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Capital gains, Property, zero or low income.
Having looked at various sites I am not finding the answer to this. I do understand the calculation to work out how much tax would be due using the 18% & the 24%. I've also used various calculators to check the figures but the question I cannot seem to find an answer to is this. Taking the GOV.UK site as an example, there…
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inherited property and capital gains tax
The forum's input on this situation would be much appreciated . My dad died in 2015 and my sibling moved into his house 9 months later , probate value was £160,000 and todays value will be in the region of £300,000 plus , sibling has spent £40,000 on renovations . The property still belongs to the estate ( my late father…
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Most tax-efficient wage for single-director-owner-employee micro-company?
Each year for several years I have been paying myself the Primary Threshold (currently £12570) as a wage, in classic micro-company fashion. My accountant (who only deals with the accounts of the company, not my personal accounts and tax matters) explained to me a couple of years ago that, although there is now a gap…
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Need help understanding Payment on Account
Hi all. Every year I get confused over this, though I left myself a note last time, but just want to double check this. So when I filled out my 22/23 return, I made the following payments on account: 1st payment on account for 2023-24 due 31 January 2024 £1,663.10 - Paid 2nd payment on account for 2023-24 due 31 July…
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Gifts from savings account
I have a small low interest savings account into which I place a considerable portion of my pension each month from holidays etc, this does not affect my lifestyle. I never have more than about £10000 in it. If I gift my son £5000 from that account is it still classed as coming from my income or does the fact that it's…
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Stamp Duty on replacing main home when you own buy-to-lets
I'm not sure but I believe my solicitor may be telling me a load of nonsense. Can anyone here confirm for certain what google searches seem to show, namely that an owner of buy-to-lets only pays the standard rate of Stamp Duty if simply selling one 'principal private residence' and replacing it with another... i.e. moving…
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Do you get taxed on selling shares given to you by your employer?
Hey all, The company I used to work for would award me shares every year. I'm in the process of selling my flat and the money from these shares would really help towards buying the next property. I no longer work for the company and being based in the UK the shares are actually handled by a US stock firm. So just wondering…
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Inheritance tax, wedding gift and other things
Hi everyone, We are coming into a situation and just looking for some guidance. This is more for me being pre-armed with some info and questions to ask a financial adviser that we are booking in to see next week. My future parents in law have both unfortunately within 3 months of each other been diagnosed with stage 4…
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Car Allowance - Included or separate to salary?
Hi all. I tried to order a car this morning via my employers NHS Fleet Solutions contract. I currently receive a base salary with a car allowance on top, and I'm taxed on both under the 1257L code. Under my order I advised my current income as base salary + car allowance, however Payroll have rejected the order as they…
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Downsizing relief after gift of property to children instead of sale
Hi there, would anyone know the answer to the following? have found multiple examples of the first scenario but nothing concrete for 2) and 3). I believe no IHT to pay but wanted to be sure. Elderly widow has £400k house and 2 x NRB + 2 x RNRB (so £1m in total). 1) she sells house for £400k in 2022 and passes on £1m cash…
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Simple assessment MIA what next
I still have not received my simple assessment which normally arrives in July. I contacted HMRC & the person I spoke to says there is nothing for 23-24 showing on my account. There should be state pension, personal pension & some taxable interest. So according to them no tax due, which I know is not going to be true. So…
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CGT on Temporary Property
I bought a house (renovation project) and bought another one to live in (paid 2nd home SDLT). The work took 2 years and I decided to move back to the renovated house even though loads of work still needs to be done. I'd registered the other house with HMRC as my primary residence. I now need to sell the other house or rent…
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Claiming retrospective tax refund for gift aid as a higher rate tax payer
I think I've tipped into the higher, 40% tax band this year due to fiscal drag. This co-incides with higher additional income I will earn this year from savings accounts which means that the savings income will be depleted by 40% rather than 20% in tax. I believe I can claim an additional 20% off HMRC for my gift aid…
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Beware savings income losing you the Marriage allowance
Even though I only have a small amount of savings income (well below the amount you are allowance to get before paying tax) I have just effectively paid 37% tax on the little savings income I have because it caused me to lose the marriage allowance. My income excluding savings income went up this year to just below the 40%…
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HMRC payment for higher income child benefit charge
Hi All, I'm hoping someone might be able to help clarify what's going on here. For the year 2022/23, I completed a tax return due to the need to pay the "high income child benefit charge". I was told the amount I needed to pay was £500-odd, and so I made the payment as requested via the HMRC website. I did the "same again"…
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Career Break Tax Refund
Hi i am going on a career break 16/12 for 3 years but will still be employed by my current employer for that time. i have been paying 40% tax all year but will not hit the £50k threshold this financial year due to when I leave. will i get this back through payroll? also, will I receive 4 months of the tax free allowance…
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When is CGT due?
If you sell units in an investment fund, what date is the gain (or loss) made for tax purposes? a. The date you click the button to place the "sell" order? b. The date the order is "filled", i.e. a buyer places their buy order on the other side of the trade c. The settlement date when the buyer has paid and the broker…
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Crypto
I have randomly bought and sold small amounts of crypto since 2017Currently my coinbase account holds 15kI estimate my input has been 7-8k over the last 7 yearsCan I take 3k per year from my account without having to declare capital gains
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Capital Gains Tax changes and upcoming Budget
Hi a quick question. If there are changes in Capital Gains Tax in the upcoming budget will the changes apply to when the gains were made or when the tax has to be paid? Are they likely to be implemented immediately or in the next tax year? tia sx
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Capital Gains on PI Trust - help please
My daughter has a Personal Injury Trust bank account with Barclays and a PI Trust Investment account with Fidelity. She is on Universal Credit so it is imperative that the money stays under protection from benefits assessment. My daughter is the settlor and we are both trustees. The funds with Fidelity are in Vanguard…
