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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,…
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P45 no new employer
Today I received my P45. I finished work on 31/12/24. I believe if I was starting another job, I'd give the P45 to the new employer. I'm not planning on working again. Do I have to do anything with the P45? Do HMRC automatically get a copy of it, or do I have to send it to them? If not, presumably they will think I'm still…
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2023/2024 Self Assessment Tax Bill - Please HELP
Happy New Year everybody and thank you for reading and any advise given. For the last 7 years, me and my wife have been doing self assessments as we were getting rental income from a property that we own together. She hasn't been paying any tax on her share as this was her only income and always less than the tax free…
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Self assessment, income tax and capital gains
I'm in the process of submitting self assessment for FY23-24 I had a chargeable event, as I cashed in part of an overseas bond. The gain was circa £25k. I expected that I would be liable for capital gains tax. I have been told that as it was an overseas bond, I also have to pay income tax (at 40%) - wasn't expecting I have…
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Can a capital gain tip me into higher rate tax and losing my personal allowance?
I'm considering selling some shares from my company work scheme up to this year's 3K limit. This will take my overall income salary + CG into the region where I would hypothetically start to lose my personal allowance. My question is, is CG taken into account when calculating if/how much of the personal allowance is…
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How does PAYE operate?
I'm trying to make a spreadsheet to forecast cashflow, with varying income month to month. I understand how to calculate the tax bands on an annual basis but not how it's calculated month to month. For example, let's say Month 1 Gross Pay is £3000. How does PAYE calculate the tax? Is it as simple as saying £3k * 12 = £36k…
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Self employed GP Locum expenses / capital expenditure
Hi MSE, I'm a self employed GP locum. I do a mixture of face to face clinics in various practices but also do a fair amount of remote working. I have a room in my house that i've converted into an office for my home working. I was just wondering what are reasonable expenses to claim solely for business use. 1) Desk - Don't…
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Paying self assessment bill
In previous years when I had tax to pay as a result of self assessment it was taken via my PAYE code. This year the amount was too much for that to be done, and I have to pay the amount due by direct payment to HMRC. I wondered how long it normally took for such a payment (by bank transfer as requested on the form) to show…
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company car salary sacrifice & self assessement
I have a company car which I only use for private journeys, not claiming any business mileage. 777.46£ is deducted from my gross salary & pay slip says the taxable value of the car is 460£. I can not see a P11D in the NHS staff records online. Dont know why. In my self-assessment tax return, I presume I have to include…
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Uber eats self assessment help :(
Hi everyone, can someone help me with my tax? I work part-time for Uber Eats and started in January 2024. So far, I've earned around £2,300. This is my first time doing a self-assessment tax return, and I'm completely new to it. Someone mentioned that I should calculate my earnings from January 2024 (when I started) to…
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About Gift Aid donations (Basic Rate Tax Payer)
If anyone can confirm that my understanding of Gift Aid is right enough I'll be reassured, thank you. If, for example for a basic rate tax payer, a charity Gift Aid donation amounting to £1.250 for the tax year 2023-2024 is made, is it right enough that the additional 25% of this (which the charity receives) has to be…
