-
They're taxing me for an amount owed from 23/24 when I already paid it...
Hello good people, This seemed the most appropriate place for my question which is that a few weeks ago I got a notification from HMRC of a change of tax code. I logged in and discovered that I owed a small amount (£248) for the tax year 23/24 which I then paid (on 10/2/25) in full. It now turns out that they have applied…
-
Scenario cgt tax help please
Hello I current own half a property worth 250k approximately and i have a joint mortgage with about 107k left. I may shortly receive an inheritance of a house worth about 240k. If i sell the the mortgaged property to go and live there which i have lived in for 7 years and pay off the 107k will i be liable for anything?…
-
Income Tax and Pension Contributions
With my gross income, I would be just over the £50,270. I had thought that if I put into my employee's pension so that I would be below this rate, then I wouldn't become a high tax payer. However, I just been sent an e-mail saying that my tax band is being adjusted and after logging into my HMRC account, it is because they…
-
Relationship between Council Tax on "Second Home" & Capital Gains Tax exemption on "Main Residence"?
Bit of a long thread here, but bear with me: * My wife and I each own a home (mine is in London, hers is on the coast a few hours from London), both of which were purchased before we married a couple of years ago. * As a married couple we understand that we can only declare one property (for the purposes of capital gains…
-
Do you pay NI when self employed and retired?
Hi guys, I've been getting my public sector pension for 11 years and am now approaching my state pension age of 66. I haven't had to pay NI since retirement, and I have to buy back contributions as I haven't been able to work since my early retirement, due to ill health. But, for the last 6 years I have been self employed…
-
What is the best tax options for savings
Hi everyone I have £90 k in savings and I am looking for the best savings products to avoid or minimise the amount of tax that I have to repay, I appreciate your help. Alan
-
Salary Package Advice
Dear Forum, Interested to know everyone's thoughts on how best to maximise monthly take home pay based on the following; Location: ScotlandBase Annual Salary: £95000Monthly Car Allowance: £535Annual Bonus: £20000 (Paid as a lump sum in May) What is the best monthly pension contribution to make to maximise take home pay,…
-
HMRC Previous Year Tax Checker Tool - Incorrect Results
Hi all, hopefully this is in the right place on this forum. Like many people I have yet to receive my 2023/24 Tax Assessment from HMRC into my online tax account. I am expecting I will need to ring them to sort it. To inform that conversation, I used their official online calculator to work out an estimate of what I might…
-
Moving into 40% tax bracket & pension relief
Hi. Likely to be moving up a tax band shortly. Only ever paid basic rate before so just curious how this will work with my pension contributions. Pension is deducted from wages and comes off my gross pay. I understand that 40% tax is only due on the wages above the threshold. When it comes to pension tax relief does the…
-
Inheritance tax
Can I gift £3000 each to my daughter and her husband within the annual exemption rules for IHT,
-
Incorrect tax code on NHS pension
My wife’s
income is state pension and NHS pension. She left her last job - it was not NHS - in summer 2024
(although she subsequently took on one day a month’s consultancy which she will
declare on self-assessment). Gateway shows her FY26 tax code as changing from
BR to D0 for her NHS pension and also shows c.£62k…
-
Difficulty understanding my tax situation
I have 2 jobs, company car and
medical insurance benefits that gives me a combined taxable income in excess of
50k. In order to reduce my tax, I took
out the salary sacrifice (into my pension) option with my main employer to
avoid paying as much tax. I have only so far made 2 months payments of salary
sacrifice. I am…
-
100k taxable threshold and company benefits
Hi, I want to cap my taxable gross income for the next tax year (25/26) to 100k to become more tax efficient. With overtime my income is approx. 120k so I will be contributing more to my salary sacrifice work place pension to drop me just below 100k. I have company benefits (car and private medical insurance) worth…
-
Contractor Expenses Inside IR35
I've been working Inside IR35 since the Off Payroll Reforms, and I've been fully remote since the pandemic. My new client is expecting more time in the office (London) when I live in Scotland, I need some new office equipment (chair, desk, peripherals) and my WFH running costs are increasing all the time... Long story…
-
Capital gains tax
Hi. Can someone explain to me how much relief I would get if I sell my house. I bought the house in 1988 and lived in it until 9 years ago it has been rented to tenants meaning I lived in it for 28 years, I paid £40000 for it and it's worth around £230000 now can someone explain how much if any Capital gains tax is…
-
Do I need to pay tax on my dividends?
This discussion was created from comments split from: Carers Allowance - Are dividends earnings or income?.
-
National Insurance payable?
I've tried searching but been unable to find a clear answer. I am a sole director of a company and pay myself just below the threshold where the company would needi to start paying Employer National Insurance on my behalf. This company has been running for about 10 years. Any surplus income generated by this company is…
-
HMRC sent me a bill for £4000 for untaxed interest
This discussion was created from comments split from: HMRC say I have overpaid £3,500 in tax; I haven't. What is going on at HMRC?.
-
Gifts and Inheritance and buying a property
Hi, I’d really appreciate some advice. My parents own a mortgage-free property worth under £600,000. My wife and I own a separate property with an existing mortgage. We’re planning to buy a larger home for all four of us to live in. To do this, we intend to: • Sell my parents’ property and use the equity toward the new…
-
Confused about paying 40% income tax
I thought you have to earn above £50,000 to pay higher rate income tax. Why is it in my tax code letter, there is a reference of. Will be above £37,500 due to getting half of late husband pension. Does not seem right if I will be charged 40%. Thanks PAYE tax rateRate of taxAnnual earnings the rate applies to (above…
