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Update savings income current year
The amount of interest estimated by the revenue is higher than the actual so I have reported the correct figure via my online account. I have now received a letter from HMRC asking me to itemise the calculation with account details. I cannot see where to do this online and the letter doesn't suggest a method. Can anyone…
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IHT - How to make the 25% tax-free part of an AVC be classed as income?
From my reading it's not too clear what exactly HMRC classes as 'income' when dealing with IHT, however I understand that it's not the same as how HMRC classifies income for income tax purposes. Taking the 25% as one large lump sum I would imagine would not be seen as income from HMRC when assessing the against IHTM14250.…
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Investment Bonds and Trusts for IHT planning
With the changes to how DC pensions are treated for IHT purposes and the growth in house prices and stock markets more people/estates will be facing an IHT bill. So maybe people will discuss the pros and cons of onshore investment bonds/life insurance and the range of trusts that can be used as wrappers.
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Add savings interest please
Please could "savings interest" be added to the calculator? I feel this is a very significant option, given the whole raison d'être for this site is based on maximizing savings. This is such a huge factor, I've no idea why tax calculators don't consider it. It's also very obscure. I found out recently that HMRC will add…
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Business Mileage Claim?
Hello, my company provides me with a personal car allowance and also provides me with a fuel card for both business and personal use. The company doesn’t deduct any costs from me. I record my annual business mileage. The company deducts my business mileage from my total annual mileage and provides a P11D to HMRC for…
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CGT calculation and retrospective valuations
Hi all, I'd appreciate some help with a forthcoming house sale. My family home is being sold shortly and there are complicated CGT questions I think I know the answer to, but would appreciate some guidance. The property was purchased in 1985 for £45,000. My parents owned the house as tenants in common with an equal half…
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Wrong tax code and repayment options
Hello, I'm looking for a recommendation on a change of tax code. I am a full-time employee and all my payslips and taxes are though PAYE. In March 2024 I paid 3.5k£ into a SIPP (and the correct grossed up top-up of £875 was then added by HMRC the following months). Probably as a consequence of this (since nothing else…
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Whose gift is it anyway?
If parents make a gift of money to a child, is it demeed to have come solely from the parent whose bank account the money is transferred from (thinking of things like seven years survival for IHT)? If you want it deemed 50/50 from each parent, is it necessary that it either comes from a joint account or that half is…
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Timing of Annual Tax Summary
Does anyone know when this drops onto the gov tax platform for 2024/25? Specifically the summary with breakdown as it is not on there yet. You can view the top line tax paid but thought after 5 months it may have dropped on. Not a first world problem but just wondered....
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BIK on a company car that's a company "asset".
Hi. I am trying to get my head round potential tax implications for the company car I have which is deemed as a "company asset" as it had adaptations for emergency response. I know I have to pay BIK which I believe is 20% of the cars value, less my contribution and then 40% of that = 1 year tax. My questions is, is this…
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hmrc self assesment (tax returns) processing times
Hi All I did the dreaded tax return yesterday (31st) and finished it by 12:30pm (lunchtimeish) so was about 12 hours before the deadline. When I logged in it informed me I owe 11p from a previous year. I filled it all in and submitted it. This time I owed about £250. I tried to pay, but it still said I owed 11p, which, of…
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HMRC owes me money from 2018-9 and 2019-20. Should I demand interest from them?
HMRC sent me a letter saying they owe me some historic tax credits (total approx £650) for the years ending 2019 and 2020. They've asked me to phone to confirm my bank details so they can repay this. Am I right in expecting they should pay interest on this?I would like to speak to them but go armed to discuss if (and what)…
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Tax on state pension in first year - again!
I submitted my SA online earlier this month and HMRC have
sent a letter stating they have changed the SP figure (increased by one week of
pension income) for the year based on their (presumably DWP provided) records.
Consequently they have increased the tax
due by Jan 31st (also increasing the tax on account for next…
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Tax Codes explained
Found below in news feed today, thought some may find useful… ***************** A tax code is a series of numbers and letters used by employers or pension providers to work out how much tax should be deducted from your pay or pension at source. Anyone in employment or with a private pension will have one. Making sense of…
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Self Assessment "current position" - do I only owe this?
Hello, Hope someone can help. I did my SA return. It showed me the amount I needed to pay. But then later I went into my "current position" statement and it only shows I need to make a balancing payment in July and does not state any payment to be made by 31 January. I did have a credit balance, so I assume they applied…
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IHT - Proving purchases made on behalf of
How do HMRC treat purchases made on behalf of someone (e.g. online groceries) going back many years even, but where there hasn't been any explicitly logged recoupment of the monetary cost? Or where there is an informal/gentleman's agreement to be payed back "at some point" for all historic purchases made? It could be…
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P60 not matching YTD figure on Mar payslip
My husband has left his tax return to the last minute and has just discovered that his Mar 25 wage slip shows £4k higher tax paid in the year than his P60. This means he owes £2k in tax rather than gets a £2k refund if he uses the p60 figure in his return. Does anyone know why there is a disrepency? His March 25 pay was a…
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HMRC confusing wording...
Hi all, Just looking for a bit of clarification on some HMRC wording (doing my tax Self Assessment). I'm a bit confused about the wording of the section on Capital Allowances (first year I have used this section). The section states: "You can claim capital allowances for certain buildings and the purchase and improvements…
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Change of tax code due to savings interest
The interest I earned on a bond I had was over a 2 yr period, tax yrs 22/23, 24/25. HMRC took that interest to be for tax yr24/25 and have predicted that this amount will be earned again during tax yr25/26. This has triggered a change in my tax code. I have spoken to them today to point this out and to inform them that the…
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Taxman and Pensioners
Hi I am just looking for some advice please. My dad is 91 and has had vascular dementia for about 6/7 years. I looked after him for 3 years and he has been in a carehome for the past 3/4 years. Last year there was a letter in his room addressed to him with the carehome address. It was for a tax code and had a marriage…
