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National Insurance payable?
I've tried searching but been unable to find a clear answer. I am a sole director of a company and pay myself just below the threshold where the company would needi to start paying Employer National Insurance on my behalf. This company has been running for about 10 years. Any surplus income generated by this company is…
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HMRC sent me a bill for £4000 for untaxed interest
This discussion was created from comments split from: HMRC say I have overpaid £3,500 in tax; I haven't. What is going on at HMRC?.
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Gifts and Inheritance and buying a property
Hi, I’d really appreciate some advice. My parents own a mortgage-free property worth under £600,000. My wife and I own a separate property with an existing mortgage. We’re planning to buy a larger home for all four of us to live in. To do this, we intend to: • Sell my parents’ property and use the equity toward the new…
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Confused about paying 40% income tax
I thought you have to earn above £50,000 to pay higher rate income tax. Why is it in my tax code letter, there is a reference of. Will be above £37,500 due to getting half of late husband pension. Does not seem right if I will be charged 40%. Thanks PAYE tax rateRate of taxAnnual earnings the rate applies to (above…
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Not paid enough income tax for current year
I logged into my tax account and found I had not paid sufficient income tax this year. Is there any alternative to having next years tax code to reduce my tax free amount each month. I would like to pay the amount of unpaid tax directly asa lump sum.
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CGT on SAYE
Hello, Not looking to cut tax, but seeking advice. I have made a small profit from an employer SAYE over my option price and tax free allowance. The proceeds have been transferred to me, how do I declare / pay the tax due?
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tax code change
hey, just received an email to say my tax code is changing to 1221L as i didn’t pay enough tax ending 5th April 2025. my query is under the income section of my personal tax account it estimated my salary ending April 2025 was £14,124 and starting April 2025 it will be £15105. both of these amounts are wrong. My salary is…
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High earnings, SIPP contributions and 60% tax trap
Hi folks, my first year as a high earner and I do struggle to understand the tax rules and will appreciate your help. If I earn £130k this means my personal allowance is reduced to zero and I fall into the 60% tax trap as I see online. What's the best way to avoid this and reduce taxes? I can potentially pay a lot into…
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Tax reduction
Hi Folks, Can you please advise how I can reduce my tax please or how best to maximise my incoming. I am a single dad ( divorced ) earning a yearly salary of £121,404.00 I already take advantage of yearly ISA ( 20k ) i.e contributed into a stock and shares ISA I am on an emergency tax code starting with K265 I am due a pay…
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Capital Gains Tax - unsure if liable
Hi all, looking for some advice for a family member. I’ll try to keep it brief, aware that may need financial advice but thought would give it a go on here first. *Brother owned a property (joint tenants) with then spouse and left in December 2020 due to relationship breakdown and rented nearby. *Then spouse stayed in…
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Gifting shares - Capital Gains
My wife and I both own shares in Shell plc which are all in an ISA wrapper. We'd like to transfer some shares, as a gift to our son, to reduce our IHT bill. Anyone know how the gift would be valued for Capital Gains purposes ? Don't believe that any tax will be due from us as the shares are in an ISA, but what starting…
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CGT and hometrack valuation
I am potentially trying to calculate potential capital gains
tax for a property which I inherited from my parents in 2 50% portions about 6
years apart.I and am planning to sell in the next month and am trying to get on top of things early At the time because there was absolutely no way that the
estate would go anywhere…
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Salary arrears paid in bulk and tax implications
Hello, I really hope someone can help me. My apologies if I have posted this in the incorrect category. My employer had made an error and I was placed in the incorrect pay scale for about 3 years. after raising this over the years, the employer agreed that they had made an error. Then, in February they changed my pay grade…
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Tax employment details
Please a little help folks.... When I look at my PAYE income tax summary for this year I have my current employer £48,000 (correct) and my pension £15,500 (correct) and then another employer have ended since 2024 of (£35,778). Now the last amount was not from employment but from money my mum left me when she passed earlier…
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Calculating Tax on Savings interest if I have marriage allowance
Tax interest on savings help required please
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Tax Code Change
I'd be really grateful if anyone could help me work out the impact this tax code change will have on my monthly pay for the rest of 24/25. Background is that I have two separate employers so PAYE can be quite complicated. Both have had changed tax codes this week. One of them has gone from K545 to 626LX. I have looked up…
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Inheritance tax allowances
I've been looking online but seem to go round in circles. If I understand correctly, the £3000 gifting allowance can be carried forward one year (giving up to £6000). Can I also use last tax years £250 gifting allowance along with this years, i.e. give £500 to individuals this tax year?
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Cab pensioners transfer tax allowance
My wife and I are pensioners her pension is lower than mine and as a result does not utilise her personal allowance to the full. Recently I read martyn was encouraging people to transfer the unused portion of the allowance to their partner. Does this still apply to pensioner couples like ourselves where I pay tax on income…
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CGT & offsetting losses against gains on mixed assets - Shares & Land
I
will need to do a Self-Assessment for TY 24/25 to pay CGT on a plot of land.
However, I have also sold two shares, one for a gain & one for a loss. To
keep things simple the figures below are not the specific value as my question
is around the methodology. Also,
for this purpose I am a BR taxpayer. I therefore assume…
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Tax code.
My tax code is 93L. How is my tax calculated? Is it 93L after the £12570.00 threshold or is it tax payable after £930.00?
