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Tax on Savings for 24/25
I am just completing my tax return and want to know how much tax I might have to pay. I am retired and have a pension of £1,810 per annum. In 24/25 I had £26,392 in savings interest and £230 in dividends. Are my dividends free of tax as they are under £500 (should I declare them on my tax return)? Will I get the starter…
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Foreign life insurance income on self-assessment tax
Hi, I moved to the UK in the year 2023. This year in February 2025 I cashed in a foreign life insurance policy. I believe I have to check if there is a chargeable gain event that I need to report to HMRC via self assessment. So I have googled and what I understand are: * Gains on foreign life insurance policies are…
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How long do I wait for tax overpayment
I have 2 jobs and last year 24/25 the tax allowance split was not right and I only paid tax in one job and other job was under the allocation. I understand I can't do anything until 30th November and I haven't received my P800. Is it usual to be last minute or is it worth chasing up. Thanks
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Overpaid Tax - how to get it back
I have 2 income streams during this year - one is an employment income stream and one is a DB pension. HMRC has been taxing the entire pension at 40%, and also assuming some 40% tax on the employer pension. However - I have just finished work (hooray!) and my employment will officially end at the end of October. This means…
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Delay grossing up payment until next tax year?
Hi all, I’m seeking some advice please regarding wraparound childcare payments provided by my employer (public sector) and tax. Currently, I pay my childcare bill each month and then submit an expense claim to reclaim the cost. The reimbursement is treated as a taxable benefit, and my employer applies 'grossing up' to…
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Selling for charity
Hi, if I have a stall at a fete and sell items to raise money for a charity how does this work with tax and self assessment? I will be making crafts and selling, and then donating the profits. Would these profits, even though I am giving to charity be taxable? I have searched Google and have read conflicting info. I am…
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Import tax and Vat
Hello. Help needed with tax bill for imported good. Recently stayed in a German Hotel. Whilst there they kindly gave me, to keep, some of their hotel shampoo, body wash and conditioner. I had only travelled with hand luggage and the size of the bottles was too big for my hand luggage. As they were nice items I thought I…
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IHT - early gifting to young children
Hello, As an early thought gathering, would appreciate people's pointers on ways to try to approach early gifting in our situation and what to be aware of: 1. pretty late with starting family, so 2 x children are still young teens and we are 53/63 2. with SIPPs now included in estate and SE property values, we are deeply…
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BIK and PCP
I have read car adverts for many years now and have noticed that when PCP deals are offered that a common sales tactic is for a dealer or manufacturer to offer a 'deposit contribution' given by the dealer or manufacturer, I believe this is done to make the PCP APR % look better, all very good as a sales tactic, but I would…
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HMRC Self Assessment foreign tax credit relief on US dividends
I'm in the process of completing my self assessment using the HMRC online system. I would appreciate some help in understanding the tax calculation for the tax on my US dividends as I may not be entering this data correctly. I have received £2,174 gross US dividend, with 15% withholding tax taken off (£326) giving me a net…
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Does Capital gains Tax push you into higher tax bracket?
Hi All, I can't seem to find a straight answer from Google as I get conflicting answers from different sites. Can't find exact answer on HMRC website either... This has probably been asked a million times but does Capital Gains Tax push you into higher tax bracket? Say I earn PAYE £48000, and I make a Capital gain of £3000…
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Doing self-assessment without a 25/26 P2 notice
I'm doing self-assessment for the first time because my untaxed savings interest exceeded £10,000 in 24/25. I've got to the section on underpaid tax and have a few queries. The videos suggest that the sums for underpaid tax should already be showing on the screen, for me to either confirm or correct, but there are no sums…
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HMRC Simple Assessment
I recently received a Simple assessment calculation from HMRC, claiming I owed them £5042.80 for the 2023-2024 tax year. I feel like I'm being taxed twice in this scenario ! For this tax year, I earned just under £44,000 from my regular job and after allowing for my personal allowance ( £12,570 ) paid 20% tax on this…
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Minimise CGT on property by transferring to spouse or more hassle than it's worth?
I am considering selling a rental property that is solely in my name, if I transfer the ownership so that it is jointly owned by my wife and I then we can offset both of our CGT allowances of £3000. My (very good) tenants are looking for somewhere with more space and I don't want to re-let and roll the dice, there is no…
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HMRC Simple and Self Assessment (and double bill)
Hi, not sure if anyone else has found themselves in the same situation as me. Last year I was asked to fill in a self-assessment and then later got a simple assessment. I didn't twig what the simple assessment was and at the end of the year filled in a self-assessment and paid the outstanding tax from untaxed interest.…
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Working From Home Tax Relief 2025/26
Does anyone know what the arrangements are this year? The online form/process looked completely different to last year I've claimed every year since Covid - because my employer closed the office and moved us all to full-time remote workers. I have the signed contracts that confirm this The last couple of years, you…
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New higher salary
Hi guys, I've just jumped from £40k a year to almost £69k a year. I worked in the NHS and I wanted to check if there's any traps I need to be aware of, and if you were in my situation, what you would suggest I do with the extra. I have a mortgage on a 2 bed flat, I am married, student loan, no kids or pets. I own…
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IHT recording giving advice
If DH and I died (one after the other) the second person to die's estate would not be liable for IHT at the moment. However, our house is gradually increasing in value and as I have elderly parents it is possible we may inherit some money and that would put the estate above the threshold for paying inheritance tax. We have…
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Moved: CGT - house to be left to me and nephews, also, house in limbo..
This discussion has been moved.
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High Income Child Benefit Charge - how to reduce it for 2026?
Hi - I have just signed up for the HICBC to be paid by PAYE instead of by self assessment (the only reason I filed a self assessment was the HICBC). I will need to file a self assessment for 2025. After reading some docs on the PAYE service, I am concerned I may be liable to pay the HICBC for 2025 & 2026 from April 2026.…
