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Unsure if I have overpaid tax
Hi all, Basically I have received a tax bill bill from the tax office stating I have underpaid. I receive a drawdown to pay my mortgage at a rate off £1250 a month this includes £250 tax at 20% So last year I took out an extra £5000 this also included £1000 tax at 20%. This equates too £20,000 for the year less the £4,000…
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CGT, Split-year treatment and moving abroad
Hi, I'm EU national, been living and working in the UK since 2020. In the current tax year I had Capital gain of over £3000 by selling stocks. I'm leaving UK next month, with no intent of coming back in the future. My question is. If I don't come back to UK in next 5 years, am I still liable to pay CGT before I leave UK?…
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Does bank interest gets added to your income which dictates your tax bracket and PA?
Hi everyone, Are these scenarios correct or not: Scenario 1: Your income from employment is £100,000, and you've received £500 interest from saving accounts. You're not paying tax on the £500 interest because that's still within the PSA for a higher rate earner. However, the £500 is also seen as income, so your total…
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Sealed Product Investing Tax
Buying sealed products as an investment seems to have become popular over the last few years with lots of people talking about it on Youtube. The first I heard of this was over 10 years ago when I read somewhere that if you had kept a certain Lego box sealed, it could grow in value on average 9% per year as an example. I…
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Selling Main Residence & BTL
My brother has BTL property he has never lived in. He is selling the house he has lived in (Main Residence) and buying another house be his Main residence. Two questions; 1. Because he is buying second house (as he still owns the BTL) does he have to pay the higher Stamp Duty? 2. Would he liable for CGT on the gains of…
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Question on CGT second property
My friend just sold a second property with no allowances. He paid his CGT immediately. I wanted to do the same but lived in my property for half the time and claiming lots of home improvements with associated evidence. Mine says 0% to pay and in review. Does anyone know how long this review takes and if this is a standard…
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CGT calculation
I need to calculate the CGT on my BLT property sale. One of the questions on the HMRC is “How much do you expect your income to be in this tax year?” I salary sacrifice my pension - do I use the gross pay figure or taxable figure? I assume I also add the rent from 6 April to date before the sale?
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Marriage tax allowance and income changes in year.
Ok, so I don't know the answer and need some help. I have always given my husband some of my allowance as I work part time, however this year, due to payrise and carers allowance increases, I earn over £12,570. To top this off my husband got a payrise and he's now in the higher rate tax band so we are not eligible for it…
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Interaction of earnings, MPAA & PSA
Hi everyone, I’m in receipt of a state pension which is just below my personal allowance, and have already crystallised my personal pension (though won’t be drawing down anything this year). I expect to be in receipt of around £5k interest this tax year. I will also have several £k self-employed earnings. If I use the MPAA…
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CGT/IHT/GIFTS
Hi, I can't find the answer... Sister has proposed and mum (82 yo) has agreed to sell her resi to my sister for 50% of its value gifting her the other 50% of its value as "pre inheritance " and in turn giving me the cash as my half of the "pre inheritance". She lives elsewhere with her partner. Property val about £650k,…
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Tax code
How do you work out tax code? Say when submit self assessment for the current tax year and you select for it to be paid in the following tax year via your tax code, say the deduction is £2000, how do you work out what that is in terms of the tax code? They would take £2000 over 12 installments Thank you
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When do HMRC charge tax on savings interest?
If I've received annual savings interest on 1st April, am I correct in saying it should be taken into the calculation for the year to 05 April? Gross income for 2022-2023: £1,001.43 private pension £805.62 Savings interest received on 01 April 2023 Other than that I had a capital gain of £25,096.50 on which I paid CGT of…
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2nd Home stamp duty
My sister in law has just split up with her partner and is splitting the proceeds of their home which will be about 300k each.. She obviously needs to buy a new house for her and her daughter but about 5 years ago was left a 25 % share in her mother's house from her father's will and this is now classed as a second home so…
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60% tax trap - explanation please
Hi there I am trying to get my head round the 60% tax trap. Hypothetical situation below. Salary - £105000 + £5000 car allowance (£110k total) My initial thoughts were that to beat the tax trap I need to make a personal contribution of net £8000 ie from my account to a separate private pension I have (as £2000 tax relief…
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Council tax cap ?
Did I miss anything in the budget about a cap on council tax?
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Autumn Budget 2024: Martin Lewis's analysis on what it means for you
The Chancellor Rachel Reeves has today announced a host of changes to benefits, transport and more in her Autumn Budget. MoneySavingExpert.com founder Martin Lewis has shared his instant reaction and explained what the changes mean for you, and we've added more detail on them below... Read the full story: Autumn Budget…
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Limited Company & Deceased Assets
Hi there I am new to the forum but have enjoyed reading some of the posts on various
matters - all very interesting. I believe I have a query that I can't see any
advice being given on previously and that is quite niche. My father unfortunately passed away earlier in the year and as part of his
inheritance, left his flat…
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Salary sacrifice tax code help
Hi I feel my tax code is incorrect for my salary sacrifice car. I dont understand the way it is worked out on my HMRC account and the tax code I have. I owe £2400 in tax apparently and my tax is worked out by my employer. Does anyone have any knowledge on here on salary sacrifice tax please.
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List Price - (P11d)
I am looking at the Benefit in kind calculation, for a company car Does the list price of the car remain the same when working out the P11d Value For example in Year 2 & Year 3 - Does the original List price reduce in time?
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I think I forgot to declare Dividends on my 2022/2023 tax return. What now?
Hey all, I just realised I was paid in £744.52 of dividends in the 2022/2023 tax year. Looking at my return I saved I can't see that I declared it. I read there is a dividend allowance, though not sure if this factors in with what I earn which is over 49k. Would I still need to declare these dividends? If so how would I go…
