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Estate planning with overseas child
This might be a 'take professional advice' issue, but in case it is straightforward I am posting it.Spouse and I plan to update our wills. Everything will go to the surviving spouse and then to our two children. Possibly importantly, given the French context, they are my wife's children from her earlier marriage so are my…
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Landlord - home office / working from home allowances
As a Landlord can I claim the £6 per week working from home allowance to cover costs incurred with use of home facilities to deal with letting matters? I do use a letting agent to manage the property, but have to make phone calls; use the internet and stationary from my own home on a regular basis to help deal with issues.…
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P800 for TY 2024-25: charitable donations
I'm just going through my P800 for TY 2024-25 and am confused by the Charitable donations section - the figures aren't right and I thought they weren't relevant if I wasn't a higher rate tax payer anyway (my gross salary was over £59K but the taxable amount was reduced by pension contributions). I wondered whether anyone…
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Cryptocurrency Assets and Tax
Hi everyone, I have recently seen https://www.bbc.co.uk/news/articles/ckgl2je65klo Now I have a small amount crypto assets, but I have made a loss from the original amount of money that was invested. The article states that we need to declare these assets and could get penalties if we don't. Does anyone know what the…
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Transferring overseas asset to wife
My basic understanding is I can transfer any asset to my wife. A long time ago, whilst working overseas, I purchased a "fund" based in Hong Kong. Its been thru a few hands as such but now is managed by JPM. As a 40% tax payer, I'm assuming if I try to touch this money, it will be treated as overseas income and be taxed at…
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Self Assessment - Expenses for other property income
I own a freehold residential property which I have been letting out for over 20years. I use a lettings agent to fully manage the rental and for the last few years the tenant has taken out a 24month tenancy agreement. Therefore every two years I pay a T.D.S fee; legal fee and tenancy renewal fee. However, I am confused by…
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Reimbursed expenses on tax return
Hello I am completing my first tax return and I have a question that I hope someone can answer for me I am self-employed, and have been paid mileage by a client at a rate of 45p per mile. I believe this is not taxable as it counts as reimbursed expenses. Please can I ask how I should treat this on my tax return - leave the…
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Help with PAYE please? Freaking out.
Firstly Happy Nee Year everyone! Looking for some guidance if anyone can please. I stay in Scotland and have got myself in a huge pickle with tax due to limited understanding and stupidity and trying to fix it. Current situation:2 ongoing direct debits with HMRC. 1. Simple Assessment from several years ago where I had the…
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HMRC estimated untaxed interest
This seemed the most appropriate forum to ask this. I received a letter today from HMRC saying that I had underpaid tax & owed about £1600 which they would collect over the next year. This has arisen based on their estimated amount of untaxed interest on about £3k. I pay income tax by PAYE & have no high earning…
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Investing for non-UK grandchild
We have two children and are starting to invest for our first and so far only grandchild, eg paying into her Junior ISA. We will want equally to help our other child and his wife if and when they have children. He (our son) is a UK citizen, his wife is French and they live in Paris. He is no longer a UK tax resident and,…
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Marriage allowance
Hi, I applied for marriage allowance over 12 weeks ago. I have heard nothing from HMRC and obviously I’m waiting to submit my tax return via my accountant and they need to know if it’s been changed or not. Is this something I can check online, I have looked but I don’t think I can? Thanks DH
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Question on inheritance tax when family home is in sole name.
Question on inheritance tax. I am married and own our house but that house is in my sole name, as I
bought it before we married. If the wife dies first her assets are passed on to me tax
tree but when I die and I pass on our joint assets to our children does my
estate benefit from the £175,000 residence allowance she would…
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Gifts and other transfers of value Schedule IHT403
i need help do i put in money taken from bank accounts on form or money owed confused as my tax is payed from my pensions then i pay any thing left to pay in the following January ie a year later my state pension on my tax form is also different on what was put in to bank account as calculated differently by hrmc
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IHT Gift from surplus income - capital v income question
Hi. I had a long and interesting discussion about IHT with a relative over Christmas continues. My relative's apparently had a long discussion with their boss about the subject. I've been drawn into the debate. I've aired an aspect on here about gifting and taper relief and had some great comments. Many thanks for those.…
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Declaration of Trust re rental income for married couple
My wife and I own a rental property with a nominal income. Not a lot, but sufficient that it needs declaring via self assessment. It is subject to a mortgage To date we've been splitting the income 50/50 and so too the relevant tax liabilities. I've recently moved into the high rate tax bracket which has bumped up my tax…
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First time self assessment for property income
Hi, sorry if this question has already been asked. It's my first time doing a self assessment for property income so just getting my head round all the questions etc. I have a jointly owned property so obviously we have divided the income and expenses. My income would be below £5,000 before expenses due to only getting…
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Property rental - claiming expenses against rental income and CGT
Hi Im currently doing some improvement to my rental (small extension, re-laying out the top floor etc). I might sell the house in 3 years or so. Am I right in thinking that I could use my builder's invoices to reduce any CGT that may be owed? Also, Ive had builders in to fix some render and guttering. On their invoice…
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Tax on savings
Hi there My husband passed last november and has left me approx 200k through various pensions, death in service & life insurance most was exempt from probate and what wasn't was under the threshold. I earn approx £14500 gross but take home £12000 a year (£1003 per month to be exact( rest is tax, ni and pension) i only work…
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Tax code notice letter causing confusion
I have received a tax code notice letter but am confused by the entries Less untaxed interest, is this meant to be tax on interest during 2024/25 tax year as the amount is approximately what I thought it would be. Is is the next line I find confusing Les adjustment for estimated tax you owe (this year) is that meant to be…
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Inheritance tax difference of opinions
Over Christmas I met up with a distant relative. This year's argument was about inheritance tax. Apparently my relative's very well to do boss has been gifting £40,000 a year to his daughter. He plans to do this for 10 years or more. It's a plan to reduce inheritance tax by all accounts. It's not surplus income; it's money…
