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Foreign tax credit relief
I am trying to deal with the calculation of foreign tax
credit relief (for the first time) and am attempting to use HS263 (the FTCR
working sheet 1) for this purpose. The problem is that none of the HMRC help that I can find
makes any sense – it refers to boxes in the FTCR working sheet which simply do
not exist. Example:…
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Are P2P bad debts deducted when calculating tax?
I applied to HMRC for a tax refund for 2019-20 and detailed savings/investment income of £1152. This was made up of £1440 along with a negative of £288 from Funding Circle comprising £37 interest less £325 bad debts. Today I received a P800 showing untaxed interest of £1440, ie the bad debts were only deducted to the…
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IHT gift from a joint account, keeping simple records/etc
Hello. Please help with the following. FYI: Over the years we have been married (35+ years), we have earned similar amounts of money. We have had for years, almost everything in joint names, the home, btl, all saving accounts, plus the current accounts were joined up into a joint account with the same bank when we both…
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Reporting of Capital Gains when no tax is due
Sorry if this is the wrong sub-forum for this question, but I can't find one for CGT. I don't do self-assessment; my tax is all taken through PAYE. I have sold some shares, where the total realised is more than the £3,000 exempted band, but the total gain after purchase costs are deducted remains below £3,000. a) Do I…
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P800 for 2024/2025
Has anyone had their PAYE tax calculation for 2024/2025? My 2023/2024 tax calculation appeared in my personal tax account online on 20 January 2025. I am aware that they appear to have a permanent backlog but was wondering if there was any chance of mine being completed this year. Their message online says June to October…
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Does occupational pension extend the basic tax rate band?
Hi All, I had a question. I'm going in circles around whether occupational pension contributions extend the basic tax rate band or not? My understanding is that the basic tax band is up to £50,270. My occupational pension contribution is a mix of my own contribution and my company topping up with a company match. I believe…
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New VAT number scam
After setting up a new company I created a government gateway account to register for vat. A month after receiving the number by post I tried to add it the my gateway account. ”already registered to another gateway account” Apparently the numbers are being intercepted somewhere and you can add them to any gateway account!…
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Salary Sacrifice for employment whilst receiving public sector pension
Hi, I am hoping you can help. I am trying to understand the tax implications to me,
involving salary sacrifice. My situation is I receive a public service pension and have
been re-employed on a part-time contract by the same organisation. My part-time
salary is £33,000, tax code BR, I contribute £175 a month into another…
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Do tax codes go negative between £100,000 and £125,000?
I can't find the answer to this on the government website. But it seems like such a simple question. I currently have a tax code of 828L, because HMRC are recovering underpaid tax from previous years. A redundancy payment will push my taxable income for 25/26 into the 60% tax trap. (Sadness) I understand that my tax code…
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Capital Gains Tax on sale of a property held by a Protective Trust
My mother, in her will, left a sum of money to be held in a Protective Trust for my sister who had mental health issues, the Trust becoming effective upon my mother's death. The will created myself and my brother as Trustees "to hold the income thereof upon protective trusts for the benefit of my daughter xxx for her…
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Impossible to create HMRC account
My wife always had a Verify account with HMRC but they stopped and closed it this year. She now has no means of accessing her personal pension or tax details etc. or advising HMRC of mistakes, tax changes needed. The login screens need 2 out of 3 items to verify identity 1. Passport, 2 Mobile phone contract or credit card…
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Help: Contacting HMRC To Change Estimated to Actual Untaxed interest
With the
great help of Eskbanker I managed to access HMRC and find the place where I can
notify them of the actual interest earned rather than their estimate for this FY. I’m
concerned that after filling out the form but NOT submitting it, that the
interest figure is shown twice and I certainly wouldn’t want HMRC to…
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What's Tax Free / What's Not
Can someone advise which of the following items are tax free or not please :smile: 1. Nationwide fairer share payment. 2. Nationwide thank you bonus. 3. Bank switching bonuses. 4. Savings platform bonuses e.g. Raisin summer loyalty & introduce a friend bonuses etc. 5. Solar panel electric export to grid payments. 6.…
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ISA and Withholding tax
Hello everyone, I have an internal debate regarding ISAs, and I will expose the situation below: I plan to buy some shares from a French based company which pays dividend. The french dividend comes with a retention in origin of 25%, and as it's an ISA, no tax is liable in the UK. Now, because France and the UK have signed…
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Self assessment and P11D
Hello, As employee I receive benefits - med insurance. After my P11D was submitted this year (for benefits 2024/25) my tax code changed and the taxes on these benefits were taken via PAYE on my salary. On top of this job I have to make a self-assessment for sole trader work, which asks me to mention my benefits under the…
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Self Assessment Interest charges after mistake
My 2021/2022 SA was incorrectly completed by me, due to a company name change i failed to send the whole year total. I only complete SA due to child benefit, which i have subsequantly stopped. However, HMRC sent me a rebate in August 2024, which i immediately queries in the early september to confirm the error. I was told…
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Understanding Capital Gains Tax
Hi - looking for some guidance on CGT and how/when it applies, as I've just cashed in some company shares and would like to pay any tax bill now (leaving the remaining amount to put towards our house extension). The headlines are: - received the shares in December 2017, but as it's an American company it was held in a…
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State pension tax
My wife's only income is her state pension however she has she has given me the marriage allowance. I do pay tax on additional pensions, last year my wife received a bill from the tax office for a simple assessment request for £132.60 which I have paid. If the simple assessment is applied this year with the increases in…
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Self Assessment and R185
I’m completing my self assessment for last tax year and have income from an estate under administration (R185), but cannot see where it goes. I wondered if anyone else might know?
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Self Assessment tax return
I am filling out my first self assessment tax return and would like to know if I should include income I recieved from renting out my parking space last tax year? I earned £183.43 for the year. I read this article on MSE - https://www.moneysavingexpert.com/shopping/cheap-parking-rental/. Is it still correct?
