-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
Gain on house sale. Non UK RESIDENT
Hi, I worked out the gain using TIME APPORTION METHOD. When stipuating the gain, can I take off my PRR first and then call that the gain? Or is the PRR separate from the actual written and calculated GAIN. So PRR goes down as a cost instead of deduicting it from the gain to get a lesser amount to call the gain,
-
do I need to do a self assessment?
and if so when does it need to be done? OK - so I tried to do a self assessment last year, might have been in January. The only reason I was doing this was because I started to get a foreign state pension paid to me and because it's a low amount it isn't taxed in that country. So I assumed it should be taxed here. So I did…
-
Workplace pension via salary sacrifice calculations
Hi, I need a bit of help with salary sacrifice and pension calculations. My hourly pay is £16.36, working 40h/week (£654.40/week gross). I've been paying 8% into my workplace pension (£52.35/week) via salary sacrifice (8% is the most the company would match) for the past few months. Now the payroll dept says I can only pay…
-
How can my Dad gift me his house without paying both IHT and CGT?
My Dad moved in with me a year ago and his house is standing empty - he is still paying the utility bills on it. What is the tax implication if he gives it to me now rather than leaves it to me in his will - he would rather gift it now if he could and we would rather avoid paying both CGT and IHT
-
Avoiding 60% marginal rate by using pension carry forward in alternating years?
After using my whole £60k pension annual allowance between defined benefit + voluntary pension contributions, my annual gross income is around £120k. It seems to me that if I alternated between using £40k one year and then £80k the next (using carry forward from the previous year), I would save £1500/year or so in tax. Is…
-
Adult daughter wants money from Will trust "on account" from her inheritance
Hi, my adult daughter is asking for money to help with mortgage payments over the next couple of years. The Will trust (of my second wife) stipulates all five children (from both our previous marriages) receive the same amount on my death. Is there a way I can legally lodge on the record that this money has been paid to…
-
First self assessment with RSUs
Received vested RSUs from my employer June 2023 showing as income on my P60 and accounted for on my payslip with tax withheld and company paying their own NIC. Do I need to put this information on my self assessment anywhere other than P60 total for year? Also I recently left the company and sold the RSUs with a profit of…
-
Self Assessment expenses receipts not in own name
Hi my son started a side hustle 2023/24 and needs to do a self assessment. He built himself a computer, from scratch, for the youtube channel. Some of the parts were really expensive (£900 +) so I used my credit card to buy them since he didn't have one himself. The parcels were addressed to me an delivered to our shared…
-
Is Maturity of Corporate Bond a Chargeable Event, for Capital Gains?
Hi, Is Maturity of Corporate Bond a Chargeable Event, for Capital Gains? NB.I asked this question on the 'HMRC Community Forum' and after a 10 day delay, I was privately advised: "Unfortunately, your post has been declined. HMRC is unable to provide specific or tailored advice through the Online Community Forums and cannot…
-
Conflicting info on paying after a self-assessment
I've done my first self-assessment, and I asked for it to be paid through PAYE. When I got the the end I saw: "Total amount due for 2023-24 £1,619.00PlusFirst payment on account for 2024-25 £809.50Total to be added to Self Assessment account due by 31 January 2025 Second payment on account for 2024-25 will be due by 31…
-
Dreaded Self Assessment. First time.
Hi all, I retired earlier this year at age 58 on the 31/05/2024. I have taken my 25% lump sum after my 59th birthday 31/06/2024. I have taken a small amount from the 75% taxed pension. I have a DB very small pension which is also received and received a tax free lump sum from it a few years back. I received a gift of £2000…
-
claiming uniform for work and backdating
I'm currently doing my tax self-assessment and trying to work out where to claim for expenses related to my work uniform (NHS) - can anyone provide further information? The help pages at HMRC are no help! I don't know how much I can claim and where to enter it in my self-assessment.
-
HMRC P87 form to claim for WFH ? help please
HI all I would appreciate aby comments on this:- I am WFH permanently due to a health issue. I completed (or thought I did!) P87 form on line (to claim tax relief on WFH) and received a letter from HMRC advising it was incorrect. I rang the helpline and was advised that P87 was the correct form and to complete again…
-
CGT ON 'NOTIONAL' GAIN GIA FOR TAX RETURN
Hi I have a GIA and I am now filling out my tax return. The statement from my GIA provider includes a consolidated tax certificate which shows the dividends that have been earned on the funds in the GIA and on which I know that I will pay income tax. The dividends themselves are now just part of the GIA. Separately the…
