWP not speaking with HMRC. One would expect that two Government departments would share the information but I’m not convinced that will happen!
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Self assessment/ lump sum to Sipp
I just made a lump sum payment of £4800 net into my Sipp over and above my usual monthly contributions, I may or may not do the same next year (26-27) but it’s quite likely. I’m a self employed sole trader and will start getting a military pension next month, which presumably will be under PAYE. Should still be basic rate…
