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Stamp Duty additional property situation
Hi all. I have been speaking to my solicitor regarding stamp duty on housing and they have said because of my situation they advise i need to seek tax advice. I thought i would ask in here also to see if anyone can confirm my thoughts. Live with my partner at her house, i am not on the mortgage or deeds. I have my own…
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parental gifting allowance
Hi I am intending to gift my daughter £6000 this tax year, made up of last year and this year £3000 tax allowance. Is this exempt from the 7 year inheritance tax rule and can my wife do the same or is the allowance for a joint parental allowance? Also does it matter if the gifts are from a joint account. Thanks for…
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Change in tax code
I received a note from my pension provider via wage/pension slip advising me of a tax code change. I’ve looked at HMRC calculations. They’re stating that I have untaxed interest on savings and investments. My question is where can I check their dates and their figures. I have all the interest figures available via banking…
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CGT liability on company shares
Hi, I work for an insurer that is being taken over. The company who are purchasing us are offering £1.297 for each existing share and about a 1/4 of their shares for every one I currently own (also a 5p divi). I've been saving £150pm for 10 years and invested £18K to date + £9K of free matching shares. The current overall…
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Reporting Untaxed Interest Online
On 30 January 2025, via my PTA online, I reported my untaxed interest estimates for this year and next year. This year’s estimate would result in me paying less tax, and next year’s estimate would result in me paying more tax. HMRC were very quick to change my tax code for 25/26, but strangely this year’s code remains…
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HMRC Penalty Charge
Hi All, I am looking for some guidance if possible, I have today received a letter from HMRC advising I owe £1.2k related to a late self assessment penalty from 2012. This is the first time I have heard of this from HMRC and every year I complete my Self Assessment this is never referenced and my account shows as no…
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Expected that I’ve underpaid tax for 24/25
Hi all, it looks like I’ve underpaid my tax as a PAYE for 24/25. My income is likely to be 80k against tax of 15k (21%) by the end if this year. I’m not sure why but my employer changed my tax code and doing my calls looks like I need to pay more tax. I probably owe about 6k. Is there a way to offset that 6k by…
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Change in circumstances to affect Marriage Allowance
Hopefully I do a good job of explaining this. So a few years ago, my wife was under the threshold for us to apply for the marriage allowance tax, happy days, I got a M next to my tax code on my payslip etc... Last year, my wife took a new job and her salary is now above the threshold. It wasn't until the other night when…
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Income tax on Savings
I've had a bit of a shock from an HMRC tax change notification, classing me as marginally above the 40%tax threshold. The only thing I can think of is savings that are taxable but I am unsure that is the case. My earned income this year is just below the 40% tax threshold. So shouldn't the tax exempt savings allowance…
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Help with 25/26 tax code assessment
Hi I have just been notified that my 25-26 tax code is available and has changed drastically. See photo attached so for 25-26 tax year it says I owe £4271 from previous year but in current tax year is says I only owe £16 so my question is where has that figure come from? Any help is appreciated
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Marriage tax threshold
Hello. My wife applied for the marriage allowance about three years ago and was then a non tax payer, so I gained the extra allowance. However over the last three years owing to the freeze on the tax threshold she has now crept into the tax threshold and as such now has to pay a small amount of tax. Is it still OK for us…
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INHERITANCE TAX - SPOUSE DIED 1971
Any help appreciated - GOV website guidance a little confusing?! Father died 1971 - mother now died - never remarried, worked hard all her life and paid off her mortgage - her will passes her estate (basically her house, no other assets) to family and charities - but if I understand it correctly the exemptions before IHT…
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Help HMRC Simple assessment 2018-19 Annual year
I have an issue I have been trying for 9 hours to wrap my head around. Today I received a letter from HMRC claiming I owe them £400 for the period ending April 2019. I opened the letter with a bit of a shock and thought this was a mistake, as I have never had this before, I thought it was a scam, however after I contacted…
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12% NI automatically deducted from protective award payment
I am due to receive this payment shortly. Ex colleagues who have already received theirs have confirmed that 12% NI is automatically deducted before the payment is made. I understand NI is payable, but due to my regular salary levels I am above the 12% threshold and only pay 2% NI on incremental income. Does this mean I…
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£20,000 tax limit
Anyone else fed up of £20k tax threshold click bait articles in their feeds? It is never going to happen, regardless of how many hundreds of thousands sign a petition. I might start my own to decrease the threshold to £10k and up the 40% band to £80k :p
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Week1/Month1 Tax & Bonus
In August I was popped onto a week1/month1 tax code and been paying a little more tax as a result. I get that it runs for the rest of the tax year. However I'm due to receive an annual bonus in what would be the 1st April pay day. Am I about to get spanked for a load more income tax than I would be if I was on a normal tax…
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Capital Gains on Buy to Let
I bought a property in 2007, carried out some major remodelling of the house, lived there for a couple of years, moved in with my partner (now wife) and let out the property. About 18 months ago, I got a new buy to let mortgage, put my wife on the mortgage and changed the ownership to 99% in her favour as she is in the 20%…
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self assessment state pension statement
Hi. Hopefully someone can help. Filling in my 2022/23 tax return and I need to enter my state pension income. I don't have this information. Do I just add up all the payments that went into my bank during that period? Online information says I can request a BR735 for pension department but it has to be done by calling 0800…
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Mother In-Law exceeded Personal Allowance
My mother in law is turning 80 this year and receives a partial state pension and interest on savings pension of £8,750 per year interest on savings at £6,000 per year = £14,750 annual income given the Personal Allowance is £12,750, presumably she’s liable for tax on £2,000 My question is, will HMRC collect this…
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Help with pension contributions and child benefit
Hi I have been reading lots of good info on this forum but still need a bit of help. So I have switched to a relief at source pension and will be earning approximately 80,000 and making approximately 22,000 in pension contributions per annum. I have notified HMRC via online form as I can’t get through on the phone but…
