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IHT implications when returning a gift?
Hi, I was gifted a rental property by my father. It is mortgage free and has a tennant in it. Due to a breakdown in relationship he wants it back. If I sign the property back over to him, and he dies in (for example) 2 years time, then will I still be liable to the IHT ? I'm confused, because, I see 2 conflicting points:…
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Informing HMRC of retiring and tax code?
I am retiring at the end of December and I am currently a 40% tax payer with my employment and I will remain a 40% tax payer of course for the rest of this tax year when my employment ceases in December. I am also currently in receipt of a small pension from my late wife and I have a D0 code against it, i.e. it is fully…
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Foreign Income S.A.
Hi I’m filling in my SA and have one foreign income item to enter it’s from paid work. When I view my calculation the gross amount of the foreign income isn’t included in my total taxable income and I can’t figure out what I’ve done wrong. I’ve entered under the foreign income section both the gross amount and the tax I’ve…
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Reducing IHT
Something I’ve been considering for some time, so not a knee jerk reaction. I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. I want to make gifts to my son to reduce IHT. There is no question of gifting amounts which could…
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Reporting/Paying CGT on line
I recently went on line to use the HMRC online CGT
reporting/paying website I’m doing it for the wife who has 2 disposals to
report. We are not obliged to fill in an annual tax return. One disposal shouldn’t be a problem Unit trust bought on one
day disposed on another day. The second disposal is part of a s.104 holding of…
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How to enter lump sum payments into personal pension on self assessment return
I am unsure as to how to handle payments into my personal pension on my self-assessment return. I made regular monthly contributions plus a couple of slightly larger one-off contributions. Is this what this box is talking about? "Total of any 'one-off' payments to registered pension schemes included in the 'Payments to…
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Self Assessment and Interest on Savings
I opened 2 savings accounts when my kids (now adults) were small. On adding up the interest for my self assessment, I split it in halve (2 adults) but this is seemingly incorrect. To add to the confusion, I put the reduced (halved) interest in the wrong box - the taxed at source box. E.g, £450 but the bank contacted hmrc…
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close company?
If I am a 50:50 shareholder and 50:50 director of one company, if I start another company where I am a 100% shareholder and 100% director, would they be deemed to be close companies? I believe not as I have an equal but not controlling stake in the first company.
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Tax on Bonus Payment Query
Hi all, My employment end date is the 31st Jan 2026 and I will be paid my final salary and the 2025 year bonus as one final payment. In order to avoid paying more tax in the 40% bracket, does it make sense to ask for my job end date to be 1st February and for my bonus to be paid in February's payslip. It would act as a…
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"Dividend tax credits" for contract income - still applicable?
Hello MSE forum community. Once again I would like some guidance on a tax question. Thanks in advance.I am preparing my 2024/2025 tax return. In this tax year I paid myself a dividend as a result of winding up a company I used for ex-IR35 contract income back in 2015/2016. I've read some references to tax credit on…
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Removal of Tax Allowance After End Of Tax Year?
New one on me.... Had a notification from HMRC for year 24/25, which has recalculated that I owe them £260 in income tax, but their calculation shows this with the marriage allowance removed. My tax code for the year (only PAYE income) and on my P60 shows personal allowance as including the marriage allowance. The…
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PAYE non tax refund this year- not working anymore
I was made redundant in June, and at 53, I have decided to take early retirement. I filled in the correct form for a tax refund, since I won't be working anymore, and was hoping for a substantial refund, possibly before the end of this tax year, but I received a letter back to say to apply again after new tax year🙄 No…
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Underpaid tax
Hi, I'm probably due to pay some more tax for 2024/25. PAYE income + pension reckon I have underpaid by about £7 Interest on savings exceeds £1000 personal allowance and I reckon I need to pay another £60ish. I have been into my tax account on HMRC/ gov.uk and message there saying I have paid all tax due for 2024/25, the…
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Payments on account not deducted from Tax Return
When I submitted my 23/24 Tax Return, as well as paying my tax owed for the year 23/24, I also had to pay two payments on account for the year 24/25. This is the first year I have had to do this. One payment was due 31/1/25 and the other 31/7/25. I paid them both in good time (one before January 2025 and the other by…
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Action Required: HMRC Application Rejected for Self Assessment
Hopefully someone may have come across this before.A friend of mine needs to register for self assessment and has tried to do so a total of three times now, but each time after a varying period of time they receive an email sayingWe are unable to process your application because the address provided does not match our…
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Marriage Allowance Claim Rejected
I've just had my third marriage allowance claim rejected, the reason given this time is "out of date version of form". This was the only form available to download on the HMRC website at the time of application and is no different to the one they have now posted back to me, bar the date on the footer of the form. My first…
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Capital gains tax
Hi Could somebody let me know how to calculate the base cost of shares for CGT in the below example please. This in relation to a return of capital and share consolidation: Shares held prior to transaction - 1234 shares Value of S104 pool - £3,100 Return of capital - £903 Shares held after consolidation (11 for 9) - 1009…
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Tax Code K277
Morning All, I wonder if anyone can help... My Husband is on Tax Code K277 - I'm not sure what this code is and I've read online its a Negative code? which to be honest i don't understand. He Has a Small Personal Pension (pays £290 a Month) then gets AA Allowance and State Pension. He doesn't work and has no extra…
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Marrige allowance
My wife is recieving the state pension and is currently a non-tax payer and so I am claiming the allowance. With the rise in New State Pension in April will this affect her non tax payer status as our investments are in her name?
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CGT reporting query
Most of the shares I hold are in ISAs, but for the first time ever I've sold some at a profit that are held outside of an ISA. The gain is around £1,500, I'm not planning any more disposals in the current tax year so am I right that because the gain is under £3000 there's no tax to pay and there's no need to report it to…
