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Too late for SIPP?
Hi, 'Er indoors is looking to do some tax avoidance by putting money into a SIPP. The plan is reduce her taxable income down to the 20% band (in current tax year). However, I was reading that we may have missed the deadline for self assessment which was 5th October 2024. First time doing this, so unsure if we have missed…
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Wife always has a tax bill every January... can anyone explain why?
Evening all, It's that fun time of the year again when me and the Mrs sit down to do our tax returns. We used to have a rental property (which we sold in 2019) and so had to do a tax form. Despite selling the property we are still asked to submit a tax form. Ever since we started filling them in many moons ago, my wife has…
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Gift aid and Tax on interest
Hopefully someone can help clarify a question that I've had for a long time! If a person's earned income falls within their personal allowance and is not subject to income tax, but they receive significant interest from savings and pay tax on that interest, is this still considered income tax? And in this scenario, is the…
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Please can someone help me work my tax out
Hi all, I am due to change jobs and go to working two jobs, and i am confused as to whether I will pay tax on my second job. Please can someone help? My tax code is 1265L. My new jobs and salaries are below. Main job - 18 hours per week - hourly rate = £13.57 Second job - 12 hours per week - hourly rate = £11.44 but will…
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UK tax code
I am trying to work out what my tax code would be in the future. Can I ask please are my pension contributions on salary sacrifice deduct from my personal allowance. I am paying £300 (pension contribution) every 4 weeks from my salary.
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Scathing Public Accounts Committee report about HMRC
It won't be news to many on here but the report published today is grim reading: https://committees.parliament.uk/publications/46301/documents/233200/default/
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tax
Hi! My SAE assessment says I owe £..., but their previous letter says I'm in credit! Can anyone please explain?
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Help with self-assessment
Hi just wondering if anyone can help with a self assessment query due to the higher rate child benefit charge. I have to complete one for the first time. I thought the child benefit charge was based on net adjusted income, so if for example my taxable income was £54000 and I made pension contributions of 2000 do I enter…
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Tax on money transfer in uk
Dear Forum, I can’t find this specific scenario in the heading and FAQ’s so I am looking for some advice. I have joint accounts with my wife at bank A and bank B both UK banks. We transfered money from bank A to bank B. Next we get hit by the taxman for 20% on the value of money tranfered. Why? As this is not a monetry…
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Issues when reversing married tax allowance
Has anyone else experienced issues when wishing to take back their married tax allowance (MTA)? I phoned HMRC in April 2024, as when I made an online request to reclaim my married tax allowance back from my husband, it stated that this would only occur from 5th April 2025!!!! Can you imagine my shock when HMRC informed me…
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Can't remove Additional Information and Attachments from submitted Self-Assessment tax return
On HMRC advice I managed to amend my submitted Self-Assessment tax return and remove one incorrect entry, but only by removing the whole (optional) section, adding it back again and making the one correct entry that belonged there. However no matter how many times I tried, I couldn't remove Additional Information and…
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In or Out of Self Assessment?
Read Martin's recent post on self-assessment and followed the link to the HMRC page with the questionnaire. The questionnaire states, as did Martin's post, that you can have up to £10,000 of savings interest without going into self assessment. However as I understand it, the savings allowance is £1,000 (basic rate…
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Inheritance Tax and replacement double glazing.
I am making monthly gifts to my children out of "Normal Expenditure". I have just paid a deposit of £902 and will in the next financial year pay £3,609 on completion of replacing single glazed windows and a backdoor with double glazed windows and door.My question is - is this classed as Capital spending or Normal…
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Reversing 10% Transfer Tax Allowance to Spouse
I cannot find the appropriate HMRC form to reverse the 10% transfer of my wife’s tax allowance now that her state pension increase has altered her forthcoming tax code. The only “relevant” forms seemingly available on the gov.uk website are either for cancelling MA in total or the similar one to her application for her…
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New Truck for holiday business tax deductible expense
Hi we have been running a holiday rental from our Showman's caravan for the last 3 years . We brought a vintage truck to add to the holiday business last year, but we are still in the process of restoring/renovating. Could this be added to our tax return as a tax deductible asset even though we are not renting it out yet.?
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Tax doubled this month?
Hi - Hope someone can offer guidance. Before I attempt to call HMRC and hang on for hours! My tax code in December was 1269L and tax was around £880 a month Tax code change on January 9th to 1039L to accommodate untaxed savings interest for the year since April. I was therefore expecting tax to increase by may be a couple…
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Dad gifted me £10,00 but it's cash!
My mum passed away before Christmas and since then my dad has found some cash in his house! He's therefore gifted myself and my husband around £10,000 all in cash. If I'm understanding correctly he can only gift £3,000 per year, however if this is due to Inheritance Tax etc. I 100% know that he will not hit the £325,000…
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Tax for French resident with financial holdings in the UK
My son has UK/Australian dual citizenship (he moved to the UK from Oz in 2001) and now lives in France where he recently became a French tax resident. He has some investments in the UK: cash, equities, ISA, LISA. Our question is how these are treated for tax by both the UK and French authorities for interest/income,…
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Error messaging carrying forward losses from previous years
Hi, I am doing my first online tax self-assessment this year for a side hustle on top of PAYE. FY21/22 and 22/23 I incurred business set up costs and expenses totaling £6344 FY22/23 I earned £375 and had allowable expenses of £806. FY23/24 I earned £3815 and had allowable expenses of £2014 - net profit of £1701. So I am…
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Van Purchase mid year sole trader tax year 2023-24
I have been using simplified expenses for a car up until July 2023. I purchase a van for £13k in July 2023 and want to claim actual expenses on that. I know that I can use simplified up until I switched to the van. Should I enter the purchase price of of the van as a trading expense? and then claim the actual costs from…
