-
Retired and not working but asked to pay tax in advance
Hello, I have been retired for several years. Due to several bonds having matured during the 2024025 tax year, the interest I received was higher than usual and I had to pay over £1,000 in income tax for the year. That was to be expected, but I was also asked to make two advance payments for next year, one by end January…
-
WORK BONUSES - ACTION TO REDUCE THE TAX HIT?
My daughter received a hefty bonus last year in the form of a phantom option. She took no action to try and reduce the tax hit and so has received a demand for a large sum of unpaid income tax as at end of year she was in higher tax band and as her total annual income was in excess of £100k her Personal Tax Free Allowance…
-
Defining a second home.
Question re: Second Home definition. I live abroad where I pay money to rent a place. Back in UK I was letting out my flat but tenant now left and I am in charge of council tax. But the council have sent me a bill outlining the costs - it regards the place as a second home!!!!! And so the council tax is a whopping double.…
-
Retirement Tax Code
Sorry if this is a common question but I can't find anything. I retired last September and claimed and received a refund of my PAYE. I have not had anything since, ie I did not receive a tax code for this year, is that normal ? I am not taking any pension or have any income, but will take my tax free allowance from my DC…
-
IHT selling home instead of leaving it to children
Friend's father now in care. Will leaves house to her and sibling which increases IHT threshold to £500k. Estate is £1m - £1.5m. The children are putting the house on the market now. If it's sold and converted to cash before his demise presumably the IHT allowance drops to £325k?
-
Married woman's tax allowance - transfer back from husband or not?
I transferred my allowance to my husband a few years ago, as I didn't earn enough to pay tax. Now (both retired) I have a part-time job. My husband has taken a small pension out as a lump sum and so will be paying tax this year. Should I transfer my allowance back or leave it with my husband for this year because his tax…
-
Reclaim VAT/import taxes on a returned item under 1000 euros
Does anyone know how to relaim import tax / VAT on an item I bought on ebay from Germany that is being returned due to it being faulty. I thought CDS was the answer due to this info https://www.rossmartin.co.uk/vat/5984-how-to-claim-back-import-vat-and-duties but there is no MRN (movement ref number) due to the item being…
-
If you make less than £3000 buying and selling stocks in a year, do you still need to declare it?
Hi, If you have bought and sold US stocks and turned a profit but it was under the £3000 capital gains allowance, do you still need to declare it and submit everything in a self assessment tax return? Thanks
-
Tax Free Childcare
Hi, I am hoping someone on here can help me, I am trying to establish whether we qualify for tax free childcare allowance. I currently earn £85k per year, however this year I was paid an unexpected £40k bonus, on top of that I have a company car and healthcare which amounts to a BIK of £10,608. I am currently paying…
-
CGT on probate property - HMRC online
I’m due to pay CGT on a probate property sold by the estate before distribution. I’ve registered a complex estate and set up a capital gain tax account. When I’m filing the online CGT form, there is a question about how the trust got the property. The most likely options are either (i) inherited it or (ii) other. I’m…
-
Tax code query
Not sure if this is the correct board - a mod may move this post to a more appropriate board if required. I retired last year and am married. I have bought a second annuity as I didn’t really fancy using drawdown which means I am now a 40% taxpayer with pension this tax year of about £55k and possibly taxed interest of…
-
SDLT and CGT
My position is that I owned 4 properties. All 4 were rentals. Last year after splitting with my partner, I evicted the tenants from 1 property and moved into it. I now want to move house. My first thought was to sell a house I inherited that is in poor condition and a long way from me (but more expensive area) so it's not…
-
Tax refund
I have two jobs. For the financial year ending 5/4/25, I used the tax calculator on this site and on HMRC website. both results showed I paid too much tax. the previous other 4tax years’ tax calculations on these two websites showed the tax that I paid was correct. HMRC have not written to me about a tax refund. should I…
-
SA Return - Payments in advance
I hope you can help with my confusion. I help my mum complete her tax return using Taxcalc. For many years she didn't pay tax because her income was not high enough.However my dad died in 2022 so she now gets his widow's pension plus the interest from his savings. Meaning she has to pay tax.From October 2024 to about…
-
Tax Return while permanently employed in Norway but live in UK
Hi. Wondering if anyone has any advice. at the end of last year I took a job working in Norway offshore. I work for the same company but I am employed on a Norwegian contract and still live in the UK so just travel back and forward for my trips offshore. My pay goes into my Norwegian account and I pay Norwegian tax. last…
-
Clarification on Adjusted Net Income and 30 Free Childcare Hours Eligibility
I work in state education and will be earning £110,000 from September this year. I contribute 11.7% of my salary to the Teachers Pension Scheme, which I understand operates under a Net Pay Arrangement. As I understand it, under the Net Pay method, pension contributions are taken before tax and full tax relief is applied at…
-
Company vehicle designation on P11d
This is a long (4 year) issue I have been going through regarding what I consider to be my employers 3rd party HR companies designation of a Ford Transit custom double cab in van as a passenger carrying vehicle. This has resulted in an £18000 tax bill for the 3 years I was given this vehicle from 2021-2024. From the start…
-
NI Refund CA4361 Backlog
The HMRC Backlog for CA4361 claims for a refund of overpaid NI is a joke at the moment. Can anyone explain how they can be at a point where on the website where you can find an expected reply time it says that they are processing claims from the 24th March 2025 (mine was submitted in early April 2025) for it then to jump…
-
Tax on US Social Security Retirement Benefit
Hi, I'm a British citizen living in the UK. Back in the early 80's I worked in the USA for a few years. Now that I am retired I submitted an application to the US Social Security Administration to find out if I was entitled to any retirement benefit. To my surprise they have come back and said 'yes' I can receive a small…
-
Pension and job - salary sacrifice 40% tax relief?
I have a pension of £28000 and job £34100. Pension taxed at BR and my tax code for my job shows a reduced personal tax free allowance 590L (so I will pay 40% tax on this at some point). I take advantage of salary sacrifice for several things. I am only getting tax relief at 20%. Payroll have said I am not paying 40% tax…
