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Overpaid tax, how/when to get refund?
My son has overpaid tax this month. He had 2 part-time jobs but left the first one at the end of August as he was offered a fulltime contract at the second. He's received a p45 so I've told him to give that to his employer and ask them to get the tax code updated. My question is, what will happen about the overpaid tax -…
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RSUs & Net income/tax
Can anyone tell me if RSUs count towards net income if you pay the tax at source once vested? My company offers 2 ways to pay tax on our RSUs once vested 1) as income on pay-roll or 2) a % of the RSUs to cover the tax. With option 2 would it count towards net income still? This is relevant as I earn over £100k and have a…
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Self Assessment refund not yet received
Just before Christmas I completed my return for the last tax year and it calculated a modest refund of around £250. My recollection of previously completing my returns is that bank account details were requested as part of the return but this time around it invited you to apply after submitting which I duly did. With…
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Ceasing self assesment tax returns
So for the past couple of years I've been employing an accountant to submit my self assesment tax returns to HMRC, main reason being that I have been receiving over 10k in savings interests annually for these two years. For this tax year I don't envisage that I will earn interest over this amount and also am questioning…
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CGT on dilapidated property
Hello - I bought a property that needed extensive work, intending to move in once renovation was complete, but circumstances changed and I never did, so I sold it after about 22 months and have ended up having to pay CGT (it was the first and only property I'd owned at the time, but that's unfortunately irrelevant for tax…
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Company Sharesave & CGT
Hi, I have a company Sharesave which is due to finish in November. When my plan matures it will make about £20k profit, normally I just transfer the shares to a holding account where I work. With regards to CGT would I be able to take out £3k each year and not pay any extra tax or does the CGT go on the amount…
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Self-Assessment: Filling in the gift aid section if you *don't* want to claim additional tax relief
Apologies if this is in the wrong forum and if it's a daft question… I routinely tick the Gift Aid box when I give to charity. While I haven't been keeping a track of how much this amounts to annually, it certainly isn't anything like the amount of income tax I pay. As I'm a higher rate tax payer (just…) I realise that I'm…
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Transfer SAYE shares to Flexible Investment ISA
Hello, I would like to check my understanding is correct please. My SAYE has just completed and I am about to exercise my options. I will make a gain over the GC tax allowance and so I would like to transfer the shares into my Investment ISA this tax year. I have £16k allowance currently available. My Investment ISA with…
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Do dividends impact the starting rate for savings?
Suppose a person was in receipt of £12,570 of taxable pension income, £1,000 of dividends and £6,000 of savings interest (both dividends and interest coming from taxable accounts): would they receive the full £5,000 starting rate for savings and so would just have £500 of the dividends being taxable, or do the dividends…
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How to query vat payment on a second hand item from usa
Hi, I've just been charged full vat on a second hand item I ordered from the USA. Cost $300 approx. This would have been zero VAT if I'd bought it here in the UK, does any one know the rate I should pay for this? And if I've been charged wrongly, how do I reclaim? Thanks in advance!
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[LTD HMRC] Closure of the service to file your company accounts and tax return?
Hi All, HMRC is dropping the online filling service. This is their justification which I don't buy as how their own online form cannot meet modern digital standards and they push everyone to use proprietary software? Unless there is something free/open source I could use. They introduced this service like 14 years ago not…
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Calculating adjusted net income with BIK
Hi all, for the first time I need to complete a self assessment to calculate the higher rate child benefit charge (HICBC) but having been PAYE all my life I am slightly confused about how to calculate adjusted net income (ANI). My taxable income for the year (from salary + bonus & overtime) is £66415 but I also have a…
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NSI Bonds Maturing and Interest for Tax Purposes
Good Morning, I have two NSI Bonds Maturing and I am wondering what to do with them with regards to the interest. I have rolled them over from last year so did not receive any interest payment. Is the interest on these bonds liable for Tax in the financial year that it is accrued or does it become liable for tax when you…
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Can payment of a Legal Charge on property sale completion be deducted in CGT calculation?
Sorry this is long but I can't find an answer anywhere else! Summary of situation: * My mother and father bought family home in '78, they split up and father moved out in '82, later divorced amicably, mother stayed in house and they both retained Joint Tenant ownership of it (father happy for my mother to live in it until…
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Nurse bank
My wife works for NHSGGC and works bank shifts. Her bank shifts are classed as a second job and she pays 40% tax on these earnings. From what I can see HMRC class bank as a second job however the legal definition of a second job is if you have a separate contract with a separate employer. NHSGGC run and manage the bank so…
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Selling rental house - questions on expenses if empty
We are thinking of selling our rental property next year. The tenancy comes up end April and then we will smarten the house up a bit for sale. It is likely to be empty for at least a month. Trying to get my head round the implications. 1. If the tenants move out before end April can I offset the council tax and electricity…
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Giving property to someone and CGT.
Would I be correct in thinking that you can transfer ownership of your property to someone else and not have to pay any CGT as long as it is their only house? E.g A parent transferring to their children but still living in the house along with the child? I know that in such circumstances the council can claim the house…
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Salary sacrifice
As an employer I want to provide as best I can for my employees. We already have salary sacrifice for pension and cycle to work. What other salary sacrifice options do people avail of and think beneficial. As a small employer we can facilitate anything which is beneficial as the admin burden isn’t excessive. I’m looking…
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Calculating taxable income - pension deductions
Hi all, Can anyone confirm whether contributions which I make to my pension from my salary count towards my taxable income for the year? I am asking for reasons relating to the personal savings allowance. I've set out below a hopefully straight forward scenario along with a couple of statements which reflect my…
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Income Tax due on Savings Interest
Hi, looking for advice on the tax due on savings. I am retired on a company pension of £15.5K not state pensionable age, therefore currently a basic rate tax payer. Will all my savings interest above the PSA and SSRate be taxed at 20%. OR As I expect to get approximately £35K ( Non ISA ) savings interest this tax year.…
