-
Marriage allowance
Hi, I applied for marriage allowance over 12 weeks ago. I have heard nothing from HMRC and obviously I’m waiting to submit my tax return via my accountant and they need to know if it’s been changed or not. Is this something I can check online, I have looked but I don’t think I can? Thanks DH
-
Question on inheritance tax when family home is in sole name.
Question on inheritance tax. I am married and own our house but that house is in my sole name, as I
bought it before we married. If the wife dies first her assets are passed on to me tax
tree but when I die and I pass on our joint assets to our children does my
estate benefit from the £175,000 residence allowance she would…
-
Gifts and other transfers of value Schedule IHT403
i need help do i put in money taken from bank accounts on form or money owed confused as my tax is payed from my pensions then i pay any thing left to pay in the following January ie a year later my state pension on my tax form is also different on what was put in to bank account as calculated differently by hrmc
-
IHT Gift from surplus income - capital v income question
Hi. I had a long and interesting discussion about IHT with a relative over Christmas continues. My relative's apparently had a long discussion with their boss about the subject. I've been drawn into the debate. I've aired an aspect on here about gifting and taper relief and had some great comments. Many thanks for those.…
-
Declaration of Trust re rental income for married couple
My wife and I own a rental property with a nominal income. Not a lot, but sufficient that it needs declaring via self assessment. It is subject to a mortgage To date we've been splitting the income 50/50 and so too the relevant tax liabilities. I've recently moved into the high rate tax bracket which has bumped up my tax…
-
First time self assessment for property income
Hi, sorry if this question has already been asked. It's my first time doing a self assessment for property income so just getting my head round all the questions etc. I have a jointly owned property so obviously we have divided the income and expenses. My income would be below £5,000 before expenses due to only getting…
-
Property rental - claiming expenses against rental income and CGT
Hi Im currently doing some improvement to my rental (small extension, re-laying out the top floor etc). I might sell the house in 3 years or so. Am I right in thinking that I could use my builder's invoices to reduce any CGT that may be owed? Also, Ive had builders in to fix some render and guttering. On their invoice…
-
Tax on savings
Hi there My husband passed last november and has left me approx 200k through various pensions, death in service & life insurance most was exempt from probate and what wasn't was under the threshold. I earn approx £14500 gross but take home £12000 a year (£1003 per month to be exact( rest is tax, ni and pension) i only work…
-
Tax code notice letter causing confusion
I have received a tax code notice letter but am confused by the entries Less untaxed interest, is this meant to be tax on interest during 2024/25 tax year as the amount is approximately what I thought it would be. Is is the next line I find confusing Les adjustment for estimated tax you owe (this year) is that meant to be…
-
Inheritance tax difference of opinions
Over Christmas I met up with a distant relative. This year's argument was about inheritance tax. Apparently my relative's very well to do boss has been gifting £40,000 a year to his daughter. He plans to do this for 10 years or more. It's a plan to reduce inheritance tax by all accounts. It's not surplus income; it's money…
-
What are the Income tax bands for 24/25 please?
I keep gong around in circles looking for the income tax bands for 24/25. I can't seem to find them on HMRC website and google search is bringing up 2 different charts. Would someone give me a link to the correct info preferably on the HMRC website please - I'm fed up, irritated and simply don't have the patience to keep…
-
Sanity check SIPP contributions and 40% tax threshold
Sanity check please I’ve been mulling over my SIPP contributions as a tax efficient way to reduce tax burden. Long story short estimated combined pension/salary/savings interest/dividends for 2025/2026 of £57500. Will be making a SIPP contribution of £6000 net £7500 gross in January This is where I need the sanity check…
-
Two business’s under one name
Hi, im a self employed electrician I work for same person all year round they pay my 20% cis. I earn around £65k a year. I also have a car selling business which earns around 40k per year pre tax profit. Obviously these are two completely separate business industries there is no questioning that but as neither are limited…
-
Claiming Pension Contribution refund 2024/25
My daughter has maxed out her pension contribution to cut her below the £100K 62% killer rate. Her salary was inflated on a one-off basis by a buyout/bonus The contribution was made outside of her firm's salary sacrifice and the pension scheme does not apply the 20% contribution.She's been on PAYE and now and will now need…
-
HMRC Bank Interest returns: A mess?
I asked HMRC for a list of the bank interest data for the 2023/4 tax year which I now have, in print. The entries 'Source' is categorised as 'Actual' or 'Estimate' I reconciled most of the Actual entries with my records... but there were a few bank returns they were missing (several app based) plus a lot of 'estimates'.…
-
Customs Fees on Medical Devices
I'm not sure if I've
posted this in the right section, so mods/admin: feel free to move
this post if needed. I ordered a medical
device designed to reduce symptoms of Parkinson's Disease from
abroad. Royal Mail tried delivering it when I was out and left a
card, saying that there is a customs fee to pay (along with a…
-
Can I choose not to claim trading allowance to push profits over NI threshold?
Sole trader. Am I understanding this right? Profit above £6,845, don't have to pay NI but it is treated as a qualifying year. Profit below £6,845, no qualifying year unless you pay voluntary class 2. I'm hoping to reach a turnover of £6,485 by the end of this tax year, but I doubt I'll be able to get it much higher. I…
-
Have I misunderstood the 'marriage tax allowance'?
As above When I was completing our online tax returns last night, I looked into the above. Therefore, the benefit of marriage is - saving about 200 in tax a year
-
Tax calculation
For some unknown reason my OH has been unable to register for on line tax return, so he has to fill in a paper one every year as he has pension income and bank interest from abroad. He usually does this in September/October, and about 6 weeks later gets his tax calculation in the post, but this has not happened this year.…
-
Foreign tax credit relief
I am trying to deal with the calculation of foreign tax
credit relief (for the first time) and am attempting to use HS263 (the FTCR
working sheet 1) for this purpose. The problem is that none of the HMRC help that I can find
makes any sense – it refers to boxes in the FTCR working sheet which simply do
not exist. Example:…
