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Unused 'Starting Savings Rate' & 'Personal Savings Allowance'
Can unused 'Starting Savings Rate ' and Personal Savings Allowance be used to add to your Dividend Allowance? For example year 23/24 Say you earned £12,570 from non-saving and non-dividend income . You had £5400 interest on bank/building society savings You had £2000 share dividend. I'm assuming £5000 of that £5400 is…
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Claiming tax relief on memberships for work
Hi, I’ve claimed this before via the HMRC app and have been able to see which years I’ve claimed for what previously. I’ve gone to do this now online and can only find instructions to print and post a form, and also nothing on what I’ve claimed before cos I can’t remember if I did this for last tax year and wanted to…
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hmrc issue , wrong tax code, wrong job.
Can anyone advise. Ive just noticed my pay was different this month, paying quite a lot of tax and on an emergency tax code. When looking into my hmrc online account there is an employer listed that has nothing to do with me, some painting and decorating company. A completely different name in a completely different part…
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Can government retrospectively change tax-free lump sum allowance in the budget?
My husband took a £47k rax-free lump sump from one company pension when he was 60. Now, 7 years later, he is planning to take another of his company pensions and buy an annuity as he wants the certainty of a guaranteed income. He plans to take the 25% tax-free lump sum which is £85k. He has the application ready to go but…
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Sole Trader - Mystery shopper - query
Hi everyone. Help please. For assignments that I carry out which involve no payment from the mystery shopper company I carry out work for but I get reimbursement of the cost of the meal, how should that be reported? Am I able to claim it as a meal expense? I'm using Freeagent so extra bonus points if you can guide me…
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Capital gains tax on property
Hello All, Thank you in advance for any help you are able to give. I have consulted the government website and note that if you are selling a home in which you do not reside you are liable to capital gains tax (CGT). However, I need to understand if we can get Primary Residence Relief. So let me explain the situation:…
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How to select top slicing in Tax Return
Hello On this years' return, I have a Life Insurance policy surrender gain which takes me into the higher rate by around £3k, The value is 12292, so notional tax of 4916, over 27 years. However, the top slicing relief is given as only £0.01! I seem to recall an option for this relief when I was completing the return and,…
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Company Car Tax being charged twice?
My hubby was made redundant earlier this year. His end date of employment was the 1st August. He had a company car, fuel benefit and medical insurance. Whilst he was working, his tax code was reduced to take into account his company benefits. We have notified HMRC of all of this and they have adjusted his tax code but are…
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Overpaid tax 2 months in a row.
Hi there. Hoping someone can help. My wife started a new part time job in September (25 hours a week), her annual salary is £14,067, which equates to £1,172 a month before tax. she got her first pay end of September for the amount of £847, checking her slip she was put on an emergency tax code so clearly was taxed too…
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Ebay seller - first ever self assessment
I have just completed my first ever Self Assessment for last tax year. I just want to double check 2 things before submitting to make sure I have understood correctly. For reference I am a buyer and reseller of toys. 1. When I am asked for my turnover, I am giving the figure of the total sales I have made without any…
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Inheritance Tax question
It's being reported that IHT will increase next week in the Budget. As stands, I will currently be taxed by HMRC 40% as I am quite a bit over the £325k allowance. However, I am single, aged 56 in good health, both parents passed, no brothers or sisters, my 2 Aunties are in their 90's & cousins I haven't seen in 20 years -…
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Overseas pension - do I need to declare it?
I am about to get a lump sum pension from a country overseas. Do I have to declare it? If so how? The funds will be to help sustain me for the rest of my life but it is paid as a lump some because I haven't got enough years to get the full monthly payment. I am concerned that the lump sum will take me into a higher tax…
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CGT prep ahead of Budget 24 + Bed and Breakfast rules
Hi. I am new to MSE Forum, hello everyone! I am selling my holdings in my GIA ahead of the 30/10/24 budget in order to rebase the book costs. I think the CGT rates will go up and the 10% rate will double so I want to rebase book costs now. Before 30/10, I want to sell and buy again the next day the same fund (L&G Global…
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Gifting when estate value is below threshold for IHT
Hi could I ask for someone to confirm the following please. Our elderly mother wants to gift money to her children. Her total estate value is below the IHT threshold. She is in good health and doesn't need any care home needs she wishes to gift £10k to all 3 children. Am I correct in thinking, if she was to sadly pass…
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A rare Inheritance Tax Situation
A rare Inheritance Tax Situation I would like to put forward a thought and ask if anyone has
knowledge on the subject. My daughter was a wealthy young lady. She died young. My family inherited her wealth, and we paid a vast sum in
inheritance tax. We had to sell her home to pay all that was due. I am left with a London…
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How are K Tax Codes Worked Out?
Is there a simple route to establishing what the code(s) will be and then modelling salary sacrifice to ensure living costs are covered in the most tax efficient manner.
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IHT on cash gift used to buy joint house
My father sold his house in 2018, and gave me £360k. I used the money together with £260k of my own to buy a house in my name. He has lived with me in this house since. I pay for all the bills and expenses. I am worried we haven't planned IHT: how will this be taxed? I imagine it is not a Potentially Exempt gift as he has…
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Tax on goods from paris to uk
Hello all, Sorry if this is in the wrong forum section feel free to move if needed. After a bit of help as banging my head on the wall looking up the uk goverment website. I am going to Paris in a few weeks and want to purcahse a bag when over there from the gucci store. The bag is 1580.00 euros. I understand i can get a…
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Salary Sacrifice and Second income
Hi I wonder if anyone can help. I am currently full time employed earning just slightly under £50k per year. I have recently (May this year) started a side business on etsy selling personalised gifts. I anticipate i'll be making around £5-7k a year profit on this, leading to possibly more. This will take me over the 50k…
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PSA and pension contribution...?
I'm sure this has been asked before but I cant find it, apologies. So my OH's earnings would put her into the 40% tax band but her pension contribution mean she only pays at BR. Is her PSA £500, based on her earnings? Or £1000 based on taxed at basic rate? .
