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SMI Council Tax Reduction?
Hi All, I have a
slightly complex situation here and am after some advice. My husband has
been mentally impaired for years (Parkinson's Disease). Things have got so
difficult for us over the last year or two, as he's got worse both mentally and
physically, he went into a care home in November, which has meant a change…
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Self Assessment and Dividends
I have a few small share holdings that generate dividends. One of them is automatically reinvested in new shares. My understanding was that I should declare the dividend used to purchase the new shares (even though I never see the money) in the dividends section along with the dividends paid directly from the other…
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Lump sum back pay
Hi All I am due a lump sum gross back pay of around £7,5k. What would be the breakdown of this in terms of tax and NI? Also I believe we are going to be given the option of splitting the payment over financial years as others will have a lot more of a lump sum would it be recommended for my payment? Thanks in advanced.
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Where do I put casual labour/wages on self assessment for my business
Hi, in previous years there was a section to add any wages paid throughout the year but I cannot find where to put this. To explain, I pay my partner to do the books (yes, they put this on their return too) and there is just one guy I paid to help me out, its under 3k for year. Has it changed? I can't find anything on it.…
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£3,000 Annual Gift Exemption Question
This is my understanding based on the government's website, so please correct if wrong. You can gift someone £3,000 each tax year without any tax liability. So if the donor dies it would not be a tax issue for either inheritance tax or the individual receiving the £3,000. If the donor does not die, again no issue for…
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Pension contributions from interest earned to reduce tax bill
Probably been asked before but I couldn't find it! I am retired, and live off interest from various taxable savings products. This tax year, due to some longer term bonds maturing around the same time, I will have earned about £35k in interest. I calculate that this will mean paying £4,300 in tax. The calculation is…
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NI underpayment
My former employer refused to pass on the 2% reduction in NI payments earlier this year, the company line was we pay you a set amount regardless of whether contributions go up or down, when I pointed out it was not there decision to make as the government reduced it as a cost of living help I was basically told tough we do…
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Interest on Nationwide fixed rate bond joint account
Nationwide have attributed all interest allocated in 23/24 on a 2 year fixed rate bond (held in joint names with my husband) to my list of interest liable for tax. I only became aware of this recently; when they informed me this week by email that they had updated 23/24 interest and tax paid statements because of a…
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Simple/Common IHT double-check
Hi, I have what I hope is a very simple and presumably MOST common situation that I’d like to double-check with you knowledgeable people :) Dad passed away about 3y ago now. He had a will leaving everything to his wife/my mum. He had very limited savings and nothing really of any major worth except the house, which my mum…
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BTL bought in 2008, sold in 2023 for 15k less than i paid, can i use the loss to offset other tax ow
looking at my 23/24 self cert return: I bought BTL in 2008 for 105k, sold in 2023 for 90k = 15k loss (no income from property in 23/24 year - it was vacant) The only tax I am due to pay is PAYE - already paid - from my main job, and about £800 I owe from savings interest Can I offset the 15k loss against the tax I owe? If…
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Inherited joint common tenancy but second hone
Hi, I'm hoping someone on here can confirm my understanding on a tax implications on my inheritance.of part of the family home after my dad left his share to my brother and I in 2018. I understand why he did it, my brother lives in the house and has autism. He has never left home and never will. He wanted to be fair to us…
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Using Own Car for Work and Fuel Card
Hi, I hope this is the correct section. In previous jobs I have recieved a car allowance to cover the cost of the car and then claimed Business mileage at 45p/25p rate. In my new job however I have been provided with a fuel card. A small fixed amount is deducted from my salary each month to cover private fuel use. I…
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2023/24 Tax calc workings confusion
EDITED - deleted this, as company car was a lot more than i realised as a contributing factor!!
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Confused about my Simple Assessment
Hi everyone, I got a letter saying I need to pay £867.80 following a Simple Assessment letter. (I had worked two jobs and changed one of the jobs in that year) But my memory might be a little mixed up, I thought HMRC had planned to recoup that money because they have reduced my tax free allowance for the year? I feel like…
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Self assessment payment reminders
These payment reminders are always a pain in the pit of my stomach.. They send these reminders out even if you have paid them!There is no simple way to check if these have been paid already if they were done early in the year. On the email there is a way opt to not to remind me for the year, but the system should be able…
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Redundancy on self assessment
Hi. Wonder if anyone can help. i received a redundancy payment in 23/24 tax year. My P45 shows this amount with the tax I paid on it. £30k of the sum was tax free. I have already paid tax via PAYE on the balance. Can anyone confirm how I deal with this on my tax return? I am assuming that I put the full amount (I.e. salary…
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Capital gains tax or PRR arising on garden sale?
I need some advice on the above, but uncertain which sort of specialist advisor could help. I have planning for a new build in my garden, but have decided not to go ahead. A neighbour wants to purchase just part of the plot, without any planning permission. Will the fact that I have planning permission mean it attracts…
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Starting rate for savings
My state pension and a small private pension take me over the threshold for paying tax which is deducted from my private pension. My interest on savings for 2023/4 will be slightly above £1000. Will the starting rate for savings be applied automatically by HMRC or should I apply for it?Thanks
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Tax on interest from savings
Hi - I've tried to read up on this but can't properly understand it. My wife, who is retired, will soon receive a pension of approx £4k per annum. This will be her only income. We also anticipate that in the next few months she will have savings that will generate more than £1k interest each year (she wants to kep it in a…
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Civil Service backdated pay award - lump sum or installments?
Hi, As the title says, I am a civil servant who is getting a pay award backdated from April 2024 and being payments beginning in Jan 2024. Total is £860. I'm not sure if I will get taxed more if I choose the lump sum option? I am on plan 2 for my undergraduate loan and pay a postgraduate loan too. My net pay monthly is…
