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Tax on timeshare rental
A request from the timeshare company about UK digital regulatory reporting requirements alerted me about the possibility of tax liability for timeshare rental. Occasionally, when we can't use our timeshare, we put it up for rent. It seems that this income might need to be declared on my tax return. Recently, when we had a…
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HMRC Tax Calculation Missing July 31st Payment for 24/25
I'm wondering why my Self Assessment tax calculation for ongoing tax has no July 31st payment listed for 2025. The only difference is that my business has had to transition its basis date/Acccounting period to match the tax year in the latest tax form to be submitted for 2023-2024 on January 31st 2025. Has anybody else had…
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Leaving the UK to move to a remittance based tax system country with savings. Any concerns?
Hi, I’ve been researching remittance-based tax systems, which only tax income that is remitted to the country. I’m finding this to be a great way to save some money for 3 or 4 years. Also, what seems the only chance from escaping costly lifetime mortgages. From what I learned, I can live from my own savings. Keep any…
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Registered for self assessment today - what do I do about the deadline?
I've only just realised that I need to pay a small amount of high income child benefit charge for the 23/24 tax year, so I have registered for self assessment this evening. However all the info appears to say that it will take three weeks for my registration to be processed. What does that mean for the submission deadline…
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Excel spreadsheet for personal tax?
Does anyone know of or have a link to an Excel spreadsheet? Something that has all the UK personal tax bands and allowances (ideally editable) where you then enter all our sources of income, salary, self-employed, capital gains, pension, interest, dividends etc. and can calculate the tax? Have tried making one, but…
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How do i pay the tax due
My state pension is £13,124.80 a year which is £554.80 above the allowance ,two questions 1) Will i have to fill in a tax return for this 2)If not how will the gov collect the tax due. as an aside i thought i could claim some of my wifes allowance as she earns less pension than me BUT when i go on the GOV.UK website it…
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Tax Dilemma
Hi Everyone New to posting on the forum but been lurking for a while trying to understand my best option for the situation I'm in. For the 24/25 financial year I find myself in a fortunate situation whereby I will earn approximately £134000 from my job, which I believe will wipe out my personal allowance. I'm already fully…
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Thanks, dealt with
Thanks, dealt with
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Personal savings allowance and pension contributions
I am wondering if I can use pension contributions to increase my personal savings allowance? This tax year I earned around £4k in interest from savings accounts. My total earnings were around £19k (including around £4k from the insolvency service in lieu of notice as my employer was liquidated). If I contribute £15k to a…
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HMRC - can't submit my self assessment .......... not receiving access code on my mobile
Firstly I'll say that I have submitted an online request to HMRC's technical team via an online form, however as they can take 48 hours to reply I thought I'd ask about this here ..... after all, this fiasco could go on for ages. It's the HMRC after all .......... To explain: Today I logged in to submit my self employed…
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Self assessment - tax code discrepancy
The tax free allowance on my self assessment shows the default amount, which is lower than that given by my PAYE tax code by over £1000 in my favour. On closer inspection this has been the case since I've been submitting returns, about 5 years! By my calculation that's around £200 a year I've overpaid. What are my chances…
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Options for small pension re tax
Wife 64 currently takes a private pension. She is in receipt of sick pay also and pays small amount of tax. However she also has another small pension (£19600 value) which matures on her 65th birthday in March. How best to take this money to avoid as much tax as possible. I think an annuity isnt really viable as the…
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Resolved
Resolved now
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Transferring Shares to Children worried about getting Taxed
We are thinking about Transferring the shares we own into our children's names. The shares are currently in a joint account with my Husband. If either me or my Husband pass away within the next 7 years will there be tax to be paid or is it only if both of us pass away.
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Personal tax allowance if unemployed - other factors that could affect it?
I took redundancy just before Christmas and I am taking some time off work for a couple of years. I have quite a bit in savings so I need to work out what my Personal Allowance will be for the year 2005/26. I understand that if I do not work my allowance will be £18,570, made up of: £12,570 personal allowance £5,000…
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IHT and life time gifts
Which of these are taxable are potentially taxable in the future? A father and a mother each give their only child £3,000 in a tax year. A child lives in his parents' home without rent. A child is fed by parents whilst living in their home, i.e. free groceries. A child living in his own home visits his parents' home and…
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Delaying business expenses
Hi guysI won't exceed the lowest tax threshold of £12570 for the 2023/2024 year in income alone, yet I have significant expenses related to materials and day to day running costs of the business including buying a used electric van. I will earn more in 2024/2025, and again likely even more in the following tax year. Is it…
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Tax calculation for 23-24
Logged in to see if there is an news and the message now says" we will aim to calculate your tax by 5 April 2025". Now wondering whether to continue to wait or make contact.. I will owe tax on interest, but due a larger rebate as I was deducted more PAYE than MyCSP should have taken when I retired part way into the year.
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How much to put in pension to reduce tax
I’m trying to work out how much I would need to pay into my PAYE workplace pension in order to come under the higher rate tax band. I have been very fortunate to inherit some money recently which is in savings accounts for now (earmarked to buy a house), and is generating a lot of interest, but also means I am paying a lot…
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Charity donations
Morning all. I'm a higher rate tax payer and through my pay, I have been donating £50 a month to a charity of my choice for years. My company have now stopped this - said they no longer partner with Charities Aid Foundation and said to donate directly. However, my £50 i was donating, seems to only be about £25 extra into…
