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Help double checking this IHT calc please?
I am not sure if I am posting in the right place, but it seemed appropriate. I am completing the Gov.Uk cal on whether IHT is due and amounts for probate. I belive its all done correctly, but can someone just make sure the figures look right - should probate net and gross value be the same? My dads house share TIC left to…
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redgoalsuk Thread watched Self assessment return error
Hi All I am just in the process of filling in my tax return for 23/24 and I have come across a problem when filling in the income details from my self employment. I was on Payee up up until 31/10/2023, I went self employed on 1/11/2023. My earnings on P45 (leaving date 31/10/2023) show £37,994 (total pay in this…
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Loss relief for EIS and non-EIS Crowdcube investments
Hi all,I made some modest EIS Crowdcube investments >5 years ago which are regrettably failing. I'd like to sense check EIS loss relief workings: Company 1: Dissolved Dec 2023. £250 original investment; £75 income tax relief claimed in tax year of acquisition. EIS loss relief claimable now on remaining £175.Company 2 -…
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Marriage Allowance - help, please!
Several years ago under the marriage tax allowance scheme, I transferred £1260 of my personal allowance to my husband, as I don't earn enough to pay tax. Looking on the government website, this is actually worth an extra £252 a year. It's worked perfectly until now, when last week my husband received an unexpected letter…
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Paying tax
I am a 40% taxpayer (full time employee in England) so outside ISA, I can get £500 worth of interest per year tax-free. If I go over it, do I need to do a self assessment? Or will it all be handled automatically with PAYE in the following tax year?
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Self assessment tax bill of 7k!!
I’ve been asked by HMRC to do a self assessment tax return for 23/24. I'm PAYE. Unfortunately HMRC changed my tax code so I've been under taxed by 7k!! which is very alarming. (I've no idea why they changed my tax code as my incomes not changed for 3 years). Salary was 87k plus vested shares 18k. Other income is about 1k.…
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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…
