-
UK State Pension & SIPP tax - Non UK Resident
I plan to retire to Paraguay where I will become tax resident. Foreign Income is zero tax in Paraguay. As I will be non tax resident in UK what if any tax will I pay on my fully paid up state pension and my fully crystallised SIPP which is in drawdown?
-
New Limited Company - what benefits can I utilise?
Hi, I recently set up a family limited company to buy property and rent it out. As it's coming to the end of my first tax year and we have regular rental money coming in now, what can I utilise this year before I lose the benefit? So I'm charging the company interest on the Director's loan my husband and I put in. The…
-
Voluntary Self Assessment - tax confusion!!
Hi all I wonder if someone can please enlighten me...... I am full time employed, for which I of course pay income tax via my standard tax code every month as normal. In Nov every year I get an unpaid tax bill for savings interest, which I then pay online. They did try to change my tax code to reflect this but I have had…
-
PAYE and refunds
This is a question about the mechanics of reclaiming tax overpaid. I understand the easy answer is "HMRC will eventually sort this" but I'm currently owed over £3k and rising. 2023/24 - Earnings took me into the (English) higher rate tax band. My SIPP contributions were sufficient to increase the basic rate band and take…
-
Inheritance tax on property from both my divorced parents
My parents have been divorced over 20 years. Both have remarried. Both have their own properties which they will be leaving to me their son in their will. Both are still alive but probably in their last 10 years of life. One property from my mother which she currently lives in is worth 350,000 gbp . My father has a…
-
Employment Allowance for (very) small company
I have my own company, I am the only director and only employee. I earn an amount below the secondary threshold for employers and so the company pays no NI or income tax on my earnings. If I make the company secretary a director, the company will then have 2 directors and would be eligible to claim employment allowance to…
-
Marriage Allowance - Scotland
I have just seen that my Marriage Allowance has dropped to £600 for tax year 25-25. My circumstances have not changed from previous years when I received £1200 from my spouse who was and still is not working.
-
Reclaiming overpaid PAYE tax, unable to contact human at HMRC
OH completed his tax return for 23/24 which showed an overpayment of about £400. He has tried reclaiming this via the website and the app, putting in his bank details, and then nothing happens. Zilch, no money from HMRC. Financial advisor has suggested calling them. Last time, several years ago when employed by a different…
-
eBay Sales
I have a large Vinyl/CD collection, which I have been collecting for some 25+ years, that I am slowly selling. Over the last 14 months I have sold around 100 individual items on eBay, receiving a round £4000, which includes postage and packing costs. My question is, am I required to pay tax on the £4000, or are Vinyl/CD's…
-
IHT: Residence nil-rate-band
Please help me understand the following: Husband and Wife own a house as joint tenants valued at £600k. The whole estate is valued at £1,200k. Husband and Wife each have a residence nil-rate band of £175k. Husband dies. Wife owns the house outright and "inherits" Husband's residence nil-rate band of £175k. Wife downsizes…
-
tax codes confusion- pls help
Had two jobs and was on the BR code, left the first job in november 2024, still on a BR code. HMRC updated it to 1257L but its still not reflected by my employer. Employer is making me do a new starter checklist (didnt get a p45 from my first job) problem is that as I have had another job but it ended I'll have to be on…
-
Underpayment 24/25 pushing me into the 40% band in 25/26
I've been drawing from my SIPP at a level keeping me within the 20% tax band. Last month I decided to draw a large lump sum and pass the money on to my daughters. I knew this would attract tax at 40% but better to let them have the money now than after I die, whenever that may be. HMRC are not taking the additional tax due…
-
Avoid 40% and what to do if that's not feasible
(Health Warning: many numbers ahead :smile: ) So I'm trying to prepare for the moment where the wife starts to get her SP and various company pensions. As things stand right now, the sum of all her tax-relevant incomings minus the allowances will be just below the higher rate threshold. We have a pretty good idea about her…
-
Captail Gains on agricultural land
Hi, Ive recently been gifted farm land by my mother. Total value est. £400,000. After my father passed without a will. Meaning all was sorted through probate. Revoking my right to the estate so all could pass to my mother. If i was to sell some of this land. With sale value of roughly £150,000. Could i then in turn use…
-
Income tax
Have a pension from a previous employment and a second income. Tax free allowance against my pension income. New income is being shown as the D0X tax code telling me I will pay 40% tax on all the second income. In total, both incomes only take me 18k over the £50,271 higher tax bracket. Contacted HMRC and they inform me it…
-
PAYE v Self Assessment
Just want to get my head around how HMRC thinks…. I have my tax code for next year 25/26 a reduction from K2239 to K1239 so I take it from that that I will have more money in my pay each month. Very welcome. I started Self Assessment from 23/24. The new coding includes an estimate of taxable interest. This is less than the…
-
HMRC two different assessments?
Hoping we might get some guidence with an issue. My husband is retired, gets state pension and has a private pension too. Online, his account states that he paid the correct amount of tax for 23/24 and doesn't owe anything. However he has had a letter stating that he owes just over £400 and this will be collected during…
-
Tax code reduction
Hello, I'm a newbie here. I have received an email from HMRC saying that my tax code has been lowered. My circumstances have not changed, my job has not changed. I also owe around £100 due to the tax free amount being lowered. I contacted work about it but they redirected me to HMRC. I am not sure what I need to do. I'd…
-
Higher rate income tax relief
With the freezing of personal tax allowances up to 2027/2028, I am concerned about breaching the Higher Rate tax threshold. If my earnings reach £51,270, I will pay 40% tax on £1,000, so I am looking at ways to mitigate this. I understand that my earnings will include any untaxed interest whether or not it is within my…
-
Should I cancel Marriage Allowance
Hi, I think I am understanding how the allowance works, but before I cancel it could someone please just put my mind at rest? Several years ago, I was earning well under the yearly allowance so transferred the allowance to my husband who was earning much more. Now I am earning more than the yearly threshold (£12,570) so am…
