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Tax on state pension
Hi I am new to the Forum and would like to ask for some advice. My wife and I are both on the state pension. I also have a private pension but my wife only has the state pension. A couple of years ago I was advised to claim 10% of my wife's Income Tax allowance this was fine till this year when my wife received a tax bill…
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Tax return queries
I have never needed to complete a tax return (standard rate tax payer and all tax taken through PAYE). According to the questions here Check if you need to send a Self Assessment tax return - GOV.UK, this hasn't changed. However it does tell me here You do not need to send a Self Assessment tax return - Check if you need…
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40% tax rate below £20k
I have discovered a taxation anomaly which could affect
both my wife and me, which results in a tax rate of 40% despite total income
being less than £20,000. The situation arises with interest from savings of £6,000
and, in our case, pension and rental income around the personal allowance of
£12,570. Two simple examples,…
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Stamp Duty
I have never owned my own property, only rented. I may be buying a property soon, for just under £300K. I may purchase the property outright with my savings/Inheritance. My girlfriend owns her own property and will have to sell it before joining me in the new property, giving me half the purchase price and having her name…
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Tax back from hmrc
Not sure if the right forum - I think I overpaid income tax by about £1000 through PAYE in the 24-25 tax year. I saw somewhere that HMRC have usually sorted refunds out by October, should I be contacting them?
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If we sell the business exactly how much Tax do owners pay?
Hi all Asking this for a close family member. Before I start, I fully understand that given the financial amounts included in this thread it would be essential to get proper advice at the time. However, we just want to know now if its worth selling the business, closing the business etc because we have heard loads of…
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SIPP Inheritance & Taxation
I currently have an uncrystalised SIPP and next tax year I will be 65 and my wife will be 75.If I were to die first before I reach 75 then I understand that my wife can inherit the SIPP tax free. However what happens with any remaining SIPP upon her death, will the tax free status be retained or because she is over 75 will…
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Have I misunderstood the 'marriage tax allowance'?
As above When I was completing our online tax returns last night, I looked into the above. My question. In England, for most people the annual personal tax allowance atm is 12570. Therefore I assumed, when married, both people would get 12570 x 2 = 25140. If the above scdnario was applied and one of the couple gave 10% of…
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Marriage Allowance and Savings
I earn approx £10,500 (from a pension) and my husband earns around £15,000. I am looking at whether it is worth transferring the marriage tax allowance to my husband. This is because I also earn about £2,000 from savings and dividends, taking my total income to around £12,500. I know those on lower incomes get an extra…
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Tax Threshold Freeze Beyond End of Parliament
I'm not looking for any tax savings, I'm just trying to understand the benefit this this government gets by freezing the tax bands beyond the the current parliament to 2031. I assume that they will take advantage of the increase in the forecast revenue beyond 2029 to increase public funding in this parliament, taking…
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Autumn Budget 2025: Martin Lewis' instant reaction and analysis
The Chancellor Rachel Reeves has announced a raft of changes to income and property taxes, cash ISAs, benefits, transport and more in her Autumn Budget today (Wednesday 26 November). MoneySavingExpert.com founder Martin Lewis has shared his instant reaction and explained what the changes mean for you, and we've added more…
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Claiming gift aid tax relief on previous tax year (higher rate PAYE)
Good morning, Before I call HMRC for the 3rd time, can anyone please help by confirming whether I can claim gift aid as a PAYE higher rate tax payer for the 2024/25 tax year? I have been pushed into the higher bracket due to unearned interest. This was by about £1,570. I made a donation of £1,300 to a charity using savings…
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Class 3 NICs as a company director
I started up a Ltd company this year and because I have already previously breached my £12,570 tax allowance, I'm not paying myself a wage. Normally, under these circumstances, people would pay Class 3 NICs to ensure pension contribution. Except that I don't need to as my pension is already full (Although I'm in my mid…
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Dual citizenship tax
OH (an Aussie, considering getting UK dual citizenship) and I are thinking about spending large parts of our retirement in France, where one of our kids lives. I've discovered I may be eligible for German citizenship, which would solve the visa/time allowed issues. My question is whether there are any tax implications in…
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Tax on savings interest
Hi, I've just had an email from HMRC regarding tax owed for the last tax year. They have taxed the interest I made on savings at 40%, and only given me an allowance of £500 interest that can be earned before tax. My salary is below £50k, but I have BUPA through work, which takes me close to the limit, and I earned about…
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VCT Tax Relief To Be Reduced (from 30% to 20%)
A doozie from the latest budget... but not one I have seen mentioned much. Thoguht I'd share. https://www.gov.uk/government/publications/enterprise-investment-scheme-eis-and-venture-capital-trusts-vct-changes/venture-capital-trusts-enterprise-investment-scheme-investment-limit-increase-and-restructure * Section…
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CGT/ DRIP/share sales
I’d appreciate ,if some assistance, as a basic rate tax payer. I had shareplans with my employer, bank which were a total fail following 2008 crash and covid. September 2022 i sold matured share plans costing £10800 for £9331 July 2025 shareplans where shares cost upwards of £2.84 to £3.80 each at 78pence -a loss of…
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Scrapping of home working expenses tax relief
One budget announcement that seems to have sneaked under the radar (haven't seen it mentioned on here, apologies if I missed it) https://www.gov.uk/government/publications/income-tax-removal-of-the-tax-relief-for-additional-homeworking-expenses Interestingly employers can still reimburse costs but individuals can't claim…
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Calculating CGT using Lodgement.
Hi all. Some expert advice needed for my wife's tax return if anyone feels up for it! :) Last October, (in anticipation of the Reeves CGT hike), my wife Bed and ISA'd her annual ISA limit by disposing of £20K of GIA shares and buying them back in her ISA. She is now coming to do her tax return for 24-25, but the figures on…
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Salary Sacrifice: Employer Contributions Vs Employee Contributions
I believe that, currently, if an employee uses Salary Sacrifice to add e.g 5% into their pension, then this amount is added to any additional payments from the employer ( e.g. 3% auto enrollment) and the total amount of 8% is paid into the pension as an "employer contribution". From 2029, though, it seems the 3% will be…
