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Informing HMRC of SIPP contibutions
I need to inform HMRC of my SIPP contributions for 24-25 tax year for the purpose of claiming tax relief as a a higher rate payer. For my gross taxable income, is it okay if the interest earned on my savings change after the banks report it to them? The reason I ask is that I know what interest I think I've earned based on…
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Starting rate for savings
Hi all I hope you're all doing well and enjoying the sunshine I have a question about the amount of tax my Mum will need to pay on her savings interest for 2024 to 2025 Her income for 24-25 was £13,366.29 She will earn about £4621.00 in savings interest (without taking the £1000.00 'free' allowance off) Her tax code for…
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Tax, Pensions and transferring of Allowance
When I worked, I remember that part of my wife's tax free allowance was transferred to me, since I earned the higher amount. Well now both of us have been retired for 2+ years and both claiming the full New State Pension. We both also receive private pensions, although my total income is still higher than my wife's, but…
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Confused about self assessment
I have a full time job,rental income and pay in to a SIPP to avoid 40pc tax. Last year I was given a tax code of 2020l which my employer has used so I don't pay tax of the first 20k of income. However when I do my SA the calculation is different and they take all my income, deduct the normal tax free amount of 12250 and…
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Tax code change brought drastic net income decrease
Hi all, I just had a nasty surprise receiving my payslip for April, and I hope someone can help me be clearer on my situation. My tax code for this FY is 311L, my total tax free amount is just 3119pounds. This is because my personal allowance 12570 is reduced by both untaxed interest and adjustment for tax I owe,…
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Swapping houses
I am substantially older than my wife. When I die, could my wife "swap" her £700k house for my son's £350k house without immediate tax implications? I am aware that IHT may come into play in due course, but how about stamp duty? I am thinking that my son would gift his house to my wife, and my wife would gift her house to…
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Big change in tax code
My wife has just had a tax code change notification. It has gone from 1132 to 682. The reason is "Adjustment to rate band 4128" Now, I am assuming this is to do with going into the 40% tax rate. She unfortunately crept into this accidentally when she earned more interest on savings than expected and took out a little to…
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Tax liability for interest on a shared account.
I have a shared savings account with my spouse. Do I only need to declare exactly half the annual interest for HMRC self assessment ?
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Income Tax Changes
Hello New to the forum here, apologies if I've posted in the wrong area. I recently started a new job where my salary has significantly increased. My first and second payslips had slightly differing net pay however my latest payslip (April 2025) states a significantly lower net pay. The income tax has significantly gone…
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Just starting to look at Inheritance Tax - a few question...
Recently married at 58, no children, wife has 3 x children, my 'estate' would currently be worth £450,000 property + £70,000 cash. Her 'estate' would be £350,000 property, £185,000 cash. Basically, I am just starting to look at Inheritance Tax and have a few questions as I seem to be getting a bit confused. This is all…
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Making Tax Digital. Do I need to install new software?
Hi all, HMRC have sent me a letter about the new Making Tax Digital software. They say I need to purchase software in order to 'record' and 'report' my income and send quarterly updates. I have an accountant. Each year I send him all my receipts and spreadsheets showing income/outgoings. He then submits my SA using his…
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Capital gains tax and currency conversion fees
Hello, I have a couple of GIAs (unsheltered investment accounts). Over recent months I've been learning slowly how capital gains tax works in the UK. A few months ago I bought some BRK.B in a GIA. Obviously this is a US stock. It was for quite a lot of money and I've just realised that the platform (Trading 212) charged…
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Lower Earning Savings Rate - Help to get it right please x
Hello I hope you can help me understand this correctly. I do not work and have a pension which with an increase this month pays me £1351.73 a month. I pay 20% tax before I get this - I have no other income and don't pay NI insurance. Am I entitled to any amount of the Lower Earnings Rate for Savers against any interest I…
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Cancelled Marriage Tax Too Late - Will I get a bill?
Hi, For the past few years my wife and I have been using the marriage tax allowance, while she was studying. Last year, I tried to cancel this after the new tax year started, as she had started work. Only then did I find out that you can't cancel it during the year, and the tax code continues until the next tax year. So…
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Annual Tax free Gift Allowance for 2 parents
Hi all Can one parent gift on behalf of the other in relation to annual tax free limits? Each person has a £3000 annual allowance (ignoring the £250 small gifts) For 2 parents, this would be £6000. But if one spouse is the "dominant partner" when it comes to financial affairs, is it ok for all gifts to come from their…
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Saving Inheritance Tax
In inheritance tax, how does the £325k/£175k money/property work with an elderly couple with 2 adult children, one living and will always live at home in the above property until after our deaths. Is this a simple procedure that a solicitor would cover in preparing our wills. On an estimate of a £700k property, and…
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Capital gains tax / inherited property
Looking for some advice please . If I am liable for capital gains tax on an inherited property, would this be requiring the help of an accountant or is it a straightforward thing I could do myself . I also would like some advice re: the date of death valuation which is used for the calculation as this has been set…
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APC's into the LGPS
in 2023/24 my taxable income after deducting my personal allowance was £85,919. I made an APC of £40,000 into the LGPS. What is my tax for 23/24.
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My Latest P55 Claim Issues
HiRecently I completed a P55 as I do at this time every year, in order to claim back the overpaid tax taken when I flexibly drawdown from my private Sipp pension as a lump sum.I always make sure I stay below my tax threshold, to avoid paying Tax. My drawdown, together with my other private pension, is total of £13,500My…
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How do dividends affect the rate bands for a chargeable gain on a bond
This is related to the helpful forum thread Do dividends impact the starting rate for savings Can anyone explain the rules for using the zero-rate Starting Rate for Savings (SRS) and Personal Savings Allowance (PSA) bands for a chargeable gain when there is also dividend income? My interest in this is mostly curiosity - my…
