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Moved: Whopping stamp duty or wait it out?
This discussion has been moved.
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Pensions & IHT from 2027
From 2027 the new rules on pensions will mean (on current numbers) a potentially large IHT bill. My drawdown fund is substantial so my question is: If I buy an annuity with a guarantee which potentially pays a lump sum upon my death, is that lump sum still classed as 'pension' or will it be classed as cash? The purpose of…
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Marriage Tax Allowance
I am a married woman in receipt of full SRP. My only other income is interest on savings. I do not currently pay income tax. For the past 4 or 5 years I have transferred the marriage tax allowance to my oap husband who does pay 20% tax on his private pension. After April next year assuming that the tax bands do not change…
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HMRC have overestimated tax for savings - how do i inform them incorrect
Hi can any one tell me if it is possible to inform HMRC that I no longer receive interest on savings accounts via the personal tax account (PAYE not self assessment). I can see that it is possible to update income or pension but not how to inform them about a change to savings interest. Have tried the chat but not getting…
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HMRC Tax Bill
Hi, Not sure the best forum on which to ask this question, but I know there are many very knowledgable people on this that may be able to help. My wife has a tax statement (paper) that has been reissued from 2021/2022 where she now owes £192. The reason is that she transferred 10% of her income tax allowance to me, back…
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Online tax account - letting HMRC know I will have no more untaxed interest next year
I have seen several helpful threads and links, but would really appreciate a sanity check. I have been paying a lot of tax this year due to untaxed interest from previous year (I am PAYE only) and the assumption that this year will be the same. I logged into my online tax account and saw the same "untaxed interest" amount…
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Child Benefit Threshold (Scotland)
Hi, Sorry if this is a common question but I just can’t seem to make sense of the gov pages on it. I earned 59k last financial year, and I think that was the first year I went above 50k. Should I be cancelling our child benefit claim as I know I will earn the same again this year? It seems I should complete a tax form to…
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Confused by tax code
Hi Please be nice, numbers are not my forte! I earn £28,399 per annum from my employment. I also have an income of £10,970 from an NHS survivors pension per annum (since 2011). I live in Scotland. I pay basic rate tax on the pension and use my full allowance against my salary ( I used to split the allowance across the two…
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60% Tax Trap
Hi guys, I've been s bit naive with my finances and realised that I'm likely to fall perfectly into the 60% tax trap this year. My base salary plus a cash bonus and the sale of deferred bonus shares from three years previously (which are treated as income for tax purposes) has meant my total annual taxable income is…
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Confused About HMRC Underpayment After Multiple Self Assessments — Advice Needed
I need some advice regarding Self Assessment. I had never previously needed to complete a Self Assessment return. However, in 2021 I began receiving private medical insurance as a benefit from my employer. HMRC subsequently changed my tax code in 2022 and also collected additional tax for a previous year through my code.…
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Recording gift aid on donations to a charity shop
I'm new to SA so engaged an accountant to do the one which was due by 31 January. Now I am looking ahead to the next one. I know how much and to whom I send gift aid monies each month. However, how do I record the donation of unwanted household goods to charity shops, all of which I am registered with for gift aid? I…
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Marriage Allowance Cancellation
I am aware that when it is cancelled the change does not start until 5 April. Is anyone aware how late you can do the cancellation? I want my wife to keep it until the end of this tax year and then transfer it back to myself.
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SIPP contribution and gift aid
To keep out of the higher rate tax band (and hence keep PSA at £1,000) I need to inform HMRC of SIPP contribution (£2,880/£3,600) and gift aid donations. Will they just accept my word for these, or do I need to provide evidence? SIPP contribution would be easy as I can get a statement from the SIPP provider, but what would…
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How do changes to personal allowance affect my higher rate threshold?
I just read (on a reddit thread) that changes to an individual's personal allowance will change their higher rate threshold by the same amount. I can't see this on gov.uk or money helper - they only say that the personal allowance is "up to £12570" and the higher rate threshold is £50270 (rather than saying personal…
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Pension and self-assessment
Hello, I wonder if anyone here can help me with my situation. At the end of March 2025 I ceased working for my own limited company, and received a P45 (which I still have) In the meantime, I have semi-retired; my income is made up of private pension income (tax-free portion) and doing a few odd jobs for people (I've…
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IHT - parent paying University Fees directly - still a gift to child?
Hello, We have been saving in childrens JiSAs £9k/year with a view that they can use the money for University costs (if they decide to go). It is clear that £3k is exempt and £6k is subject to 7 year rule. However, as an alternative, if a parent pays university fees directly - is this still considered a gift to child…
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Over-charged French withholding tax on dividends?
TL;DR: My dividend paid in UKP has had 25% deducted by Computershare before payment. Shouldn't it be lower than this due to the tax treaty with France? The longer version, with background. I have shares in a French company traded in Euros. The shares were obtained while working for a UK subsidiary of the French company, as…
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Tax code 26/27, unpaid tax from previous year
I have just been notified of my tax code for 26/27 and there are 2 curious items. First, it includes unpaid tax from previous year of £342. As I received a tax rebate of £227 for 24/25, this underpayment must relate to 25/26. Is there anywhere online where I can see where this has come from? Second, my untaxed interest has…
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Gift aid claim: what does "paying over higher rate tax" mean?
I am a higher-rate tax payer. For the last several years HMRC have applied tax relief to regular gift-aid donations that I have been making for years. I understand that from next tax year they are not simply carrying over such relief so I need to tell them again. Fair enough. On the government gateway online form for this,…
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Salary/tax reduction advice
Good afternoon all, I was wondering if someone could please help me with some accounting advice to help me lower my annual income to prevent me losing my free childcare allowance. I started a new job towards the end of last year and believe my combined earnings between new and old employers will take me over the £100k mark…
