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Some Help Please
My wife
received her P2 yesterday it states: Less Untaxed Interest - £13005. I accessed
the Gov Gateway and it said that they hadn’t finalised her account for the FY
ending 2025. All our
taxable accounts are in joint names, I keep meticulous records, I have the
figure at £14005 each. 1st
Question: Is the figure £13005 net,…
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Estimated savings interest and tax code adjustment
Last year (2023-2024) I received £1000 of savings interest This year I'm going to get a lot less, roughly £200 HMRC have just updated my tax code to account for the expected £1000 interest I'll get this year (i.e. the tax on the extra £500) How do I tell HMRC that I won't be receiving as much interest this year? My taxable…
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Increasing tax free pension withdrawal using marriage allowance
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2024/25 Self Assessment Tax Return
There we go! Hopefully the only thread (before multi previous years are re-enacted)
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Tax Free / Free Childcare - Net Adjusted Salary Exceeds £100k on Tax Assessment
Hi all, I am currently entitled to tax free/ free childcare hours due to ensuring my net adjusted income falls below the £100k threshold, in the main through salary sacrificing pension contributions. However, I have recently received my tax summary for the financial year 24/25. It suggests my taxable income was £100,200.…
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Child Benefit, NI Credits & eBay Side Hustle – Advice Needed
Dear all I’m trying to make sure we’re doing things correctly with tax and benefits. My wife claims Child Benefit for NI credits (child under 12), and I’m a high-rate taxpayer so the High Income Child Benefit Charge applies to me. She’s recently started an eBay side hustle: * Gross income: ~£12,000 this tax year * Interest…
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Error on my P800 for 2024/2025
I have just been notified of my 2024/2025 tax calculation. The online P800 shows untaxed interest of £666 taxed at 0%. My actual untaxed interest is £1,195 so HMRC have underestimated my tax payable by £39, being £195 @ 20%. In addition to this, there are other adjustments which result in overpaid tax of £265.80. HMRC say…
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HMRC Tax Underpayment
I have changed jobs several times since 2020 and according to HMRC I have underpaid my tax each year since then, and now I am having to pay back what I supposedly owe. Is there any business that can help me to understand if what HMRC says I owe is correct. HMRC do not provide any statements or anything outlining how much…
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Redundancy timing and end of current Tax year implications.
Hi I have an imminent redundancy looming in March 2026 and iam worried about tax implication's due the timing of this. I will have earned around 50K and overpaid my works pension to keep in the lower tax bracket but with an 80K redundancy due on top of this in March iam looking at how best to keep tax down after my 30K tax…
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Want to transfer 50% of property to spouse ahead of sale CGT
Hi - I have a second property that I own no mortgage that my son lives in rent free, he covers the bills, it’s a long story! Anyway he is now moving out buying a place of his own next year. I have owned the house for 10 years and possibly looking at a gains of 80 - 100 thousand. I have not ever lived there. Can someone…
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Prolific earnings in dollars
I've asked this on the Prolific thread elsewhere but didn't get a definitive answer I'd be certain to go with. You can earn money doing surveys on Prolific in sterling and dollars. Dollar amounts are withdrawn to Paypal, who then convert when paying into a sterling account (with a poor rate). Prolific report earnings to…
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K Tax Code Query
Apologies for another K Tax code query. Been on PAYE all my working life. Now retired with a pension of approx £20k per year. I do not yet get my state pension. I have just received a letter from HMRC saying I owe approx £950 in tax from year 24/25. I assume this is due to interest I received from savings (which were quite…
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First time doing tax return, please advise
Hello all, I am hoping someone can help me. I will try and be concise. I have been renting out my house whilst working abroad. I am back in the UK now. During the tax year April 24-25 my UK income was £1719. I rented out my property for 8 months of the tax year. The income from this was £12000 (used to pay a mortgage and…
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Gilts and accrued interest in self-assessment 2024-5
I'm doing a self-assessment for the first time and just want to be sure I'm treating my gilts correctly. I didn't have any gilts prior to April 2024. I bought the following in the 24-25 tax year on these dates. I've included the accrued interest shown on the respective contract notes Date Gilt Accrued interest 17/04/2024…
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Pension RAS tax relief reclaim via self-assessment (20/40/45% band)
Hi all, I think I understand tax, then something comes along that utterly stumps me, I go away and read the helpful HMRC advice and realise I'm now more confused....so over to you... So I paid Salary sacrifice pension contributions of £27,022.50 (background, but I guess relevant if I get near a threshold) Then I made AVCs…
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Tax back from hmrc
Not sure if the right forum - I think I overpaid income tax by about £1000 through PAYE in the 24-25 tax year. I saw somewhere that HMRC have usually sorted refunds out by October, should I be contacting them?
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JustPark asking for tax info – can I close my account instead?
Hi, I rent out my driveway through JustPark. Last tax year I earned about £1,500. JustPark are now asking me to provide tax information because of new reporting rules. I’d like to stop renting out the space and close my account, rather than continue and provide tax details. Is there a way to close the account without…
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Inheritance Tax - Section 21 IHTA - meaning of income
I'd be grateful for opinions on whether certain types of receipts could reasonably be included in determining a person's available income for the purposes of the IHT 'normal expenditure out of income' relief. First, a couple of quickies: Premium Bond winnings and the indexation on NS&I National Savings Certificates. Could…
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Change of tax code from 1222L to 486LX
Hello, I would really appreciate your advice - my tax code has changed from 1222L to 486LX from 4.12.2025. My Gov.uk account mentions that this is linked to unpaid interest and estimates that I have underpaid £656 this year. My question is - what would be my next steps? Do I need to submit a tax return? If so, how do I go…
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BIK and higher child benefit charge
Hello, my employer has a tech products and health cash scheme. I know that any reduction in tax is recovered through Benefits in Kind tax at the end of the tax year. However, my income is over 60K so I wondered how this affects the higher child benefit charge? The tech and health cash schemes do reduce my salary so will I…
