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High Income Child Benefit Charge
Hi all, Hope you can help, I have just done my return as was paid over £50k last year- £55,500 We have 3 children and was paid £2910 in Child Benefit My return has come back as me owing £2106. Does this seem right? I haven't had to do it before so just wanted to check, I knew we would have to pay some back but thought it…
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Capital Gains Tax evidence for HMRC
I have recently sold a property that was owned jointly by me and my late husband (it was intended as our retirement home but that was not to be). As we never actually lived in the property there is a CGT liability. The Accountant wants the Settlement Statement from date of purchase in 1999, but I just cannot find it! The…
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Available savings allowance
Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ? Thanks.
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Understanding tax code re: pension
I have recently started receiving my state pension and have received new tax code of 898L. My other income is from a teacher's pension of about £8000. These are my only incomes. I don't understand why this code is 898L. I thought everyone could earn £12570 before tax so the code should be 1257L.
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Foster carer self assessment
Hi, I wonder if someone could advise. I am a foster carer and normally a friend does my SA for me but sadly passed away suddenly. I am not sure how to work out the Qualifying Care Relief amount. I foster a child long term and lets say the qualifying amount on my annual tax statement was 50K, how do I apply the calculation?…
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Savings within Personal Savings Allowance not actually as free
the MoneySavingsExpert website states “Basic-rate (20%) taxpayers: can earn £1,000 in savings interest per
year with no tax; Higher-rate (40%) taxpayers: can earn £500 in savings
interest per year with no tax”. And indeed this is the information on the HMRC
website and on every other guidance website. But I’ve discovered…
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Too late for SIPP?
Hi, 'Er indoors is looking to do some tax avoidance by putting money into a SIPP. The plan is reduce her taxable income down to the 20% band (in current tax year). However, I was reading that we may have missed the deadline for self assessment which was 5th October 2024. First time doing this, so unsure if we have missed…
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Wife always has a tax bill every January... can anyone explain why?
Evening all, It's that fun time of the year again when me and the Mrs sit down to do our tax returns. We used to have a rental property (which we sold in 2019) and so had to do a tax form. Despite selling the property we are still asked to submit a tax form. Ever since we started filling them in many moons ago, my wife has…
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Gift aid and Tax on interest
Hopefully someone can help clarify a question that I've had for a long time! If a person's earned income falls within their personal allowance and is not subject to income tax, but they receive significant interest from savings and pay tax on that interest, is this still considered income tax? And in this scenario, is the…
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Please can someone help me work my tax out
Hi all, I am due to change jobs and go to working two jobs, and i am confused as to whether I will pay tax on my second job. Please can someone help? My tax code is 1265L. My new jobs and salaries are below. Main job - 18 hours per week - hourly rate = £13.57 Second job - 12 hours per week - hourly rate = £11.44 but will…
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UK tax code
I am trying to work out what my tax code would be in the future. Can I ask please are my pension contributions on salary sacrifice deduct from my personal allowance. I am paying £300 (pension contribution) every 4 weeks from my salary.
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Scathing Public Accounts Committee report about HMRC
It won't be news to many on here but the report published today is grim reading: https://committees.parliament.uk/publications/46301/documents/233200/default/
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tax
Hi! My SAE assessment says I owe £..., but their previous letter says I'm in credit! Can anyone please explain?
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Help with self-assessment
Hi just wondering if anyone can help with a self assessment query due to the higher rate child benefit charge. I have to complete one for the first time. I thought the child benefit charge was based on net adjusted income, so if for example my taxable income was £54000 and I made pension contributions of 2000 do I enter…
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Tax on money transfer in uk
Dear Forum, I can’t find this specific scenario in the heading and FAQ’s so I am looking for some advice. I have joint accounts with my wife at bank A and bank B both UK banks. We transfered money from bank A to bank B. Next we get hit by the taxman for 20% on the value of money tranfered. Why? As this is not a monetry…
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Issues when reversing married tax allowance
Has anyone else experienced issues when wishing to take back their married tax allowance (MTA)? I phoned HMRC in April 2024, as when I made an online request to reclaim my married tax allowance back from my husband, it stated that this would only occur from 5th April 2025!!!! Can you imagine my shock when HMRC informed me…
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Can't remove Additional Information and Attachments from submitted Self-Assessment tax return
On HMRC advice I managed to amend my submitted Self-Assessment tax return and remove one incorrect entry, but only by removing the whole (optional) section, adding it back again and making the one correct entry that belonged there. However no matter how many times I tried, I couldn't remove Additional Information and…
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In or Out of Self Assessment?
Read Martin's recent post on self-assessment and followed the link to the HMRC page with the questionnaire. The questionnaire states, as did Martin's post, that you can have up to £10,000 of savings interest without going into self assessment. However as I understand it, the savings allowance is £1,000 (basic rate…
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Inheritance Tax and replacement double glazing.
I am making monthly gifts to my children out of "Normal Expenditure". I have just paid a deposit of £902 and will in the next financial year pay £3,609 on completion of replacing single glazed windows and a backdoor with double glazed windows and door.My question is - is this classed as Capital spending or Normal…
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Reversing 10% Transfer Tax Allowance to Spouse
I cannot find the appropriate HMRC form to reverse the 10% transfer of my wife’s tax allowance now that her state pension increase has altered her forthcoming tax code. The only “relevant” forms seemingly available on the gov.uk website are either for cancelling MA in total or the similar one to her application for her…
