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Self Assesment form and rental income
Hello, filling one of these out for the first time as I have a full time job with an employer and rent a property out. Is there anywhere on the form where you deduct your personal tax allowance of £12, 500 from your yearly salary or does the HMRC system automatically account for this when it does the final calculation of…
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Removing council tax on annexe classed as 2nd home
Hi all, after some advice on where to start for this. We have an annexe in our front yard. It's had it's own CT band (A) for as long as we've had the property. We used to have a lodger in the annexe, who moved out in 2021. Since then we've sporadically rented it out on AirBnB, but stopped doing this last year and are no…
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Deed of Declaration of Trust - original with solicitor no longer practising
I hope that this
is the right forum as it relates to capital gains tax and how I prove
that I gave money for an interest in a
property purchase. I gave my parents a
sum of money to purchase their flat, and we arranged a Deed of Declaration of
Trust. My parents have a copy of their signed part (as does their solicitor),
and…
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Tax code change - will I pay more
HI I’m in the
fortunate position to be in receipt of a DB pension (£40.2K pa) and also still
working in a part time salaried position (£40K pa plus car allowance of
£3.5K). I was full time until about 6
months ago. My tax codes for the last
few years have always been SD1 for the pension (going by the HMRC website this
code…
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Marriage tax allowance for dependent non UK wife??
My Brother is in the Army he has a Thai wife they have been married for 18 years , who is dependent but she does not live in UK she can only visit for 6 months a year , He has been told that he cannot get married mans Tax code as she is not British citizen . They also have 2 children son 16 and daughter 12 . Is this true…
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Tax Implication of Rental Property Change Of Ownership
Me and the wife currently have a share of 4 houses with a friend. We have mortgages on all 4 properties; two are jointly in my name and his and the other two in my wifes name and his. In a couple of years the mortgages on all 4 houses will be paid off and we would ideally like to 'split' the houses so that we have full…
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Bonus shares on self-assessment
Looking for guidance please - my organisation awarded deferred shares as a bonus. These are visible in my portfolio, but are deferred over the next 3 years. I will then receive a portion in 2025, 2026 and 2027. Do these need to be noted as part of my self-assessment submission, or is this done in the tax year where these…
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Yearly Tax Allowances
We are allowed £5000 for each childs Wedding as a tax free allowance free from Inheritance tax if you live beyond 7 years. I have 2 questions. Firstly, what age does this allowance start from. Secondly, how do you advise HMRC of this and what are the mechanics of achieving this??
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Personal allowance thresholds before paying tax
After retirement we
are trying to maximise interest on our savings without incurring tax or having
to complete self assessment tax returns. We are both aged 64. * I have an annual gross
pension of £49270 (£41932 after tax) * My wife has no pension
and no income. * We have no additional income
from work or investments. We…
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HMRC repayment supplement (interest)
I am helping my mother-in-law with her self assessment tax. I am confused by the payment information contained in her HMRC online account. She has two entries for a total of about £40 dated 31 January 2024 which are labelled Repayment supplement (interest). I was thinking that they were credits which would the reduce the…
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Working from home tax relief
Hi All, I recently found out about the working from tax relief and I've changed my tax code. However, I've been working from exclusively (my organisation doesn't have an office) since July 2022. Is the allowance something I'm able to get a rebate on? Thanks!
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self assessment query
I am aware we need to put down our savings interest on self assessment tax forms but is it only if we have access to that money that year? - Ie I have got interest on an account but wont get it till next year - do we declare it each year as it accrues or just when we finally get access to it? I feel I am being a bit dense…
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Income Above 51k
Evening. Im due a payrise in September which will take my earnings to around 54.7K annually. With this i currently pay 3% into my employers pension he has set up, where he pays 2%. The question is, whats the best method of having tax relief so im not paying 40% on any of my earnings above 50k? I've read that i can pay…
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Inheritance tax and tenants in common
Some help to work this out needed. Joint owned property between two relatives, held as tenants in common. It's also a business/smallholding. Both shares of the property worth more than the IHT tax threshold. If relative 1 leaves their share to relative 2 in a will, will relative 1 have to pay IHT on the inherited share if…
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Reducing Inheritance tax by gifting money early
My dad has floated the idea of gifting me a large sum of cash now, rather than when he kicks the bucket. The reason behind it is to reduce the amount of his estate that will be liable for IHT (as he'll be over the threshold as it stands). He doesn't need the capital, although he does need the interest that it generates, so…
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Living in UK, uk tax resident - working and being taxed in Republic of Ireland
Hi guys, I live in the Uk and work during the week in Ireland, I travel to Ireland daily though Northern Ireland (UK). I am being taxed at source in Ireland, at 40%. I have been reading about obtaining a certificate of residence from HMRC, would this enable me to be paid net in Ireland and pay all my tax in the UK via self…
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Income >100k due to one time bonus payment - Free childcare hours
Hi everyone I want to apply to free 15 hours childcare. However, my salary in tax year 2023-24 was higher than 100k due to one time joining bonus paid last year. This year I expect my salary to remain below 100k (after payment into private pension, gift aid etc). Can I still apply for free hours and If yes, what…
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Gifting money regularly to my partner
Hi All I have done plenty of searching inside this forum and on the internet, and I believe I've got it right. I'd just like to get opinions from people to make sure they agree with me. (I also couldn't figure out which was the best forum to post in so apologies if I've got the wrong one!) Problem Statement * I would like…
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Underpaid tax on Benefit in kind - big bill!
Hi, The company that deals with my PAYE (I am directly employed by a disabled individual who employs them in a Case Management capacity) failed to tell me that very limited use of my employers car counted as a Benefit in Kind. They told me, and another employee, to use it to commute during the pandemic, to protect our…
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PRIVATE PENSION CONTRIBUTIONS
Not sure if this is the right place to put it. My husband is in the higher tax bracket and works full time. We have joint rental property income, my half is taxable at lower rate and his the higher. I have a private pension but have not paid into it for sometime. I want to restart payments. We want to use a percentage of…
