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MSE News: Had a summer job? Check you didn't pay too much tax
If you've just finished a summer or temp job, it's worth checking that you've paid the right amount of tax. If you were put on an emergency tax code, you may have ended up paying income tax you don't actually owe – but it's easy to check and reclaim any cash you're owed. Read the full story: 'Had a summer job? You may have…
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Simplest way to pay unemployed spouse for some admin work
Hi, I'm Self-employed and pay basic-rate income tax. I would like to pay my wife for a few hours a week admin, packing and posting items, home-office cleaning etc. She isn't employed. I also do my own accounts, and submit them to HMRC via my accounting software. It's all very simple and I want to keep it simple. I'm not…
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£53,345 salary but only paying 20% tax
I am demonstrating my total tax ignorance ,,,, I had always assumed I was paying 40% tax on my salary of £53,345 , but it looks like Im only paying 20%. (I only looked at my pay slip as I am expecting an annual pension of £25K (from a previous job) and expected to pay 40% tax on it.) I am assuming to because I pay 4% into…
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Uniform concession for Volunteers
This week's newsletter had a useful piece on claiming tax for laundering work uniforms. I work as a volunteer manager at a local Trussell Trust foodbank, usually doing about three shifts a month. I'm responsible for laundering my uniform (TT provide it free of charge) and it certainly is distinctive enough to have…
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Council Tax -timeframe for responses to a challenge
Hi all, After moving into a new house in Devon and receiving the first council tax bill, I immediately raised a formal council tax challenge as I noted that they had the wrong property details (they appear to have mixed up my property with my neighbour's property, which has some 30% more internal floorspace and more…
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Deed of Variation how do we save IHT and CGT?
I am co-executor to my mother's Will which is mainly a house and very little savings. The Will left the house and not much else to us four siblings, two of us are executors. Three of the four have done a Deed of Variation to pass the funds direct to our own children and one sibling did not. The house eventually sold after…
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Gifting from surplus income
I have used this scheme once before running over 29 months. The arrangements were clearly recorded, full income and expenditure records kept and, as far as I can tell, all HMRC conditions met. I intend to use cash withdrawal and income drawdown from a SIPP to make further gifts from surplus income again in the future. I…
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Online Government Tax calculator giving me wrong information (i think?)
Ive just gone to this GOV online tax calculator and i think its giving me the wrong information (i think). Can someone confirm either way please. Website: Estimate your Income Tax for the current year - GOV.UK I entered my annual salary as £20,000 and then said i was making 38% pension contributions and I'm below state…
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Tax on Rental Income - Joint Ownership
Hello, my Civil Partner and I each own 50% of a property and split the rental income between us. I am a Higher Rate tax payer and he is on Standard Rate. We have a joint bank account, is it acceptable tax wise, for me to reduce my part of the rental income by the total amount of the overheads/expenses or do we have to to…
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Best ways to reduce corporation tax - in order?
Interested to know what others (perhaps any IFAs/accountants on here) would rank as the "best ways to reduce corporation tax"? e.g. * Pension contributions * Charity donations * R&D tax relief (not sure if that's a thing anymore?) * etc Appreciate the response might be "it depends", but I'd be grateful to see any additions…
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CGT calculation on GOV.UK
I have an investment portfolio that made a capital gain of £6142 in 24/25, I had losses totalling £10350 in the two previous years, all reported on my SA return. I have completed (3 weeks ago) my SA for 24/25 and carried forward losses from the previous years to set against the £3142 that would have otherwise been liable…
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How to handle Tax Returns for Foreign Asset sale proceeds spanning two tax years
I sold a foreign property in the 2024/25 tax year and will need to declare this in my annual self assessment return. The total agreed sale amount would produce a CGT liability. However the payment schedule was staged with the final payment not due for 12 months (i.e. in the 2025/26 tax year). I need to understand how to…
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HMRC sending 4 MILLION income tax refund letters – how to tell if yours is genuine
The tax office is sending around 4 million income tax refund letters between June and August. But with scammers commonly posing as HMRC, we talk you through the steps you should take to make sure your letter is genuine, and how to claim any money you’re owed. Read the full story: HMRC sending 4 MILLION income tax refund…
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GIA transfer to GIA and how "In-Specie" works?
I've been reviewing my messy GIAs reference filling out self assessment tax form and it's confusing, but think I'm getting there. However to reduce hassle ongoing, I'm looking to transfer one GIA provider in to my GIA platform. I can easily find any great information on how my CGT calculations are handled. My plan is to…
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59L tax code
Hi all, just started reduced hours and also collected my first state pension - I've been put on 59L W1M1 tax code - no idea whether this is long term or if I need to provide any info to HMRC - any help would be welcome thank you PS added this to Cutting Tax as I couldn't find another category to match
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40% Bracket
Hi, My tax code changed to 1193L, my question is do I pay 20% tax from £11,930 - £37,700 & therefore 40% tax threshold kicks in from £49,630 or do I pay 20% tax from £11,930 - £38,340 & 40% tax threshold remains at £50,270 - Please can someone clarify, thankyou in advance
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Granny annexe tax
My mother died before we completed building a separate dwelling granny annexe for her. We are still to put in a kitchen and bathroom in it. If we do put a kitchen and bathroom in it, would we be charged 2 separate council taxes? Or we were thinking not to put a kitchen in it, and have it as a games/gym room with a bedroom…
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Property in a Business
I am looking to retire in the next 3 years and own the building that the business is located. Is there anything I should do to avoid paying Capital Gains or not as much Capital Gain
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IHT403
my husband has started
to give a way some money to are daughter from earnings so no inheratance tax we have savings held for
some years we what to spend some of this on a new kitchen how do we with draw savings
and not include it in expenditure
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Income tax or capital gains tax
I am filling in my tax return and I have used Koinly tax software for my cryptocurrency disposals. It has worked out the number of disposals, disposal proceeds, allowable costs, gains in the year before losses and losses in the year and the amount of CGT due. There is also an "other gains" section with £280 profit.…
