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Class 2 NIC self employed
I'm completing my self assessment for 23-24. I work as a sole trader part time. My total income for the year was £14320 and my expenses were £240 So my total taxable income is £14080 I always pay class 2 NIC contributions for my state pension. This time, it is saying my tax bill is around £440 (can’t remember exact amount…
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Will Savings interest affect which income tax band you;re in?
Say profit from self employment business was £48 000 in Apr 23-24 tax yr and savings interest was £3000 in same yr. Does that mean I would be in basic rate income tax band (because business income was below £50 270 threshold) or higher rate tax band because total of business plus savings interest came to £51 000 (hence…
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Claiming past year's losses on this year's return confusion
Apologies if this is the wrong sub-forum but I'm working on my 23-24 tax return. In the 22-23 tax year my self-employment business had a 2k loss and no income. I entered in the loss under 22. Net Loss but did not put anything under "35. Total loss to carry forward after all other set-offs - including unused losses brought…
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Countrywide Tax and Trust
This company from i can understand has told my friend if she signs her home over to a son or daughter with their plan, Her Son/ Daughter will not have to cover her care bills if she had to go into a Care Home or pay inheritance even if it happens before 7 years is out They want money to draft this out Is this a legal…
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HMRC Self Assessment - payment reminders
Does anyone know, after completing a self assessment on-line, whether HRMC send out hard copy payment reminders or statements by post?
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Child Benefit tax charge + pension contributions
hey everyone i am 40 something and earn 75k and have 2 kids, my partner is a low-ish earner. Only got this pay this tax year and now liable for tax charge which i will pay. Current set up yearly pay £75k pension contributions 7% = £5,250 - work contributions 14% £10,500 Take home £4191.89 Monthly child benefit £170.20 =…
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Stamp Duty - buying house with a partner who owns rentals
Hello, I have looked everywhere online and asked a few different solicitors who have provided different answers. Our situation is: I currently own a property which I am selling, my partner lives with me in this property but is not on the mortgage, however is on the bills (council tax etc) we are planning on purchasing a…
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Tax on foreign life insurance payout to beneficiary?
I was a beneficiary of a foreign life insurance policy held by a relative (resident abroad), who passed away. I received the payout of the policy as a lump sum, and I'm trying to understand if any UK tax would be due. I read the HMRC helpsheet at…
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Gifting surplus income
Hello. I understand any surplus income (once all bills & living expenses are paid each month) can be gifted. (Therefore could exceed the £3000 annual allowance) What I’d like to know, if this can be a regular gift ie each month, and to the same people, and is there a maximum amount? Also how do you prove this is surplus?…
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Reconciling Self Assessment tax calculation
I’ve just come to the end of filling in my first Self Assessment and would welcome clarification on a few points 1. There was £400 of dividend included in total income and this seems to have vanished from the final calculation. Is this because there is no tax to pay on dividends? I had assumed it would be taxed at 40% but…
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24/25 new code for untaxed savings interest.
I've been given a tax code to cover estimated savings interest tax, for Jan-Mar of K1721x, meaning an allowance of -17219 but I can't work out how that affects my monthly 'pay'. I get the personal allowance of 12570 on pensions and 1000 for savings, leaving say 10000 taxable, before the taxable savings.
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Self Assessment Help With Miscalculation
Hi All, Need some help completing a self assessment for a family member. Here goes: - In 2023/2024, total income was approx £60,000 (consisting of 3 different employers). During the transition from 1 employer to another, there was a misunderstanding with tax code and 1 payslip was paid without being taxed (tax due was…
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HMRC Claim too much tax through HMRC Assessment Errors
Check your annual tax charge! The error below were picked up when I completed my Self assessment Return for 2023/24. They could be included in tax charges claimed from people who do not complete Self Assessments, and therefore get by without being detected and challenged. A claim for underpayment of tax in 2022/23 suddenly…
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How do taxable savings affect a tax code?
Hello all,My code has been 1257L for a few years, but I was notified that it's been reduced to 1187L this tax year.I believe this £700 reduction comes from the taxable savings interest I earned last year, as the deduction amount shown on the HMRC app lines up perfectly to the pound with my account's gross income…
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Maturing Endowment- tax??
Hi I took out a savings endowment policy in May 2000 for 25 years which matures in a few months. It was only £30 a month but will be a nice bonus when it comes through. Ive received a letter today just confirming the upcoming maturity. However it does say that any gains are taxable. Would this be income tax, tax on savings…
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Late payment interest on Self Assessment
Years ago I seem to have been issued with a late payment interest amount - only a few pounds at the time. I have never paid my SA late so not sure why I was ever issued that. I always opted to not pay on account too. Now the accrued amount of 'fine' or 'interest' is over £100. Could it be that the late paymemt came from…
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Capital Gains Tax on a house share sold in Probate
A house is held in two equal shares by husband & wife, i.e. Tenants in Common. The husband dies in 2019, when it is valued at £100k for probate purposes (IHT etc). The late husband's Will leaves his half share to his children from a previous marriage, but gives his surviving wife the right to remain living there until she…
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Self Assessment Late Fees
I have been calculating and paying my Self Assessment Tax Form every year in my Christmas holidays, so approx. last week in December. This has been going on for 10 years. I have never had any fines. This year I've gone to calculate and pay the 2023/2024 assessment and I have 2 late payment fines. I can't work out why as…
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UC and Council Tax
Hello, Being on UC due to unemployment, I have applied for a CT Reduction. Is the bill to be reduced to £0 until I become employed?
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Tax on savings interest through PAYE
Not a 'cutting tax' question, just a tax process one. Up until 22-23 I have needed to complete a tax return. I don't need to as of 23-24, as my income is only from PAYE, is now below the threshold and my savings interest is < 10k, but I haven't yet asked HMRC to acknowledge that so I don't have to complete one. I do have a…
