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Reducing my tax - pension
Can anyone help with my tax question please - I'm so confused! I earn £62k per year and last year I also earnt about £6k in taxable savings interest last year. This year will be similar. ISAs and Premium Bonds are maxed out. I'm saving towards a house. I'm putting 13% into my pension, and my employer puts in 3%. My…
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Emergency Tax Code for Pension Fund Withdrawal! Can some of the tax paid be refunded?
Good afternoon all The Pension Fund I had with my last employer was steadily losing money with their poor/unlucky investments so I was advised to completely withdraw it all before it dropped too low. So, that is what I did. The fund was around £41,000. I first received a £12,500 tax free payment. However I was little…
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Working out tax free amount I can take each year from my pension
Can someone please just check my working out, I will be 55 shortly and want to take some tax free money from my pension each year to make the most of my allowance, I have transferred my marriage allowance to my husband so £11,310 is my starter, add on £3770 tax free 25% allowance for a total of £15,080. I am a little…
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Trade Representative Officer
HiI have my own ltd company, three years I decided to sell up my house and retire to Bulgaria, provisions on getting a visa is I had to come as a TRO. There were and are a lot of expenses in enabling this year to year.I don't work or have any income. I have asked my own accountant but getting him to respond to a email is a…
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IHT transferable nil rate
My first wife died in the late 80s and all her small assets passed directly to me. Does the transferable nil rate apply at 100%.My second wife died in 2010 and used most of her nil rate band to provide for her children through 50% of the value of our house amounting to about 90% of the then nil rate band. My third wife's…
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Captial Gains Tax on sale of a retirement apartment
To help me with my pre-planning, please let me know if any of these costs would be disallowed in the calculation of CGT. cost of the solicitor on purchase EPC for sale cost of the transfer pack from the service provider cost of the transfer pack from the landlord agent's fees cost buyer verfication solicitor and…
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Inheritance Tax, 7 year rule and a gift overseas
Hi, I am aware of the 7 year rule for gifts for inheritance tax but have a few question about recipients that live overseas. Assuming the person making the gift dies with 7 years does it make any difference if the recipient lived overseas at the time of the gift. Would it make any difference if recipient was overseas at…
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Inheritance Tax Transferable Nil Rate Bands
Scottish Law - Warning!! Sadly my Father-in-law passed last week so we are now starting planning / getting to probate/confirmation. His wife passed in early 2000's - so am I correct in assuming any nil rate band due to her (IHT nil band was around £250K then) will be usable by for my FIL's estate MINUS any gifts she passed…
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Backdated pension not spread over tax years, taxed as one lump sum??? (McClod Remedy)
My issue, briefly, is: a. Volunteered to have my Armed Foces Pension reviewed iaw McCloud Remedy. d. Awarded extra pension backdated to 2019, grateful but awarded in one lump sum. HMRC taxed as one lump sum this tax year. Now in top tax band. Paymaster agreed that tax liability should be spread over the tax years since…
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HMRC Webchat
Can anyone tell me if webchat is still up and running. On their website it says it`s manned Monday to Friday 8am to 8 pm.
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INHERITANCE TAX - WHAT IF WE BOTH DIE TOGETHER?
Firstly, I hope I have put this message in the correct category. I have watched Martin's useful short video on IHT pointing out that under the current regime few of us will be caught by its net. I believe my wife and I fall into that category. We have both recently retired and a best estimate of our assets (including our…
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Avoiding 40% income tax rate by buying added Alpha pension
Grateful for any advice on this (and my first post). Current taxable income is under the 40% threshold. It comprises salary (net pay scheme) and some gross savings interest. Tax code is 1257L. Further savings interest is payable in Jan 25. I know this interest won’t be reported by banks etc until 25-26; 23-24 savings…
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Inheritance Tax
Are you still liable for the 7yr inheritance tax rule, if you are under the inheritance tax threshold and you give some money to your children? Or does it apply to everybody no matter how much your estates worth?
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Gifting
My Nan has just sold her house and wants to know how much she is allowed to give me and also can she buy me things like a car?
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High income and exceeding pensions allowances
Any suggestions for reducing taxable income for someone who earns £130k+, but already exceeding annual £60k pension allowance (due to high employer contributions?) Would junior SSIP payments or salary sacrifice EV scheme be options?
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Marriage Allowance - cancelling and backdating
Thoughts please, from anyone in the know, on a curious question that has just arisen this weekend when investigating Marriage Allowance rules. A few statements of fact first:* When a married couple set up Marriage Allowance - transferring 10% of one persons tax allowance to the other, it stays in place for ever unless…
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Tax return property page
I did a lot of repairs on a new rental myself. I know I cannot claim for my time but can I claim for the items purchased e.g. new toilet, blinds, paint, lino etc etc? What box would this go into? I also purchased new furniture and white goods - would this go into box 36? Box 36 says 'cost of replacing domestic items'- it's…
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"Add more information" in HMRC's Self Assesment online
I've nearly reached the end of my first Self Assessment online, and I get to the page where I have 700 words to add extra information. It doesn't say anywhere optional, so I understand is mandatory? is it where I should describe my business? how I operate? how I've come to this incomes and expenditures and my future plans?…
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Self-employed balancing payment question
I can't seem to find this answer out how the balancing payment is calculated exactly: I'll use simple numbers for my example so that it's easier to calculate: Current year: Income tax: £7000 NI4: £2000 SLC: £2000 NI2: £200 Total tax: £11200 Payments for payment on account = (IT) £7000 + (NI4) £2000 = £9000 (2 payments of…
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Declaring dividends AND capital gains / rates to use
Hello MSE forum community. Will be most grateful for any wisdom received on this topic. Couldn't find a previous post that addressed, sorry if I missed. Tax treatment on dividend or capital gains income is clear from HMRC website when considered separately. But not when earned in the same tax year together. Example…
