-
Transferred tax allowance
Hi all, first post. For many years my wife hasn't worked due to ongoing health concerns. As a result, we have taken the opportunity to transfer the Allowance of £1260, giving me a tax code of 1382M. This year for the first time my annual taxable income has taken me slightly above the 20% tax threshold by £597, this was due…
-
Tax refund
I have two jobs. For the financial year ending 5/4/25, I used the tax calculator on this site and on HMRC website. both results showed I paid too much tax. the previous other 4tax years’ tax calculations on these two websites showed the tax that I paid was correct. HMRC have not written to me about a tax refund. should I…
-
Clients pay mileage but I want to use Actual Costs for car expenses, how is this possible?
I am doing the book-keeping/accounting for my Dad's consulting business and I've struggled to find the answer to the below: Clients are invoiced for the day rate and most pay his expenses which include mileage. I want to use the Actual Costs method and capital allowances for his car rather than the flat rate expenses. So,…
-
Swapping marriage tax allowance
Hello all my husband was working at claiming my marriage tax allowance. However on 31st march we did a swap. So I’m working and he’s at home with the children. so effectively we want to swap. I sent off a letter stating the change and requesting the new allowance, my husbands is applied to mine. They replied back saying it…
-
Owing income tax
Lost my husband on Xmas eve 2024. Today I received my tax code informing me I owe £195 earlier year and £165.20 this year. Nothing has changed except I got an extra £300 from his state pension and half his nhs pension together approx £1200. This cannot be right I want to write to HMRC but wonder whether it is worth it.…
-
Investing spare cash within LTD company – risks of losing trading status?
Seeking collective wisdom of the forum. Going forward, it looks like I will have a relatively large surplus of cash sitting in my LTD company account (myself & wife owners/directors). The company provides private medical services (VAT exempt). I am keen to invest this excess cash in equities longer-term. I have an…
-
Landlord tax
I am currently set up on HMRC as doing a yearly self assessment because I have a second home which I currently rent out. In Jan 2025 I paid HMRC advance payment I think it’s called but my tenants are now going to be leaving on July 8th 2025 and I’m going to be selling my second home. I’m wondering how do I go about telling…
-
Personal pension contribution tax relief reducing income
Hi all i paid 10000 gross into an Aviva pension in the previous tax year. I also had savings interest that will exceed the £1000 allowed as a basic rate tax payer. Think this is likely to be around 2000.I also pay into LGPS. Will the payment to Aviva reduce my income and as a result mean not being liable for paying the tax…
-
Seeking Advice on Ceasing UK Tax Residency - Dual National Moving to EU
Hi everyone, I'm hoping to draw on the collective wisdom of this forum for my tax situation. I'd be very grateful for any insights you can offer. My Situation: * I am a dual British/EU citizen, currently living and working in London. * I participate in my company's Staff Share Scheme and I am expecting a significant payout…
-
How to change the estimated amount of interest allocated by HMRC to my account for 25/26
As the title suggests, HMRC have made an estimate of the amount of interest I will earn during 25/26. The amount is nowhere near the true amount and I'd like to correct it (or at least make a more accurate reduced estimate) I can't seem to find a place to do this online. Is it possible to do this? if so, where abouts on…
-
HMRC and Final Estate Calculation
Hi - I am the executor of a relatively straightforward estate. The date of death was late December and probate was granted late January - no property to sell but quite high ISA balances etc. There is no IHT due. HMRC wrote to me in mid January, stating that they would send a final Income Tax calculation within eight weeks…
-
Had to work from home at the start of the Covid-19 pandemic? Claim tax relief worth up to £140
If you're one of millions who worked from home due to Government restrictions at the start of the Covid-19 pandemic, even for just one day, you have until this Saturday (5 April) to claim a tax rebate for the entire 2020/21 tax year – worth up to £140. Read the full story: Last chance: Had to work from home at the start of…
-
Change of tax code - M to L
Does anyone have any idea as to why my tax code has changed from 1394M to 962L? I'm more concerned about the change of M to L. Although income was a little higher for me in the last tax year due to an inherited pension, there has been no change regarding my Marriage Allowance circumstances as my wife is still unemployed…
-
sole-trader tax
Began working in a freelance position in October and have been putting aside estimated tax payments in to a savings account, ready to pay the tax bill. Submitted tax return, using all income plus expenses and have a bill that needs to be paid by January 2026, with a second installment due later in 2026. I've researched as…
-
Second Job
Hi everyone, I'm currently working full time earing £35K per year but want to supplement that by getting a second job. I've applied at my local Tesco's and have an Interview on Friday. Depending how that goes, looking at between 12 and 16 hours per week. I'm guessing about £11K per year. I'm just worried about if this will…
-
Estimated income - how is it calculated?
Following some excellent advice (I think a ML article in the DM), I opted to withdraw a token £100 from my existing Drawdown SIPP with HL. I’m not bothered about triggering the MPAA but what it does achieve is to correct my tax code to ‘BR’ in anticipation of future withdrawals. Given that the £100 was received at the end…
-
UK dividend tax to pay on US shares (ongoing and historic)
Hello, I could do with some forum wisdom on how to treat tax for some historic and ongoing dividend payments from owning US shares. Situation is as per:* Shares were acquired more than a decade ago as part of compensation whilst working for a US firm. * They are held by a US bank who also holds a cash account for dividend…
-
SA-report an amount under £1 ?
In 2024-25 I received interest income from various sources which in total combined with my SP took my reportable income over £20k. I know to round down to ignore pence, but total interest for one small account came in at 99p for the year. Do I just ignore this amount altogether and not include it?
-
How to submit 2024-2025 untaxed savings interest to HMRC?
Hello All. I'm a non-taxpayer, on a small work pension which is my only income aside from a little savings interest. A data-only glitch at my pension provider in 2024 accidentally sent incorrect data to HMRC, reporting my pension income as double its actual value (payments weren't doubled!). The issue was identified and…
-
Capital Gains Tax
Hello, I am about to finalise the sale on my house and planning on living with family for a while. I asked about any extra costs with the solicitor and they mentioned capital gains tax might be payable but it wasn’t anything that person dealt with. I found a forum which suggested selling your home and not purchasing…
