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Student Loan Repayment & Pension income
Hi, I have query about private pension income being considered as "Income" for calculating student loan payments? I understood, it was NOT because under regulations 41 and 45(1) of the Education (Student Support)(Repayment) Regulations 2009 (as amended), student loan deductions are taken from any income subject to…
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Adjusted Net income
Apologies as this has been done to death I’m sure but here I am…another confused person trying to figure out if eligible for the free childcare hours so needing adjusted net income to be under £100k For FY22/23 my details were as follows: Taxable income before personal allowance : £99,585 this is my only income Gift aid: I…
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CGT if no profit made after exchanging share of property ownership?
I was wondering roughly how much tax would be liable for the following scenario.House A owned equally by person 1 and person 2 after they inherited it with person 1 living in it. House B again owned equally by person 1 and person 2 after they bought it for £35K in 1998 and with person 2 living in it. Both houses are worth…
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Share investment plan
Hi I am employed and also registered a sole trader I have taken out some SIP shares which have been taxed through my PAYE would i still have to declare the amount taken on my self assessment or not as it has already been taxed and included in my p60
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Discretionary trust queries
I know trusts are difficult and there are potential taxes to pay but what if..... a property is gifted to a child within trust and is valued less than £325k at £210k? Am I correct in thinking that there will be no IHT to pay at the trust set up, nor after 10 years, as it's valued less than 325k? Would there be cgt to pay…
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Working out CGT payable on disposal of house
Please could anyone tell me whether the cost of an EPC is an allowable deduction in calculating the gain/loss from a disposal of a residential property? Would it be allowable as it is an incidental selling cost as you can't sell a property without obtaining an EPC? Also, how do you determine the CGT rate that applies? If…
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Tax implications of recieving estate income
Hi, I'm looking for help in understanding how savings interest might be taxed if I also receive a one-off payment of estate income from my late mother's estate. I understand that if I were to earn up to £12,570 I would have the full SRFS and PSA available. However, if I were to receive say £20k estate income which the…
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Shares in Nominee Account - How can HMRC Calculate CGT Due?
I have shares acquired via an employee Sharesave scheme that are held in a nominee account. The most tax-efficient option would of course be to have put them in a stocks and shares ISA but that option was not available at the time (please don't preach about what I should or should not have done :s ) I now wish to sell some…
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HMRC overpaid tax refund issue
Hello. I have been refunded into my bank account £3207 from my self assessment 23/24 (I’m freelance, paid PAYE normally but had 2 months working overseas last year hence the need to file a self assessment). I have now just received a cheque from HMRC for £3176 from my PAYE assessment. Does this sound like an error from…
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Is HMRC correct
Hi, Hoping someone can help as I've given up the phoning HMRC, I just wanted to talk to someone who knows what they're talking about. My husband has had a dredged letter today to say we owe HMRC £508 from the tax year 23/24. Bit of background I work part time earn under my personal allowance, so I signed up to marriage…
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Self employed and mileage
So need some help here when I submit my invoice later this weekend. I'm self employed and pay tax under the construction industry scheme so flat rate of 20% at source then submit a tax return. I've started getting work from a new company and they pay mileage at 20p a mile. Do I add this amount to my total on the invoice to…
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P87 Form
Hi i work as a Cottage Cleaner and have to launder my own cleaning cloths does anyone know if i am able to claim for this ? and if so how would i work a cost out and under what would it be called on my P87 Form
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Income tax on state pension before received at tax year crossover
My birthday is March 18th. I reached state pension age on that date, this year. My first state pension payment was on 8th April 2024, ie in the following tax year, 2024-5. I have just received a P800 saying I owe additional tax in 2023-4 tax year for this pension I did not get paid in that tax year. Is that right? All the…
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HMRC tax underpayment
Ive received a letter saying that Ive underpaid tax for year 23/24 and I have no idea how is this possible . Nothing in my circumstances has changed really . Ive been in full time employment for 20 years and always have had savings but no more than the free from tax amount (thats 20k a year right? ) The only change is that…
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Adding to a SIPP to avoid IHT
Would it be an idea to add to my SIPP to potentially reduce tax on transfer to beneficiaries. I am not working with an earned income and over 75. I have an untouched SIPP of some value and am thinking to make my grandchildren the beneficiaries on the basis that they will either be non-tax payers or minimum rate when they…
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HMRC totally confused me today
I called HMRC today as my tax code notice seems wrong, although they say its correct. Can someone have a quick look as Im not confident - the original last tax code notice I received a couple of months ago was incorrect and this is their new one they have sent me but it still looks wrong. This is my tax code notice:…
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CGT son and mum
Hi all quick question. Myself and my son purchased my right to buy home 7 years ago.. I got ill health and moved on bf house officially (CAR license, voting, etc) about 18 months ago, pre that I kept my home as my main address for hospital correspondence etc.. I cannot find anywhere that tells me if I will have to pay CGT…
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Does VCT tax relief affect tax band allowances?
When you enter pension single contributions into your self assessment ("Payments into a retirement annuity contract etc."), it affects your "Total income on which tax is due" amount. This could have a knock on effect of reducing tax on savings income by moving that from Higher to Basic bands (depending on the individual's…
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Ex Pat / Non-Residency
Hello All, I’m currently working abroad in a tax free environment and am reliant on the statutory residency test of working full time abroad. My 1 year contract expires in early Jan ahead of the full tax year expiry on 5/4. (Where I will have completed a full tax year). I’m aware of the maximum 31 day gap in employment…
