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HMRC sending out assessment tax forms to pensioners.
HMRC will send Simple Assessment tax statements to pensioners in the next few weeks. The combination of frozen tax thresholds and a substantial increase to the state pension has led to many more pensioners being dragged into paying income tax for the first time. The last government froze the personal allowance at £12,570…
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Wrong tax taken from wages
Hubby has just had his second wages since he started a car salary sacrifice. The salary sacrifice deduction is correct but he’s had more tax this month taken out which means his take home pay is £328 less than last month. In effect overall instead of £760 reduction in take home pay due to car payment it’s £1100. Last…
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U.S Withholding tax on a UK SIPP
Can anyone assist me in finding out how to claim back the 30% US Tax on Dividend Income received in my SIPP? Whilst I understand that it can be done I cant' seem to find out how to do it.
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Paper tax return - enter 0 or leave blank?
Unfortunately because of her mother's death last year, my wife has had to register for self assessment to report the details of a Chargeable Event from an offshore life insurance policy. We're now filling in the paper tax return (as she cannot use the default hmrc software for her particular return) and we're not 100% sure…
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Gifts from Income
1.With the understanding that gifts can only be made from surplus income, ..can a regular gift be for anything? If a regular monthly gift of £x was made by me into my son’s new ISA,would this be acceptable to HMRC and if I was to change the amount over time would that be ok? Or is there only certain types of gifts that can…
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Income tac code SK1543 Y in Scotland
Hi , can someone tell me what the above tax code means as mine has just changed and seem to be paying nearly £900 a month in income tax more now ?,many thanks
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First Self-Assessment is causing me a headache...
I left my job as a class teacher last July and have gone into freelance/self-employed work as a tutor. I supplement this income with supply teaching for various agencies and so my tax for 23/24 is all over the place. This is my first time filling in a self-assessment and it is very scary so could anyone help? I have…
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Inheriting house and want to develop the garden
Hi, sorry if not the correct area to post, please advise if not... I will shortly be inheriting a house which has a large garden. i am wanting to do up the house and move in and then sell the rest of the garden.( currently rent another place so will be moving out ) Can i transfer the garden into a limited company before…
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Taxable Income
I have had a few email threads with HMRC regarding interest on pension drawdown and interest on savings. HMRC don't seem to give a simple yes/no answer but before I ring them and sit in a queue for half a day I thought I'd try here😄 I do not work. I am currently drawing down from my pension. Looking into first savers…
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Tax yearly plus bank or PayPal
Hi I hope I picked the right fourm area So am in middle of setting up a mini business/ side hustle Is better to have my earnings and spending for resources go from bank over PayPal ? Which I would assume for tax purposes bank would be easier and set up sole trader account? ( Am thinking of using starling bank, it seems…
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Tax free allowance cut
I've just had a letter through from HMRC about my tax code changing and it seems to suggest that my tax free allowance is going down from £12,570 to £12,070 and I'm a little confused as to why this is. I only have one source of income and nothing has changed financially for me in the last year. Can anyone shed some light…
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Merged: Taking a 'buyout' fee for giving up a regulated tenancy
This discussion has been merged.
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Land Compensation Act Part 1 Claim
Hi I have put a claim in with Highways England and would like to know if approved would I pay tax on the compensation? Thanks
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Property Income Allowance
Intending to claim this £1000 per annum allowance against tax for last year but a little concerned that if I do it this time I won't be able to claim actual expenses offset against rental income in the future. By way of illustration - I spent relatively little on the property last year - only the essentials and it does not…
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Capital Gains Tax on crypto withdrawals
Hello, I invested about 6k in crypto in 20/21, and made a profit of around 10k. I changed it all into Tether (cryptocurrency tied to the US dollar) back in 2021 and left it in the exchange/wallet. I now want that money into my bank account. My question is about avoiding Capital gains tax. I know the profit limit is 3k…
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Massive inconsistency in rent a room schema (self-assessment)
HI, I've just started to fill in the self assessment. In 2023-2024 I've received £1945 in rent from the lodger. Filling in the form, there's a first page saying asking if you have received income of less than £7500 (my case) specifying in the description that in this case filling in following details like the exact amount…
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Owe tax because of overpayment
Can’t find a better forum for this. I switched jobs between government departments last April. My old department kept paying me and I notified them immediately. They paid me for three months despite repeatedly asking them to stop and to reclaim it. They stopped after June but never reclaimed it (despite more requests). I…
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Working out CGT Gain on Jointly Held Property
Hi All, Long time lurker here wondering if anyone could offer any advice r.e. where the 'Gain' sits with the following scenario. We will be getting professional financial advice, however as an avid reader of these forums i do like to do my best to develop an understanding myself if possible. Hopefully I can get all of the…
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Higher Tax Rate at 40k ?
I’ve just received a letter from HMRC saying my tax code has changed but on the notes it says …. If your total income and taxable state benefits for the year are more than your tax free amount then you will pay as follows : 20% up to £37700 and 40% between £37701 and £125140…… I thought the 40% tax rate kicked in at 50k ?…
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No Refund Tax Code C1131N
Have started taking income from pension (no other income) the initial tax code on first payment was 1257L which has now changed to C1131N due to previously transferring some of personal tax allowance to my wife some time ago. My wife retired 3 years ago & is a non tax payer so would not benefit from this. HMRC have advised…
