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Options for small pension re tax
Wife 64 currently takes a private pension. She is in receipt of sick pay also and pays small amount of tax. However she also has another small pension (£19600 value) which matures on her 65th birthday in March. How best to take this money to avoid as much tax as possible. I think an annuity isnt really viable as the…
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Resolved
Resolved now
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Transferring Shares to Children worried about getting Taxed
We are thinking about Transferring the shares we own into our children's names. The shares are currently in a joint account with my Husband. If either me or my Husband pass away within the next 7 years will there be tax to be paid or is it only if both of us pass away.
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Personal tax allowance if unemployed - other factors that could affect it?
I took redundancy just before Christmas and I am taking some time off work for a couple of years. I have quite a bit in savings so I need to work out what my Personal Allowance will be for the year 2005/26. I understand that if I do not work my allowance will be £18,570, made up of: £12,570 personal allowance £5,000…
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IHT and life time gifts
Which of these are taxable are potentially taxable in the future? A father and a mother each give their only child £3,000 in a tax year. A child lives in his parents' home without rent. A child is fed by parents whilst living in their home, i.e. free groceries. A child living in his own home visits his parents' home and…
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Delaying business expenses
Hi guysI won't exceed the lowest tax threshold of £12570 for the 2023/2024 year in income alone, yet I have significant expenses related to materials and day to day running costs of the business including buying a used electric van. I will earn more in 2024/2025, and again likely even more in the following tax year. Is it…
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Tax calculation for 23-24
Logged in to see if there is an news and the message now says" we will aim to calculate your tax by 5 April 2025". Now wondering whether to continue to wait or make contact.. I will owe tax on interest, but due a larger rebate as I was deducted more PAYE than MyCSP should have taken when I retired part way into the year.
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How much to put in pension to reduce tax
I’m trying to work out how much I would need to pay into my PAYE workplace pension in order to come under the higher rate tax band. I have been very fortunate to inherit some money recently which is in savings accounts for now (earmarked to buy a house), and is generating a lot of interest, but also means I am paying a lot…
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Charity donations
Morning all. I'm a higher rate tax payer and through my pay, I have been donating £50 a month to a charity of my choice for years. My company have now stopped this - said they no longer partner with Charities Aid Foundation and said to donate directly. However, my £50 i was donating, seems to only be about £25 extra into…
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loss of tax free allowance due to HMRC requiring accounts to run financial not calendar year
Question - large tax bill this year, my previous tax returns were based on the calendar year but HMRC required them to be aligned to the financial year April to April for this tax return. Now this is achieved by adding a 1/5th of the earnings for Jan to March 2024 to this years tax return and so on for the next 5 years to…
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HMRC tax underpayment
My son became redundant end March 2024. He recieved a underpayment tax bill from HMRC, which said no action as will deduct from paye . He was unemployed for 8 months. He subsequently recieved another tax bill for a different amount, slightly less for same period. He returned to work in October, changed his job 1st January…
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Savings tax and self assessment
In 22/23, i filled out a tax return as I received some foreign income. For 23/24 I told hmrc i did not need to fill in a tax return as i would not receive any foreign income. However, i have just realised i received £3000 in savings income which has not been taxed for 23/24. Have i done the right thing in telling hmrc i…
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Payment on account !!
WHY is HMRC allowed to deduct "payments on account" ? I am a self employed Joiner and earn a modest income. I was quite prepared for the tax that I was due to pay on 31st January but was NOT prepared ( and not very happy) for the advance payment that HMRC want at the same time and another advance payment in July. How can…
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Red Warning on self assessment
Hi, I have been working on my self assessment today and when I got to the allowable expenses, a large red box appeared asking me to check if my figures were correct. It disappeared when I went out and back into that section, but I’m worried now. It was a big red warning box at the top of the screen. Has anyone else had…
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Tax Return date
Am I missing something? Isn't the deadline for self-assessment tax return 31st of January? Then why is it that I see the following on my page? Your returns * Deadline details 2023 to 2024 tax return due by 6 May 2025.
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P55 and sale of shares
I recently took my first UFPLS payment and had to fill out a P55 to get my tax back. I noticed however that despite my careful budgeting I had inccured a tax penalty. I checked online and my tax code is BRX, which I guess is fine but I have incurred a £900ish Dividend tax. I can sort of understand where this came from as I…
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Cafrried forward self employed losses
In two previous tax years I had a small business that made a substantial loss in both tax years. I have also been employed for those years, and the 2023/24 tax year, paying PAYE. My PAYE income was substantially more than the losses. I cannot see on my Self Assessment calculations that the losses were carried forward, is…
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CGT Questions 2024-2025
Hi 01) Up until the end of Oct I sold shares that made a profit of £3634. I have some other shares that I could now sell at a loss in order to reduce the gain to below £3000 for the year. Can I do this, or are the two halves of the tax year being counted separately? HMRC website says that I should pay CGT at 10% for gains…
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HMRC want self assessment tax return despite informing them no longer self-employed
Hi, husband ceased self-employment as a sole trader mid 2022 and is now a PAYE employee. HMRC were informed at the time and also on final tax return last year (22-23). They have now sent a letter saying he needs to file SA tax return for 23-24. Obviously no self employed income and no other relevant income. The letter says…
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Paying HMRC for different Tax Years
Hi My husband owes £30,000 to HMRC for failing to submit Tax Returns for four years (pre 2020). This figure is made up of tax, late filing fees and interest. He believed his accountant had submitted the returns (accountant now deceased, so no comeback there). He has tried to re submit the relevant tax returns, but the…
