-
Self Assessment - Rounding
I understand income should be rounded down, and expenses/tax paid/reliefs should be rounded up to the whole pound. When completing my Self Assessment online most fields automatically round when I enter my figures, however the employment tax paid (SA102, box 2) does not round automatically. Is it expected not to round this…
-
Tax calculator.
Is there a tax calculator that as a pensioner I can use to check that my tax bill is correct. Something that can deal with, Savings interest, State pension, Private pension, enter them and out comes my tax forecast. Thanks for any help.
-
CGT on house after separation (moved out, back in, back out)
Please could I have your consideration. We purchased the house in 2010. we were not married or in a civil partnership but were in a relationship In Jan 2016 I moved out to rented flat . My partner remained in the house In May 2018 I moved into a hotel but spent some time BACK in my house but we were NOT living together as…
-
Is my private pension to Aviva tax deductible?
I psy £120 into aviva private pension. Can I put the whole £120 through as a tax deduction in my tax return? Got another one with paye company but they deal with all the tax I guess
-
Tax on a Second Property
Hi All, I have just purchased my new home; however, my existing home has not yet sold. I have had to pay £14k tax due to the new home being considered a second home, which will be refunded if I sell my old home within three years. However, I have had an offer to rent my old property for approximately six months. If I rent…
-
K code for PAYE
Would someone be kind enough to explain how a K tax code works, please? Context - I receive SRP, and private pensions from three sources, taxed at BR. I also receive a tiny foreign pension untaxed, and have savings interest in excess of £1000, so I complete Self Assessment. I can't make sense of the resulting calculation…
-
High Income Child Benefit Charge - Opted in mid year
Hi, can anyone help clarify this for me? We received notification from HMRC in Nov 24 of changes to HICBC thresholds. Because of the new thresholds (£80k top end), we opted back into CB from Aug 24 (backdated 3 months) after opting out in previous years. We were paid £1,100 in CB and husband earned approx £76k in 24/25.…
-
Tax optimisation after property
Hello, I have been trying to sell my old home and I couldn't find a buyer for 2 years now. I have decided to give up and rent it. I didn't really want to do that as home is in my personal name and I wanted to sell it but it is what it is. Now, it is bringing me a tax complication and I never really checked how it all…
-
Taxed on medical insurance
Started paying more tax because of my company's medical insurance and immediately told them to take me off it. I updated my information on the HMRC gateway to advise that I no longer receive the benefit but I keep getting taxed on it every month. Will this be sorted next tax year in April and will I get a refund?
-
Getting reponse from HMRC
Apologies if this is not the correct forum. Does anyone have advice on how to get a response from HMRC, it invariably takes many months to get answers to the simplest queries despite numerous complaints. I previously ended up complaining to my MP, but now live overseas so no longer have one. Is there any other…
-
MSE News: Had a summer job? Check you didn't pay too much tax
If you've just finished a summer or temp job, it's worth checking that you've paid the right amount of tax. If you were put on an emergency tax code, you may have ended up paying income tax you don't actually owe – but it's easy to check and reclaim any cash you're owed. Read the full story: 'Had a summer job? You may have…
-
Simplest way to pay unemployed spouse for some admin work
Hi, I'm Self-employed and pay basic-rate income tax. I would like to pay my wife for a few hours a week admin, packing and posting items, home-office cleaning etc. She isn't employed. I also do my own accounts, and submit them to HMRC via my accounting software. It's all very simple and I want to keep it simple. I'm not…
-
£53,345 salary but only paying 20% tax
I am demonstrating my total tax ignorance ,,,, I had always assumed I was paying 40% tax on my salary of £53,345 , but it looks like Im only paying 20%. (I only looked at my pay slip as I am expecting an annual pension of £25K (from a previous job) and expected to pay 40% tax on it.) I am assuming to because I pay 4% into…
-
Uniform concession for Volunteers
This week's newsletter had a useful piece on claiming tax for laundering work uniforms. I work as a volunteer manager at a local Trussell Trust foodbank, usually doing about three shifts a month. I'm responsible for laundering my uniform (TT provide it free of charge) and it certainly is distinctive enough to have…
-
Council Tax -timeframe for responses to a challenge
Hi all, After moving into a new house in Devon and receiving the first council tax bill, I immediately raised a formal council tax challenge as I noted that they had the wrong property details (they appear to have mixed up my property with my neighbour's property, which has some 30% more internal floorspace and more…
-
Deed of Variation how do we save IHT and CGT?
I am co-executor to my mother's Will which is mainly a house and very little savings. The Will left the house and not much else to us four siblings, two of us are executors. Three of the four have done a Deed of Variation to pass the funds direct to our own children and one sibling did not. The house eventually sold after…
-
Gifting from surplus income
I have used this scheme once before running over 29 months. The arrangements were clearly recorded, full income and expenditure records kept and, as far as I can tell, all HMRC conditions met. I intend to use cash withdrawal and income drawdown from a SIPP to make further gifts from surplus income again in the future. I…
-
Online Government Tax calculator giving me wrong information (i think?)
Ive just gone to this GOV online tax calculator and i think its giving me the wrong information (i think). Can someone confirm either way please. Website: Estimate your Income Tax for the current year - GOV.UK I entered my annual salary as £20,000 and then said i was making 38% pension contributions and I'm below state…
-
Tax on Rental Income - Joint Ownership
Hello, my Civil Partner and I each own 50% of a property and split the rental income between us. I am a Higher Rate tax payer and he is on Standard Rate. We have a joint bank account, is it acceptable tax wise, for me to reduce my part of the rental income by the total amount of the overheads/expenses or do we have to to…
-
Best ways to reduce corporation tax - in order?
Interested to know what others (perhaps any IFAs/accountants on here) would rank as the "best ways to reduce corporation tax"? e.g. * Pension contributions * Charity donations * R&D tax relief (not sure if that's a thing anymore?) * etc Appreciate the response might be "it depends", but I'd be grateful to see any additions…
