-
Marriage Allowance forgot to update
Please no judgement. I transferred some of my personal allowance to my husband when I was earning less than the pa. About 3 years ago I started to earn a bit more and was paying tax due to going over the pa. Not a lot still earning less than 18k. I perhaps stupidly assumed that by me paying more at the lesser tax allowance…
-
Cash basis and trading allowance
Hello, I'm getting very confused with trading allowance and cash basis for my first self assessment. Hope you can help.I work full time, so have declared this income and tax on the form (based on my P60).In addition I made £1400 net selling things online - sole trader (£2440 gross). In addition I paid £100 for a software…
-
Figuring out why I paid too little tax - is it correct?
Hi all, I'm finally sitting down to sort out some tax questions I've been sitting on a while. In Oct '22 I got a letter from HMRC saying I'd underpaid tax in the 21-22 year by about £1500. I was puzzled by this as none of the probable causes they list applied to me. I was working at the same employer, I had minimal income…
-
Marriage allowance not in calculation for another year
Every year I submit the marriage allowance transfer for self assessment and every year it doesn't appear in the final calculation online. And then every year I get a letter through the post 4 weeks later asking if I want the £252 back. Surprise surprise - no mention of it again this year. For once am I just ok to to knock…
-
Self employed tax question
I am a registered self employed musician, and my question is regarding declaring cash payments on professional engagements. I work for several different bands/ensembles. Some engagements I invoice and am paid via Bacs, others do not require an invoice and are paid in cash, therefore there is no paper trail. I know all…
-
Share transfer to spouse
HI all, I'm looking for some tax advice. I was awarded some shares by an ex-employer that are held with an overseas broker. Under the conditions of the award I'm allowed to sell them but not allowed to transfer them away from the broker. I'd like to gift some shares to my spouse so that he can sell them and use his CGT…
-
Do I need to declare if no tax due?
Probate sale of my old childhood home, no capital gains tax due, but I have an inkling that I still need to declare it in some way or get a penalty? I’ve tried searching but can’t find anything, so hopefully I’ve got the wrong end of some other stick. Any help would be greatly appreciated. Thanks
-
Self Assessment POA
I have a balance on my tax account which is over 80% of my tax due for 22-23. My SA doesn’t show this and has therefore charged me poa for 22-23. HMRC have said that the balance will be used to pay my tax bill at end of Jan however will it also remove the poa due? Still awaiting a response from HMRC and the walls are…
-
Self Assessment help (freelancing)
I just filled out my tax return for 2022/23. I earned £1500 in freelance earnings (on top of the 20k for my full-time job), and owe about £300 in tax. Is there anything I can do to reduce this? Does it seem like the correct figure? Any help would be useful :)
-
Tax return: Child benefit confusion?
Hi, I'm having trouble with the child benefit section in my tax return. Withing the period 6 April 2022 to 5 April 2023 my partner noted down 12 payments. The return calculated a higher amount, stating there should be 13 payments? There was a payment on 3rd April 2022 that I did not include as it was before the start of…
-
Avoid 60% tax
Hi guys, Quick question about tax return for 2022-2023 which is making my head spin. I am doing my tax return, and after adding my rental income, my taxable income is coming to £102,000. Considering I am in the 2023-2024 tax year now, is there any way to reduce the taxable income to below £100K? Perhaps by retrospectively…
-
Tax on rental income on UK prorperty whilst living in Ireland
Do I need to declare my rental income from a property in the UK that I already pay tax to HMRC for if I am now resdient in Ireland? Or does the double taxation agreement mean this is not necessary? If I sell the rental property in the UK I think I get PPR relief from capital gains tax as it is the only property I own.…
-
Homestay Host: Rent-A-Room Scheme and Personal Tax Allowance - different scenarios please help!
Using the rent-a-room scheme I understand that I can earn £7500 without declaring my earnings. Scenario 1: If I was to exceed £7500, can I use my personal allowance of £12,570 before I need to pay tax? (So £7500 + £15,570 = £20,070). I have no other earnings and no other income. Scenario 2: If I was to exceed £7500, and I…
-
AIA for Self Employed Sole Trader - Can You Carry It Forward?
Hello Learned Forum, just about to submit my return and wondering what to do regarding the following; My net profits will be circa £11500 but I have a single purchase of an iPad which was almost £800, that is used solely in the business. With that profit figure above, I am not going to have a liability so what is the best…
-
HMRC and Power of Attorney
I posted the following question on the HMRC Community Forum. Heading was "Power of Attorney and Digital Access" I have registered my Power of Attorney and received confirmation that it has been scanned in and the document has been returned to me. I received the document in mid November and have heard nothing since. I want…
-
Self assessment - employee shares investment, company administration and tax refund
Hello, I have invested in 2016 as an employee in a startup I worked for £25k of my savings. As far as I am aware, I wasn't eligible for SEIS or EIS as an employee. I have not claimed any tax relief based on this investment and haven't done anything else regarding this investment. Mid May 2022 the company went into…
-
student living maintenance
When paying to support a student at university is there anyway to make it more tax efficient?
-
Fund sale calculation for tax return when dividend not received till following tax year
Hi, Bought a fund (accumulation units) in Feb23 and sold in Apr23 before tax year end. Ex div date in Mar23 so was entitled to accumulated dividend but pay date not till May23 so won’t know exact figure until get 23-24 tax certificate from broker. So what is the best way to report the gain in the fund on sale as with it…
-
Inheritance tax liability
This thread was prompted by the article on inheritance tax dated 11th January 2024 (Inheritance tax: latest thresholds for 2023/24 - MoneySavingExpert). I am the eldest of 4 siblings and our dad is currently 92. We lost mum in 2019 and dad has found himself another lady that he would like to marry. She is from the…
-
Partner status
Hi All. My partner and I have lived together for 10 years or so. We have no intention of getting married and don't really see why we should be forced to do so, but it appears that this leads to some unsatisfactory financial situations, if my assumptions are correct as follows: 1). Inheritance tax. If one of us were to pass…