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Capital and self-assessment
I am completing my self-assessment for 23/24. For the first time I have calutal gains above the allowance as the allowance went down drastically. The taxable amount is £41. Do I put the total gains of £3041 on the self-assessment or just £41? Thanks in advance.
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SDLT and CGT on combining 2 houses into 1.
House converted into 2, owned by separate people. If the owner-occupier of one buys the other and reconverts back to one house where they continue to live * Is there additional rate SDLT to pay on the purchase (guessing yes as the buyer would own another property at the time of purchase)? * What would the CGT situation on…
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>£100K income and personal allowance
In the 22-23 tax year I was fortunate enough to earn around £107K (due to a lot of overtime). My salary is normally around 80k. Due to the impact on personal allowance on salaries over £100K, I opened a SIPP with Fidelity and deposited £9K before the tax year ended, in order to "reduce" my salary to under £100K, and have…
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Variable income and tax
I get paid monthly and my income is variable due to the nature of the job. Some months it is higher than others and i get taxed. Some months it is considerably lower than my tax threshold. Will I get a tax rebate and the end of the tax year for the months I have paid tax as my overall income will fall below the yearly…
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Renting out my house - Fixing a fence - tax offset questions?
Hello, I am hoping someone can help me with a question! I rent out a house and the fence in the back yard fell down due to tenant not keeping the garden clear. Regardless I got some quotes for a new fence and clearing the old one. The clear-up was roughly going to be £800 and the new fence was about £700. In the end I…
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Self Assessment and Basis Period Reform - How Hard is it to understand?
Hi Forumites, I'll keep it brief as possible; Sole Trader who has been filing own returns since my Accountant retired. Basis Period for me is 18 June to 17 June. Now I see that my upcoming return will need to pull this round in line with normal tax year and so will involve an extra period from 18 June 23 to 5 April 24. Q1…
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Is tax due on a buyout fee for surrendering my regulated tenancy?
My landlord is thinking of selling my flat and has offered me a sum of money to vacate the property where I have a regulated tenancy. I was already considering moving for personal reasons so am seriously considering doing this. I'm struggling to find decisive answer to the question of whether that money would be taxed.…
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capital gains tax in scotland
Hi looking for some help here. We have had a flat that we were renting out we are now wanting to sell it. The flat was purchased in my husbands name in 2003 for £95000. We refurbished the flat and converted into two bedrooms spent about £20000. In 2022 my husband gifted the flat to me probably valued at £180000.Done…
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HMRC Charging Order- Contact Details
Hello I received a charging order for an HMRC VAT debt many years ago, but are in the process of selling the house so trying to make contact to get a settlement figure/how to pass details to my solicitor. I wrote to the solicitor on the land registry details and have received no reply and have called a few different…
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CGT calculations for employee profit share allocations
Can anybody help clarify these questions for CGT calculations and base cost for employee profit share allocations: - what is the correct base cost to us for shares allocated 'free' - no payment made - is it 'Nil' or is it the 'initial market value' notified for the date of appropriation? (Can't find any confirmation of…
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Self assessment - declaring an income increase
My understanding is that the tax on my 2024/25 earnings will be due in due in three instalments with two payments on account in January 2025 and July 2025 respectively and a final adjustment to reflect the actual tax due in January 2026. The January and July instalments are estimated based on prior years income i.e. if…
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£325k on Inheritance Tax, if going to two children do you need to pay?
Hi,I see Labour will be changing the inheritance tax. My mum lives in a £500k house, her will says it will go to myself and my brother we would get 50% each of the house £250k each, so would that hit the over £325k is that how it works? Its because the value is over £325k is it automatically gets hit no matter how many…
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Transfer Inheritance Tax Allowance when one partner dies
My mum died in 2007 and all her assets passed automatically to her husband (my dad). No forms where completed. My Dad is still alive. However when sadly he dies will his inheritance allowance be £325000 x 2 = £650000. I believe certain documents need to be sent to HMRC within 2 years of his death? I'm thinking that because…
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Capital gains tax split on property sale following transfer of ownership
Hi, we've hunted high and low online for the answer to this but can't find it and don't want to pay an accountant if we can help it. I bought a property in 2012 and was the sole owner until 2015 when I transferred half of it to my wife (who I'd just married) and so we became 'joint tenants'. We then moved out and rented it…
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Enforcement process commenced
Hi All, I hope you are well. I have received this letter from some debt agency XXXX & XXXX. They claim that I owe ~£300 to to the council. In the letter in Enforcement Details it says "Liability order dated <over a month ago>. in respect of Council Tax owed...." I pay tax month by month and no electronic communication from…
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New job. Salary £125k. 15/30 hrs free childcare
Hi Money Saving Expert, I've recently been offered a new role, however the base salary is now £125k which means I am no longer eligible for free childcare support (15/30hrs). My employer has a salary sacrifice scheme and I'm looking to utilise this and shift income to my pension. Currently my employer contribution is 4%…
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Tax code after leaving job
My wife left her job (ill health retirement) on 21 May. Her P45 is dated 1 July. Her income is now a state pension of £8613 and an NHS pension. HMRC Gateway shows that on 30 July the tax code for the job she left changed from 195LX to 395L and the code for her NHS pension changed from BRX to BR. Is this correct? Is there a…
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Tax on Dividends and how to reflect tax already paid
Hello
all, I
have some question related to dividends, and how to declare them. I
have dividend income (non ISA) for current tax year above the £1000
allowance, which means I have to tell HRMC. So far, in previous tax
years I just rang them and told them the income, and they adjusted my
tax code. Because quantities were…
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£1000 interest limit
Hi. Looks like I'm going to exceed the £1000 limit on savings interest this year. The wife will only use a couple of hundred pounds of her allowance. Is there any way I can use part of hers this financial year. Maybe have to look at evening it out for future years if not. Thanks.
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Joint bank account 7 year rule
To assist a daughter with house purchase husband/ wife gift 150k to daughter from joint bank account.Asuume 75k equal split. 7 year rule applies for IHT purposes. If say the husband dies before 7 years all estate passes to wife - I assume no IHT. However, does 75k gift get subtracted from husband transferable IHT allowance…
