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Can't remove Additional Information and Attachments from submitted Self-Assessment tax return
On HMRC advice I managed to amend my submitted Self-Assessment tax return and remove one incorrect entry, but only by removing the whole (optional) section, adding it back again and making the one correct entry that belonged there. However no matter how many times I tried, I couldn't remove Additional Information and…
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In or Out of Self Assessment?
Read Martin's recent post on self-assessment and followed the link to the HMRC page with the questionnaire. The questionnaire states, as did Martin's post, that you can have up to £10,000 of savings interest without going into self assessment. However as I understand it, the savings allowance is £1,000 (basic rate…
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Inheritance Tax and replacement double glazing.
I am making monthly gifts to my children out of "Normal Expenditure". I have just paid a deposit of £902 and will in the next financial year pay £3,609 on completion of replacing single glazed windows and a backdoor with double glazed windows and door.My question is - is this classed as Capital spending or Normal…
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Reversing 10% Transfer Tax Allowance to Spouse
I cannot find the appropriate HMRC form to reverse the 10% transfer of my wife’s tax allowance now that her state pension increase has altered her forthcoming tax code. The only “relevant” forms seemingly available on the gov.uk website are either for cancelling MA in total or the similar one to her application for her…
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New Truck for holiday business tax deductible expense
Hi we have been running a holiday rental from our Showman's caravan for the last 3 years . We brought a vintage truck to add to the holiday business last year, but we are still in the process of restoring/renovating. Could this be added to our tax return as a tax deductible asset even though we are not renting it out yet.?
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Tax doubled this month?
Hi - Hope someone can offer guidance. Before I attempt to call HMRC and hang on for hours! My tax code in December was 1269L and tax was around £880 a month Tax code change on January 9th to 1039L to accommodate untaxed savings interest for the year since April. I was therefore expecting tax to increase by may be a couple…
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Dad gifted me £10,00 but it's cash!
My mum passed away before Christmas and since then my dad has found some cash in his house! He's therefore gifted myself and my husband around £10,000 all in cash. If I'm understanding correctly he can only gift £3,000 per year, however if this is due to Inheritance Tax etc. I 100% know that he will not hit the £325,000…
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Tax for French resident with financial holdings in the UK
My son has UK/Australian dual citizenship (he moved to the UK from Oz in 2001) and now lives in France where he recently became a French tax resident. He has some investments in the UK: cash, equities, ISA, LISA. Our question is how these are treated for tax by both the UK and French authorities for interest/income,…
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Error messaging carrying forward losses from previous years
Hi, I am doing my first online tax self-assessment this year for a side hustle on top of PAYE. FY21/22 and 22/23 I incurred business set up costs and expenses totaling £6344 FY22/23 I earned £375 and had allowable expenses of £806. FY23/24 I earned £3815 and had allowable expenses of £2014 - net profit of £1701. So I am…
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Van Purchase mid year sole trader tax year 2023-24
I have been using simplified expenses for a car up until July 2023. I purchase a van for £13k in July 2023 and want to claim actual expenses on that. I know that I can use simplified up until I switched to the van. Should I enter the purchase price of of the van as a trading expense? and then claim the actual costs from…
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Use of Home as Office - Self Assessment Tax questions.
Im filling in my HMRC self-assessment tax return as a sole trader. I work exclusively from home, approximately 80 hours per week, and I wanted to know if I can claim any/ or some of my interest-only mortgage payments, service charge etc as an expense under the use of home as business premises? I don’t want to complicate…
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Tax code change - "untaxed interest on savings and investments worth"
Hi folks, I had an e-mail from HMRC today saying my tax code had changed. I logged in to see the reason is: "you now get Untaxed interest on savings and investments worth £XXX" This year my salary was due to tip over into the 40% bracket by a about £1k, however i've recently started AVCs by salary sacrifice into my pension…
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CGT calculation help needed on selling second property, pension income is income tax threshold
Hi, I have a small flat that is not my main property but a second property. I bought it in 2013 and am thinking of selling it imminently. It has probably gained about 80 or 90k over the 11/12 years I've had it. (I bought it at auction and did it up a fair bit). I've never paid CGT before and don't know much about it. I…
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Self assessment and commercial vehicle
Afternoon All, Just looking for any advice please. In the process of completing my self employed husbands self assessment, however during the tax year he purchased a commercial vehicle. X amount was paid as cash deposit and the remaining balance was put onto repayments. Can we claim the deposit on the self assessment, and…
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Untaxed interest on savings and investments
I got an email from HMRC saying i owed an extra £1600 on untaxed interest on savings and investments. Is this an estimate or fact? I brought a house in April 2024 and had a lot of money in savings up until that point and probably around £100k wasn't in ISAs so i was paying tax on a lot. Since ~April I've had £20k in an ISA…
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Childcare vouchers and earnings assessment
I was wondering if I could get some advice, I am in the 40% tax bracket but I have a child at nursery and I claim childcare vouchers. On my account it says I am a basic rate tax payer as I can only assume my HR and payrol have not updated the earnings assessment. For most of 2023 I claimed just £100 a month, but I have…
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Confused about Inheritance Tax rules
I'm married and I've left my half of our estate in my Will to our daughter. If I die first, I don't want my half passed to my wife in case she subsequently needs to go into a care home, where virtually all of her assets will be liable to pay for care. My wife's Will is worded the same. Our house is worth 580k and our…
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2nd job tax total beginner at this
Hello, I am a band 6 theatre nurse and earn £44900 a year. I have been asked to join an agency to do extra lists at the weekends, it is in the same hospital with the same surgeons etc. The rate is £400 per session. I need to sort out my tax on this extra income, so I will need to fill out a self-assessment. I will probably…
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Working two PAYE jobs at once
I have a full time job (35 hours a week) paying 35k but been offered a role on the side where I will do about eight hours a week in my own time but due to the industry it is in the role must be paid via PAYE. It will be around 8k per year. I am wondering if I will be hammered on tax every month as if both jobs are full…
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Day rate - PAYE threshold calculators?
Hi all, Can anyone recommend a tax calculator that might take in some inputs (e.g., day rate, or gross salary) to calculate what one might be able to do in order to stay within a certain tax bracket? For example - my annual PAYE salary is just over a particular tax band. I wonder how much I might be able to put away into a…
