-
Underpaid tax
Hi all, Just over a year ago, I had 2 family members pass away and they each left me some money. At the time I didnt know what to do with it, so I just put the payments into high interest accounts - and left them there. Ive now had notification from HMRC that I have underpaid tax due to these. Ive looked at their…
-
Capital Gains Tax payable?
I am separating from my partner and we own a home together. I am proposing to give him £80,000 now as a settlement, and remain in the house with my two children. When my youngest child reaches adulthood, I will give him a further 20% of the house value at that point. Would he be liable to pay capital gains tax now on the…
-
hmrc interest
This isn't a question about saving tax, but I couldn't find a better forum category for this. For the tax I owe HMRC through my self-assessment, can someone confirm whether HMRC pay interest if I pay it (months) early, and if so, what the rate is? From what I've seen I'm thinking the answer is probably that they don't. I…
-
Just into higher band - did I pay too much? Do I understand the system?
I have always been a PAYE employee until this year. As a result, I have looked back over previous years just to try and understand a bit clearer. In the tax year 2022/2023 I earned from work £50303.76 taxable pay - after pension deducted at source. I earned £674 in interest reported to HMRC (not a normal amount for me but…
-
Mentally Struggling with Tax and Student Loans
I have worked incredibly hard and sacrificed free time studying books and taking risks to earn £47,500 annually. From that, I receive £2,300 a month, meaning my deductions are £1,700 a month in tax and UK requirements, or 42% deduction. Income tax: £582 National insurance: £232.83 Student Loans: £300.00 Pension: £171.92…
-
Huge self assessment calculation on buy-to-let property
I have one buy-to-let property which I rent out to a charity who cover most of the costs. Therefore, my self assessment is very straightforward as there are only a few figures. Total rent is £14,400 Costs approx £2.5k Therefore, profit approx £11,800 With the payment on accounts for last year (Jan and Jul) approx £5,700…
-
Private Hire Driver, some self assesment tax related questions
I am a part time private hire driver based in Scotland. I have my main job and also work as a private hire driver from time to time. I bought a preowned car in November 2023 and after licensing and insuring it I started "my bussiness" in February 2024. Now it's time to complete my self assesment form for that period (5th…
-
Comprehensive personal tax calculator
Greetings, Does anyone know where I could find a comprehensive personal tax calculator - one that includes dividends, interest, income, pension contributions and CGT - across the UK for this tax year? I can't seem to find any on line that cover all these. I have also tried playing with my HMRC self assessment form (for…
-
Happy new year from HMRC ...
Received a message to say I owe approx £2.5k in unpaid tax, which HMRC would like repaid over the next 3 months of FY 24/25. There is an option to contact HMRC if I cannot afford this. Is there any advantage in asking for more time to pay. My initial feeling is to just sort this out in this FY. Any thoughts appreciated.…
-
Do I need to pay tax on a lump sum?
I'm in a position where I will receive £40K approx in the near future. This is from my local council because they have overcharged me for my care costs for ten years. I was wondering, do I need to pay tax on this, and if so how do I do it please? (I have never worked due to disability, so have no knowledge of tax etc, but…
-
Capital Gains Tax allowable deductions on sale of land
I have posted this on the HMRC community forum but have yet to receive a reply, so just checking if any one here can advise on the following. I jointly inherited a plot of land some years ago & have just accepted an offer that will be liable to CGT. I would appreciate some advice on what would count as allowable…
-
Cgt on crypto.... Same as savings interest?
Probably a stupid question I have savings that I will owe tax on... I also have some bitcoin. I intend to sell £3000 before april.... £3k is within my cgt allowance, but is this added to savings interest tax?
-
Growth Shares (CGT)
Hi all. I had some growth shares which I bought through my company in Nov 23. My company was sold in Feb 24. I will not receive any proceeds from the Growth Shares until my company potentially meets targets which will be finalised in Feb 25 and Feb 26. I understand that I need to pay CGT as if I received the entire…
-
Is my income taxable?
Hi all, For the past year or two, almost all of my income has been in the form of gifts. There is a person who is essentially a patron of mine, who pays me to work on my own projects, with no expectation of services in return. So far I've been invoicing the person, putting the income through my books and paying tax on it.…
-
Payments on Account - PAYE
I have just completed my self-assessment for the 5th year. This time however I am being asked to also make two payments on account. All of my income is PAYE and from searching the HMRC website I found this: You must make these 2 payments, unless either: * the amount of tax you owed last year was less than £1,000 * last…
-
Company Car Tax!
I recently got a company car with my new job back in November. I updated the HMRC and have been taxed now in December a ridiculous amount. I’m in the 20% tax bracket and have paid over £900 in tax. I have called the HMRC and they have informed me that this is correct and that the way they do is that they backdate it to…
-
£1000 or £500 tax free interest ?
Hi all, wondered if anyone can help. I pay some tax at 40% on a monthly basis BUT pay in a substantial one off pension contribution so that I get a tax refund and effectively don't pay any tax at 40% over the year as a whole after the tax refund from HMRC. Does anyone know if that means that I get the full £1,000 tax free…
-
Delays with HMRC
I submitted a form R43 back in August. It’s not a huge amount of money Im owed basically they taxed a one off payment in April at 40%, they’ve already paid me the bulk of tax back, but still taxed a whole 20K at 20% rather than applying a personal allowance. I contacted them in August and they said to fill out an R43 to…
-
HMRC Self Assessment Payments that I have not received.
I wonder if anyone else has been contacted to be chased for payments they have not received. HMRC tell me I owe two payments of around £200 each from 5 years ago. Neither of which I have received and as I have explained over the phone, I have the bank statements to prove they were not made to me. They are not at all…
-
Tax on savings interest - have I miscalculated?
I've just paid my 2023/24 tax bill via self assessment. I have a few one year fixed savings accounts which pay interest monthly, which I counted in my interest savings (I basically used the statements of interest that the banks sent me). However they didn't all mature in 2023/24. Have I done this incorrectly? Should I only…
