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Salary increase pushes me over basic rate tax threshold
I’m looking for some advice. I work part time. I have recently been given a salary increase which puts my annual pro rata salary at £13905pa. I’ve since started paying tax £17.60pm and £7.80pm employee NI. Which I didn’t pay prior to salary increase as I was under the threshold for tax. My current pension contribution is…
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Claiming additional tax relief
I have unexpectedly breached the basic tax rate (by a couple of hundred pounds) for the 2023/2024 tax year due to earning just over £1200 interest on savings. I knew I would have to pay tax on the amount over £1000 but because it put my income for the year above £50,271 my personal savings allowance is only £500. I know it…
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National Insurance Class 2 advice please.
Please take a look at the following - This is the first year of filling in a tax return I started a business on 17/08/23 I took up full time employment on 20/06/23 I have to pay class 2 National insurance on my earnings from the small business NI contributions have also been paid through my full time employment (PAYE)…
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Duplicate Government Gateway account and self assessment - Help
Hi, I have just opened a Government Gateway account and registered for self assessment. When I got to the end of the process and was told that I already had a Government Gateway account and was to use the original one. I completed the forms for Self Assessment on the duplicate account and was expecting the 2 accounts to be…
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P800 Tax Calc. Will HMRC take money owed from benefits?
I have just received a P800 tax calculation from HMRC for tax year 23/24 telling me I owe them over £900. The letter says that £6700 of my income is from contributions based ESA, and £16900 from untaxed interest. One option for paying the tax owed looks like making a payment to them for the whole amount owed. Alternatively…
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Are giftcards taxable?
Through the year I complete various online surveys from different companies. Usually these are paid by giftcards, Tesco, Amazon, Marks and Spencer, John Lewis etc. If doing a tax return, would these be liable to tax , or is it just cash payments, Paypal etc? Thank you
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Reducing SA Bill by paying into Pension - Forecasting
Hi All. I have a very slightly fluctuating wage, so only by the end of the tax year I know if I am over £125k. In order to cut that down to 100k for Tax purposes, I plan to pay a lump sum into my pension. Does it matter if I actually physically pay it in the next tax year? For example for my 2024/5 tax return, I'll know my…
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Change of tax code to LX
Hi Appreciate any help as I have no knowledge I have been notified today that my tax code has changed from 1166L to 923LX and this is due to untaxed interest from savings which is £2409. I understand that LX means emergency tax code will my monthly tax deductions be a massive difference now? I am a basic rate tax payer…
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Income from a unit trust
I am pretty sure that I have nothing to declare. I have looked at Do you need to pay tax on any of the following? - Check if you need to send a Self Assessment tax return - GOV.UK and can answer No to all questions except possibly no. 7 which mentions income from a trust. Does this include interest paid on a unit trust…
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Putting property into a trust
I'm looking for concise, easy-to-read, and understandable info. I've read threads on this site and I've noted they are often taken off topic and some try to bring in other factors that the thread starter may not be interested in. We have a very decent income from our income trusts and several pensions and we also go…
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Childcare Support: SIPP to reduce Net Adjusted Income
Hi Everyone, Long time lurker, first time poster - please be kind!! I need some help with Net Adjusted Income (NAI) for Self Assessment tax return - with a young daughter of nursery age, I am trying to stay below £100k NAI so as not to impact the 30 hours free childcare. I thought I had researched and answered my own…
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Does HMRC pay interest on delayed repayment of overpaid tax?
I've had a tax repayment pending since 6th May 2024. It was paid out today (17th Jan 2025) after multiple calls. HMRC have had my bank details all this time, indeed my self-assessment form indicated that any overpayment should be paid out to that account. Given the delay, does anyone know if HMRC should be paying me…
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Selling £23k in personal effects to go on Personal Self Assessement?
Hi Everyone My wife and I are company directors of our small business. Our income is each up to the personal threshold of £50k, taken roughly £13k in wages and £37k in dividends each year. During 2024 we'd decided to downsize, mainly me selling off lots of old vintage electronics I'd collected over the last 20 years. All…
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Voluntary Class 2 NI Contributions
When I did my tax return recently, it asked me if I want to pay voluntary Class 2 NI Contributions. I said yes, but I can't see anywhere to pay the bill. I asked about this on the online chat. It showed a page that asks for an 18 digit number but I don't know where to find that number. In previous years, I wasn't asked for…
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Self Employed - not sure if need to pay voluntary Class 2 NI
Apologies if the wrong forum, wasn't sure if should be this one or pensions. I'm self employed, my first self assessment I've done in a while. Just about to pay my self assessment tax bill. Noticed I'm not down to pay any Class 2 NI contributions, just £756 Class 4. I've got a few years gaps where I'm missing NI…
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Inheritance Tax Question – NRB and transfer to spouses estate
I am executor for my
father in law who died in May 2024 and also his wife who died in July
2024. Tax planning gifts
of more than the NRB (£325000) were made by the wife alone to her
children in the 7 years before her death and will result in PET’s
with taper relief which will use up the whole of her NRB. The wife had…
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Week 56 Child Benefit 23/24
I get paid 4 weekly so have some issues with week 56 in 23/24 where an additional pay packet falls into the tax year because of the leap year. Because of the additional payment in the year I have gone over the threshold for High Income Child Benefit Charge so have a hefty tax bill. I have completed my Self Assessment and…
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Let Property Campaign - experiences of those who have experienced it please!
Hello, I have received a letter from HMRC re the let property campaign and I need to submit my late property accounts. Before anyone launches at me, it was my main home (I moved in with my boyfriend) and I am only a year behind (obviously need to submit last year's this month also), and have spent the last 9 months trying…
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Tax for Newbie
Hi please can anyone help a totally thick newbie to working out her tax. I know some will say that I need to use an accountant but I want to learn and do it myself. When I go on the Martin Lewis tax calculator and enter in details, why does the tax free allowance increase from the £12,750
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I seem to have a Business Tax Account
I seem to have a Business Tax Account. I don't know why, or when this happened. I do know that I have never owned or run a business in my life. I don't know whether this is to my advantage or disadvantageFiscal drag means that in FY 2024/25 I will be paying tax at 40% for the first time . My income is based upon State Pen,…
