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CGT deduction
Hi all any body dealt with CGT on a inherited property recently completed a 100% rewire is this a repair or a an improvement I’ve seen more that 50% would class as an improvement of the integral feature capital allowances? plus a new bathroom
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"Non-dom" tax: Is fund segregation relevant for income and gains accrued after 6 April 2025?
Under current rules, "non-doms" should separate foreign income and gains from "clean capital" to avoid creating "mixed funds". However, with the proposed FIG regime coming into effect in 6 April 2025, will it still be necessary to segregate these funds if income and gains accrued after this date can be remitted into the UK…
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SA Form: self-employed losses error
I am trying to complete my online self-assessment form and
cannot get past the Losses page for self-employment, due to persistent error. The business has made modest losses on the last 5 years. On the losses page I am getting for the “Loss to be carried back to previous year(s)
and set-off against income (or capital…
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CGT allowance
Hi all can anyone advise on CGT allowance on 100% rewire of a property plus a new bath room
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Optimising savings interest, dividends and CGT allowance
I'm trying to work out how to best use the non-ISA allowances, is my understanding of the tax allowances correct please? My understanding is that savings interest, then dividends are added to pay after pension and charitable contributions to calculate taxable income. (No kids, no company car or any other benefits like…
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Reducing from 40 % tax through workplace pension
Hi, I was hoping that somebody would be able to give me some advise please. I am currently over the 40 % tax bracket, I would like to know how much I would have to pay extra in to my salary sacrifice to bring this down to 20%, and how much would I be short a month on my monthly earnings. I currently earn £47400 then with…
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Landlord self-assessment help
Hi, I am looking for some help regarding my self-assessment. I must be doing something wrong as the calculation is coming out too high. My rental income for 23/24 was £5025, my mortgage payments were £3183, giving a profit of £1843. But my tax is showing as £1025. I want to use the £1000 property allowance rather than…
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Gifts with two donors to one donee - 7 year rule
If a cash gift is given jointly by 2 grandparents i.e. more than one donor, how is the 7 year rule interpreted? Does 7 years apply to the first to die or the second to die? Haven't found the answer so far so posting here. Thanks for the help.
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2023/24 Tax Return Rental income (interest on loan)
I hope someone can help point me in the right direction. I've tried reading, looked at lots of You Tube videos but can't seem to find where for this tax year I enter the interest on the mortgage for the buy to let. I am a carer £3983 so only other income is property rental. I chose NOT to put the rent up so I could retain…
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HMRC notification of tax code change
I understood the starting rate for savings (plus a ESA allowance) was £18,570. (see starting rate for savings on this site) ESA c £7,254. Only other income was savings interest of c £3,500. Total income for my partner being £10,754. HMRC have notified her that 24/25 tax code will be 907 How wrong can they be? Even their…
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Available savings allowance
Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ? Thanks.
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Being clever with a bonus
Hi all, Hoping for some advice on the 'best' way to handle the receipt of a decent bonus at work. I live in Scotland, my tax code is S1244LX and so far my taxable income is at £50,230 with 2 pays to go until the end of March. My salary is just over 60k and have received some smaller bonuses through the year. At the moment…
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Understanding tax code re: pension
I have recently started receiving my state pension and have received new tax code of 898L. My other income is from a teacher's pension of about £8000. These are my only incomes. I don't understand why this code is 898L. I thought everyone could earn £12570 before tax so the code should be 1257L.
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Low paid and interest
Does anyone remember the item re extra tax allowance on interest for low paid ? Hmrc have reduced my tax code by amount of interest last year despite no tax due.
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Wife always has a tax bill every January... can anyone explain why?
Evening all, It's that fun time of the year again when me and the Mrs sit down to do our tax returns. We used to have a rental property (which we sold in 2019) and so had to do a tax form. Despite selling the property we are still asked to submit a tax form. Ever since we started filling them in many moons ago, my wife has…
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Please can someone help me work my tax out
Hi all, I am due to change jobs and go to working two jobs, and i am confused as to whether I will pay tax on my second job. Please can someone help? My tax code is 1265L. My new jobs and salaries are below. Main job - 18 hours per week - hourly rate = £13.57 Second job - 12 hours per week - hourly rate = £11.44 but will…
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Self Assessment Help Please - re. pension
Hope someone can advise. I have to complete a self assessment for the first time ever as I'm getting my workplace pension on ill health grounds now. I was made redundant on health grounds in 2009. I didn't realise I could apply to have my pension back then, and only applied for it in 2023. My former employer agreed that I…
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Capital Gain Tax on council flat
My mother and I bought a council flat valued 290k for 162k, When we sell it in 5 years, I hope I can get 340k. Will I have to pay capital gain tax on 50k minus legal fees or on 178k minus legal fees? Also, we would like for this property to be on my name only, how is the procedures and how much tax would I pay? Many thanks
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tax
Hi! My SAE assessment says I owe £..., but their previous letter says I'm in credit! Can anyone please explain?
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UK tax code
I am trying to work out what my tax code would be in the future. Can I ask please are my pension contributions on salary sacrifice deduct from my personal allowance. I am paying £300 (pension contribution) every 4 weeks from my salary.
