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Change in CGT rates.
I understand that the CGT rates for profits on shares changed in the recent budget. The 10% and 20% rates increased to 18% and 24%. I fill in a self assessment each year for self employment and have never had any capital gains before. Will I be able to use the same online self assessment form the capital gains? Will the…
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Do I need to share pension and savings account statements with my accountant?
Hello all, I have an "online accountant" doing my self assessment tax return and I have trust issues! They want me to send my savings account statements, pension statements, and mortgage statements to them by email. I feel like this is giving away all the details needed to steal my life savings! Even with a mortgage…
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Travelling full time ... what do I do about tax?
I am travelling full-time at the moment and only pay a small amount of tax on my state and work pensions, which is taken automatically. I was only in the UK for 2 months last year (March - May) and will not be in the UK again until June 2025 and then only for a month or two. I am considering taking up some part-time work,…
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Tax
I dont understand this explanation at all . Can someone help? :) why I have to pay £84 extra this year? I phoned HM Revenue & Customs and a guy I spoke to had no idea… it looks like tax from work has been paid normal as always , then esa is being mentioned (thats for one month -April) £19 for something. This form doesn’t…
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Self assesment query claiming back expenses on a rental property with a consent to let
Question regarding self assesment tax and claiming back expenses on a rental property that has a consent to let with an total income amount of £1950 Given that I have a consent to let, can I claim back the legal fees of when I purchase the property? Note I lived in it prior to renting it out I am trying to workout whether…
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Losses on eBay Goods - tax relief?
I primarily earn through PAYE but on the side I buy from bulk liquidation auctions and sell the items on eBay. It's never made me a huge amount, max ~£5k in a year, but like a good citizen I've been reporting my profits on my tax return each year as other income. However this year I've made a few bad buys and I'm actually…
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IHT gifts from surplus iincome with joint account!
We are giving our daughter regular gifts from our surplus income. However all our income and expenditure goes through a joint account with my wife. I contribute 66% 0f the income, my wife 34%. How is the income/expenditure apportioned for inclusion in the the IHT403 form ie: 50/50 66/40 etc. I cant find the answer anywhere.
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What is meant by "gifts out of income" and "normal expenditure" in the IHT context?
The IHT400 Guidance Notes explain that one can claim on Form IHT403 an exemption from IHT on gifts made out of income which are normal expenditure. Can anyone advise on how these are defined? Aside from any general clarification, I have two specific questions: Q1. I have investments in a number of ISAs which I draw upon…
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CGT calculation
I am self-employed basic rate tax payer. I need to pay capital gains tax after selling a house that I used to live in, but has also been rented out for a number of years. The calculator on the gov.uk website is pretty useless. It does all the relatively simple stuff for you, but when you get to the PRR section (which is…
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Timeline for HMRC's Annual Tax Summary
Has anyone got theirs yet for the tax year 2023-24? Is it normally issued by HMRC around by December?
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VAT Threshold Question?
Hello! So I own a massage business which unfortunatley is not exempt like a physio, and within the next 2 years will most likely hit the 90k threshold. I have a number of self employed contractors offering massage services and am wondering if the procedures / contracts I have in place ensure that the money they earn is not…
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Tax Year and CGT
Am I correct in thinking that CGT paid on the sale of a rented property is levied and has to be paid on a one-off basis? In other words, if you are selling two properties, the tax paid is not dependent on the tax year. So, if you have sold one property in a tax year, there would be no advantage in waiting till the next tax…
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IHT403 outgoings
This form has separate cells for Travel & Holidays - what is the difference? If I have a holiday anywhere (except at home), I will have travel costs, be it petrol for driving, train fares, air fares? I also go on a lot of self-catering holidays - is the cost of food on such a holiday a "holiday cost" or is this a…
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Questions about the £3,000 Gift Allowance
Hi, If I give £3,000 to someone (or someone gives me £3,000) in a tax year are there any tax implications for either the person who gifts or the person who receives the gift? Similarly, if someone receives two gifts of £3,000 from two different people are there any tax implications for either the gifters or the recipient?…
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HMRC tax letter
Hi Has anyone received their tax calculation for 23-24? I normally receive this by October to pay savings interest tax. I am wondering if the calculations are delayed? thanks!
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Mother’s house and inheritance tax
My mother transferred her home to me and my two brothers in 2002 but she continued to live there rent free until her death in September this year. The value of the house is £300k. Do we have to pay CGT when we sell it or Is it a gift with received benefit as she didn’t pay a commercial rent (or any rent) ? From the HMRC…
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Do I need to complete a Self Assessment?
I'm in my mid 50s and retired. The vast majority of my income comes from my Cash ISAs and S&S ISAs that I have built up over many years. Back in June I took my first SIPP UFPLS payment of just £6K. I got taxed at emergency rate and filled in a form to claim it back. I was totally transparent disclosing my non-tax efficient…
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Why are Farmers Complaining
Could somebody on a purely taxation basis explain why Framers are complaining over Inheritance Tax. They get an extra £1m allowance and pay at half the normal rate and have 10 years to pay. Most importantly unlike SIPPs they can use Potentially Exempt Transfers to pass on entire operating farms to future generations. I can…
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"HMRC Simple Assessment" letter received!
My son has just received a letter from the above HMRC section requesting a payment of nearly £1K. The amount refers to before 2021 when he wad working for a national business and thus paid his income tax through PAYE. My son is now disabled and surviving on state benefits and so this is both a complete shock and he is…
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Self assessment return for CGT on shares
Hi, This is the first time I will have to pay CGT. I am trying to work out how to complete the SA form (to pay the correct tax on the sale of listed shares) for 23-24. I had several batches of shares vested through work on different dates, and I sold in different sized batches on 4 dates. In the SA form, I could use the…
