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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…
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Tax and working abroad
I might accept a job (full time indefinite employment contract) in Germany, whilst continuing to live in the UK. Would work remotely where possible but have some semi regular travel to the office there. Unsure about whether I would have to pay tax etc in Germany or the UK, hopefully not both. Can anyone recommend a good…
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P45 issues
I'm trying to file my self assessment form. My main employer gave me a P45 when I left but the leaving date given on it falls in a different tax year to the final payments (which were provided after I left in the new tax year). Two contacts at HMRC (one a specialist apparently) plus my accountant has said this is wrong…
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Money into own business
I put £16k of my own money into my business to buy stock. That stock became an asset (closing stock) and as such part of our profits. I ended up paying about an extra £3k tax on it. Was there a better more tax efficient way to introduce money to the business? Should this have been put down as a loan from a Personal…
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HMRC savings account error
I phoned HMRC today to change my tax code around as I have 2 jobs and I seemed to be paying a lot of tax every payday. I pay by PAYE. When talking to the adviser about my allowances it was flagged up that I'm paying interest on savings over the basic rate £1000 allowance. When she looked closely she asked me about 2…
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Honorarium
I was given an honorarium of roughly £1800 and am just wondering where it goes on my SA. I earn about £25000 from regular employment and have some rental income. Please let there be an a easy answer :-)
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Tax on Savings and Dividends
Just out of curiosity, say I have a company pension £6000 pa , taxable savings Interest £6000, £7570 share dividends for year 23/24 . Can I assume that I can use my 5k 'Starting Rate ' and 1k 'Personal Savings Allowance' to offset against my £6000 savings interest , therefore no tax to pay (ie. at basic rate) on my savings…
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Tax Point For Selling Bitcoin
At what point is CGT due when selling Bitcoin. Is it when you sell the coins in the exchange converting them to GBP or when you withdraw the cash to your bank account? I have a fair bit to dispose off and with now only £3,000 CGT allowance it will take along time to sell them if I want to avoid paying 18% tax on the…
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Selling a personal collection - Capital gains ..
Can anyone give some advice on behalf of a friend who is looking to retire in a couple years concerning capital gains on personal items . Any help would be appreciated .
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Tax on a New Home
Hi, I'm hoping to buy a new home with my partner. Due to the condition of the new house, I will have to live in my current home for two months while repairs are carried out. I have one other rental property. What are the implications for this tax wise?
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Savings interest in 40% band
I am a basic rate taxpayer (on net pay scheme) but will become a 40% taxpayer when my added savings interest goes into that band. So after the £500 psa, I will start paying the 40% even with part of the savings interest below the band threshold. I know that by increasing pension contributions, you can avoid the 40% band.…
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Self Assessment Registration
I completed the self assessment registration at the end of September but have heard nothing from them. It had said I’d get a letter with a number in 15 days. I’ve allowed extra time, expecting it to appear. It hasn’t. There is nothing I can see in my online account that refers to self assessment - ie. Nothing that wasn’t…
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Capital Gains Tax
Hi, I and my sibling have just sold a house that we owned 50% each. However, the proceeds were split 60% - 40%. Do we each pay CGT on 50% of the gain, or 60 - 40%?Many thanks for any advice.
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Reducing tax bill through marriage
Hi, My parents have some Capital Redemption Bonds that they are about to sign over to me. I pay 40% tax and my wife pays 20% tax. Can they transfer the bonds to my wife and can my wife then gift them to me once she’s paid the required tax on them? Thanks in advance for any help
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Not paid enough tax but on PAYE
How is it possible to get a bill from the tax office saying over £350 is owed as not enough tax paid during 23/24? They say they will adjust the tax code in April unless it is paid before then. Yet the person has been in the same employment for the last 5 years and is on PAYE and has no other taxable income
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SA106 Foregin income from France: tax fonciere
hello I am about to fill my UK tax declaration from my rental income in France. Do you know if I can deduct this tax from my income rental on from SA106 or do I need to deduct it somewhre else. I deduct this tax from my French tax retun.on Thank you for your help
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IHT 7 year rule gifting
My (married) parent's estate is over the £1 million IHT threshold (2 x £325k + 2 x £175k RNRB). They're considering closing some of their stockbroker accounts and gifting the proceeds, in the hope that they survive the gift by 7 years. My understanding of IHT is that they can gift the proceeds in any way they want. For…
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Pension tax refund
Hi all ,I have just started to draw down my pension taking the 25% tax free and another £12500 which was taxed at emergency rate of 31%.As I have no other taxable income except £800 savings this year I want to claim the tax back.Do I have to wait until after the end of this tax year to fill out the form
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Reporting losses for Capital Gains
With the gradual erosion of the CGT tax free band and the recent hike in CGT rates on shares, it looks like (for the very first time) I shall have to consider trying to offset some losses against possible future gains. However, the HMRC web site is very unclear about how one goes about this process. It states "If you’ve…
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CGT and subsequent years
Asking for a friend....I am quite confident in the answer but looking for confirmation. They have a private pension of c£30k a year and £800k saved. They have just sold a (second) property and paid the appropriate CGT bill. Am I right in thinking this is now dealt with in terms of any future treatment for tax? i.e the gain…
