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Reduce your hours but not your salary - ish
Hey all... I'm sure this isn't news to any or many people but I've just had my first payslip after reducing my hours and am quids in - kind of. My full time salary is ~£54k so into the 40% threshold. I wanted to reduce my hours as I didn't want my interest earnings to be taxed that heavily. So I reduced my hours to fit…
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Tax treatment of non-UK interest routed through a UK entity
Can anyone
tell me whether interest from Israel Bonds (loans to the Israel govt) count as
UK or foreign interest? The investment is routed through an FCA-registered UK
entity, but the income is from the State of Israel. I asked the UK entity and they
(unhelpfully) said to check with a tax advisor… I don’t have one of them!…
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Tax with settlement payment
Earnings since April 25 to July were £30k i was just dismissed and offered £125k settlement. Does that mean I’ll lose tax free and childcare hours?
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IHT403
do i add tax that was due for each year or tax that was payed out of bank as different years as tax is not paid to the following January hope this makes sense
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Is Rental Income regarded as Earned Income?
Hi I rent out one property (my house, while I live elsewhere). For Personal Savings Allowance and other tax-related purposes, will my rental income be regarded as "Earned Income" by HMRC? Thanks in advance
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Tax on interest earned - spouses treated separately?
We are in the process of selling our house and plan, at least in the short term until we know exactly what future plans are, to put the proceeds into a high interest savings account. The question I have is that if we put it into an account solely in my wife's name will the interest earned only count towards her annual tax…
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Changing Estimated Income for Income Tax
Hi all, I work in a commission based job where I have a basic salary of 35k and I am paid quarterly bonuses/commission in April, July, October and January. My April bonus was circa 5k, my July bonus will be circa 15k and while impossible to tell at this stage, based on targets I would estimate that my October and January…
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Gifts from income iht
Hi all. I've ploughed through all the threads associated with this topic and it all seems very complicated. Just one question not totally answered unless I missed it. If I transfer all interest received from my ISA accounts (no tax to pay) to a separate account labelled surplus income and then distribute it at the end of…
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Excel Formula for UK tax system ??
Anyone have a formula please that can work out the tax due on a given amount, taking account of all the UK thresholds? For example, say there's a sum of 150k. We all know with personal allowance, upper threshold, high threshold it can get quite complex. Anyone develop a formula to work out the tax due for a given value?…
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2024/25 Self Assessment Tax Return
There we go! Hopefully the only thread (before multi previous years are re-enacted)
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Over £100,000 salary, reducing tax
Hi, My wife earns around £70k basic salary a year but her bonuses through the year 24/25 took her to £110k so I assume we can expect a tax bill? She has a pension that is salary sacrifice does that reduce what we pay? Is there a way I can work out our liability? Other question is, we don’t know how much bonus she will get…
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Santander dividends and Self assessment
Can anyone help with advice about where (and how) on my self assessment form I enter the dividends I receive from Santander? I got £62.94 dividend and paid £14.76 tax. It used to be called 'withholding tax' but doesn't seem to be now. Other dividends push me over the £500 limit so I pay diidnd tax at the basic rate 8.75%.…
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Self Assessment questions for my wife
My wifes only income is state pension and interest on savings. All savings are in my wifes name as I pay 40% tax. Savings interest is way over 10K and we registered my wife for self assessment. I have a question. Whilst we are happy with the tax to be paid by 31 jan 26 for 24/25, the form also calculates 50% of assumed tax…
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Inheritance tax and Gifting from excess income
With regards to inheritance tax and gifting out of income - Can I increase my opportunity to gift more out of income by taking the following approach. If my annual income is £40k and my normal expenditure is £30k then I would be normally able to gift £10k out of excess income. Now say I give separately a potential exempt…
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Disposal of an asset
I have filled in my self assessment, it is the first time I have needed to fill in the Capital gains section. I have paid for a crypto tax software that generates reports. This is what is written on the self assessment online form, “you must provide a computation for each disposal of an asset which is not exempt from…
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Payslip Tax Payment Amounts Different?
So I have been offered a new role at work with increased pay and I am trying to figure out whether it would be worth it to accept or stay in my current role. I'm using the GOV.UK Income Tax calculator - "Estimate your Income Tax for the current year". I have all my payslips to hand (several years). My tax code is 1383M and…
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CGT on sharesave signed before March 2016
Not thinkng of selling anytime soon but there's no harm in doing a little homework to plan for the futute, Any who , whilst having a look around today i came across this & as Mrs E signed her sharesave agreement at the end of 2015 & cashed the plan in in 2019 i was wondering if this has any bearing on CGT liability going…
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Other income self-assessment
I have some crypto asset staking rewards that I understand is taxed via income tax. I had added it to my income on the SA100 form but see there is a separate section "Other UK income". There are sections, Interest from Gilt edge securities Gains from life insurance policies Stock dividends, bonus issues of securities…
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CGT on self-assessment
I fill in a self-assessment each year for income tax, this year for the first time I have capital gains from the sale of Crypto assets. There is a question "Did you dispose of chargeable assets worth more than £50,000?" On my CG tax software it says profits were £39k, losses £25k so I was thinking I should tick "No". But…
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Help to prepare a self assessment tax return
I've done a self assessment return the last 2 years but know that my tax situation will be a bit more fussy going forward. So I want to get myself organised and prepare as much as possible in advance. I also want an easy way to retain the information I'm putting in to the return. OK - so I file online which is ok but it's…
