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Changing rental income distribution and Self Assessment
Hi everyone, As I understand it, Tenants in Common (4 siblings in this case) may between themselves allocate the annual rental income different to their actual equal share ownership. So that instead of each receiving 25%, they can choose say a 80-20-0-0% distribution. Is this correct? For Self Assessment does HMRC need to…
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Council tax 25% discount refund - Elderly
Recently found out that my mother lost her 25% Council tax discount when she moved to a smaller property after her husband passed away. It transpires that you HAVE to reapply if you move home. We were lucky enough to get a refund of over £4000 but had to get an affidavit to confirm our claim. Please passs this on,…
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How is taxed worked out - year to date or projected earnings per year
Hoping someone can help without me having to spend hours trying to get through to the HMRC and I'm not sure of I'm in the right section of the forum. I have 2 pensions - one deferred DB from 2006 and one DC pension I'm currently paying into. Both mature this November but I want to carry on working whilst drawing down my DB…
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Gift from employer
Just a thought, with regard to the current gifting scandal around the PM, if I were to forgo half my wages and instead receive a new car as a gift from my employer I presume this would be tax free?
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Transfer of excess Personal Tax Allowance and lower rate Attendance Allowance
HI Everyone, hope you are all well. As one half of a retired couple I am currently in receipt of my wife's excess personal tax allowance (Marriage Allowance?) and she has recently been granted the lower rate of Attendance Allowance (AA). Do we know if AA count towards her total income and will it affect my entitlement to…
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Payment on account advice please
In tax year 2022/23, I was self employed and made pension contributions to bring my taxable income just under £50k. I then commenced a full time employed position from April 2023. I didn’t realise at the time, but my tax code was incorrect, possibly due to the pension contribution from 22/23. I made a personal pension…
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inheritance
My father has an estate of around £1.8million in the shape of 1 property of about £1.5 and another small flat £400,000. If my father gifts those two properties to myself and my two sisters and remains in the main property would he have to pay a market rent ? If one of us was to move in the house with him would he still…
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Underpaid council tax demand
Hi everyone . I rent in Manchester and pay my council tax monthly by direct debit . My council tax just informed me they undercharged me £355.for the last year . They demanding full payment now 🥴. I wondered if I can ask them to spread the debt over a period of months . £355 is a hefty bill for me right now and I don’t…
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Which mileage tracker should I use?
Hi, I've been driving Uber for a while and I want to invest in a mileage tracker app for tax deductions. I was thinking of getting MileageWise because of the high rating in the app store and because it can use Google Maps Timeline to retrospectively create a mileage log. Has anyone tried this before?
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£17,570 Tax Free Interest on Savings for a non-working, non-income wife?
I am just about to take the maximum £268,275 from my pension tax free. I pay tax at a higher rate, so I'm going to transfer it all into my wife's name as she doesn't have any income, therefore pays no tax. She will put it in a savings account for now. At interest rates of ~5%, plus some additional savings, the savings…
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ESC A19 advice - being chased for very old PAYE unpaid tax (2017/18)
Good morning I am currently wrestling with HMRC over a demand for unpaid tax from the 2017-18 tax year In summary, they are claiming that I owe £945 in unpaid PAYE income tax, which is not an insubstantial amount, so im not willing to give up without a fight I first received communication regarding this earlier in the year…
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Inheritance tax and house ownership
For personal reasons our house is currently solely in OHs name despite having been married for the whole time of house ownership and paying the mortgage together (now cleared). It was in both our names until 5 years ago. I have no issues or concerns with this. what implications does this have on inheritance tax, in…
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Effective date of changes in forthcoming budget.
There are reports in the press that any changes to CGT in the 30th October Budget may be effective from 6.00pm that night. This had not occurred to me and I had assumed that changes would apply from 6th April next year. So, what about changes to the Inheritance Tax PET rules? There are rumours that that The Potentially…
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Adjusted net income and taxable income (calculation)
This topic always confuses me even after I think I've understood it. Appreciate if anyone could confirm whether my calculation below is correct. - Objective is to keep adjusted net income (for 24-25 tax yr) below £100k to avoid losing personal allowance and eligibility for free 15 hrs nursery- higher rate tax payer…
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Rental income on deceased parent’s property.
I am renting out my deceased mother’s property the rent is being paid to the local council to reduce a large outstanding care home bill of hers. Do I need to declare the income or is it for her estate?Thank you.
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Overpaid inheritance tax
I am an executor and a beneficiary for an estate on which we paid inheritance tax based partly on a property valued at £285k (3 estate agents on advice of our solicitor). 6 months on and having dropped the asking price 3 months ago to £250k there has been very little interest. If we do manage to sell at, say £250k, I…
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Stamp Duty - being taxed twice!!!
Hi I bought a Property by auction for £145,000. There was a reservation fee of 5% + VAT which is ££8,700. So that's tax at 20%. When it came to fill in the Stamp Duty consideration, the Solicitor filled this in with 145,000+8,700=£153,700, so that means I am getting taxed AGAIN on the Reservation Fee (which is inflated by…
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Work Place Pension contributions
Hi all I am a 40% tax payer who contributes 9% to a work place pension. The contributions take me in to the 20% tax band. Will this change the tax I pay on savings interest - i.e., 20% not 40% ? Thanks.
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Can this tax code be correct?
Good morning, Apologies if this should be elsewhere, but the Tax Code Checker forum seems to be somewhat defunct. My wife is a 69 year old retired nurse, in receipt of the state pension and a small (£5k) NHS pension. Having finally managed to get her a GovGatewayID and checked her account, it seems that her tax code is…
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IHT - paying for grandchild's daycare from income
I'm trying to help out my daughter by helping with the cost of my toddler granddaughter's day nursery costs, via the tax free account. The cost is very comfortably within my excess income, so will that free it from inheritance tax? And if do I need to keep any records as proof? If to be fair to my other daughter, I pay a…
