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What are the Income tax bands for 24/25 please?
I keep gong around in circles looking for the income tax bands for 24/25. I can't seem to find them on HMRC website and google search is bringing up 2 different charts. Would someone give me a link to the correct info preferably on the HMRC website please - I'm fed up, irritated and simply don't have the patience to keep…
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Sanity check SIPP contributions and 40% tax threshold
Sanity check please I’ve been mulling over my SIPP contributions as a tax efficient way to reduce tax burden. Long story short estimated combined pension/salary/savings interest/dividends for 2025/2026 of £57500. Will be making a SIPP contribution of £6000 net £7500 gross in January This is where I need the sanity check…
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Two business’s under one name
Hi, im a self employed electrician I work for same person all year round they pay my 20% cis. I earn around £65k a year. I also have a car selling business which earns around 40k per year pre tax profit. Obviously these are two completely separate business industries there is no questioning that but as neither are limited…
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Claiming Pension Contribution refund 2024/25
My daughter has maxed out her pension contribution to cut her below the £100K 62% killer rate. Her salary was inflated on a one-off basis by a buyout/bonus The contribution was made outside of her firm's salary sacrifice and the pension scheme does not apply the 20% contribution.She's been on PAYE and now and will now need…
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HMRC Bank Interest returns: A mess?
I asked HMRC for a list of the bank interest data for the 2023/4 tax year which I now have, in print. The entries 'Source' is categorised as 'Actual' or 'Estimate' I reconciled most of the Actual entries with my records... but there were a few bank returns they were missing (several app based) plus a lot of 'estimates'.…
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Customs Fees on Medical Devices
I'm not sure if I've
posted this in the right section, so mods/admin: feel free to move
this post if needed. I ordered a medical
device designed to reduce symptoms of Parkinson's Disease from
abroad. Royal Mail tried delivering it when I was out and left a
card, saying that there is a customs fee to pay (along with a…
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Can I choose not to claim trading allowance to push profits over NI threshold?
Sole trader. Am I understanding this right? Profit above £6,845, don't have to pay NI but it is treated as a qualifying year. Profit below £6,845, no qualifying year unless you pay voluntary class 2. I'm hoping to reach a turnover of £6,485 by the end of this tax year, but I doubt I'll be able to get it much higher. I…
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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. Therefore, the benefit of marriage is - saving about 200 in tax a year
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Tax calculation
For some unknown reason my OH has been unable to register for on line tax return, so he has to fill in a paper one every year as he has pension income and bank interest from abroad. He usually does this in September/October, and about 6 weeks later gets his tax calculation in the post, but this has not happened this year.…
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Foreign tax credit relief
I am trying to deal with the calculation of foreign tax
credit relief (for the first time) and am attempting to use HS263 (the FTCR
working sheet 1) for this purpose. The problem is that none of the HMRC help that I can find
makes any sense – it refers to boxes in the FTCR working sheet which simply do
not exist. Example:…
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Are P2P bad debts deducted when calculating tax?
I applied to HMRC for a tax refund for 2019-20 and detailed savings/investment income of £1152. This was made up of £1440 along with a negative of £288 from Funding Circle comprising £37 interest less £325 bad debts. Today I received a P800 showing untaxed interest of £1440, ie the bad debts were only deducted to the…
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IHT gift from a joint account, keeping simple records/etc
Hello. Please help with the following. FYI: Over the years we have been married (35+ years), we have earned similar amounts of money. We have had for years, almost everything in joint names, the home, btl, all saving accounts, plus the current accounts were joined up into a joint account with the same bank when we both…
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Reporting of Capital Gains when no tax is due
Sorry if this is the wrong sub-forum for this question, but I can't find one for CGT. I don't do self-assessment; my tax is all taken through PAYE. I have sold some shares, where the total realised is more than the £3,000 exempted band, but the total gain after purchase costs are deducted remains below £3,000. a) Do I…
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P800 for 2024/2025
Has anyone had their PAYE tax calculation for 2024/2025? My 2023/2024 tax calculation appeared in my personal tax account online on 20 January 2025. I am aware that they appear to have a permanent backlog but was wondering if there was any chance of mine being completed this year. Their message online says June to October…
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Does occupational pension extend the basic tax rate band?
Hi All, I had a question. I'm going in circles around whether occupational pension contributions extend the basic tax rate band or not? My understanding is that the basic tax band is up to £50,270. My occupational pension contribution is a mix of my own contribution and my company topping up with a company match. I believe…
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New VAT number scam
After setting up a new company I created a government gateway account to register for vat. A month after receiving the number by post I tried to add it the my gateway account. ”already registered to another gateway account” Apparently the numbers are being intercepted somewhere and you can add them to any gateway account!…
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Salary Sacrifice for employment whilst receiving public sector pension
Hi, I am hoping you can help. I am trying to understand the tax implications to me,
involving salary sacrifice. My situation is I receive a public service pension and have
been re-employed on a part-time contract by the same organisation. My part-time
salary is £33,000, tax code BR, I contribute £175 a month into another…
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Do tax codes go negative between £100,000 and £125,000?
I can't find the answer to this on the government website. But it seems like such a simple question. I currently have a tax code of 828L, because HMRC are recovering underpaid tax from previous years. A redundancy payment will push my taxable income for 25/26 into the 60% tax trap. (Sadness) I understand that my tax code…
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Capital Gains Tax on sale of a property held by a Protective Trust
My mother, in her will, left a sum of money to be held in a Protective Trust for my sister who had mental health issues, the Trust becoming effective upon my mother's death. The will created myself and my brother as Trustees "to hold the income thereof upon protective trusts for the benefit of my daughter xxx for her…
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Impossible to create HMRC account
My wife always had a Verify account with HMRC but they stopped and closed it this year. She now has no means of accessing her personal pension or tax details etc. or advising HMRC of mistakes, tax changes needed. The login screens need 2 out of 3 items to verify identity 1. Passport, 2 Mobile phone contract or credit card…
