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Paying HMRC by direct debit
Does anyone know if it's possible to pay HMRC by direct debit, while still filing paper self assessment tax returns and if so, how?
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Interest 2023/4 and tax calculation
I expect that the interest I earned in 2023/4 (from 9 accounts with 7 banks/building societies) when combined with pension payments will require additional tax to be paid. My personal tax account still says "Your Income Tax has not been calculated yet for 6 April 2023 to 5 April 2024". The accompanying text says that the…
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Death, Investment bonds, Chargeable Gains, Top Slicing and Income Tax
My mother recently passed away and I've been collecting documents and information to complete IHT400. I think I should probably include a figure for income tax for the year of death. I've been doing my homework, reading and going through worked examples. I was hoping someone with experience could just provide a quick…
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Change of tax code
This is a long one so maybe get a cup of tea and a biscuit... I lost my husband in 2016 and as our son was only 10 at the time, I was offered Widowed Parents Allowance. My tax code changed as the DWP passed my info over to HMRC. WPA is a taxable benefit. My son has now hit the ripe old age of 18 so the WPA stopped in…
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Giving shares instead of cash to negate IHT
Please advise. I have US shares kept in a US trading bank and am thinking of transferring a small number of shares to my adult son to keep for at least 7 years in order to negate IHT. Is this also considered by the HMRC as cash giving or it has to be cash? He will need to open a GIA account here in the UK like Trading 212…
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Casual earnings as a writer and tax
I make a small amount of money from writing. I have read that you need to declare casual earnings above £1000. Does this apply if your other earnings are very small? I am way below my personal tax allowance. Also, can anyone point me in the right direction for information on how to do this? Googling brought up information…
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Paying Tax when I am both Employed and Self-employed
I have one main job as an employee which pays just under my tax allowance threshold and will do until the end of the 2024 tax year . However, I am also doing adhoc work as a second means of income which is classed as self employment and so far has totalled £640 in the current tax year. I am not sure how I would be taxed on…
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Im self employed , can i pay my wife for admin work without she registering as employed?
I started a very small craft type business about 2 years ago and sell my products via a web site. this is my only income . it only make about the same profit i would make if i worked at min rate for 37 hrs but thats enough for us. so you can see its a very small business, i am registered as self employed and pay tax on my…
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IHT And Tenants In Common
My wife and I made wills and LPoAs recently (finally!) and as part of that effort our solicitor convinced us to change the ownership of our house to tenants in common from joint tenants. I'd known about this option for years but hadn't done anything about it. The main argument - avoiding care home fees - is compelling, so…
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Work vehicle
Hi there, I am a self employed support worker (sole trader) and I use a vehicle solely for work purpose. We use my wife's car when I'm not at work. My work car has failed its MOT badly and isn't cost effective to repair. I wondered if I was to get a new car on finance how much I could claim back? I haven't got a car in…
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Self assessment and reporting a house sale.
Earlier in the year, I sold a house and because I let it out for a few years, I paid CGT on it - I paid this already as time limit is 60 days. Coming to do my annual Self Assessment (due 31st Jan), it is asking me if I sold a chargeabe asset, which I assume includes my house, so I click yes! Then it is again asking for…
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Inheritance Tax: Save £100,000s with simple advanced planning Article Discussion
This thread is specifically to discuss the content of the Inheritance Tax: How to avoid IHT Article To discuss or ask a question about the article: click reply Please read the previous discussion thread too
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Please help me understand my tax code change
Hello, I am in full time employment with a tax code 1303L. I have a second job which is on tax code BR. I recently updated my estimated income on the second job which will push me into the higher 40% tax bracket. My tax code for FT main job has now changed to 1054LX. Am I now going to pay more tax on main job? I was hoping…
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Adding BIK to self assessment
Sorry … tax question after days of googling without success 😬. I have a salary sacrifice car, the BIK reduces my tax code to 652L. I’ve submitted a tax return for the first time this year (HIBC) and HMRC have reverted my tax code back to 1257L. I spoke to them and they felt this was correct and are trying to give me a…
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Employer declaring pension contribution incorrectly to HMRC.
Good evening, Looking for some advice. As above my employer is declaring my Tax contributions to HMRC as a "Net pay arrangement" which would mean that my pension contribution is removed from my Gross salary and then taxes applied. However, i have compared my salary against the HMRC income tax calculator and i can see…
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HMRC demanding £14,000 repayment from a rebate
Hi all, Nightmare situation. In 2020 I filed a self-assessment, and the following year I was given a rebate of £10,000. I used it almost immediately, on urgent private surgery that I would have had to wait 5 years for on NHS (for stage 4 endometriosis). In 2023, I randomly received a letter from HMRC stating that they had…
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Tax calculation - payment on account seems unusually higher?!
Hey all, My calculation for 23/24 tax year seems off compared to previous year. So 22/23, Profit from self-employment £9,030.00 Payment on account x2 = £3,326.2 23/24, Profit from self-employment £12,573.00 Payment on account x2 = £6,241.86 So for the extra £3,543 I earnt in 23/24 I'm being taxed an extra £2,915.66?! I…
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Help! Capital gains tax, am I correct? Is it %10?
Is my working out correct please? Sold a small workshop the day before the budget so it is classed as commercial I believe. Transferred to me in 2019 for £80,000. Sold for £200,000 Gain = £120,000 - £1,824 selling fees = £118,176 Salary for April 2024 to March 2025 will be £44,200 - £12,570 personal allowance = £31,630…
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Rental income - tax allowance for replacement path
The approach to my rental property was via a concrete pathway which started to break up leaving it hazardous and a health and safety issue. I replaced it with a tarmac access. Can I claim all this as a taxable allowance?
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Is tax due when earned or when paid?
My current employer pays one month in arrears i.e. if I work 21 Days in November, I'll get paid around the 28th December. My contract ends on March 31st and so my final payment will be April 28 2025 - will that be allocated to the current tax year (the year in which the work was completed) or to the next tax year (the year…
