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Selling rental house - questions on expenses if empty
We are thinking of selling our rental property next year. The tenancy comes up end April and then we will smarten the house up a bit for sale. It is likely to be empty for at least a month. Trying to get my head round the implications. 1. If the tenants move out before end April can I offset the council tax and electricity…
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Giving property to someone and CGT.
Would I be correct in thinking that you can transfer ownership of your property to someone else and not have to pay any CGT as long as it is their only house? E.g A parent transferring to their children but still living in the house along with the child? I know that in such circumstances the council can claim the house…
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Salary sacrifice
As an employer I want to provide as best I can for my employees. We already have salary sacrifice for pension and cycle to work. What other salary sacrifice options do people avail of and think beneficial. As a small employer we can facilitate anything which is beneficial as the admin burden isn’t excessive. I’m looking…
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Calculating taxable income - pension deductions
Hi all, Can anyone confirm whether contributions which I make to my pension from my salary count towards my taxable income for the year? I am asking for reasons relating to the personal savings allowance. I've set out below a hopefully straight forward scenario along with a couple of statements which reflect my…
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Income Tax due on Savings Interest
Hi, looking for advice on the tax due on savings. I am retired on a company pension of £15.5K not state pensionable age, therefore currently a basic rate tax payer. Will all my savings interest above the PSA and SSRate be taxed at 20%. OR As I expect to get approximately £35K ( Non ISA ) savings interest this tax year.…
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SIPP drawdown without taking tax free lump sum
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…
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Advice sought on selling sharesave scheme shares and limitting the CGT I will have to pay
Disclaimer: I am a bearer of little brain. I have tried to research this but just find myself getting more confused. Layman’s term would be very much appreciated please.I am looking for advice on how best to limit my exposure to Capital Gains Tax on the sale of shares. The shares were bought by me when I participated in a…
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Share Losses Carrying Forward
I made some losses on a share sale 24/2/21 I know I can carry forward losses for four years following the loss. I just want to check that I should have used this loss in the tax year 24/25 and it cannot be carried forward to tax year 25/26? Many Thanks in Advance Capital Gains Tax is crucifying!!!
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VAT on building work, and council tax whilst living in annexe
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…
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Numpty’s guide to CGT
Apologies to everyone who thought this would be a guide. I’m looking for advice, not providing it! A mate of mine (honest!) is in the fortunate position of making out pension contributions (DB scheme) and S&S ISA (Vanguard). Previously rpthey bought Government bonds which are CGT exempt, but they are now thinking about…
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Trying to work out my personal savings allowance for this tax year
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…
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IHT and Joint Tenant Property
I would be grateful for any clarity on the following. Thank
you in advance. A house has been owned by mother and daughter as joint
tenants (meaning each owns 100%) for well over 7 years. The mother has passed away meaning that the
daughter automatically becomes the sole owner via survivorship. However, for
the purpose of…
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"Buying out" IIP trust beneficiary: IHT implications.
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…
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Re-start sole trading, tax return Jan 27?
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…
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Transferring OEIC between spouses
OH and I hold the same equity index fund, unwrapped, on Interactive Investor. With the ever reducing CGT allowance (and markets continuing to rise) it will take longer for her to sell her holding than it will take me, without incurring a CGT bill. Transferring some of her holding to me looks useful, once I have spare CGT…
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Have I misunderstood the 'marriage tax allowance'?
As above When I was completing our online tax returns last night, I looked into the above. My question. In England, for most people the annual personal tax allowance atm is 12570. Therefore I assumed, when married, both people would get 12570 x 2 = 25140. If the above scdnario was applied and one of the couple gave 10% of…
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Self assessment - selling property - what is deductible?
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?
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SIPP contribution limit
OH receives state pension, NHS pension, and £6000 from consultancy work. She claims £1000 trading allowance on her self-assessment. Is the most she can pay into her SIPP (which is not yet in drawdown) £4000 net, ie £5000 gross?
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Budget Day - will there be an immediate clamping of taking 25% Tax Free from Pension?
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…
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Calculation Explanation
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…
