-
Reducing IHT via rental property transfer
My 80 year-old mum owns a flat which she rents out for income. There is no mortgage and it’s worth about £400k. She also has a mortgage-free residential home worth about £575k. We’re wondering if there’s a way to put the rental property into some sort of trust in order to reduce IHT? She has five children and no spouse. If…
-
Second Home and IHT
Very grateful for some advice on IHT please. My parents, who are almost 80, bought my sister and her family a house around 20 years ago (no mortgage). My parents put their own names on the title deeds, as well as my name and my brother’s name. So, we each own one-third. My sister moved out a few years later, and my parents…
-
Winter Fuel Payment and taxation
I am a pensioner. My income is above £35,000. I contrive to keep my income within the 20% tax band so as not to lose the Marriage Allowance. If the Winter Fuel Payment were thrust upon me, would this increase my taxable income (potentially pushing me into the 40% tax band)? Is this a circumstance where I need to opt out?
-
How to guarantee a letter gets to HMRC !
I have now used Royal Mail three ( yes three ! ) times to try and get a letter to HMRC The first two were signed for but when I checked the tracking neither left the actual post office !. I got my £4 back but thats not the point the letter was important ..so this time I sent it guaranteed delivery next day which cost me £8…
-
Paying IHT On Unused Pension Fund After 5.4.27
Reading through the Government Consultation Outcome dated 21st July 2025 it says that if a beneficiary takes the pension in full and pays the IHT charge themselves they can contact HMRC for a refund for any income tax paid on the IHT charge. Example All NRB and RNRB used, beneficiary is in the 40% income tax band.…
-
second home council tax
Can I rent (and live in) my parent's second home and take over their council tax as a full time student?
-
capital gains tax when selling second property help please.
the situation is as follows. We were 3 brothers our father passed away in 2014 and the property value for probate was divied equally between us £375k =125k each. Our brother who had lived in the property died in 2021 and as per his will his share was split between myself,my brother and my sister in law. Question.does the…
-
Inheritance tax question - re paying via 10 yearly instalments and late payment interest
I'm
really confused about something. If someone chooses to pay
inheritance tax in ten yearly instalments, for example, if they have
a house to sell and it will take time to sell, is the interest on the
instalments (currently 8.25%) only charged if any of the 10 instalment payment
is late or is it added each year (i.e. is…
-
HMRC says "Overdue", but I should have time till 31 Jan 2026 to pay balance for 24-25 tax year !?
As usual I pay first payment on account in Jan, so in this case for 24-25 tax year I paid that in Jan 25. Then I submit self assessment before 31 Jul 25 to avoid paying second payment on account before 31 Jul 25. I did submit it on 18 Jul 2025. So got a balance to pay for 24-25 tax year (which was less than the second…
-
How much CGT does a non-taxpayer pay?
I am a non-tax payer and am looking at selling some shares that I own. Will I have to pay tax on profit above the £3,000 CGT threshold or can I combine my £12,750 tax allowance and the £3,000 CGT allowance ?
-
PAYE Cutting Tax
Hi folks Firstly, I realise this post makes me extremely lucky. I am PAYE employed in a good job with an salary that has recently increased to close to £100k pa. I also get variable bonus which this year took my total earnings to £120k for the 24/25 tax yr. I take advantage of maximum DC workplace pension contribution - I…
-
IHT Nil Rate Band question
My father died last year and left his half of the house to me - probate value of house was £580k. So £290k to me. My mother died recently and my solicitor has said Mum only receives £290k of the Nil Rate band. As that is what her half is worth. Why do we lose the other £60,000 of the Nil rate band? Shouldn't that be…
-
HMRC Simple Assessment
I’m wondering if anyone else has experienced this issue with a simple assessment. In August 2024 I received one and it said “you owe HMRC £xxxx.” i subsequently paid this online in 3 instalments by the deadline of Jan 31st 2025. Today I’ve received a letter demanding payment for a totally different amount (about £400 less)…
-
MTD - change year end or too late?
I have already submitted using MTD and am a tad confused. My year end is 31 December so I think I am will always need to resubmit the return after 31 December each year. Assuming that is correct, and as I already submit vat returns using MTD, would it be better and less confusing if I changed our year end date to 31 March…
-
Not registered as self employed for National Insurance?
Hi, can anyone help please? I called the National Insurance hotline to fill in any payable gaps and they told me I had to top up two lots of money for two recent tax years. I paid. Then I got a letter today saying that they do not have me registered as self employed for national insurance purposes so they are unable to…
-
HMRC Mileage Allowance Relief
Hi all new to this forum so please bare with me. I joined a new company last October and I have a car allowance which allows me to buy my own car and use it for work purposes. I claim back my mileage monthly from my employer at 26p per mile. I have just gone to do my self assessment tax return in order to claim back the…
-
Inheritance Tax, new rules.
With pensions being considered part of the IHT estate from 2027, I need to revisit my arrangements. This will take me over thresholds I had thought myself under. Presently, my wife is leaving everything to the kids in her will; I have split it 50% to her, a sixth each to those same 3 kids. But it strikes me that we both…
-
Changing Estimated Income for Income Tax
Hi all, I work in a commission based job where I have a basic salary of 35k and I am paid quarterly bonuses/commission in April, July, October and January. My April bonus was circa 5k, my July bonus will be circa 15k and while impossible to tell at this stage, based on targets I would estimate that my October and January…
-
Mistake by payroll department with Tax Code
I’m helping out a friend who has recently started to receive her state pension in June. Her tax code was changed to take the state pension into account and is 32LX. All correct so far. Her June payslip correctly used the code and her payslip shows Tax Basis as Week1/Month1 so all good in June. Unfortunately her July…
-
VAT between unregistered and registered businesses
We are a band of amateur musicians. We performed at a venue which ran the box office selling tickets for our show. We negotiated a profit share arrangement with the venue whereby they would pay us 75% of the ticket money and they would keep 25%. We are not vat registered but the venue is. The venue want to deduct vat from…
