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2023 2024 tax return - first time. Not adding up. Please help.
Hi, I'm completing my first UK self-assessment tax return for 23/24 tax year. During this time, I was employed by a single employer, who processed the payroll, and provided me a P60 at the end of the year. They called me a "contractor", but the way they managed my payments was in-line with a permanent employee on PAYE.…
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HMRC simple assessment payment question
I may be over thinking this, I get anxious easily. My Mom had a simple assessment tax bill and has asked me to pay it online for her as her bank doesn't issue cheques and she hasn't got a cheque book. I have the reference starting with the X and when I put this in in just says to enter amount you wish to pay. Easy enough,…
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Personal Savings Allowance - Pension Contributions & Starting rate for savings
Hi everyone,I'm looking for some advice regarding personal savings
allowance and pensions. My spouse and I are expecting to come into a
significant sum of money within the next 12 months and were concerned about
going over the personal savings allowance. We've been considering reducing our taxable income by increasing
our…
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Tax implications of inheriting foreign property
Hi all. I have been living (and have been a sole tax resident of the UK) for almost 12 years now (have also been a UK citizen for over six). My father has recently passed away and, talking to a local accountant, he explained that I will probably need to inherit part of his estate - I'm an only child so my mom will inherit…
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Confusion about 40% Tax
Hello all, I will be a higher rate 40% tax payer for the first time ever this 2024/25 financial year, predicting to earn approximately £53000 gross. I'm paid via PAYE and my tax code is 1257L. From what I understand, I will be taxed @ 40% on my earnings from £50,271 to £53000. How will the additional 20% tax be collected…
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Will this approach to gifting out of excess income work?
I’ve been going through my income and expenditure for the tax year 2023/24 and have identified just over £20k of excess income. Looking at this year 2024/25 I think I am on course to exceed that. Bearing in mind that HMRC doesn’t consider excess income to convert to capital for 1-2 years am I able to gift £40k in March…
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Best Country to 'Tax' Emmigrate To?
If you're retired, have money in an ISA and a private pension you now can't pass on ex IHT what is the best country (with a tax treaty with the UK) to economically emmigrate to?
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Amending HMRC untaxed interest estimate for 24/25?
MY OH's interest estimate by HMRC is £'ks overestimated and she's a higher rate payer. Can we amend it online? We haven't been able to find an option to amend it when logged in to her personal account, so can someone point us to where it is? Or is a long phone call or unreliable post the only options?
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Miscalculation on pension
Hi, Pretty sure I can't do anything about this now but I'll ask Just doing my 23/24 return. It looks like back in march 23 I didn't calculate the correct amount to push into my sipp to lower my net adjusted figure for child benefit tax and to also raise the upper limit of my basic rate I had 3 dividend payments in 23/24…
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Capital gains tax on sold property
The sale of my father’s retirement flat has just completed after 2 years. It was valued on the date of death as £90,000 and sold at £110,000. The kitchen and bathroom were both in a poor condition so needed renovating before any potential buyers would even view it. I researched the renovation rules beforehand, so they were…
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council tax
good afternoon hope everybodys christmas has been good, council tax ? if you have NSI premium bonds ( not the ones that give you intrest ?) do you have to tell your local council tax team you have premium bonds ? or are they only classed as savings when you cash them in . many thanks .
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Self Assessment and the Interest earned via Savings Account
Hi All, How do I decalre the Interest earned from the savings accounts on the tax return if I am not able to track the Accounts? I am aware the earned interest is less than £100 so well below the PSA. I wonder what will be the best option to do in this case? Just submit submit with the best guess?
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Declaring Capital Gains on US Stock in Self Assessment
Just completing my 2023/24 self assessment and for the first time I have to declare some capital gains. In previous years my wife and I would sell just enough to use up our CGT allowance so we avoided paying tax on capital gains, but for this tax year, not only has the CGT allowance been slashed, but we have also needed to…
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Transfer of inheritance tax allowance to spouse
Let's say I give some monetary gifts to my siblings, and then die within 7 years of giving those gifts. I am survived by my wife, and in my will, everything is left to her. Can the executor elect for my estate to pass 100% of the tax-free allowance to my wife, and pay any outstanding inheritance tax on the gifts given to…
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Personal Allowance, or not ?
Hi All, First post please be gentle !! I quit work 3 years ago and have been living off savings until this tax year. In September I drew down £8,000 ( 25% tax free leaving £6000 subject to tax ? ) from a DC Pension, then from October I have been claiming my Final Salary pension at £1070 per month. I thought my Personal…
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Tax Code Change, HMRC reclaim 2k SA bill for 23/24
Hi, My tax code has been changed to reclaim an underpaid tax of 2k for the previous Tax Year. Expected as was some Child Benefit high income charge included. How long will the tax code change be applied for is in a set amount of months? Can I increase my work pension employee contributions to benefit a tax reduction to…
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Paying into a pension after rerirement to avoid 40% tax
Because of higher savings interest rates
last year, the frozen personal allowance and frozen savings allowances it is
likely my total income this year will exceed the 40% threshold. I have read that one possible way to avoid
the higher rate threshold is to pay money into a pension. However, I am not
convinced that would…
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Solar Panels + Battery on FHL
Hi Am looking to install solar panels and a battery into my Holiday Let (had since 2019), is it possible to offset the cost of supply and install against profits for tax purposes? Thanks in advance
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Income tax understanding and 40% and D0 tax code
I have received a letter from my pension provider (HM Gov) with a possibility to switching my pension. In crunching the numbers I looked at my tax codes and income tax payments. 2021-22 - I underpaid income tax by £800 2022-23 - I underpaid income tax by £3.00 2023-24 - I overpaid income tax by £300 2024-2025 - Paying back…
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Minimising NI by varying take-home pay
If my gross pay is above the 40% tax threshold (60k) and I'm happy to take-home less than the 40% tax threshold, am I right in thinking that varying my pay (through pension salary sacrifice could minimise the amount on NI I pay - because NI is calculated for the period for which you pay tax, whereas a tax is an average…
