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Capital Gains Tax advice
Afternoon all, I'm hoping someone with Tax knowledge can help me understand the following situation. My father died sadly a year ago and in order to protect the property value for my Mum who lived there with him, we changed the title deed so it was 50% Mums and 50% was put into a trust in Dads name. It was previously…
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Gifting property to my partner
I 'think' i have a straightforward gifting question - i would like to gift my partner my mortgage free property where we both live. I would eventually like to buy another property and avoid owning 2. I understand the information here: Registering land or property with HM Land Registry: Change the registered owner name -…
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Chargeable Event Gain submission on 24-25 Self Assessment Tax form
Both my wife and I are retired. We have been asked to complete a SA Tax form for 24-25. We are basic rate taxpayers. We had a chargeable event after the surrender of a joint Personal Investment Plan in that tax year, dated 11/04/24. The amount of gain is £9519 with the amount of tax treated as paid being £1904. How and in…
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Self assessment completed - where can I see any refunds due?
As above, thanks. Last week Thursday I completed our self-assessment tax returns online. Somewhere on the website I noted that HMRC owned me money from last year but also wants money for 2025/6 and 2026 - ie so-called "balancing payments." My question is as per thread title. I saw the amount and completed my bank details…
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Care home fees/ inheritance of parents house
My parents are in their late 80’s and in good health. On the advice of their solicitor they have signed their house over to me. They both still live in the house (owned outright with no mortgage). They don’t pay me rent. The lawyer told them that this was to protect against care home fees and deliberate deprivation of…
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Naive thinking HMRC will reply in writing?
Hello, I posted a letter to HMRC (BX9 1AS) over a week ago and paid for tracking. It's still saying it hasn't been delivered. If it ever does get delivered am I naive thinking they will reply in writing because I've written to them or is that not the case?
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Take Home Pay
Hi all, over the last couple of years I have been fortunate enough to be earning enough to get in to the 40% tax band, but this year I decided to up my pension contributions to pull myself back out of the bracket. My first paycheck does not match what I though the tax should be and after asking payroll they have given me…
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BADR/CGT Eligibility
Hi, Just doing some financial tidying up before I have a chance to see my accountant. I've recently liquidated 350k via MVL in my late spouses business, I was a 50% shareholder and inherited the other 50% when they died. There has been 0 increase in value between date of death and now. Using BADR on this would it just be…
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Claiming tax back for tools for work
I am due to start a new job next week. I will be moving to a company that manufacturers and installs window blinds..My role will be split between factory supervisor and out in the van fitting. For the fitting role I have to supply my own tools. Have been out purchased various gear that will be used in the job. Cordless…
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Making tax digital - tax return not received?
I am a landlord and I decided to voluntarily sign up to the MTD tax returns. The software provider I use is Clearbooks. Throughout 25-26 I kept all records and did my quarterly submissions and then submitted my final declaration (which also included my salary) using clearbooks at the end of the tax year earlier on this…
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Is this a successful business
When assessing a limited company's accounts how whst info do you look at to assess that? How about this company?
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Do I have to declare my Private Medical on my Self Assessment?
My employer gives me private medical to the sum of around £730, making my tax code S1184L instead of the usual S1257L (I am from Scotland) Do I need to declare this on my self assessment? I asked HMRC this last year when I did my self assessment and they told me I don't, but I got concerned this time around and called…
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Being gifted money from sale of house
Hi everyone Newbie here…..My uncle, 90 years widowed, has moved out of his home into a retirement village where he is paying monthly rent. His property is in the process of being sold at £250K. He has enough in his current account, and from his pension and attendance allowance, to cover his rent and monthly expenditure…
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Self Assessment payment and PAYE
For the first time, I was asked to do a self assessment for year 2024/2025 because my BBSI went over 10000. After submitting the form, I was asked to pay around £3000. My problem is that I am on PAYE and my tax code has been adjusted last/this year a few time because of the BBCI (my tax code is K) now. If I pay this £3000,…
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Contracting Out and voluntary contributions
I am confused about an issue to do with voluntary contributions and the process known as “contracting out”. I was a public employee and (in common with many public sector workers) my occupational pension was, for some years, contracted out. I have the full 35 years of national insurance contributions which would normally…
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Empty House Premium for new Owner
My daughter completed on an empty flat in Oct 25 and decided not to move in until she had decorated. She completed the Council Tax form to say she had taken over the property and ticked the Empty Property box. It now transpires that there is a difference between Empty and not moved in properly! She was then sent a bill…
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Are UK take-home calculators too complicated?
I’m trying to understand whether people prefer simple tax calculators or detailed ones. I built a stripped-back prototype to explore this and would appreciate critique. Thanks in advance.
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You may be paying tax on savings interest when you should not be.
Just got off the phone from HMRC again about why I have been paying tax on a second pension when I am under the tax limit £12570 for 2 pensions so should get the full starter rate limit £5000 plus the £1000 on savings interest. Last tax year I had tax taken out because I was over the basic £1000 savings interest limit…
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New Job with Employment Overlap
Hi, I am currently in the process of leaving a job and joining a new one. I left the previous Job in february and started working at the new one immediatly, however, I am still employed by the previous company and receiving monthly pay from them until the 30th of June. I have not yet been paid by my new employer but will…
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Electricity FIT & Export Payments with Solar Panels
Are domestic electricity payments received from Octopus Energy for FIT & export taxable ?
