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Just over a thousand pounds
Can anyone put me straight on my tax return, I am retired but still do a small amount of online graphic work. Over the last five years the amount earned has dropped below £1,000 and as my tax return asks me if my earnings are that or less this has led to no tax paid. However this year much to my surprise my earnings have…
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+£100k salary, Can SIPP help?
I’m considering opening a SIPP and wanted to just double check my understanding is correct:For those who make £100k+ you begin to losing your tax free allowance (ie. On 110k, you’re loosing 10k of your £13k personal allowance) and being taxed on the remaining £107k ish at 45%.If I set up a SIPP where I would donate around…
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IHT exemption - confusion over regular gifts of surplus income
My wife & I are in our late 50s & are both retired with two non-dependant adult children. We have mirror wills which leave our estate on the first death to each other and on the second death it goes to our children equally. Our current joint net annual income is sufficient to meet all regular monthly outgoings such as gas…
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Inheritance tax Allowance
Inheritance tax Allowance I understand the inheritance tax allowance is £325k x 2 =
£650k for a married person, plus £175k x 2= £350k against the property owned in
joint name, making a total allowance ££650k + £350K = £1m. So no inheritance tax
is paid by the receivers on £1m when both of them die. Anything above £1m,…
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Avoiding higher rate of tax
HelloI am on the cusp of earning £50,000 per year (my monthly wage fluctuates slightly because I am on call. More call outs = more money). If I understand it right, if I earn over £50,000 then I will be a higher rate tax payer, which I am trying to avoid. I am able to modify my pension contributions month to month. Would…
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IHT and gifting
Very basic question here. Is it the case that all the ins and outs of gifting (7 year rule, annual allowance, £100 exemptions etc) are all irrelevant if your estate is under the IHT threshold?
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How to Reduce Tax Burden for Retirees
I am 70 and a pensioner receiving state and private
pensions. My annual income from the pensions and savings is above the Personal
allowance, so pay 20% above this allowance. I have worked for 42 years in one
company and have never filled a tax return form. My wife’s marriage allowance
has been transferred to me as she was…
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self employed -can i claim car expenses for any of these jobs ?
i used to be a street market trader for 40 plus years / so filled out decades of hmrc returns and claimed my van expenses for this business.i have now retired as a street market trader and have sold my van but have a car .am i allowed to claim for car expenses on any of these ? i have midsize online ebay and discogs shop…
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Discretionary Trust, NBR and 10 year charge
Hello Forum, I don't understand the concept of NRB available to the DTrust. When there are two settlors, are there two NRBs available to the trust when it is set up?
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Confused by new tax code
On 30 Dec 2024 I received a P800 notice saying that I had
paid too little tax in 2023/24 (because my savings interest exceeded my
personal savings allowance) and that I owed HMRC £841.88. My tax code changed on 31 December (now beginning with the
dreaded K). The accompanying letter also said that they estimate I…
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Tax brackets changing
Hi guys, Could somebody confirm if the tax brackets are changing from April? (In particular the level at which you start paying 40% tax?) This year the 40% tax bracket started at £50,271 but on the government website, it is saying that the 40% bracket starts at £37,701 😮 Unless I’m being completely stupid, I haven’t seen…
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Tax on exam marking for a professional body
Hi. I have a PAYE job. In addition, last year I did some exam marking for a professional body. I invoiced them and they paid me gross (just over £2k). In order to pay the tax, should I register for self assessment (as a sole trader?)? Can I use the £1k trading allowance? Or do I just tell HMRC and owe tax on the whole…
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Gifting / Inheritance Tax Question
The situation I have is I am my father’s only child and his
will leaves everything to me, he’s sold his house and is in his 90’s living in
a care home. His total assets are about £155,000 which is all savings, his
pensions cover the cost of his care home, so his total savings are unlikely to
change a great deal. As I am…
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Tax on non-cash gift
If someone gives something other than cash, i.e. a physical object which will depreciate in value, to someone who is not a spouse or other relative might there be any tax the recipient has to pay? I'm not talking about inheritance tax but whether the recipient has pay any sort of tax, e.g. income tax, themselves. If so,…
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Capital Gains Tax
Sorry if this has been asked before- We took over a pub in 2017 and in covid we moved above it. We never returned to our home and in that time it fell in to disrepair. We have been paying double council tax for an empty home since then. We are in the process of doing it up and selling it. Hoping to get £220-250k for it and…
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CGT status on SIPs Accumulated Shares when Company Sells you bit to Another Company
I took part in several SIPs offers by my previous company over a number of years.Shares for all these were kept in a single account, even when some reached the 5 yrs maturity.The company then sold the part I was in to another company, and in terms of the SIPs I was classed as a good leaver in relation to all the shares in…
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ADS Rules in Scotland - Residential Mortgage to Buy-to-Let
Hi MSE Forum, I'm trying to understand more about the Additional Dwelling Supplement applicable in Scotland to 2nd homes/buy-to-let purchases. It's all hypothetical but does anyone know if this would apply if I converted my residential mortgage to a buy-to-let and purchased a primary residence in England, rather than…
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Income tax doubled mid-year
Hi, I just wanted to see if i'm missing anything obvious before i have to call HMRC and try and get them to help. I'm salaried on PAYE only, no income from anywhere else. Tax code has remained exactly the same all year at 1257L. My salary has not changed during the year, though i did get a bonus in April which i put a big…
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Tax owed due to bank acct savings interest
Excuse my ignorance.... But when did it become a persons individual responsibility to manually pay tax on savings interest? Moreover, how would you know how much to pay back? I have been notified by HMRC that I owe them income tax, due to my banks advising them of interest payments that I received on my savings accounts in…
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Inheritance tax - how much? And how to reduce?
1. How much inheritance will be due 2. Unfortunately I have terminal cancer, is there anything I can do to reduce the tax on £500000 family house, wife died in 2001 and left £150000. I believe the allowance was £242000. I have left £600000 in a bond half of which is outside of the Will, joint with son, I believe his half…
