Cutting tax

Good morning all, I recently retired and so I won't have been paid a full year's salary from 1st April 2025. I understand that if I only draw £12570 per year, then my personal savings allowance would be £6000.00. However, because I've only worked 6 months of the current tax year, I'm thinking my personal savings allowance…

We live in a farm cottage with several outbuildings. The main house wasn't really habitable, so we converted a barn to use temporarily whilst doing the building work (rather than getting a static caravan) which will then become an annexe for dependent relatives. However, we had a disaster with the first builder meaning the…

I appreciate that this is a complex issue, and the answer may well be to simply consult an expert, but thought I would try the hive mind here first. My father-in-law is the beneficiary of an Income in Possession Trust (IIPT), set up by his parents as a way of protecting the family assets from his ex-wife, from whom he was…

Hi 👋 I will be restarting occasional sole trader work soon alongside my employed work which employers have allowed. Havent sole traded since early last year so haven't had to do self assessment. I will be registering again for SA with HMRC. My question is, in the past my accounting year was 5/4 to 4/4 which I'd like to…

As above When I was completing our online tax returns last night, I looked into the above. Therefore, the benefit of marriage is - saving about 200 in tax a year

I am selling a property and will not have any capital gains. When I submit my self assessment form can I claim estate agent fees, solicitor fees and other fees associated with the sale as deductible items?

I have owned a plot of land for 5 years containing a small outbuilding. During the tax year 2024/2025, I received an unexpected electricity standing charge bill for £4000 which I paid (no electricity was consumed). I was not aware of a live electricity supply until I received the bill. I let the land to a local builder for…

Hi, I am doing my self assesment tax return for the first time.I had a part side hustle profit of £1525 that I need to declare. I paid PAYE on my salary an dthis was the correct amount, and used my £1000 personal allowance on interest from savings.Therefore I was simply expecting the figure that I would be asked to pay…

I've asked my financial advisor about this, and he insists that the government is highly unlikely to remove the 25% tax free we can obtain from our personal pension - in fact he said '97% it will not happen' - he also continued to say if it were to happen, the Government is already short on money so if everyone took out…

Does anyone know when this drops onto the gov tax platform for 2024/25? Specifically the summary with breakdown as it is not on there yet. You can view the top line tax paid but thought after 5 months it may have dropped on. Not a first world problem but just wondered....

Leaving aside the question of whether the budget might tinker (or take a sledgehammer to) the tax free lump sum, is it allowed to make a taxable withdrawal from your SIPP while leaving the tax free 25% untouched for a later time? This would essentially be the flip side of taking a tax free lump sum and moving 3x into…

I understand income should be rounded down, and expenses/tax paid/reliefs should be rounded up to the whole pound. When completing my Self Assessment online most fields automatically round when I enter my figures, however the employment tax paid (SA102, box 2) does not round automatically. Is it expected not to round this…

Please could I have your consideration. We purchased the house in 2010. we were not married or in a civil partnership but were in a relationship In Jan 2016 I moved out to rented flat . My partner remained in the house In May 2018 I moved into a hotel but spent some time BACK in my house but we were NOT living together as…

I have been seperated since 2016, and am not divorced although I have a decree nisi . We bought this house in 2006 and both lived in it until 2016. It is still my primary residence. My ex is living in rented accommodation with his new partner and that is in her name. He has not bought another house. If he either gives his…

I have just submitted my self-assessment. We rent out my old home and always have repairs to offset against tax liability. This year was just the normal, nothing big but I entered a larger figure as a mistake. It was red flagged as being too much for the rental. So I entered the correct figure. Question: if we really did…

Hi All, I have just purchased my new home; however, my existing home has not yet sold. I have had to pay £14k tax due to the new home being considered a second home, which will be refunded if I sell my old home within three years. However, I have had an offer to rent my old property for approximately six months. If I rent…

Hi, can anyone help clarify this for me? We received notification from HMRC in Nov 24 of changes to HICBC thresholds. Because of the new thresholds (£80k top end), we opted back into CB from Aug 24 (backdated 3 months) after opting out in previous years. We were paid £1,100 in CB and husband earned approx £76k in 24/25.…

Hello, I have been trying to sell my old home and I couldn't find a buyer for 2 years now. I have decided to give up and rent it. I didn't really want to do that as home is in my personal name and I wanted to sell it but it is what it is. Now, it is bringing me a tax complication and I never really checked how it all…

This week's newsletter had a useful piece on claiming tax for laundering work uniforms. I work as a volunteer manager at a local Trussell Trust foodbank, usually doing about three shifts a month. I'm responsible for laundering my uniform (TT provide it free of charge) and it certainly is distinctive enough to have…

Would someone be kind enough to explain how a K tax code works, please? Context - I receive SRP, and private pensions from three sources, taxed at BR. I also receive a tiny foreign pension untaxed, and have savings interest in excess of £1000, so I complete Self Assessment. I can't make sense of the resulting calculation…