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Tax on savings interest
For the first time Untaxed Interest has appeared on my tax code notice to the tune of £600. Note 3 on the notice states it's an estimate of the interest I'll receive during the year based on the previous year. How would they have worked this out and how can I check the figures accurately when I get interest at different…
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+£100k salary, Can SIPP help?
I’m considering opening a SIPP and wanted to just double check my understanding is correct:For those who make £100k+ you begin to losing your tax free allowance (ie. On 110k, you’re loosing 10k of your £13k personal allowance) and being taxed on the remaining £107k ish at 45%.If I set up a SIPP where I would donate around…
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Inheritance tax allowances
I've been looking online but seem to go round in circles. If I understand correctly, the £3000 gifting allowance can be carried forward one year (giving up to £6000). Can I also use last tax years £250 gifting allowance along with this years, i.e. give £500 to individuals this tax year?
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Capital Gains Tax
Hi, I wasn’t sure if this was the correct board. I’m based in Scotland for reference. I’ve owned my own home for over 30 years. My father passed away and half of my parents home was held in trust for me with my mother remaining in the house. The share of the house officially passed to me a few months ago when my mum moved…
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Confused by new tax code
On 30 Dec 2024 I received a P800 notice saying that I had
paid too little tax in 2023/24 (because my savings interest exceeded my
personal savings allowance) and that I owed HMRC £841.88. My tax code changed on 31 December (now beginning with the
dreaded K). The accompanying letter also said that they estimate I…
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self employed -can i claim car expenses for any of these jobs ?
i used to be a street market trader for 40 plus years / so filled out decades of hmrc returns and claimed my van expenses for this business.i have now retired as a street market trader and have sold my van but have a car .am i allowed to claim for car expenses on any of these ? i have midsize online ebay and discogs shop…
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Tax code.
My tax code is 93L. How is my tax calculated? Is it 93L after the £12570.00 threshold or is it tax payable after £930.00?
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CGT & offsetting losses against gains on mixed assets - Shares & Land
I
will need to do a Self-Assessment for TY 24/25 to pay CGT on a plot of land.
However, I have also sold two shares, one for a gain & one for a loss. To
keep things simple the figures below are not the specific value as my question
is around the methodology. Also,
for this purpose I am a BR taxpayer. I therefore assume…
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Avoiding higher rate of tax
HelloI am on the cusp of earning £50,000 per year (my monthly wage fluctuates slightly because I am on call. More call outs = more money). If I understand it right, if I earn over £50,000 then I will be a higher rate tax payer, which I am trying to avoid. I am able to modify my pension contributions month to month. Would…
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Property Valuation for IHT & CGT
I am dealing with probate for my father's estate who died last year. He had a 1/4 share in a let commercial property which has been valued at £800k in its entirety. The valuer has deducted 15% to arrive at a 1/4 share value. As there may be no IHT to pay even with a 1/4 share value without the 15% reduction in value are we…
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Gifting / Inheritance Tax Question
The situation I have is I am my father’s only child and his
will leaves everything to me, he’s sold his house and is in his 90’s living in
a care home. His total assets are about £155,000 which is all savings, his
pensions cover the cost of his care home, so his total savings are unlikely to
change a great deal. As I am…
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Tax brackets changing
Hi guys, Could somebody confirm if the tax brackets are changing from April? (In particular the level at which you start paying 40% tax?) This year the 40% tax bracket started at £50,271 but on the government website, it is saying that the 40% bracket starts at £37,701 😮 Unless I’m being completely stupid, I haven’t seen…
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Capital Gains Tax
Sorry if this has been asked before- We took over a pub in 2017 and in covid we moved above it. We never returned to our home and in that time it fell in to disrepair. We have been paying double council tax for an empty home since then. We are in the process of doing it up and selling it. Hoping to get £220-250k for it and…
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Tax on non-cash gift
If someone gives something other than cash, i.e. a physical object which will depreciate in value, to someone who is not a spouse or other relative might there be any tax the recipient has to pay? I'm not talking about inheritance tax but whether the recipient has pay any sort of tax, e.g. income tax, themselves. If so,…
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Tax on exam marking for a professional body
Hi. I have a PAYE job. In addition, last year I did some exam marking for a professional body. I invoiced them and they paid me gross (just over £2k). In order to pay the tax, should I register for self assessment (as a sole trader?)? Can I use the £1k trading allowance? Or do I just tell HMRC and owe tax on the whole…
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Will I ever be able to receive backdated child benefit for previous years?
Hello, I've just realised I could have claimed child benefit for my son last year (I stupidly cancelled it due to my husband earning £57K in 2023-4, because I didn't know that we could have kept it and just paid the HICB Tax on the £7K), and my daughter since she was born in 2021. I just called HMRC reinstating the benefit…
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Inheritance tax - how much? And how to reduce?
1. How much inheritance will be due 2. Unfortunately I have terminal cancer, is there anything I can do to reduce the tax on £500000 family house, wife died in 2001 and left £150000. I believe the allowance was £242000. I have left £600000 in a bond half of which is outside of the Will, joint with son, I believe his half…
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Not paid enough income tax for current year
I logged into my tax account and found I had not paid sufficient income tax this year. Is there any alternative to having next years tax code to reduce my tax free amount each month. I would like to pay the amount of unpaid tax directly asa lump sum.
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Reducing 40% taxation
I hope someone can assist. I have 2 jobs with a combined
income 60k approx. In order to reduce my tax, I took out the salary sacrifice
(into my pension) option with my main employer to avoid paying 40% tax. I have
only just started this but it seems to be working well with my main employer as
I can see in my payslip the…
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Inheritance tax Allowance
Inheritance tax Allowance I understand the inheritance tax allowance is £325k x 2 =
£650k for a married person, plus £175k x 2= £350k against the property owned in
joint name, making a total allowance ££650k + £350K = £1m. So no inheritance tax
is paid by the receivers on £1m when both of them die. Anything above £1m,…
