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Capital gains tax
Hi. Can someone explain to me how much relief I would get if I sell my house. I bought the house in 1988 and lived in it until 9 years ago it has been rented to tenants meaning I lived in it for 28 years, I paid £40000 for it and it's worth around £230000 now can someone explain how much if any Capital gains tax is…
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Gifts and Inheritance and buying a property
Hi, I’d really appreciate some advice. My parents own a mortgage-free property worth under £600,000. My wife and I own a separate property with an existing mortgage. We’re planning to buy a larger home for all four of us to live in. To do this, we intend to: • Sell my parents’ property and use the equity toward the new…
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Sole Trader Self Assessment - fluctuating income
I'm an actor and, whilst I didn't make a loss, last year was a very poor year for income (after the writers' strike etc). This year, however, has been much stronger with a contract that is running April-April. I also received buyout payments for work I did in previous years. I use the cash basis for self assessment. Am I…
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National Insurance payable?
I've tried searching but been unable to find a clear answer. I am a sole director of a company and pay myself just below the threshold where the company would needi to start paying Employer National Insurance on my behalf. This company has been running for about 10 years. Any surplus income generated by this company is…
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Confused about paying 40% income tax
I thought you have to earn above £50,000 to pay higher rate income tax. Why is it in my tax code letter, there is a reference of. Will be above £37,500 due to getting half of late husband pension. Does not seem right if I will be charged 40%. Thanks PAYE tax rateRate of taxAnnual earnings the rate applies to (above…
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CGT on SAYE
Hello, Not looking to cut tax, but seeking advice. I have made a small profit from an employer SAYE over my option price and tax free allowance. The proceeds have been transferred to me, how do I declare / pay the tax due?
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tax code change
hey, just received an email to say my tax code is changing to 1221L as i didn’t pay enough tax ending 5th April 2025. my query is under the income section of my personal tax account it estimated my salary ending April 2025 was £14,124 and starting April 2025 it will be £15105. both of these amounts are wrong. My salary is…
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Income Tax and Pension Contributions
With my gross income, I would be just over the £50,270. I had thought that if I put into my employee's pension so that I would be below this rate, then I wouldn't become a high tax payer. However, I just been sent an e-mail saying that my tax band is being adjusted and after logging into my HMRC account, it is because they…
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Capital Gains Tax - unsure if liable
Hi all, looking for some advice for a family member. I’ll try to keep it brief, aware that may need financial advice but thought would give it a go on here first. *Brother owned a property (joint tenants) with then spouse and left in December 2020 due to relationship breakdown and rented nearby. *Then spouse stayed in…
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Gifting shares - Capital Gains
My wife and I both own shares in Shell plc which are all in an ISA wrapper. We'd like to transfer some shares, as a gift to our son, to reduce our IHT bill. Anyone know how the gift would be valued for Capital Gains purposes ? Don't believe that any tax will be due from us as the shares are in an ISA, but what starting…
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Tax reduction
Hi Folks, Can you please advise how I can reduce my tax please or how best to maximise my incoming. I am a single dad ( divorced ) earning a yearly salary of £121,404.00 I already take advantage of yearly ISA ( 20k ) i.e contributed into a stock and shares ISA I am on an emergency tax code starting with K265 I am due a pay…
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Tax employment details
Please a little help folks.... When I look at my PAYE income tax summary for this year I have my current employer £48,000 (correct) and my pension £15,500 (correct) and then another employer have ended since 2024 of (£35,778). Now the last amount was not from employment but from money my mum left me when she passed earlier…
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HMRC sent me a bill for £4000 for untaxed interest
This discussion was created from comments split from: HMRC say I have overpaid £3,500 in tax; I haven't. What is going on at HMRC?.
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Calculating Tax on Savings interest if I have marriage allowance
Tax interest on savings help required please
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Salary arrears paid in bulk and tax implications
Hello, I really hope someone can help me. My apologies if I have posted this in the incorrect category. My employer had made an error and I was placed in the incorrect pay scale for about 3 years. after raising this over the years, the employer agreed that they had made an error. Then, in February they changed my pay grade…
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Tax code reduction
Hello, I'm a newbie here. I have received an email from HMRC saying that my tax code has been lowered. My circumstances have not changed, my job has not changed. I also owe around £100 due to the tax free amount being lowered. I contacted work about it but they redirected me to HMRC. I am not sure what I need to do. I'd…
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claim back USA Tax
Does anyone know where I would start with a UK citizen claiming USA Tax back? my son plays esports/ gaming and has earned quite a lot of money over the last 2 years and we have been told he can claim this back, as they take 30% for USA Tax, and as UK is lower he should be able to claim some of this back minus the UK…
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HMRC Previous Year Tax Checker Tool - Incorrect Results
Hi all, hopefully this is in the right place on this forum. Like many people I have yet to receive my 2023/24 Tax Assessment from HMRC into my online tax account. I am expecting I will need to ring them to sort it. To inform that conversation, I used their official online calculator to work out an estimate of what I might…
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CGT and hometrack valuation
I am potentially trying to calculate potential capital gains
tax for a property which I inherited from my parents in 2 50% portions about 6
years apart.I and am planning to sell in the next month and am trying to get on top of things early At the time because there was absolutely no way that the
estate would go anywhere…
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Cab pensioners transfer tax allowance
My wife and I are pensioners her pension is lower than mine and as a result does not utilise her personal allowance to the full. Recently I read martyn was encouraging people to transfer the unused portion of the allowance to their partner. Does this still apply to pensioner couples like ourselves where I pay tax on income…
