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CGT on SAYE
Hello, Not looking to cut tax, but seeking advice. I have made a small profit from an employer SAYE over my option price and tax free allowance. The proceeds have been transferred to me, how do I declare / pay the tax due?
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tax code change
hey, just received an email to say my tax code is changing to 1221L as i didn’t pay enough tax ending 5th April 2025. my query is under the income section of my personal tax account it estimated my salary ending April 2025 was £14,124 and starting April 2025 it will be £15105. both of these amounts are wrong. My salary is…
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High earnings, SIPP contributions and 60% tax trap
Hi folks, my first year as a high earner and I do struggle to understand the tax rules and will appreciate your help. If I earn £130k this means my personal allowance is reduced to zero and I fall into the 60% tax trap as I see online. What's the best way to avoid this and reduce taxes? I can potentially pay a lot into…
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Tax reduction
Hi Folks, Can you please advise how I can reduce my tax please or how best to maximise my incoming. I am a single dad ( divorced ) earning a yearly salary of £121,404.00 I already take advantage of yearly ISA ( 20k ) i.e contributed into a stock and shares ISA I am on an emergency tax code starting with K265 I am due a pay…
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Capital Gains Tax - unsure if liable
Hi all, looking for some advice for a family member. I’ll try to keep it brief, aware that may need financial advice but thought would give it a go on here first. *Brother owned a property (joint tenants) with then spouse and left in December 2020 due to relationship breakdown and rented nearby. *Then spouse stayed in…
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Gifting shares - Capital Gains
My wife and I both own shares in Shell plc which are all in an ISA wrapper. We'd like to transfer some shares, as a gift to our son, to reduce our IHT bill. Anyone know how the gift would be valued for Capital Gains purposes ? Don't believe that any tax will be due from us as the shares are in an ISA, but what starting…
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CGT and hometrack valuation
I am potentially trying to calculate potential capital gains
tax for a property which I inherited from my parents in 2 50% portions about 6
years apart.I and am planning to sell in the next month and am trying to get on top of things early At the time because there was absolutely no way that the
estate would go anywhere…
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Salary arrears paid in bulk and tax implications
Hello, I really hope someone can help me. My apologies if I have posted this in the incorrect category. My employer had made an error and I was placed in the incorrect pay scale for about 3 years. after raising this over the years, the employer agreed that they had made an error. Then, in February they changed my pay grade…
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Tax employment details
Please a little help folks.... When I look at my PAYE income tax summary for this year I have my current employer £48,000 (correct) and my pension £15,500 (correct) and then another employer have ended since 2024 of (£35,778). Now the last amount was not from employment but from money my mum left me when she passed earlier…
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Calculating Tax on Savings interest if I have marriage allowance
Tax interest on savings help required please
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Tax Code Change
I'd be really grateful if anyone could help me work out the impact this tax code change will have on my monthly pay for the rest of 24/25. Background is that I have two separate employers so PAYE can be quite complicated. Both have had changed tax codes this week. One of them has gone from K545 to 626LX. I have looked up…
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Inheritance tax allowances
I've been looking online but seem to go round in circles. If I understand correctly, the £3000 gifting allowance can be carried forward one year (giving up to £6000). Can I also use last tax years £250 gifting allowance along with this years, i.e. give £500 to individuals this tax year?
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Cab pensioners transfer tax allowance
My wife and I are pensioners her pension is lower than mine and as a result does not utilise her personal allowance to the full. Recently I read martyn was encouraging people to transfer the unused portion of the allowance to their partner. Does this still apply to pensioner couples like ourselves where I pay tax on income…
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CGT & offsetting losses against gains on mixed assets - Shares & Land
I
will need to do a Self-Assessment for TY 24/25 to pay CGT on a plot of land.
However, I have also sold two shares, one for a gain & one for a loss. To
keep things simple the figures below are not the specific value as my question
is around the methodology. Also,
for this purpose I am a BR taxpayer. I therefore assume…
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Tax code.
My tax code is 93L. How is my tax calculated? Is it 93L after the £12570.00 threshold or is it tax payable after £930.00?
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Tax on savings interest
For the first time Untaxed Interest has appeared on my tax code notice to the tune of £600. Note 3 on the notice states it's an estimate of the interest I'll receive during the year based on the previous year. How would they have worked this out and how can I check the figures accurately when I get interest at different…
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Capital Gains Tax
Hi, I wasn’t sure if this was the correct board. I’m based in Scotland for reference. I’ve owned my own home for over 30 years. My father passed away and half of my parents home was held in trust for me with my mother remaining in the house. The share of the house officially passed to me a few months ago when my mum moved…
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Just over a thousand pounds
Can anyone put me straight on my tax return, I am retired but still do a small amount of online graphic work. Over the last five years the amount earned has dropped below £1,000 and as my tax return asks me if my earnings are that or less this has led to no tax paid. However this year much to my surprise my earnings have…
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+£100k salary, Can SIPP help?
I’m considering opening a SIPP and wanted to just double check my understanding is correct:For those who make £100k+ you begin to losing your tax free allowance (ie. On 110k, you’re loosing 10k of your £13k personal allowance) and being taxed on the remaining £107k ish at 45%.If I set up a SIPP where I would donate around…
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IHT exemption - confusion over regular gifts of surplus income
My wife & I are in our late 50s & are both retired with two non-dependant adult children. We have mirror wills which leave our estate on the first death to each other and on the second death it goes to our children equally. Our current joint net annual income is sufficient to meet all regular monthly outgoings such as gas…
