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Self Assessment and overpayment...
I have overpaid tax repayment from last years return. According to my HMRC account this overpayment is available for repayment. However, I am about to submit my return for 2024/25 and anticipate I will owe some tax. How can I offset this with the overpayment sitting in my account from last years return?
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Calculating max SIPP withdrawal to avoid 20% tax
I am heading towards retirement a couple of years before accessing SP and want to withdraw the max from my SIPP to avoid paying 20% tax. On https://www.tax.service.gov.uk/guidance/work-out-tax-on-your-savings-or-dividend-income/start/tax-year I have entered:Dividend income £13,500Savings £3,500Other income £15,170.The site…
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Self Assessment calculation
The figure on the ‘your calculation’ page is very much higher than expected. Once over the shock I realise that it is about the amount that I paid in advance payments for the tax year 24/25 (paid Jan 25 and July 25). Was there somewhere I should have entered them in the Self Assessment? Or somewhere I should have seen them…
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Reduce payment on account to £0?
I'm self employed and in self assessment. According to HMRC I owe £1300 in January as a payment on account. Based on the last 6 months, I'm expecting to have income this tax year of between £5,000 and £9,000 (hopefully around the higher end!) from work plus about £1,000 in non-ISA savings interest, which I think means I…
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Jump to a ltd company
Hi, I posted this before in another thread, but it was becoming too much into one thread, so I thought to open a dedicated thread. In a few words, I think I'll open a company to expand my "employment" possibilities, considering that in my field a full time employment is shrinking dramatically. A ltd company is not my best…
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Capital gains tax on share sale
Partner started with 1000 shares and over the years took more shares in lieu of dividends. I don't have any record of when they were acquired or the 'cost'. The statements show the total value of the shares, but how is the CGT calculated if sold and worse still only some of them?
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Customs charge confusion
Not sure the best subforum for this query - but this seemed the least wrong one! We visited a friend in Germany for New Year - on arrival they mentioned they'd sent us a surprise Christmas gift in the post but that it had got held up and not delivered in time due to delays with customs charges. Sure enough, when we arrived…
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Married Allowance transfer to hubby
Hi, I would be grateful for reassurance that I have done the right thing in transferring the 10% of my personal allowance to my self-employed husband. My earnings will be below the £12,570 threshold for the tax year and my husband is a sole trader with a turnover of approx £50k. Thanks in advance.
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Self Assessment - How do I use previous years capital gains loss?
Hi all, Has anyone used a capital gains loss from a previous year to offset the gain in a later tax year? I made a small loss (£1000) in my investment account in the 2023-24 tax year which I registered in my self assessment form for that year. In the 2024-25 tax year I made a small gain (£5000) in the same account. I will…
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How do I handle payments on account made before submitting self assessment?
I'm completing the self assessment for 2024-25. In 2025 I made two payments on account of approx £2000 in total. Presumably to cover tax HMRC expected me to owe over and above the tax deducted from my income. How do I deal with these payments on account in my self assessment return? I have tried to get through to HMRC to…
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Tax return questions
Is there a website dealing with quick queries like this other than HMRC direct? I'm looking for answers to where In a tax return transaction fees in platforms like Shopify and PayPal (per sale) go and then if it's a separate place to pay for domain costs and accounts.. The boxes and guidance aren't clear about where this…
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Will asking for my UTR trigger anything at HMRC
Hope this is in the correct board. I've worked for the same employer for 28 years, PAYE tax payer. I use a spread betting account for occasional small trades and received an email saying I need to provide my UTR to continue using it after 1st Jan 2026 (there's a zero balance in it at present). Will contacting HMRC and…
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Tax code change
Hi All, recently had a tax code change regarding interest on savings. The amount HMRC says I have received seems much to high. If I call their helpline can they give me detail to back up the interest figure shown or am I wasting my time by asking? Thank you in advance.
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Working out my taxes as self employed
Hi, I've made the following calculations on an example income of 110000 pounds per year, can anyone help me out if I considered everything?It surprises me that there aren't official calculators for self-employed people online, or maybe there are but with weird names and I don't know if I can trust them... Below you find…
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HMRC paying online for tax underpayment
I paid for a tax underpayment and it only gave me the option to pay for part of the underpayment (£55.73). Now the lines in the screenshot have appeared including my online payment of £55.73. And I also now have an option to pay the remainder (£117.20). But I also noticed a line for this amount saying…
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Help with CGT liability
I am selling my BTL. Reading AI it gives conflicting information on how to maximise your CGT and I'm confused. I did read firstly that if you exchange in one tax year and complete in the following tax year then you can utilise your CGT in both years by apportioning your liability in each tax year. However I later read that…
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Underpayment previous year
Hi My tax code changed in the last few weeks to remove a reduction to account for savings interest (it went from 1168L to 1216L) However there is still a reduction due to a £160 "underpayment from a previous year" - however it doesn't make clear which year. Is there anywhere on the online tax account to find out? Here's my…
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Landlord - home office / working from home allowances
As a Landlord can I claim the £6 per week working from home allowance to cover costs incurred with use of home facilities to deal with letting matters? I do use a letting agent to manage the property, but have to make phone calls; use the internet and stationary from my own home on a regular basis to help deal with issues.…
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P800 for TY 2024-25: charitable donations
I'm just going through my P800 for TY 2024-25 and am confused by the Charitable donations section - the figures aren't right and I thought they weren't relevant if I wasn't a higher rate tax payer anyway (my gross salary was over £59K but the taxable amount was reduced by pension contributions). I wondered whether anyone…
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Cryptocurrency Assets and Tax
Hi everyone, I have recently seen https://www.bbc.co.uk/news/articles/ckgl2je65klo Now I have a small amount crypto assets, but I have made a loss from the original amount of money that was invested. The article states that we need to declare these assets and could get penalties if we don't. Does anyone know what the…
