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Am I liable for ex-husband's tax debts?
My ex-husband (we've been separated for over 10 years but not divorced) has disclosed he has undeclared tax because he never registered as self employed and has been doing odd-jobs for people over past couple of years. He pays tax on his work pension so suspect he would be liable for tax on any income from any work (once…
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eBay Personal Sales > £6,000
I'm having to fill in a self-assessment and am not a sole-trader, but have made 80 or so sales through eBay this year. All of the sales are second-hand personal belongings, however a few are bikes and a Mac (laptop) which takes my sales over £6,000. Everything has been mine, used, and sold for (substantially) less than I…
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Estimated Salary on HMRC wrong
Hello, the salary on my HMRC account is about £2000 higher than my actual salary, still within the 20% basic rate tax , I only did overtime twice in June not worth near £2000 do I need to worry about it or just leave it?
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Tax & Salary Sacrifice -Tax Code - 2 Incomes
Hi Everyone, Looking for advice on what tax I should actually be paying . Employment 85k - Pension 20k(DB previous employer) - everything taxed at 42% Salary Sacrifice car 10.5k My Pension Contributions via Salary Sacrifice 25% - 21k Total Income 105k Actual top line 73.5k My tax code changed from the standard code as soon…
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Gifting to reduce IHT - what evidence/audit is required?
Hi, The changes in the budget, in particular moving pension pot into IHT, mean I need to rethink my plans. One thing I will look at is gifting to my son. If I gift him money - there will be a record from the banks, which I assume is enough evidence of the gift and when it happened. I have crypto and could gift that to him…
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CGT query
Can someone confirm if I'm on the right track here with my calculations and understanding. I've made some of the figures and dates up because I don't have the exact records to hand but the principle should be the same. My old family home is currently owned 50% by my Dad and 50% by a Trust created after my Mum passed, of…
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Capital Gains on sale of property
I owned a house outright and my partner (we are not yet married nor in civil partnership) owns her house (purchased in 2005 for 150K) with small mortgage remaining. At the start of 2023 I sold my house and moved into my partners house. Later in 2023, I (solely) bought a new house, and we both moved into that. My partner…
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10 year anniversary IHT charges on Trusts Help Please
Any help with this would be appreciated. When my mother died My mother left her Flat that she owned, in trust to my sister and I, who are both trustees and inherit it when my brother dies.. My brother is not a beneficiary, but has the right to live in the property until he dies. Should we both die before he dies then both…
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Loss from one self-employment not being factored into tax return
I just completed my 2023-2024, checked the current position and the Jan 2025 payment looks too high. My primary self employment made ~£30K profit and my second (new) self employment made ~£5K loss. But the loss does not seem to have been factored into the calculation. Do I need to specifically enter the loss in the Losses…
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Inheritance Tax If you Emigrate
Always wondered what would happen to IHT if I emigrated from the UK . Being single, owning a small 1 bedroom flat that is worth (horrendously in my opinion) about 325k and having savings and pension that will probably be hit with 40% tax there aren't too many options open to me to reduce my IHT liabilities . My easier…
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£100k+ Taxable Pay, Tax Free Allowance & Car Allowance
Hi all, I'd like to understand how a car allowance affects the tax free allowance of someone who earns more than £100k. A person's tax free allowance goes down by £1 for every £2 above £100,000. As a simple example, if someone has a salary of £105k plus £10k car allowance, is the reduction in tax free allowance calculated…
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Any accountants on here?
In short my accountants are going to close so Im looking for new ones. They havent been good at communication and even worse now. Trying to work out how to go forward but cant get an answer from anywhere so trying this hive mind. I have experienced a lot of turmoil in my business the last 18 months from losing my best…
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Higher Rate Tax Payer Pension Contributions Query
Hi all, I have just recently received a pay-rise which has made me a higher-rate tax (HRT) payer for the first time, and I am trying to work out what my additional pension contributions I need to make to avoid paying HRT on my new earnings. My employer adds 10% to my pension, and I add 5%. I now earn £51,490 gross with an…
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How do I know if/when I am in the 40% tax bracket?
Sorry if it's a really daft question, it's the first time I've ever been close to the higher rate tax bracket. I have a NONCUM tax code and employed by the NHS. Due to pay rise and back pay in October I believe I will have paid some tax at 40% in my most recent payslip. Next tax year I am certain that I will pay some tax…
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Best Way to Avoid Inheritance Tax
Hi There, Currently my Nan has left both myself and my sister her property in her will, the property will be worth just over £325,000 when it comes to sell and is fully owned out right. Any advice on what may be best to do here to avoid the extortionate inheritance tax would be much appreciated. Would it be best to…
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IHT gifting rules
I have started a spreadsheet to prove that my regular gifts to grandchildren come from surplus income rather than savings. I think this still leaves me able to gift £3000 a year from savings. But next year I think I will have a very substantial bill for building work. No matter how much belt tightening I do most of this…
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IHT Gift who pays
My wife and I's estate would be eligible for IHT. I recently gave £10,000 to my daughter to help with a flat purchase. If I were to die within 7 years would she have to pay the IHT or would the gift be rolled over into my wife's estate and none due. I have already separately used my annual £3,000 gift allowance.
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Mileage claims with NHS
Partner works for the NHS and drives in the community, quite a lot of miles. They're paid mileage uk to 3500 miles a year at 59p a mile for petrol, EV 4p a mile once you hit the 3500 miles you get 24p a mile for petrol, not sure about EV she does about 6,000-8,000 miles a year. someone put in her work group chat that you…
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What are people buying ahead of the budget?
Ahead of the budget on Wednesday I wonder what items people are buying / stocking up "just in case" the budget has an effect on their cost. Fuel, alcohol and cigarettes are the obvious ones but is there anything else?
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CGT on crypto, separate pools or one pool ?
I have some crypto coins at exchange A which are back to even (Yay!). And some more of the same coin bought more recently at exchange B which are now in profit (>£3k) I want to move away from exchange A because it's a bit expensive to buy/sell (it's SKRILL and they sell the crypto for Euros and then charge a FX fee to…
