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loss of tax free allowance due to HMRC requiring accounts to run financial not calendar year
Question - large tax bill this year, my previous tax returns were based on the calendar year but HMRC required them to be aligned to the financial year April to April for this tax return. Now this is achieved by adding a 1/5th of the earnings for Jan to March 2024 to this years tax return and so on for the next 5 years to…
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HMRC tax underpayment
My son became redundant end March 2024. He recieved a underpayment tax bill from HMRC, which said no action as will deduct from paye . He was unemployed for 8 months. He subsequently recieved another tax bill for a different amount, slightly less for same period. He returned to work in October, changed his job 1st January…
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Savings tax and self assessment
In 22/23, i filled out a tax return as I received some foreign income. For 23/24 I told hmrc i did not need to fill in a tax return as i would not receive any foreign income. However, i have just realised i received £3000 in savings income which has not been taxed for 23/24. Have i done the right thing in telling hmrc i…
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Payment on account !!
WHY is HMRC allowed to deduct "payments on account" ? I am a self employed Joiner and earn a modest income. I was quite prepared for the tax that I was due to pay on 31st January but was NOT prepared ( and not very happy) for the advance payment that HMRC want at the same time and another advance payment in July. How can…
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Red Warning on self assessment
Hi, I have been working on my self assessment today and when I got to the allowable expenses, a large red box appeared asking me to check if my figures were correct. It disappeared when I went out and back into that section, but I’m worried now. It was a big red warning box at the top of the screen. Has anyone else had…
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Tax Return date
Am I missing something? Isn't the deadline for self-assessment tax return 31st of January? Then why is it that I see the following on my page? Your returns * Deadline details 2023 to 2024 tax return due by 6 May 2025.
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P55 and sale of shares
I recently took my first UFPLS payment and had to fill out a P55 to get my tax back. I noticed however that despite my careful budgeting I had inccured a tax penalty. I checked online and my tax code is BRX, which I guess is fine but I have incurred a £900ish Dividend tax. I can sort of understand where this came from as I…
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Cafrried forward self employed losses
In two previous tax years I had a small business that made a substantial loss in both tax years. I have also been employed for those years, and the 2023/24 tax year, paying PAYE. My PAYE income was substantially more than the losses. I cannot see on my Self Assessment calculations that the losses were carried forward, is…
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CGT Questions 2024-2025
Hi 01) Up until the end of Oct I sold shares that made a profit of £3634. I have some other shares that I could now sell at a loss in order to reduce the gain to below £3000 for the year. Can I do this, or are the two halves of the tax year being counted separately? HMRC website says that I should pay CGT at 10% for gains…
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HMRC want self assessment tax return despite informing them no longer self-employed
Hi, husband ceased self-employment as a sole trader mid 2022 and is now a PAYE employee. HMRC were informed at the time and also on final tax return last year (22-23). They have now sent a letter saying he needs to file SA tax return for 23-24. Obviously no self employed income and no other relevant income. The letter says…
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Paying HMRC for different Tax Years
Hi My husband owes £30,000 to HMRC for failing to submit Tax Returns for four years (pre 2020). This figure is made up of tax, late filing fees and interest. He believed his accountant had submitted the returns (accountant now deceased, so no comeback there). He has tried to re submit the relevant tax returns, but the…
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Should I be taxed on these travel expenses?
Hi all, I'm a self-employed teacher working for multiple employers. For one of my University teaching posts I travel a 260 mile round trip (usually 2 or 3 visits per month), and claim back the travel. I either travel by train or car, and I'm allowed to claim reimbursed expenses up to £100 per visit (train ticket is…
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Tax return query re. income from a unit trust
I am a standard rate tax payer usually taxed via PAYE and have no additional sources of earnings. My savings interest from building society accounts for 2023-4 does slightly exceed £1000 but is nowhere near £10 K. As far as I can see from the questions answered here You do not need to send a Self Assessment tax return -…
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Does Joint Home Ownership join finances - without a loan or Mortgage
When we bought our first house it was in my sole name due to my wife's poor credit score. We both have Wills regarding share of the property We are moving house without a mortgage and would probably look to put both names on the deeds. Does this join our finances since my wife's credit score is still not 'great?
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Do I have to pay social security?
Type your messageHello everyone, I'm new here. My husband has been sick for over a year. He has been receiving PIP, ESA and LCWRA since January 2024. He is self-employed and therefore I have a question: he earned less than £6,725, so his tax return came out with a national insurance payment of £106. Do I have to pay…
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Optimising savings interest, dividends and CGT allowance
I'm trying to work out how to best use the non-ISA allowances, is my understanding of the tax allowances correct please? My understanding is that savings interest, then dividends are added to pay after pension and charitable contributions to calculate taxable income. (No kids, no company car or any other benefits like…
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Self-assessement - Cash basis and trading allowance
Hello, I hope someone can help as I'm not so sure how trading allowance works with Cash basis for Self-assessment. I made £1400 net selling things on Etsy - sole trader (£1950 gross - Etsy fees £550 ). In addition, I paid £100 for a software and £600 for a laptop I use for these activities only. I want to declare my…
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Tax on Self Employed Income (when also an Employee under PAYE) - query
Hi, Pls can anyone advise re a query on paying tax on self employed income? The person is already employed full time (PAYE). They complete Self Assessment Tax Returns already due to rental income. Last year they started doing additional self employed work - on very small scale basis - 1st year earnings were less than £600.…
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Does Personal Savings Allowance count towards income threshold?
Hi folks, Due to a pay rise last year, i'm just about to tip into the higher rate 40% tax band by April. To avoid this i've been doing AVCs into my pension to bring me to an expected taxable income by April of £50,058, so £212 shy of going into 40% However I've completely lost the plot with fixed rate savings accounts I…
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Can I claim tax relief for working from home?
Hi all, I have two jobs with a university. My main job is full time (1.0 FTE) and I can work from home or in the office. I choose hybrid and work from the office twice a week. My second job is 0.3 FTE as an Associate Lecturer. The contract for this role says that this is a home-based position. Because I already work…
