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Interest on Nationwide fixed rate bond joint account
Nationwide have attributed all interest allocated in 23/24 on a 2 year fixed rate bond (held in joint names with my husband) to my list of interest liable for tax. I only became aware of this recently; when they informed me this week by email that they had updated 23/24 interest and tax paid statements because of a…
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Simple/Common IHT double-check
Hi, I have what I hope is a very simple and presumably MOST common situation that I’d like to double-check with you knowledgeable people :) Dad passed away about 3y ago now. He had a will leaving everything to his wife/my mum. He had very limited savings and nothing really of any major worth except the house, which my mum…
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BTL bought in 2008, sold in 2023 for 15k less than i paid, can i use the loss to offset other tax ow
looking at my 23/24 self cert return: I bought BTL in 2008 for 105k, sold in 2023 for 90k = 15k loss (no income from property in 23/24 year - it was vacant) The only tax I am due to pay is PAYE - already paid - from my main job, and about £800 I owe from savings interest Can I offset the 15k loss against the tax I owe? If…
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Inherited joint common tenancy but second hone
Hi, I'm hoping someone on here can confirm my understanding on a tax implications on my inheritance.of part of the family home after my dad left his share to my brother and I in 2018. I understand why he did it, my brother lives in the house and has autism. He has never left home and never will. He wanted to be fair to us…
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Using Own Car for Work and Fuel Card
Hi, I hope this is the correct section. In previous jobs I have recieved a car allowance to cover the cost of the car and then claimed Business mileage at 45p/25p rate. In my new job however I have been provided with a fuel card. A small fixed amount is deducted from my salary each month to cover private fuel use. I…
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2023/24 Tax calc workings confusion
EDITED - deleted this, as company car was a lot more than i realised as a contributing factor!!
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Confused about my Simple Assessment
Hi everyone, I got a letter saying I need to pay £867.80 following a Simple Assessment letter. (I had worked two jobs and changed one of the jobs in that year) But my memory might be a little mixed up, I thought HMRC had planned to recoup that money because they have reduced my tax free allowance for the year? I feel like…
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Self assessment payment reminders
These payment reminders are always a pain in the pit of my stomach.. They send these reminders out even if you have paid them!There is no simple way to check if these have been paid already if they were done early in the year. On the email there is a way opt to not to remind me for the year, but the system should be able…
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Redundancy on self assessment
Hi. Wonder if anyone can help. i received a redundancy payment in 23/24 tax year. My P45 shows this amount with the tax I paid on it. £30k of the sum was tax free. I have already paid tax via PAYE on the balance. Can anyone confirm how I deal with this on my tax return? I am assuming that I put the full amount (I.e. salary…
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Capital gains tax or PRR arising on garden sale?
I need some advice on the above, but uncertain which sort of specialist advisor could help. I have planning for a new build in my garden, but have decided not to go ahead. A neighbour wants to purchase just part of the plot, without any planning permission. Will the fact that I have planning permission mean it attracts…
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Starting rate for savings
My state pension and a small private pension take me over the threshold for paying tax which is deducted from my private pension. My interest on savings for 2023/4 will be slightly above £1000. Will the starting rate for savings be applied automatically by HMRC or should I apply for it?Thanks
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Tax on interest from savings
Hi - I've tried to read up on this but can't properly understand it. My wife, who is retired, will soon receive a pension of approx £4k per annum. This will be her only income. We also anticipate that in the next few months she will have savings that will generate more than £1k interest each year (she wants to kep it in a…
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Civil Service backdated pay award - lump sum or installments?
Hi, As the title says, I am a civil servant who is getting a pay award backdated from April 2024 and being payments beginning in Jan 2024. Total is £860. I'm not sure if I will get taxed more if I choose the lump sum option? I am on plan 2 for my undergraduate loan and pay a postgraduate loan too. My net pay monthly is…
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Tax or no tax on savings calculation
Wife works part time and earns £9,718. Her personal allowance is £10,473, as we claim marriage allowance. Allowing for her personal allowance and the starting rate for savings, which is up to £5000, how much interest can she earn on savings tax free, as we don’t know if that includes her personal saving allowance, which is…
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2023/24 full tax assessment + gift aid
I've just received my 2023/24 tax letter, saying I owe some tax. I'd like to understand whether the calculations are right, particularly re. the gift aid figure. Hopefully someone can help me out! The letter says: Income: £49284.20 (salary) + £2429.00 (untaxed interest) = £51713.20 [these are both correct by my records]…
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Can I stop HMRC sending me a Simple Assessment?
I have paid tax through Self Assessment for decades. In the last four or five years I have received PA302 Simple Assessments relating to bank and building society interest. In the past I have phoned up explained that I pay tax via Self Assessment and the Simple Assessment has been cancelled. But then the next year I get…
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How to calculate whether capital gains push me into the higher rate bracket?
This is for tax year 24-25. And I'm talking about GIA (unsheltered investment accounts). In anticipation of the budget immediately applying the new CGT rates (which turned out to be the case), at the beginning of October I sold a load of GIA funds and thus made some capital gains. I have found an online app (for which I…
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IHT 7 year rule on gifts into joint accounts
If I were to gift money into a joint account in my name and my 3 children’s names and document it as a gift to them, the 7 year rule would apply but after that it is be considered as theirs, or 1/4 mine or completely mine as I gifted it?
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IHT. Gifts from excess Income. Does normal expenses include occasion expensive holidays
Good morning. I am recording my ‘normal’ income and expenditure on an Excel sheet so I know what my excess income is so I can gift it to my son. My estate is over the IHT limits. I am 70 and in good health, but would like to start passing some wealth to my son tax free, just in case. Establishing my normal expenses was…
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New van
Hi, my husband took a loan to buy a van. Do I add the whole £11,000 to his tax return for 2023/24? How do I then log the loan repayments. I use quickbooks. thanks for the help.
