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Capital Gains Tax On Bitcoin
In 2015 I invested £3,000 in Bitcoin and it has been a great investment. I now want to start taking profits while avoiding capital gains tax. Can I cash in £6,000, as the whole of my initial investment plus £3,000 profit tax free, leaving the balance in the account as all profit? Or do I need to work out the cost of the…
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Marriage Allowance from spouse
I receive £1260 Marriage Allowance from my wife who used to
pay no tax on her Superannuation. However in April 2021 she started paying tax which has increased each
year since and I still receive the £1260. Should I stop claiming this or does
it make no difference?
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Adjusted tax code from HMRC
I have received a new year gift from HMRC today notifying that my tax code will be adjusted to 257LX due to untaxed interest. HMRC have quoted a figure of around £3.5k, that figure will increase by end of 24-25 tax year. For background, my income comes from two sources only: 1. PAYE job 2. Savings interest (referring to…
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How Do You Confirm If You Have Single Person Council Tax Discount?
I probably do have the 25% discount, but if you have to actually apply for it, I would have made the application so long ago, I can no longer remember! Can you confirm online, if it is being applied? I have the recent proposed council tax charges for myself lying in the house, but could not find any specific mention of the…
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IHT gifting excess income
This is reported to require careful record keeping and evidence that income gifting does not impact your lifestyle. If you have not started to draw any income from a SIPP, would gifting a set % of every annual withdrawal from day 1 demonstrate the gifted amount was surplus to own needs? Alernatively when eligible for State…
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£150.00 Government Council Tax Rebate
I have just received my latest Council Tax bill which includes the expected increase over last years bill. Included in the envelope with the bill is a flyer entitled '£150 Government Council Tax Rebate.' This states that we are likely to receive a £150.00 rebate if our property is in tax bands A to D, this is the first I…
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Mileage Tax relief help
Hi everyone, I'm looking on claiming tax relief for the first time as I now use my own car for driving about the county visually checking and reading utility meters. I get some paid some mileage back so I am only claiming the difference so believe I will be claiming for tax relief but i need some help on a few things. On…
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Tax code
I'm hoping someone can advise me I'm 67 years old, and receive a state pension, wage, and a small private pension. total income less than £25,000 My tax code is 113L I have used Martin's tax code calculator and it appears my tax code could be wrong. however, it explains private pensions could cause that ( I included that…
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Personal Savings Allowance near the 40% tax threshold
Can anyone give me a definitive on whether £500 or £1000 PSA would apply under these circumstances?:All earnings without savings & investment interest= £50,000Earnings on savings & investment interest=£1,000 Does the earnings on savings & investment tip you into the 40% tax bracket for all the PSA?
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Gifting an 8 year old car to one of the children and IHT
My BiL/Wife's brother is getting a brand new car due for delivery next week. His old car, he reckons is worth 11k trade, retail 14k. He bought the car brand new. He has used his annual tax exemption for gifts every year for the last ten years or so he is 72 years old and his wife is a few years older than him. He asked me…
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Taxable Interest
Hi, year 22/23 it seems I didnt have to complete a S/A. (Not been s/E for 8 years). Same for 23/24. No tax paid for either of those years. £180k in 1 yr easy access accounts and £20k in NSI. Last totted up interest by me 22/23 when ave rates were 3% ? was £2200. SA on line was done showing this interest. Code for 24/25 was…
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Time intervals for tax letters and tax invoices
HMRC have written to say they will write again after 5 April to ask for completion of a self assessment tax return ( for the first ever time in my case ). Does anyone know how soon after 5 April they will do that, and if I was to submit a paper tax return, how soon would they send me a tax invoice ? Thanks.
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Tax code changes - Looking to make some sense
Hi all, I received a tax code notice in January 2025 and another tax code notice a few days. I'm trying to make sense of both of notices and understand them, especially the adjustment for tax amounts. If anyone could please help, that's much appreciated. January 2025 tax code notice - for 6 April 2024 to 5 April 2025…
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Not able to access HMRC online services
I don't have a computer or mobile phone. On a library computer, I can enter government gateway user id and my password, but I can go no further because I cannot receive the access codes that HMRC want to send me by phone. If I am understanding this correctly, I am supposed to tell HMRC online by October 5 if I need to…
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Adjusted net income and child benefit
Dear all Do child benefits count towards adjusted net income with regards to hitting the £100k threshold for reducing personal allowance. There seems to be conflicting advice on the HMRC website. I am trying to work out whether I need to make extra pension contributions or not as I am only just over the threshold with…
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Another Annex Council Tax question
We have a detached Edwardian garage (one room with open staircase to a low-ceilinged room above) in our garden, which was crudely converted into 'living accommodation' by our predecessors. It was first assessed as Band A for Council Tax shortly after we bought the property, and we have dutifully paid it ever since (11…
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Being Tax Efficient with Bonus
If I get paid £132 + 25K bonus - what is are the best tax efficient decision I can make (I guess pension contributions are the best option) Thanks everyone in advanced!
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HMRC marriage query
Hello, I married in 2023 and have never updated HMRC…. Didn’t know i had to. Name changed with banks and current employer. New job offer and just completing onboarding forms but just realised my NI number will not match my new name - is this going to be a problem before i need to start this job in a couple of weeks? Should…
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Paying tax when transferring investments
Hi there I have an equity investment that I bought in a year when I had already maxed out my stocks and shares ISA allowance and didn't have a pension product I could pay it in to. Now I would like to sell them and put some in my pension and some in next year's ISA allowance. The company (Vanguard) says the process is that…
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HMRC Interest calcs
Trying to help a friend but struggling a little... In January 2024 when filing their Self Assessment they'd messed up and had failed to save money to pay their tax bill. They agreed a repayment plan with HMRC of circa £750 a month with a slightly higher payment in December as the final payment. Obv interest was added with…
