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Understanding Tax on SIPP
I recently withdrew £14500 from my SIPP using UFPLS. I received £3,625 as the tax-free element and £7,572.94 as the taxed amount. While I understand how the £3,625 was calculated, I am unsure about the calculation for the £7,572.94. Could someone please explain the steps involved in this calculation? Thank you!
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Taxable Savings error
Just received my tax code for 2025/26. HMRC say I had £200 more than I can find in my records. It may be my records at fault but how can I get details from HMRC on the interest that has been reported to them by my banks & Building Societies
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Business Rates Calculator
Hi all, I have tried many times to calculate business rates for my clients but noticed there wasn't one available online - so I have created a basic Business Rates Calculator here: RatesCalcPro.com I would welcome any feedback, comments or suggestions and hope it is useful to some of you. Many thanks
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2024 pension lump sum
I am fortunate to have the problem I know. I have employer wages of 49k. I've got savings earning around 2.5k. Rounding to 3 as it's easier on the maths. My total income is therefore 52k. This means I am now a 40% tax rate payer. HMRC confirmed. I want to make a lump sum payment to my pension as I know I can claim tax back…
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penalty interest charged on 9p under payment of £70.88
not sure which area i should post this request for information so sorry if this is wrong. i act a power or attorney for my blind father and in paying his tax i missed read the bill and sent 9p less than i should on the 31 jan 24, example i read £1200.09 as £1200.00. when the letter came for this year i paid what was due on…
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Savings - tax on interest
I am about to inherit some money. What I need to know please is how the interest will be taxed (some will be in ISA, I am talking about savings account) I have income of £17,000 in pensions but this money will generate £3000 + interest annually. Do the bank not take the tax off as they used to do ? Or does it become part…
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Decrease in personal allowance on bonus payment
I’m hoping someone can advise please. My salary is just under £100K. I’ve found out that my company may be paying two bonuses this year. One in July and one in August. If paid this could be up to £35k. It could also be much less. At the moment my tax code allows me to receive my full personal allowance tax free but if I…
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Tax letters sent to some LTD company
Hi and apologies if this is in the wrong forum. My wife's tax caluclation letters are sent to some ltd company, we don't know why or how to stop it. The text reads "We have also sent a copy of this calculation letter to PTS Stockport Ltd" She used to be a member of a union back when she was in a different career; perhaps…
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New Income Tax Checker
Hi folks, This thread is to discuss the new www.incometaxchecker.com Please click reply to discuss Dan
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What is included in Taxable Income?
Hello all, I'm struggling to find a financial advisor who can help before the 5th April deadline, so I'm hoping somebody can give me a view on the following: In the past month, I have paid for the liquidation of a limited company (with cash assets of around £95k) of which I was the director and sole shareholder. This was…
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Claim for working from home tax 2020/2021, 2021/2022
Hi, I returned to work from maternity leave July 2020, and at the time due to covid, we had to work from home. for 2021/2022 tax year, the offices started opening up, and it was made mandatory/formal end of 2022. Can I claim tax relief for these?
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Help calculating adjusted net income
Hi all, I am very confused about how to calculate my adjusted net income for the end of the current tax year. This is the very first tax year where I know I'll be very close. From agonising over the guidance and various forums and Q&As, I believe the below is how to calculate it, but I don't know if any of this is changed…
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Can you deduct the £3k exemption from a larger gift for IHT?
Hello. My mum made some gifts under the threshold, but there are assets over the threshold so IHT is due. The total estate depends on what gift value is declared. I know I don't need to report small gifts under £250 or gifts in a year up to £3k. My mum made a gift of £20k one year where she had made no other gifts either…
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Husband is over the 40% threshold - what happens to marriage tax allowance?
I've just found out that my husband is over the 40% tax threshold for the current tax tear. His P60 shows earnings of £53144.24. I applied for the marriage tax allowance many years ago, as I'm a non-taxpayer. Presumably we are no longer eligible for it? Do I need to notify HMRC, or will they figure it out anyway? Would…
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Short term lodger
Hello! An overseas friend of a friend wants to send their 18 year old daughter to the UK for a couple of months in the Autumn to enrol on an English language course. They've asked if she could stay with us in a spare room while she is here on a paid basis. From what I can tell, so long as my wife and I do not receive more…
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offshore money, offshore ETF traded on LSE - remittance ?
Keeping it short. UK resident, paying tax on arising basis since 2009. Have offshore "mixed capital" (US Dollars) from pre-2008 days (not yet remitted to UK). [Non dom laws were pretty much revoked in 2008]. If I wire this offshore money (US Dollars) to Interactive Brokers in USD and buy Irish domiciled USD denominated ETF…
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Adjusted net income help please.
As an illustrative example, 1. My total gross salary is 110000 2. Salary after salary sacrifice pension contribution, additional bonus and company benefits is 105,000 How much private pension contribution should i make to bring my adjusted net income to 99000. Thanks
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Capital Gains tax on 2nd home - dispute with HMRC
Hi Folks. I wonder if anyone can advise the best approach to a rather unique issue (or at least I think it is). We had a 2nd home for a few years, we bought it, did a load of renovations, then we let it out as an Airbnb for a while, before selling it in the spring of last year. We assumed that we would declare the capital…
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HMRX Tax on Government Pensions for full year when only started receiving pension 4 months ago
Both my husband and I became 66 about 4 months ago and began to receive our Government pension. He noticed that HMRC had changed his PAYE code and when he went onto the HMRC website he saw that that HMRC have assumed he will be getting a full year of Government pension for the current tax year and not 4 months worth. The…
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tax refund
hi all can someone advise me i emptied a small dc fund last may and paid too much tax and due a refund also claiming carers allowance which has now stoped and declaired, i am now due a refund on my tax i called hmrc and they said i have to wait till the new tax year can anyone confirm this can i not claim it back now, i am…
