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Estate Capital Gains Tax - Whose Allowance?
I've had a search on here/Google but couldn't find the answer. I am executor of my mother's estate, along with my brother. We are also both the main (but not sole) beneficiaries. We sold my mother's house as part of the estate and have paid the relevant CGT as it increased in value between DoD and sale. We used £3k…
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Quick Question on Opening a Joint Account with a parent re: IHT
I've recently read online that if you put your savings accounts in a joint name with your child, this gets around the 7 year rule and on the death of the parent, the child automatically inherits the balance of the joint account - in the same way as a spouse would. I'm sure this is totally incorrect as the balance of the…
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Electricity Standing Charge an allowable expense?
I have owned a plot of land for 5 years containing a small
outbuilding. During the tax year 2024/2025,
I received an unexpected electricity standing charge bill for £4000 which I
paid (no electricity was consumed). I
was not aware of a live electricity supply until I received the bill. I let the land to a local builder for…
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Two portfolios, one Section 104?
A friend of mine has two offshore S&S accounts/portfolios in France though she's tax resident in the UK. One is a sort of historical accident with just 250 units of one specific ETF (bought a good few years ago) and nothing else. The other has quite a few items and one of those is the same ETF but 1500 units. These units…
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Moved: Switching from Employer Contribution Pension scheme to Salary Sacrifice
This discussion has been moved.
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Under paid income tax 2024 - 2025
Had a letter from HMRC, who have advised me that I have underpaid income tax by £637.60 Income - £49582.91 Deductions £312.00 - (unknown - edit now known as Job Expenses ?WFH allowance) Tax allowance - £12570 Taxable income - £36700.91 Tax Paid £7340 (correct at 20%) Adjustments - £1168.20 (unknown - edit under payment…
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Is my private pension to Aviva tax deductible?
I psy £120 into aviva private pension. Can I put the whole £120 through as a tax deduction in my tax return? Got another one with paye company but they deal with all the tax I guess
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K Code Query
My tax code has changed from 1091L/0 for July to K274 /1 for August & September. This has resulted in a reduction of the tax deducted by around £500 each month. I thought a K code resulted in more tax being deducted not less ? Nothing received from HMRC regarding the change. I don't have access to my online tax account.
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Moved: The inevitable pre-budget speculation on pensions
This discussion has been moved.
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Self assessment confusion - PAYE for 15+ years yet registered for SA
Hi there, long time reader of the site and forums but a new poster. I hope this is in the right section. I created an online tax account over the weekend to check my national insurance contributions. While doing so I see I have a UTR number and am registered for self assessment. Please note i've been PAYE for over 15 years…
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Inheritance tax - Gifts
Can anyone tell me if gifts (given in the previous 7 years) are treated as part of the estate or seperately which could make them liable for tax even though the estate is worth less than £325000?
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1st personal tax return need help
Good Morning Everyone, I'm getting ready to do my 1st personal tax return, and I have a few questions not sure if anyone can help but here goes. 1) I have joint shares with my husband when I declare dividends do I split them 50/50 for my tax return? 2) Is the interest earned on a ISA account after the relevant Tax year…
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Tax implications of selling garden for a single dwelling
My wife & I have applied for full planning permission to build a single two bedroomed house on part of our garden. We intend to sell the plot with planning. We have lived in our house for 14 years & it is our main dwelling. We don't own any other property. What, if any, tax are we liable to pay? I've seen mention of 1.5…
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Reducing adjusted net income with pension contributions privately vs salary sacrifice
In 2024, I started to earn over 100k and paid an accountant to advise me by how much to increase my pension contributions to ensure my adjusted net income was below 100k. They provided me with a calculation and I confirmed in writing with them that I should increase my monthly pension contributions to this amount via…
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SAYE capital gains & stock ISA
Hi, in the next few months I have a SAYE policy which is maturing. I will have paid in £10800 & the value at the end will be around 26000. I can’t transfer direct into my pension so if I want to take out all the money I believe my only option will be pay UP TO £20,000 into a stock & shares ISA. If I do this, how long do I…
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Staying below the 40% threshold
Last tax year I paid tax at rates no higher than 20%. My estimated tax bill for 2025 -2026 shows a small amount taxable at 40%. However this is based on estimates of my Savings interest, which will be lower as interest rates have dropped, and there is an adjusted income because of Gift Aid. I expect my Gift Aided sum to…
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Capital Gains Tax in an Auction Sale
My family are selling some items at an Auction House. Most are nominally valued, but there are a couple of items that may make a few thousand. Will the income be subject to CGT? (We didn't buy or were willed any of the items, it's just family stuff that's been in boxes for years and we're looking to auction it off.) Also,…
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Car BiK Tax
I took on a salary sacrifice lease car in Feb 2025. I am in the 40% tax bracket. When I submitted the 2024/25 SA, everything shown as expected. The BiK was added to my income as a benefit, hence I paid 40% tax on the BiK. My personal allowance was shown on the calculation as £12570. So all in order as far as I can tell.…
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HMRC 6 month backlog on refunds? Anyone else?
After submitting 23/24 SIPP contribution figure (via SA) to HMRC in Oct, my OH's account is showing that she is due a (correct) c.£2k refund to cover the additional relief for a HR tax payer. She requested the refund Oct 28 and has the reference (&screen shots) to evidence it. The standard statement indicates it should be…
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Overpaid tax, how/when to get refund?
My son has overpaid tax this month. He had 2 part-time jobs but left the first one at the end of August as he was offered a fulltime contract at the second. He's received a p45 so I've told him to give that to his employer and ask them to get the tax code updated. My question is, what will happen about the overpaid tax -…
