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Self assessment - Income over 50K
Hello and thank you in advance for any advise. Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.…
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SA Form: self-employed losses error
I am trying to complete my online self-assessment form and
cannot get past the Losses page for self-employment, due to persistent error. The business has made modest losses on the last 5 years. On the losses page I am getting for the “Loss to be carried back to previous year(s)
and set-off against income (or capital…
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Doing tax return while self employed and PAYE
I've done my own self employed returns but I did some employed work part of the year. Do I submit this on my self employed tax return or leave it? I've attached an example of one pay sheet- didn't pay any tax on it Do I need to put this in and declare it? I was also claiming tax credits at beginning of tax year yearwhich…
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Landlord self-assessment help
Hi, I am looking for some help regarding my self-assessment. I must be doing something wrong as the calculation is coming out too high. My rental income for 23/24 was £5025, my mortgage payments were £3183, giving a profit of £1843. But my tax is showing as £1025. I want to use the £1000 property allowance rather than…
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"Non-dom" tax: Is fund segregation relevant for income and gains accrued after 6 April 2025?
Under current rules, "non-doms" should separate foreign income and gains from "clean capital" to avoid creating "mixed funds". However, with the proposed FIG regime coming into effect in 6 April 2025, will it still be necessary to segregate these funds if income and gains accrued after this date can be remitted into the UK…
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2023/24 Tax Return Rental income (interest on loan)
I hope someone can help point me in the right direction. I've tried reading, looked at lots of You Tube videos but can't seem to find where for this tax year I enter the interest on the mortgage for the buy to let. I am a carer £3983 so only other income is property rental. I chose NOT to put the rent up so I could retain…
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Original Price of Freeserve Shares?
Hi All. Just - finally - sold my 14 shares in Orange SA (part of France Telecom, I believe, but formerly Freeserve, then Wanadoo. Can anyone tell me what the issue price was of those Freeserve shares - way back in the ?90s - pls? (Needed for CGT reasons - to show the huge loss...)
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CGT deduction
Hi all any body dealt with CGT on a inherited property recently completed a 100% rewire is this a repair or a an improvement I’ve seen more that 50% would class as an improvement of the integral feature capital allowances? plus a new bathroom
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Reducing from 40 % tax through workplace pension
Hi, I was hoping that somebody would be able to give me some advise please. I am currently over the 40 % tax bracket, I would like to know how much I would have to pay extra in to my salary sacrifice to bring this down to 20%, and how much would I be short a month on my monthly earnings. I currently earn £47400 then with…
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Capital Gain Tax on council flat
My mother and I bought a council flat valued 290k for 162k, When we sell it in 5 years, I hope I can get 340k. Will I have to pay capital gain tax on 50k minus legal fees or on 178k minus legal fees? Also, we would like for this property to be on my name only, how is the procedures and how much tax would I pay? Many thanks
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Self Assessment Help Please - re. pension
Hope someone can advise. I have to complete a self assessment for the first time ever as I'm getting my workplace pension on ill health grounds now. I was made redundant on health grounds in 2009. I didn't realise I could apply to have my pension back then, and only applied for it in 2023. My former employer agreed that I…
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CGT allowance
Hi all can anyone advise on CGT allowance on 100% rewire of a property plus a new bath room
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Gifts with two donors to one donee - 7 year rule
If a cash gift is given jointly by 2 grandparents i.e. more than one donor, how is the 7 year rule interpreted? Does 7 years apply to the first to die or the second to die? Haven't found the answer so far so posting here. Thanks for the help.
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HMRC notification of tax code change
I understood the starting rate for savings (plus a ESA allowance) was £18,570. (see starting rate for savings on this site) ESA c £7,254. Only other income was savings interest of c £3,500. Total income for my partner being £10,754. HMRC have notified her that 24/25 tax code will be 907 How wrong can they be? Even their…
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High Income Child Benefit Charge
Hi all, Hope you can help, I have just done my return as was paid over £50k last year- £55,500 We have 3 children and was paid £2910 in Child Benefit My return has come back as me owing £2106. Does this seem right? I haven't had to do it before so just wanted to check, I knew we would have to pay some back but thought it…
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Capital Gains Tax evidence for HMRC
I have recently sold a property that was owned jointly by me and my late husband (it was intended as our retirement home but that was not to be). As we never actually lived in the property there is a CGT liability. The Accountant wants the Settlement Statement from date of purchase in 1999, but I just cannot find it! The…
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Available savings allowance
Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ? Thanks.
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Understanding tax code re: pension
I have recently started receiving my state pension and have received new tax code of 898L. My other income is from a teacher's pension of about £8000. These are my only incomes. I don't understand why this code is 898L. I thought everyone could earn £12570 before tax so the code should be 1257L.
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Foster carer self assessment
Hi, I wonder if someone could advise. I am a foster carer and normally a friend does my SA for me but sadly passed away suddenly. I am not sure how to work out the Qualifying Care Relief amount. I foster a child long term and lets say the qualifying amount on my annual tax statement was 50K, how do I apply the calculation?…
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Savings within Personal Savings Allowance not actually as free
the MoneySavingsExpert website states “Basic-rate (20%) taxpayers: can earn £1,000 in savings interest per
year with no tax; Higher-rate (40%) taxpayers: can earn £500 in savings
interest per year with no tax”. And indeed this is the information on the HMRC
website and on every other guidance website. But I’ve discovered…
