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Can buying physical gold help with tax amount?
If I buy Royal Mint coins will that help with the amount of tax I will have to pay, or is it better to but from physical bullion coin dealers in London?
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Side hustle and limiting 40% tax
I'm currently employed and just into the 40% tax bracket, even after paying extra pension contributions which means I'm also in the bracket for paying back our some child benefit. I've now got the opportunity to do some additional work on my days off but I'm not sure it's worth it after deductions. It's been suggested to…
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Stamp duty on 1st UK property // already have 2x$30K properties in Europe
hi, Checked everywhere, could not find the answer. Planning to buy my very 1st property here in UK I own 2 properties worth £35K each on the continent. I understand if property is worth less that £40K it is not classed as property. So my question is: is this £40K threshold a combined figure for all properties I own. or per…
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Capital Gains For Collectibles
Does anyone know how collectibles bought for an investment are treated for capital gains tax? I am confused if they come under the chattel exemption or the annual CGT allowance, or even if they are treated as income tax My understanding is that the chattel exemption could be argued for limited collectible purchases such as…
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Property allowance and effect on carried forward finance costs
Just tackling my 24-25 tax return. I have some carried forward finance costs (due to low income in the previous year). It happens to coincide with a year with very low expenses to put against rental income, so I was thinking I would use the £1k property allowance for this year. AI tells me I cannot use the carried forward…
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One short rental, one big tax headache...HMRC disclosure help please!
Hello intelligent helpful people! I am a person in need this fine Friday morning! :) I’ve received a letter from HMRC saying they believe I owe tax on rental income. They are correct. I rented out my main home for 6 months in 2023 before moving back in. This is the only time I’ve ever let a property and I’m struggling to…
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HMRC Tax calculation : Pension lump sum deposits missing
Advice appreciated: I've just received my 24-25 tax calculation and with the addition of untaxed interest it shows I have breached the 40% band by a small amount. I had planned for this, and made additional payments to my workplace pension to bring my total taxable income below the 40% threshold. The figures on the tax…
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Capital Gains Tax liability
Bought a house with my wife in 1990. I moved out in March 2018 into private rented accommodation. In September 2024 she severed the joint tenancy and we became tenants in common with a 50/50 share in the house. She died in the October from a long term cancer diagnosis. We never divorced. She left her half of the house to…
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Deed of Variation
Hello, I'm after a bit of advice please. My mum passed away recently and I am currently dealing with probate and all the admin that comes with it. Some time ago my mum expressed that she wanted her only grandchild (my son) to receive a lump sum but the will never got changed and I promised her I would follow her wishes. I…
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Top slicing relief on policy
I may soon cash in a policy that will have a chargeable gain of about £3k. The number of complete policy years is 26. Am I correct in understanding that top-slicing relief means I will be taxed, as income, on 3000 / 26 = £115? If top-slicing relief assumes that the gain is spread evenly across the years, then what happens…
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Self assessment payment showing as credit rather than paying the tax bill
I do my dad's self assessment. This year he owed just under £50, and we made the payment a few weeks ago. On his Self Assessment page, under "Your balance" it says that he's in credit by the amount that we paid, and under that it says that this will pay his tax bill on 31 January 2026. Last year he owed just over £60, and…
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Why is Giftaid entry more expensive?
Why do places like National Trust charge more for Giftaid entry than non-Giftaid entry? Given that they can reclaim 25% tax of the entry price why should you end up paying more for entry? Non GA entry might be £10, GA might be £11.50. If they were both the same thay could still reclaim £2.50. Am I missing something?
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Capital Gains Tax - Shares
hi Forumites, I've a query on the CGT summary form under, listed shares. Box 26 asks for 'gains in the year before losses'. The summary notes say, 'this figure will be the gain minus any relief, claims or elections'. If my claim is greater than the losses then the figure will be negative. I believe the word 'minus' should…
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Tax on Savings for 24/25
I am just completing my tax return and want to know how much tax I might have to pay. I am retired and have a pension of £1,810 per annum. In 24/25 I had £26,392 in savings interest and £230 in dividends. Are my dividends free of tax as they are under £500 (should I declare them on my tax return)? Will I get the starter…
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Foreign life insurance income on self-assessment tax
Hi, I moved to the UK in the year 2023. This year in February 2025 I cashed in a foreign life insurance policy. I believe I have to check if there is a chargeable gain event that I need to report to HMRC via self assessment. So I have googled and what I understand are: * Gains on foreign life insurance policies are…
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How long do I wait for tax overpayment
I have 2 jobs and last year 24/25 the tax allowance split was not right and I only paid tax in one job and other job was under the allocation. I understand I can't do anything until 30th November and I haven't received my P800. Is it usual to be last minute or is it worth chasing up. Thanks
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Overpaid Tax - how to get it back
I have 2 income streams during this year - one is an employment income stream and one is a DB pension. HMRC has been taxing the entire pension at 40%, and also assuming some 40% tax on the employer pension. However - I have just finished work (hooray!) and my employment will officially end at the end of October. This means…
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Delay grossing up payment until next tax year?
Hi all, I’m seeking some advice please regarding wraparound childcare payments provided by my employer (public sector) and tax. Currently, I pay my childcare bill each month and then submit an expense claim to reclaim the cost. The reimbursement is treated as a taxable benefit, and my employer applies 'grossing up' to…
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Selling for charity
Hi, if I have a stall at a fete and sell items to raise money for a charity how does this work with tax and self assessment? I will be making crafts and selling, and then donating the profits. Would these profits, even though I am giving to charity be taxable? I have searched Google and have read conflicting info. I am…
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Import tax and Vat
Hello. Help needed with tax bill for imported good. Recently stayed in a German Hotel. Whilst there they kindly gave me, to keep, some of their hotel shampoo, body wash and conditioner. I had only travelled with hand luggage and the size of the bottles was too big for my hand luggage. As they were nice items I thought I…
