-
Late mother over paid tax
Hi, HMRC has recently written to me to tell me my mother had over paid tax on her pension. The amount was around £500. When I've checked, she only had her state pension (£13025.61) and works pension (£1620). Tax should have been on earnings after the PA of around £450. I'm confused why the works pension was deducting over…
-
Company offering work through ‘non-VAT registered sister company’
Hello I’m getting some gardening work done and asked a local company I’ve used before for a quote. I was very happy with their previous work and they seem very professional. The quote was higher than I could afford so I declined. I then got this message…. am I being completely naive or this company basically saying I can…
-
Overpayment of income tax
I got my 2023/2024 P800 online saying I had underpaid tax by £274.20. I paid this online but then realised that £209 of this had already been included in my PAYE tax code for 2024/2025. Will HMRC automatically adjust my 2024/2025 tax code to reduce my tax for my February and March tax deductions?
-
Round up or down
Hopefully an easy one to answer - I recently submitted an estate return from which I calculated tax due at £13,266.60. I paid £13,266 thinking that I should round down. Looking at the account statement online, HMRC are saying tax due is £13,266.60. The tax is not actually due until the end of January next year. Question-…
-
Trying to understand tax allowance
We are both retired and for tax year 24/25 my husband was paying the basic rate of 20% on his private pension - he also took 25k out of his pension around may 2024 and paid 20% tax - we have a financial advisor who inadvertently forgot to advise us that we would trigger 40% tax when we passed the threshold & we found out…
-
A clearer explanation of joint ownership
Hope this is a clearer explanation I am 92 years old my wife is 87 years old My wife went into a care home self funding 14 months ago at the time she had eighty thousand pounds in savings, in a few months time I shall have to ask the local council to step in with some help. This will result in the council arranging a loan…
-
Joint ownership of property
My wife and I are joint owners of our house worth about two hundred thousand pounds can I easily transfer my half ownership to make my wife the only owner and would there be any tax impications if I did so. Thanks
-
Rift tax refunds
Hi chasing soon possible easy money i signed up with Rift with them saying they would take a percentage of the final amount. After a year ive been emailed several times now saying i have to pay £88 per tax year claim going back 4 years. Rift never mentioned this ever and after me asking them for a possible figure they…
-
Is this Tax demand Correct
Hi, Sorry not even sure if this is the correct board to post this or not. To cut a long story short I will send attachments but basically my understanding is that if your income is below £17,570 then you are allowed to have an Allowance of £5000 interest on savings before you have to pay tax on it? My husband's 23/24…
-
How will my bonuses be taxed?
I'm in need of some advice so I can plan my finances next year. I have a job with a yearly income of around £51,500 (£4350 before tax/NI/deductions, £3250 after) I make salary sacrifice contributions of 6%. I'm now due to receive three bonuses a year, which will push me into the higher tax bracket and make planning more…
-
Inheritance tax question
Hi all, newbie here. I am wanting to know if anyone can confirm that the 325000 IHT free allowance also applies if inheritance is gifted early? I know there are rules about 3000 per year allowed to be gifted and also the sliding scale of 1- 7 years with extra gifts above that. But if the estate is worth £325000, and…
-
Self Assessment and Prolific Earnings
I've realised that I have gone over £1000 this tax year in Prolific so am wise to declare them. I am already setup for self assessment as I rent out a flat. Where do I enter my prolific earnings, so I say I am self employed so I can use the £1000 Trading Allowance or is there a difference section to enter my earnings in.…
-
Tax Bill From 2016/17
I have recently received a self assessment tax bill from HMRC for £79 from a self-assessment I did in 2016/17. It appears to have been flagged in 2018 and they've added £30 interest since then. This is the first I've heard I owe them money. In 2016/17 I was signed off longterm sick so I made no money as a self-employed…
-
Do dividends impact the starting rate for savings?
Suppose a person was in receipt of £12,570 of taxable pension income, £1,000 of dividends and £6,000 of savings interest (both dividends and interest coming from taxable accounts): would they receive the full £5,000 starting rate for savings and so would just have £500 of the dividends being taxable, or do the dividends…
-
SIPP small pot under £10000
Evening all Does the 25% tax free element of a SIPP when taken as a small pot under £10000 count towards income for HMRC purposes Many thanks
-
Salary sacrifice and staying above National Minimum Wage
Ive just spent the last 2 hours catching up with posts on this forum regarding cutting tax which has confused me. In peoples attempts to reduce their taxable income to lower their tax position, people look to "salary sacrifice" as a method of achieving this. Which makes sense! However, I've read comments that suggest…
-
How to reduce 'Non coded income'
When due to one-off circumstances a large amount of 'Non coded income' gets assigned in the next tax-year to a person (i.e. showing when they look on the PAYE Income Tax Summary of the HMRC Tax Portal), then what is the best way to go about reducing or completely erasing that amount.Should they a) contact the HMRC via…
-
2023-24 savings tax bill slightly more than own estimate
2023-24 outstanding tax owed is on savings interest from that year. The taxable employment income and tax already paid on that employment income, were from the P60. However the savings interest tax is exactly £2 more than my estimate which is to the exact penny. I did a 20% tax deduction from the gross savings interest…
-
Paid tax deficit and it's STILL not showing on Govt Gatewat
I was
informed by HMRC in December that I owed them some tax (on savings interest).
For some reason they’d miscalculated or something. So I duly
paid it on 18th Dec. A month
later, my Govt Gateway record still says I owe them the tax. I rang them up (the online chat ALWAYS says "no adviser is available") and
after a long…
-
Inheritance tax question
My husband and I have savings worth £400k. We don't own our home (we rent). We have 2 adult sons who we'll leave our money to in equal proportions (we've written wills). If we both died a) at the same time or b) within the same year, am I correct in thinking that £75k would be subject to inheritance tax? Sorry if this is a…
