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Inheritance Tax
House prices rise and the inheritance tax threshold remains frozen, so, in the fullness of time, even with a modest property value, more people could get caught up in this tax. Apparently, you can leave your property to your children to avoid this tax, but what does that mean? Thanks.
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CGT again: "details of computations of gains and losses"
I'm helping a friend with the SA forms 23/24. She has sales of ~£20,000, gains of £6,068 (so just above the £6,000 exempt amount) and losses of a bit more than £2,000, so no CGT is due but we still have to give HMRC details about the sales, 16 in number, most small. So far we have had only two or three sales for CGT and…
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Savings tax allowances applied to joint savings accounts
My wife and I pool everything, and with her pension income leaving her the full £6000 savings allowance until recently, I'd tended to put most of our savings, barring ISAs in her name. As we age I know it would make life simpler when one of us dies if we maximised what we could put in joint names. Is the rule on joint…
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CGT form query
Hi all a few years ago my husband and I sold a cottage which we owned and had been letting out as a holiday let. When we completed the sale our solicitor emphasised that we should both fill in CGT forms asap even though we had not made a capital gain on the sale. We subsequently bought another property and have just sold…
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Capit Gains Tax Question
Hi All, I have owned my house since 2014 and I have lived in it since then with the exception of one year just prior to COVID when I let it out. The let was an absolute disaster with the house severely damaged and little to no rental payments made. I am now hoping to move house and sell this property, I assume I will be…
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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…
