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Tax on compensation received for complaint
If you make a complaint to a financial institution which they uphold and pay compensation in recognition they haven't performed as expected. Is the amount received taxable? Thank you
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Pay rate is unclear?
Hi, Next week i am starting a work contract. Full Time Its 3 month contract, inside IR45. They said it was £45/hr, but then sent the attached wage breakdown. The recruitment consultancy are dealing with my pay. Do you know how much i will receive into bank account each hour? (or week, etc). It looks like i am paying into…
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Long term planning - reduce tax bill
Hi, Is there anything further that I can do to further reduce tax charges? Currently I do the following: Put the max £60k per annum into my workplace pension Use my full £20k per year ISA allowance Give my wife any spare cash to put into her ISA Put the maximum £9k p/a into my chidren's ISAs. The idea being that they can…
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Software advice for HMRC MTD for Landlord
We're a small landlord. We usually use our accountant to file our annual return. With the new Making Tax Digital system we need to do quarterly updates to HMRC. We also sell enough on eBay to need to include that as well. Can someone point me to a software that is reasonable cheap (or free) that is MTD compatible that we…
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Have I got this right?
Maths (and tax matters) are not my area of expertise. Am I along the right lines in my thinking, please? Higher rate tax start to become payable when income hits £50,271.00 onwards to £125,140. A total income of £50,270.00 would remain in the 20% tax bracket - for now. 50,270/12 = £4,189.16 per month, pre tax. 20% of…
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altering accounting period
Why would a Ltd Coy consistantly over the years, put back this date by ONE DAY. What benefit is there?
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Traditional accounting or cash basis.
I have filled in my self employment self assessment and there is a question which is optional so I left it blank but I am still curious. It is asking if I used "traditional accounting or cash basis". I did Google it and it appears traditional accounting is mostly used by large companies, I am not. I am part time and net…
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EMPLOYED BY COUNTY COUNCIL AND TAXED ON MY MILEAGE PAYMENT
Hi all new to the forum but need some advice, I work for my local county council and use my own car to visit local schools in my area, I put in a mileage claim every month but it appears on my payslip as part of my monthly pay which is taxed, how do I know if I am getting the tax relief on this and how to claim it back if…
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Excess Reportable Income on an ETF based overseas
ETFs are very popular ways to trade funds, and for tax reasons are almost always domiciled overseas, e.g. Ireland, Luxembourg etc. Apart from the Capital Gains Tax aspect when selling any share for a profit, I have become aware of HMRC's 'Excess reportable Income' rules for overseas funds. Although the fund I want is…
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£3000 tax demand
Had a letter from advantis to pay HMRC £3300 I'm on simple assessment I have a main job and a pension draw down on a previous job both these are on my account on the HMRC app .the only reason I can think of is my tax code is wrong but if all my income is declared why is the code wrong ? I am paying tax on both.im on…
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Limited company for subcontracting alongside PAYE job — does this make sense?
Hi all, long time lurker first time poster. Would really appreciate a sense check on this as it feels almost too good to be true. I have a salaried PAYE job earning £30k and I've just signed a subcontract for some consulting work on the side, around £34k a year. I don't need the money day to day and would rather shelter it…
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Can I avoid higher tax band for last year?
I'm just getting everything together for the tax year ending 2026, I notice that my salary income and fees I received come very close to the 40% tax band. I wonder if I can slip into the basic rate tax band my queries are: Does savings interest form part of the "Income after allowances" on which tax bands are based?…
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Forvis Mazars — fundamental tax return / CGT errors, outcome-matching, no accountability
I am posting this as a warning about my experience with Forvis Mazars in relation to my 2024/25 tax return, including a CGT calculation. I engaged Forvis Mazars to prepare my 2024/25 tax return, including a CGT calculation they had handled correctly the previous year. The legislation had not changed. What followed was a…
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Capital Gains Tax
Hi, I purchased an ex council property in 2000 when it was valued at £57,500 for my MiL. Property was gifted to me 2015. No valuation was carried out. A neighbouring property was sold for £135,000. I re-mortgaged property 2024, when it was valued in excess of £120,000. I have sold property for £90,000. Am I liable for CGT?
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Self-assessment and survey earnings
I've earned over £5000 on prolific last year, so I think I need to do a self assessment tax return. Does anyone know any good guides on how to do this please?
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Inheritance Tax
My wife and I have a property in joint name worth about £800k and she has savings in bonds , ISAs etc plus cash worth about £500k. In the Will I will be inheriting whole of her assets if she dies before me. We have a Mirror Will. Will I be liable to Inheritance tax as her assets will be worth £900k. Kind regards Ash
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Tax effective charity donations
My husband has died recently and I have started up a fund with a charity in his name, to which I want to donate £50000 over 10 years. I currently earn just under £50000, and have savings where the interest will push me into the higher level of income tax. My inheritance from my husband is below any level for probate or tax…
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Declare YBS small change big difference on self assessment?
Hi, Helping my dad fill out his self assessment online for 25/26. Having never done it before I'm just wondering if the 65p interest which YBS take for the SCBD charity needs to be declared in the 'did you give money to charity ' section. Thanks
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Trying to Understand the 22% Tax on Savings.
I’m having a blind spot and hopefully someone can help me understand this. I am a higher rate tax payer simply because of my Bank & Building society Interest (BBSI). Thus far when submitting my self assessment it hasn’t made any difference in which way the figures are entered, if it hits the 40% level it’s taxed at 40%. If…
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Saving tax on investment property
My brothers and I own a house that's been converted into 4 flats. The flats are let out on ASTs, and we own the freehold. No mortgage. We've owned it 40 years, and it's gained in value. That's where we're starting from. We now want to sell off the flats individually, with new 999 year leases at nil ground rent and with a…
