-
Tax thresholds 2017/18/ 18/19 19/20
I have just been told by HMRC (self assessment department) that the tax thresholds for 2017/18, 2018/19, 2019/20 were, respectively, £8,164, £8,424 and £9,504 and that I owe national insurance contributions for those years of just over £100 per year. The National Insurance department says I do not owe anything. And my…
-
Deed of variation
Last year from my savings I gave my daughter £20,000 to put into her SIPP to regain her tax and also £20,000 to my son to put into an ISA and LISA to maximise his allowances. He is a non tax payer so I also put £2880 into his SIPP to be topped up to £3600 by the government. These of course are PETs above the usual gifting…
-
Crane Oversailing License Taxable?
We have a large care home being built next door and we potentially have agreed a 5 figure crane oversail license for 12 months. Would this be classified as taxable income? If so, as the property is in both me and wife's name, would we split the fee 50/50 for our tax calculations?
-
IHT
I am UK resident and have £325.00 before paying 40% tax. Is my deceased non UK husband also have £325.00 allowance to add to mine. Non resitent in UK. Tks
-
Unexpected Chargeable Event gain
Hi helpful money savers, I’ve already filed my 2024/25 self-assessment return, which included income just slightly over the higher-rate threshold due to variable earnings and poor planning on my part. I’ve now unexpectedly received around £10,000 from a deceased relative’s life insurance investment bond held in a loan…
-
Tax allowances/code & 40% band
Resolved this now
-
Thought Self Assessment had processed, now got £440 penalties - help!
Hi everyone, I have been self-assessed for some years now. I did not file my tax return on time, due to health issues (mine and in the family) so expected to pay £100 fine, which I was annoyed with myself about, but could not really dispute as I should have done it. I thought it had been done on 7/2/25, downloaded the…
-
Copy of tax return from accountant
We normally do our own tax returns as we have a fairly straight forward situation. This year however my husband has had a few changes which has resulted in his tax return being more complicated. On this basis we are going to get an accountant to do his and due to the prices we have been quoted, I will be doing my own still…
-
Tax Returned Limited charged me 92.4% for obtaining a £102.06 tax refund!!
I asked Tax Returned Limited to check my taxes and claim back any amounts due. It was was not made clear to me the total they would charge me. Consequently, a £102.06 HMRC Refund via these opportunists has resulted in a £94.30 fee (78.58 fee and £15.72 VAT charge on their fee). This results in my HMRC refund of £102.06…
-
IHT Reference and UTR questions
We have a small Discretionary Trust that is due to hit its next 10-year anniversary in a few months, and we are planning to end it as soon as we can (maybe before the anniversary, maybe after - there are some external dependencies). The value of the trust assets has grown to the point where a small amount of IHT will be…
-
EV salary sacrifice
I'm after a EV to replace my current car and my employer has a salary sacrifice scheme so I'm looking at which is best to do, a straight PCP or go via the salary sacrifice. The thing that is confusing me at the moment is my tax status. I'm not a 40% tax payer as far as my salary is concerned, BUT I have a rental property…
-
Nearing Retirement .TAX Question
I am a couple of years from retiring from full time work. Currently receiving my State pension on top of salary. Have about 40k in a company defined pension. They pay 6% I contribute another 12%. Should i consider only matching the 6% and putting the additional 6% into ISA? Also best way to reduce TAX burden at retirement.…
-
CGT on shared ownership
Hi I am selling my property which I bought back in 2009 with the help of an equity loan. The split was 55% mortgage and 45% equity loan. My question is when I sell do I have to pay CGT on the full 100% or just the share I had?? I lived away from the property for 7 of the 18 years
-
Inheritance tax related
we own our own home, thankfully now mortgage free. We also own a 2nd property which my mother in law has right of residency to until she passes on - That is Not a problem. That property also has no mortgage. What we are wondering is can we add our two adult sons as joint owners of the 2nd property now along with ourselves?…
-
Council Tax Empty Property Exemptions
Some guidance please as we are in dispute with our council in relation to the empty property exemption rules. Our Council are stating that the property was empty from 28 Feb 2023 and that a premium charge therefore applies. Their time line is set out below: 28 Feb 2023 – 15 October 2023 Class F Exemption (death and…
-
Gift Letter
If a parent gave a large sum of money eg £100,000 to their child as a gift more than 7 years ago, can HMRC argue this is a loan as there was no formal gift letter made ?
-
Using software to do tax return from abroad - ABRATAX
I am a non uk resident and sold my UK house in July 2023, and paid the Capital Gains at the time. Was less than if I had been living in UK, I am doing a tax return using ABRATAX for the first time, as a non UK resident. But filling in the SA108, its asking for details about the house sale and gain etc. I put in what I put…
-
Declaring student loan repayments - Self-Assessment
I did my degree 1995-1998, and had never made repayments to my student loan as was aways under the threshold for repayment. It was due to be written off in 2020, but due to me forgetting to return my notice of deferment in 2019, I defaulted, lost the chance to have it written off and it was passed to Link Financial, who…
-
Situation around higher rate tax threshold
I am interested in the details of what happens around the higher rate tax threshold. Consider a hypothetical taxpayer in England with no complications (such as marriage allowance transfer), with a gross income from state and DB pensions of £47,000 and interest from banks/building societies (excluding ISAs) of £3,000. If I…
-
Capital Allowances on an electric vehicle bought for business use
I'm hoping for some clarification please. I'm doing the accounting for my father's self-employed consulting business and he bought an electric car for the business which he uses 95% for business purposes. I am using actual costs and capital allowances but just wanted to confirm if my thinking is right. The vehicle was…
