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A different way to advertise rental prices - "Cost plus taxes"?
Hi, (Writing as a landlord) I've noticed for some time how we regularly have new taxes and regulations imposed (by both political persuasions) on "the evil landlords", and somewhat independently stories about "rents are increasing out of control" - with no connection between the two. I'm very conscious that while the rent…
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Reducing Tax burden on rental property.
Hi all, I'm reaching out for advice and guidance on a property I own and am looking to rent. I work full time and have a secondary employment so therefore already pay higher rate tax (40%). I pay a pension in job 1 which also has an employer contribution element. I get a pension in job 2 but this is non contributory by me,…
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Tax Year - Interest ?
Hi, A bit of help please on my little tax problem.Been retired for some years and had no need to submit a SA, but now have received a demand for more tax this year, saying that their "estimated" savings income for this current year in almost double what we know it will be.Always thought savings interest earned in this tax…
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Offset shares loss
Hello, I have a S&S account with shares that are pretty much worthless, a loss of around £645 if I sell. In February, I have a SAYE works share scheme maturing, with an anticipated profit of around £4500. I am aware I will have a £3000 cgt allowance and I am liable for 18% tax on the remaining £1500. I am also aware if I…
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Simple Assessment - under assessed
For the 2023-24 tax year, I was moved from the Self Assessment process to the Simple Assessment process for the first time. HMRC's initial assessment excluded all unearned income. I wrote to them to report this, and they eventually issued a revised assessment. However, for unearned income they only provided an aggregate…
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8.75% Basic rate tax on dividends
As I understand it, the basic rate of tax on dividends is 8.75% and does not revert to 20% if you fall into the higher rate bracket. So why has the Inland Revenue's Self Assessment calculation charged my Total Taxable Income for 23/24 (including dividends) at 20% and none at 8.75% before correctly applying 33.75% (the…
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Paying off student loan - tax query
To pay off my daughter's student load will require a payment of circa £36k. My wife and and I are considering paying off the loan. We are in a strong cash position. I feel pretty well versed in the principle arguments for and against doing this and am not seeking any advice on those from this post. We will still be looking…
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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…
