-
100K Threshold help/ Childcare
Hello, thank you in advance for any wisdom you can share! Here's my situ: I have a salary of 100k I contribute regularly to my workplace pension (5%) My PAYE record on the HMRC app is 7981 per month = 95,772 I claim 30 hours free childcare and also tax free childcare for a child in nursery, and wraparound for a child in…
-
Marriage allowance form stuck in post.
Me and my wife filled in the form for transferring marriage allowance for now to the back dated years 2020-21. I sent it royal mail tracked 48 on the 3rd of March, and since the 5th it's been stuck in north west midlands Mc. Would it be a good idea to resend as the deadline is very close?
-
Nationwide Bonus payments
A simple question… Are the Nationwide bonus payments subject to tax?
-
Can a tax expert explain my PAYE tax code change?
Thank you to everyone (and anyone) who is more informed on income tax, than I am. Please... I was on 1257L on expected earnings of £108k for this tax year, ending Apr 25. But last month my tax code changed to 538TX, because of untaxed interest on £1,947 (net result for me was £260 less take home). For the new financial…
-
Income over £100K - 60% tax rate effect
Am I right in saying that if gross income exceeds £100K then it starts to eat into personal allowance? Rather than income after personal allowance exceeding £100K. Sounds bad. Am I right that if I pay an AVC into pension it will reduce this? Better than paying 60% If I remember its complicated. If I'm on course to earn…
-
Conflicting Info on HMRC Page - Do I owe or not?
Hey guys, So I pay my tax each year by self assessment and have done for a few years. My return is compiled by an accountant to which I supply the raw data. I keep up with the payments, payments on account etc. When I signed in today I see two conflicting bits of information: At a Glance.. View Account... You have nothing…
-
Inheritance Planning and Partnership Capital Account Balance
I am in a business partnership with my parents and they hope to pass the business to me as a gift or as an eventual inheritance. They also want to put a small amount of the value of this business aside for my 2 siblings, as the eventual inheritance for those siblings (my parents have other assets that those siblings will…
-
New tax code implemented too early
HMRC playing a blinder ( I used to work for them). My husband's pension had a new tax code for month 11, which resulted in more tax. I had a look, and they had applied the tax code for 25/26. The nice lady on the phone at pensions told us that HMRC sends all the codes straight to their computer payroll, and they now have…
-
Savings Interest from previous year tipping this year into 40%
My tax code for this year (2024/25) has reduced from the usual 1257 to 755. This is due to untaxed interest from 2023/24 of £1,255, being added to estimated untaxed interest this year of £3,816. My taxable income from employment this year is estimated at £42,502. I have already maximised my pension deductions to reduce my…
-
SA109
I left my job in the UK to work overseas midway through tax year 24/ 25. Salary overseas is tax exempt. I'm ordinarily resident in the UK and will continue to be due to ties/ time spent in uk. I'm not requesting any split year treatment. From reading the notes for SA109, I don't need to submit SA109 even though I've…
-
HMRC have paid me interest on delayed refund - is this taxable?
I have received a refund for 2023/24 which is slightly higher than the amount stated in the tax calculation, and assume this is interest. Do I need to include this as savings interest for 2045/25? I have looked online, but can’t see this information where I expected and I’m probably not going to be the only person who asks!
-
Tax code dispute
Since I've been hovering around the 40% tax bracket the last year or two, I've started to incur tax on my savings interest (I am PAYE).I disagree with my tax code for the current year and am hoping someone can help. Summary:- For 2023-24 tax year (when I was 1257L) they said I earned £1466 in interest, so minus the £500…
-
When should profit (interest) from a saving account be reported to HMRC via Self Assessment
Hi,In November 2023 I took out an 18 Month fixed rate bond with Al Rayan bank that was due to mature in May 2025. The profit (its an Ismalic based account, so its profit not interest) is due to be paid to me at maturity in May 2025. To my surprise however, I have received a Profit Satement from Al Rayan saying that they…
-
Tax code change notifications
Hi, is there a way to be notified when your tax code changes please? HMRC keep changing mine as more untaxed savings interest is being reported to them, presumably an estimate based off last year. I won't earn enough to need to pay tax, but it would be helpful to know when my tax code is being changed, just so I can keep…
-
How much exactly will I get (£100k tax trap)?
Hello I understand the principle of the tax trap above £100k but struggling with the maths. I earn exactly £100k. If I get a 15% bonus (£15k) and choose to just receive it in my salary, what will I actually get in pounds and pence? thanks!
-
HMRC…married persons tax allowance
I am the non- taxpayer and my OH is the taxpayer. Unfortunately he didn’t watch your video and he applied for the tax allowance transfer 🤦♀️. However, instead of disallowing it or, ‘it not working’ they have transferred his tax allowance to me. I believe he has put a stop on it for the next financial year but not this. Is…
-
Marriage Allowance Transfer..
Dear Anyone, We’ve both been retired for several years now and our tax is calculated under the HMRC’s PAYE scheme, but I’m struggling to understand the best way to utilise our marriage allowance correctly. A few years ago, our savings were in sole and joint names but then I started receiving my company pension and my tax…
-
New Tax Code Not Mentioning Rental Income
Tax Return was completed last year. Recently received new code which is S1257L. No mention on the tax code notice about the rental income. Which was all on the Tax return. Should I call them and query this?
-
SIPP contribution... or not? Help please.
There's only a slight chance that she'd need the cash in the short term, but we'd like to plan for that eventuality. Contribution c.£40k gross, 40% rate tax payer. The plan was to was to maximise it, not access it until BRT payer. What would be the implications of making the SIPP contribution and then finding one needed to…
-
Small business rates relief and aggregation
I have been asked by friends whether the council has any powers to aggregate entities for the purpose of applying the SBRR. The situation is as follows: Business 1 is a pub with letting rooms owned by husband and wife. Business 2 is a pod site on an adjacent plot of land, owned by husband and wife, but let to a company…
