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CGT ON 'NOTIONAL' GAIN GIA FOR TAX RETURN
Hi I have a GIA and I am now filling out my tax return. The statement from my GIA provider includes a consolidated tax certificate which shows the dividends that have been earned on the funds in the GIA and on which I know that I will pay income tax. The dividends themselves are now just part of the GIA. Separately the…
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CGT random questions
Sorry if these questions appear stupid but, here goes: If a person inherited shares from their spouse over forty years ago, is there any CGT to pay if they sell them or for the estate to pay when they die? The person cannot remember if the shares were in joint names originally or if they were moved into their name on the…
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Tax on savings
Hi. I’m not
great with understanding the information on the HMRC website, hence this
question that I'm hoping someone can help me with. If my annual income is less
than £17,570 (income would be a Defined Benefit pension of £4,000 pa, and
drawdown from a SIPP of £8,570 pa, totalling £12,570) does that mean I’d have
the…
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Self Assessment Interest Reimbursement
Does anyone know how to claim an interest charge back on an unwarranted SA penalty charge? Basically, HMRC advised us to pay a penalty charge that was generated due to a HMRC back log. Whilst they reimbursed us the penalty charge( that shouldn't have been charged in the first place) they did not give back the interest they…
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State Pension Total For SA
Where find the total state pension payments for my self assessment, other than going through my bank account? It used to be already populated on the return, but was it was not last year 22/23. Going by the bank, my wife has 14 payments in the 23/24 tax year. First one on 6/4/23 and last one on 5/4/24. I only have 12…
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Capital Gain loss on purchase of new property
I have sold one property which has been rented out and bought another. I have some PRR, but will still be a hefty CGT bill on the sale. Can I claim the solicitor fees and stamp duty on the purchase of the new property as a loss in this tax year in order to reduce my overall CGT liability? Obviously this will mean I can no…
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Unable to transfer Married Allowance on self assessment
Hi We have been trying to transfer the Married Allowance from my wife to my account but it isn't working. We completed the details on her online form and an error message came up. No reason was given and we assumed my name was different to the way they have it, so we tried different permutations. The error message then…
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Notice of tax coding - starting rate for savings
Just been speaking to HMRC regarding an error on my wifes notice of tax coding. The notice did not include the Starting Rate for Savings allowance of £5K against her savings / investment interest. She is entitled to it, has received it in previous years and there have been no major changes to her circumstances. After much…
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Declaring the sale of a business vehicle on tax return
I set up as a sole trader in 2018 and on filing my first year’s tax return, I claimed £12,170.00 capital allowance for the purchase of a business vehicle. My wife joined the business in 2022 and we registered a partnership and then both submitted separate SA tax returns for the tax year 2022-2023 as well as a partnership…
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Class 2 NIC self employed
I'm completing my self assessment for 23-24. I work as a sole trader part time. My total income for the year was £14320 and my expenses were £240 So my total taxable income is £14080 I always pay class 2 NIC contributions for my state pension. This time, it is saying my tax bill is around £440 (can’t remember exact amount…
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Will Savings interest affect which income tax band you;re in?
Say profit from self employment business was £48 000 in Apr 23-24 tax yr and savings interest was £3000 in same yr. Does that mean I would be in basic rate income tax band (because business income was below £50 270 threshold) or higher rate tax band because total of business plus savings interest came to £51 000 (hence…
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Claiming past year's losses on this year's return confusion
Apologies if this is the wrong sub-forum but I'm working on my 23-24 tax return. In the 22-23 tax year my self-employment business had a 2k loss and no income. I entered in the loss under 22. Net Loss but did not put anything under "35. Total loss to carry forward after all other set-offs - including unused losses brought…
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Countrywide Tax and Trust
This company from i can understand has told my friend if she signs her home over to a son or daughter with their plan, Her Son/ Daughter will not have to cover her care bills if she had to go into a Care Home or pay inheritance even if it happens before 7 years is out They want money to draft this out Is this a legal…
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HMRC Self Assessment - payment reminders
Does anyone know, after completing a self assessment on-line, whether HRMC send out hard copy payment reminders or statements by post?
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Child Benefit tax charge + pension contributions
hey everyone i am 40 something and earn 75k and have 2 kids, my partner is a low-ish earner. Only got this pay this tax year and now liable for tax charge which i will pay. Current set up yearly pay £75k pension contributions 7% = £5,250 - work contributions 14% £10,500 Take home £4191.89 Monthly child benefit £170.20 =…
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Stamp Duty - buying house with a partner who owns rentals
Hello, I have looked everywhere online and asked a few different solicitors who have provided different answers. Our situation is: I currently own a property which I am selling, my partner lives with me in this property but is not on the mortgage, however is on the bills (council tax etc) we are planning on purchasing a…
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Tax on foreign life insurance payout to beneficiary?
I was a beneficiary of a foreign life insurance policy held by a relative (resident abroad), who passed away. I received the payout of the policy as a lump sum, and I'm trying to understand if any UK tax would be due. I read the HMRC helpsheet at…
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Gifting surplus income
Hello. I understand any surplus income (once all bills & living expenses are paid each month) can be gifted. (Therefore could exceed the £3000 annual allowance) What I’d like to know, if this can be a regular gift ie each month, and to the same people, and is there a maximum amount? Also how do you prove this is surplus?…
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Reconciling Self Assessment tax calculation
I’ve just come to the end of filling in my first Self Assessment and would welcome clarification on a few points 1. There was £400 of dividend included in total income and this seems to have vanished from the final calculation. Is this because there is no tax to pay on dividends? I had assumed it would be taxed at 40% but…
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24/25 new code for untaxed savings interest.
I've been given a tax code to cover estimated savings interest tax, for Jan-Mar of K1721x, meaning an allowance of -17219 but I can't work out how that affects my monthly 'pay'. I get the personal allowance of 12570 on pensions and 1000 for savings, leaving say 10000 taxable, before the taxable savings.
