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Tax return property page
I did a lot of repairs on a new rental myself. I know I cannot claim for my time but can I claim for the items purchased e.g. new toilet, blinds, paint, lino etc etc? What box would this go into? I also purchased new furniture and white goods - would this go into box 36? Box 36 says 'cost of replacing domestic items'- it's…
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"Add more information" in HMRC's Self Assesment online
I've nearly reached the end of my first Self Assessment online, and I get to the page where I have 700 words to add extra information. It doesn't say anywhere optional, so I understand is mandatory? is it where I should describe my business? how I operate? how I've come to this incomes and expenditures and my future plans?…
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Self-employed balancing payment question
I can't seem to find this answer out how the balancing payment is calculated exactly: I'll use simple numbers for my example so that it's easier to calculate: Current year: Income tax: £7000 NI4: £2000 SLC: £2000 NI2: £200 Total tax: £11200 Payments for payment on account = (IT) £7000 + (NI4) £2000 = £9000 (2 payments of…
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Declaring dividends AND capital gains / rates to use
Hello MSE forum community. Will be most grateful for any wisdom received on this topic. Couldn't find a previous post that addressed, sorry if I missed. Tax treatment on dividend or capital gains income is clear from HMRC website when considered separately. But not when earned in the same tax year together. Example…
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Unerstanding and managing inheritance tax
Having retired and now being in our 60's with two adult children, thoughts are turning to IHT (probably a bit late but there you go). My understanding on the best ways to plan for the tax are: 1. Don't die. 2. Spend it all. 3. Move somewhere that does not charge IHT. 4. Give it away 7 years before you die. 5. Put the money…
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Separating and property issues
Scenario: Married couple separating. They own their own leasehold property (Property 1) of value circa £140k as joint tenants and live together. Intend to live apart. Wife plans to buy another leasehold property (Property 2) of approximate price £140k when resources allow and immediately move to it. Queries: I'm struggling…
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EV car scheme
Hi, I have recently entered into an EV car scheme in an attempt to reduce my overall salary to below 100k to avoid the 60% effective rate of tax. In my payslips however, my gross income remains the same (top half) and they have just added a deduction entitled "Electric car" in the same section as tax and NI deductions. The…
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Registering for self assessment deadline
I have only just realised that there is a deadline of 5 October to register for self assessment. I knew I would have to submit an online tax return before 31 January 2025 but had not been aware of the registration deadline. I've just filled in the relevant form through government gateway. Does that count as having…
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Accidental landlord - should I rent or sell? (income tax vs capital gains tax)
Hi, I'm wondering if someone can help me... I have a residential mortgage, but recently relocated for my partner's work. The bank have given me consent to let for upto 12 months, but my mortgage term will end in the summer of 25.. at which point, I will need to look for a buy to let deal with another provider. I'm already…
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Tax code issues
When I started my current job (Dec) I was still employed by my old place of work while I used up some annual leave. I was put on a CBR tax code at new work. When I left my old job officially I informed HR at my new work but my tax code was never changed so I was paying too much tax from Jan to April (I assume). I called…
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£1000 self employed without tax return
I know that you can earn less than £1000 per year tax free from self employment without completing a tax return. But that if you earn £1000 you need to complete a tax return. https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return#:~:text=You must send a tax,can claim tax relief on) What I'm unsure of is…
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Higher rate tax (just) - Make AVCs to USS Pension
Hi everyone, I'm currently in the USS pension scheme and pay contributions via salary sacrifice. This year i'm likely to tip over into 40% higher rate tax. Gross salary for the year is likely to be £50,895 after pension and a current additional voluntary contribution. Is it worth upping my AVCs by £105 a month to keep my…
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Tax owed
I filled out a P87 form to reclaim my tax back and ticked to receive money owed as a cheque. HMRC have now reduced my tax instead of paying as a lump sum. They have told me this is because they can only pay it back in one go if it’s for previous years and not just the past year. Is this correct or can I demand my money…
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Total Income & Avoid 40% Tax
Hello everyone. I searched the World Wide Web and even Google to help answer this but no one could. My question is... how much do I need to increase my pension on salary sacrifice to avoid paying 40% tax Below is my income details all yearly Salary - £55,000Dividends - £1,400Interest from savings(non isa) £1000 I do have…
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On student placement getting very little paye deducted from my salary?
Hi I'm on my student placement for a year - i live and study in Scotland my placement is in London my salary is £25k and I also get my student loan because of the type of course I'm doing. My tax code is S1257L and my gross monthly is £2083.33 however the first month I didn't pay any paye at all and this month I've only…
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How to interpret tax code
I’m trying to get my head around how HMRC thinks and hence as to what they are estimating savings interest to be. I have pension (x) and state pension (y) and a tax code of K1356 The explanation I can find for the code is that I need to pay tax on an extra £13560. I can’t reconcile any figures that get to what the tax…
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Unpaid tax demand - pay now or wait until January
I’m lucky (or planned well) in that I have a number of private pensions but they take me over the personal tax allowance when combined with my state pension. HMRC seem unable to calculate in year what the total would be and hence I’ve just received a tax demand for ~£1300 of unpaid tax from 2023/24. Should I pay this…
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How to pay back tax on behalf of deceased father
My father died in July, I'm an executor and went with mum to sort the death certificate and now the named contact for assorts of government agencies. HMRC have written to me to say I need to pay back tax which dad owed. I cannot for the life of me work out how I do that, online I can only access my tax stuff and there…
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Income tax - paid 4 weekly - how is tax calculated when payslip covers March and April?
Hi I'm doing some calcs on my finances and am trying to work out my annual income and how much tax I pay. I'm paid four weekly and as such when one tax year ends and another starts, my pay period falls onto both sides. In 2022/2023 - The payslip period was 13/03/23 - 09/04/23. Paid on 18/04/23. In 2023/2024 - The payslip…
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Student council tax discount
Hello everyone. I have just started university and am told that I can apply to the council for a discount on council tax. I live with my partner who is self employed. Does anyone know if I would still be entitled to a discount - does it matter if I am in a relationship with a person I live with, or is it just the household…
