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Voluntary NI payments applied
Hi, I had a shortfall for 2008-09 and 2009-10 that I was eligible to make voluntary contributions for. I did so in December 2024 and today received a letter from HMRC with the below, dated 7 July. As I understand it, it shows that I now have 52 weeks for both years (36+16 and 52). I logged in to my HMRC account and looked…
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Which scenario would be the most tax efficient
Starting in August, I will be self employed for the first time (driving instructor). I have a car which I bought in February using a personal loan and after having dual controls fitted this will be the vehicle I’ll be using to teach learners. I am now in the position where I have enough money to pay the loan off in full…
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National insurance payments with two jobs
Hi, can anyone help with the following query? I have two jobs, one earning £45k a year and the other earning 30k a year. I understand that I pay NI on both of these jobs @ 8% as I earn above the weekly threshold of £242 in both jobs. My question is if I was earning the above amount from just one job I would pay 8% on my…
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(daft question warning) Posting multiple self-assessment returns
I need to post 24/25 self assessment returns for my two children. They are under 16 so it has to be done via paper forms. Can I post both sets of printed forms in the same envelope? (or is each envelope registered/scanned individually, causing issues with more than one return in it?) Follow-up question - as it is only July…
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Advice Required for Employee looking to become Employee + Sole Trader
I am employed in a full time position (Monday to Friday) where I contribute to a company pension scheme via salary sacrifice. A recent role change (which I'm very grateful for) has seen me earn into the higher tax band. I've not paid that much into the pension over the years and I would like to increase these by taking on…
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IHT question about owning 2 properties and estate valued over 1 million
With pensions about to be inc in IHT, many more people who have worked all of their lives will fall into this trap and millions more over the next decade or so I'm aware re the one million exemption ATM If the estate was worth more than a million as things stand and someone wanted to pass on percetanges to their children…
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HMRC 6 month backlog on refunds? Anyone else?
After submitting 23/24 SIPP contribution figure (via SA) to HMRC in Oct, my OH's account is showing that she is due a (correct) c.£2k refund to cover the additional relief for a HR tax payer. She requested the refund Oct 28 and has the reference (&screen shots) to evidence it. The standard statement indicates it should be…
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Tax thresholds 2017/18/ 18/19 19/20
I have just been told by HMRC (self assessment department) that the tax thresholds for 2017/18, 2018/19, 2019/20 were, respectively, £8,164, £8,424 and £9,504 and that I owe national insurance contributions for those years of just over £100 per year. The National Insurance department says I do not owe anything. And my…
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Deed of variation
Last year from my savings I gave my daughter £20,000 to put into her SIPP to regain her tax and also £20,000 to my son to put into an ISA and LISA to maximise his allowances. He is a non tax payer so I also put £2880 into his SIPP to be topped up to £3600 by the government. These of course are PETs above the usual gifting…
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Crane Oversailing License Taxable?
We have a large care home being built next door and we potentially have agreed a 5 figure crane oversail license for 12 months. Would this be classified as taxable income? If so, as the property is in both me and wife's name, would we split the fee 50/50 for our tax calculations?
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IHT
I am UK resident and have £325.00 before paying 40% tax. Is my deceased non UK husband also have £325.00 allowance to add to mine. Non resitent in UK. Tks
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Unexpected Chargeable Event gain
Hi helpful money savers, I’ve already filed my 2024/25 self-assessment return, which included income just slightly over the higher-rate threshold due to variable earnings and poor planning on my part. I’ve now unexpectedly received around £10,000 from a deceased relative’s life insurance investment bond held in a loan…
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Tax allowances/code & 40% band
Resolved this now
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Thought Self Assessment had processed, now got £440 penalties - help!
Hi everyone, I have been self-assessed for some years now. I did not file my tax return on time, due to health issues (mine and in the family) so expected to pay £100 fine, which I was annoyed with myself about, but could not really dispute as I should have done it. I thought it had been done on 7/2/25, downloaded the…
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Copy of tax return from accountant
We normally do our own tax returns as we have a fairly straight forward situation. This year however my husband has had a few changes which has resulted in his tax return being more complicated. On this basis we are going to get an accountant to do his and due to the prices we have been quoted, I will be doing my own still…
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Tax Returned Limited charged me 92.4% for obtaining a £102.06 tax refund!!
I asked Tax Returned Limited to check my taxes and claim back any amounts due. It was was not made clear to me the total they would charge me. Consequently, a £102.06 HMRC Refund via these opportunists has resulted in a £94.30 fee (78.58 fee and £15.72 VAT charge on their fee). This results in my HMRC refund of £102.06…
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IHT Reference and UTR questions
We have a small Discretionary Trust that is due to hit its next 10-year anniversary in a few months, and we are planning to end it as soon as we can (maybe before the anniversary, maybe after - there are some external dependencies). The value of the trust assets has grown to the point where a small amount of IHT will be…
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EV salary sacrifice
I'm after a EV to replace my current car and my employer has a salary sacrifice scheme so I'm looking at which is best to do, a straight PCP or go via the salary sacrifice. The thing that is confusing me at the moment is my tax status. I'm not a 40% tax payer as far as my salary is concerned, BUT I have a rental property…
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Nearing Retirement .TAX Question
I am a couple of years from retiring from full time work. Currently receiving my State pension on top of salary. Have about 40k in a company defined pension. They pay 6% I contribute another 12%. Should i consider only matching the 6% and putting the additional 6% into ISA? Also best way to reduce TAX burden at retirement.…
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CGT on shared ownership
Hi I am selling my property which I bought back in 2009 with the help of an equity loan. The split was 55% mortgage and 45% equity loan. My question is when I sell do I have to pay CGT on the full 100% or just the share I had?? I lived away from the property for 7 of the 18 years
