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Comprehensive personal tax calculator
Greetings, Does anyone know where I could find a comprehensive personal tax calculator - one that includes dividends, interest, income, pension contributions and CGT - across the UK for this tax year? I can't seem to find any on line that cover all these. I have also tried playing with my HMRC self assessment form (for…
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Happy new year from HMRC ...
Received a message to say I owe approx £2.5k in unpaid tax, which HMRC would like repaid over the next 3 months of FY 24/25. There is an option to contact HMRC if I cannot afford this. Is there any advantage in asking for more time to pay. My initial feeling is to just sort this out in this FY. Any thoughts appreciated.…
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Do I need to pay tax on a lump sum?
I'm in a position where I will receive £40K approx in the near future. This is from my local council because they have overcharged me for my care costs for ten years. I was wondering, do I need to pay tax on this, and if so how do I do it please? (I have never worked due to disability, so have no knowledge of tax etc, but…
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Capital Gains Tax allowable deductions on sale of land
I have posted this on the HMRC community forum but have yet to receive a reply, so just checking if any one here can advise on the following. I jointly inherited a plot of land some years ago & have just accepted an offer that will be liable to CGT. I would appreciate some advice on what would count as allowable…
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Cgt on crypto.... Same as savings interest?
Probably a stupid question I have savings that I will owe tax on... I also have some bitcoin. I intend to sell £3000 before april.... £3k is within my cgt allowance, but is this added to savings interest tax?
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Growth Shares (CGT)
Hi all. I had some growth shares which I bought through my company in Nov 23. My company was sold in Feb 24. I will not receive any proceeds from the Growth Shares until my company potentially meets targets which will be finalised in Feb 25 and Feb 26. I understand that I need to pay CGT as if I received the entire…
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Is my income taxable?
Hi all, For the past year or two, almost all of my income has been in the form of gifts. There is a person who is essentially a patron of mine, who pays me to work on my own projects, with no expectation of services in return. So far I've been invoicing the person, putting the income through my books and paying tax on it.…
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Payments on Account - PAYE
I have just completed my self-assessment for the 5th year. This time however I am being asked to also make two payments on account. All of my income is PAYE and from searching the HMRC website I found this: You must make these 2 payments, unless either: * the amount of tax you owed last year was less than £1,000 * last…
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Company Car Tax!
I recently got a company car with my new job back in November. I updated the HMRC and have been taxed now in December a ridiculous amount. I’m in the 20% tax bracket and have paid over £900 in tax. I have called the HMRC and they have informed me that this is correct and that the way they do is that they backdate it to…
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£1000 or £500 tax free interest ?
Hi all, wondered if anyone can help. I pay some tax at 40% on a monthly basis BUT pay in a substantial one off pension contribution so that I get a tax refund and effectively don't pay any tax at 40% over the year as a whole after the tax refund from HMRC. Does anyone know if that means that I get the full £1,000 tax free…
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Delays with HMRC
I submitted a form R43 back in August. It’s not a huge amount of money Im owed basically they taxed a one off payment in April at 40%, they’ve already paid me the bulk of tax back, but still taxed a whole 20K at 20% rather than applying a personal allowance. I contacted them in August and they said to fill out an R43 to…
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HMRC Self Assessment Payments that I have not received.
I wonder if anyone else has been contacted to be chased for payments they have not received. HMRC tell me I owe two payments of around £200 each from 5 years ago. Neither of which I have received and as I have explained over the phone, I have the bank statements to prove they were not made to me. They are not at all…
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Tax on savings interest - have I miscalculated?
I've just paid my 2023/24 tax bill via self assessment. I have a few one year fixed savings accounts which pay interest monthly, which I counted in my interest savings (I basically used the statements of interest that the banks sent me). However they didn't all mature in 2023/24. Have I done this incorrectly? Should I only…
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A different way to advertise rental prices - "Cost plus taxes"?
Hi, (Writing as a landlord) I've noticed for some time how we regularly have new taxes and regulations imposed (by both political persuasions) on "the evil landlords", and somewhat independently stories about "rents are increasing out of control" - with no connection between the two. I'm very conscious that while the rent…
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Reducing Tax burden on rental property.
Hi all, I'm reaching out for advice and guidance on a property I own and am looking to rent. I work full time and have a secondary employment so therefore already pay higher rate tax (40%). I pay a pension in job 1 which also has an employer contribution element. I get a pension in job 2 but this is non contributory by me,…
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Tax Year - Interest ?
Hi, A bit of help please on my little tax problem.Been retired for some years and had no need to submit a SA, but now have received a demand for more tax this year, saying that their "estimated" savings income for this current year in almost double what we know it will be.Always thought savings interest earned in this tax…
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Offset shares loss
Hello, I have a S&S account with shares that are pretty much worthless, a loss of around £645 if I sell. In February, I have a SAYE works share scheme maturing, with an anticipated profit of around £4500. I am aware I will have a £3000 cgt allowance and I am liable for 18% tax on the remaining £1500. I am also aware if I…
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Simple Assessment - under assessed
For the 2023-24 tax year, I was moved from the Self Assessment process to the Simple Assessment process for the first time. HMRC's initial assessment excluded all unearned income. I wrote to them to report this, and they eventually issued a revised assessment. However, for unearned income they only provided an aggregate…
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8.75% Basic rate tax on dividends
As I understand it, the basic rate of tax on dividends is 8.75% and does not revert to 20% if you fall into the higher rate bracket. So why has the Inland Revenue's Self Assessment calculation charged my Total Taxable Income for 23/24 (including dividends) at 20% and none at 8.75% before correctly applying 33.75% (the…
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Paying off student loan - tax query
To pay off my daughter's student load will require a payment of circa £36k. My wife and and I are considering paying off the loan. We are in a strong cash position. I feel pretty well versed in the principle arguments for and against doing this and am not seeking any advice on those from this post. We will still be looking…
