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Claiming 40% relief on pension contributions
I'm on self assessment because of dividends, retired with a SIPP funded at the max of £3600 a year for unearned income. In the past the 3600 has always been added to my personal allowance for PAYE on my pension. This year the SIPP allowance has been decreased to 3462. After some head scratching I worked out personal…
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Tax on Savings
As a non tax payer does anyone know why HMRC are taking "untaxed interest on savings and investments" into account on my tax codes? £578 last year and £758 next year? This reduces my standard 1275 allowance each year. I thought that i would pay no tax on interest under £1000 and the bulk is in ISA's anyway!
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Chargeable gain event - reporting to HMRC
Can anyone help? I will have a chargeable gain event soon when I cash in an inherited bond, by using top-slicing this will NOT take me above the basic rate tax threshold so according to a financial advisor there will be no tax to pay. The financial advisor says no need to report to HMRC via self-assessment (I have never…
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Help with the dreaded CGT on shares, some in SAYE scheme, some not
Hi forumites. I have quite a specific question that my searches didn't find answers to in existing threads, so here goes. I subscribed to a sharesave scheme through work and bought ~8000 shares in the company at an option price of £1,20 Thinking the company would do well in the medium term, I bought another 2000 shares…
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Is Capital Gains Tax due on a property I've occupied?
Hi all, I'm brand new to property letting and all the tax complications that go with it. I bought a property in 2019 and lived in it until summer 2025. I then relocated for work and am currently renting until I decide where I want to buy. Meanwhile I'm renting out the property I own. Firstly, I'm struggling to work out how…
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Income Tax Payment on Account
My 86 year old Mum receives an uprated state Pension. I do not know the full detail but when my dad passed 20 years ago he had paid extra in or something and she inherited it. Anyway instead of the basic state pension of £12K she gets a state pension of approx. £20K. Every year we do her self assessment for her and also…
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Panic! - Help with Registering for Self Assessment
I knew it had to happen! My wife has just been sent a letter from HMRC telling her to register for Self Assessment. The reason is she received over 12k in untaxed interest for this FY 25/26. I do it for her because of medical reasons. I've logged in using the Government Gateway and started the form, I've got to assume that…
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Paid in one tax year, work in another - reporting question
Hello, I'm self employed (sole trader). An organisation wants to pay me for some work before the end of this tax year but have me do the work in May. Do I have to report the income in my self assessment for 2025-26? I'm in Scotland and this work will take me into the next tax band if I have to report it for this tax year,…
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Are State Pension payments split between FY25/26 and FY26/27?
Before I make a fool of myself speaking to HMRC, does anyone know if my NSP payment of £921 due on 01/04/26 counts fully as 25/26 income, or is it just 5/28ths of it, with the remaining counted in FY26/27?
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Gifting Half the house and IHT
Back in 2004 my mother gave me half the house. The Land registry shows it is now joint owned. There is also a letter from the solicitor confirming the transfer is complete and that we are tenants in common with equal shares. We both lived in the house until her death. Is that enough proof for HMRC?
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One in five councils in Eng/Wal getting it wrong on Council Tax Carers Discount
An investigation by MoneySavingExpert.com into 'the councils that couldn't Care less' has found that, in a spot check, at least 69 councils in England and Wales have information about the live-in Carer Council Tax discount on their websites that incorrectly indicates far fewer people are eligible than really are. This is…
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Tax codes & UFPLS - how do they work?
Hi I'm currently taking two pensions. One has tax code 1257L and the other a tax code of BR I plan to take £24k from my SIPP this financial year, by means of one or many UFPLS. Looking at ii's set up I will be charged emergency tax on at least the first payment so I'm reluctant to make a single large withdrawal (on the…
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Simple? income tax circumstances
I thought I'd try to get an idea about how much tax I'll have to pay this year (2025/6). So I asked three AIs and got three wildly different answers, none of which seemed correct. I have only three income streams: £12k pension income, £18k dividends and £20k interest. (The numbers are rounded up, not least because the…
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HMRC savings interest estimation
Does anyone know how HMRC estimates the amount of savings interest that will be earned in the next tax year? They finally finished totalling my interest for 2024/5 in January (approx. £8100) and this month they have calculated what they believe my interest for 2025/6 will be (approx £7000). Although I've still got a few…
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Does estate receive RNRB if beneficiaries are stepchildren?
I thought the answer to this is Yes, but ChatGPT insists the answer is No. Could someone please clarify?
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HMRC PAYE 26-27
I have been trying to input my projected earnings for the next tax year on the HMRC website. This will include part time job earnings, a small annuity, a state pension due in July and some withdrawals from my DC pension. i have allocated these earnings and submitted them to HMRC online. 2 of the new incomes have been added…
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Marriage Tax Allowance Eligibility Change?
I’m married and have taken my wife’s portion of tax allowance for this for the past 4-5 years. When it was set up, my wife earned under the 20% threshold, and I am a 20% tax bracket earner. However this year things have changed, due to fiscal drag my wife is now approx £2k over the threshold and now pays 20% tax.…
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Update savings income current year
The amount of interest estimated by the revenue is higher than the actual so I have reported the correct figure via my online account. I have now received a letter from HMRC asking me to itemise the calculation with account details. I cannot see where to do this online and the letter doesn't suggest a method. Can anyone…
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How do taxable savings affect a tax code?
Hello all,My code has been 1257L for a few years, but I was notified that it's been reduced to 1187L this tax year.I believe this £700 reduction comes from the taxable savings interest I earned last year, as the deduction amount shown on the HMRC app lines up perfectly to the pound with my account's gross income…
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Self Assessment & duplication of tax on savings
Just as background information - During 23/24, 24/25, 25/26 I received savings interest in excess of £1K that I am now repaying via tax code change for this 25/26 TY. The 23/24 calculation is accurate, however, they have also used 23/24 to estimate my potential interest for 24/25 & 25/26. Although I also received in excess…
