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Do I need to pay tax on a lump sum?
I'm in a position where I will receive £40K approx in the near future. This is from my local council because they have overcharged me for my care costs for ten years. I was wondering, do I need to pay tax on this, and if so how do I do it please? (I have never worked due to disability, so have no knowledge of tax etc, but…
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Happy new year from HMRC ...
Received a message to say I owe approx £2.5k in unpaid tax, which HMRC would like repaid over the next 3 months of FY 24/25. There is an option to contact HMRC if I cannot afford this. Is there any advantage in asking for more time to pay. My initial feeling is to just sort this out in this FY. Any thoughts appreciated.…
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How to avoid IHT on Directors Loan
I am thinking of moving my BTL Portfolio into a Limited Company to reduce my tax bill and hopefully reduce the IHT that will need to be paid on my estate. When the Properties are moved into the Ltd Company I will have a Directors Loan account approx £1m in credit. I will no the able to withdraw enough income from the Ltd…
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Childcare Support: SIPP to reduce Net Adjusted Income
Hi Everyone, Long time lurker, first time poster - please be kind!! I need some help with Net Adjusted Income (NAI) for Self Assessment tax return - with a young daughter of nursery age, I am trying to stay below £100k NAI so as not to impact the 30 hours free childcare. I thought I had researched and answered my own…
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Comprehensive personal tax calculator
Greetings, Does anyone know where I could find a comprehensive personal tax calculator - one that includes dividends, interest, income, pension contributions and CGT - across the UK for this tax year? I can't seem to find any on line that cover all these. I have also tried playing with my HMRC self assessment form (for…
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Cgt on crypto.... Same as savings interest?
Probably a stupid question I have savings that I will owe tax on... I also have some bitcoin. I intend to sell £3000 before april.... £3k is within my cgt allowance, but is this added to savings interest tax?
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Growth Shares (CGT)
Hi all. I had some growth shares which I bought through my company in Nov 23. My company was sold in Feb 24. I will not receive any proceeds from the Growth Shares until my company potentially meets targets which will be finalised in Feb 25 and Feb 26. I understand that I need to pay CGT as if I received the entire…
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Mentally Struggling with Tax and Student Loans
I have worked incredibly hard and sacrificed free time studying books and taking risks to earn £47,500 annually. From that, I receive £2,300 a month, meaning my deductions are £1,700 a month in tax and UK requirements, or 42% deduction. Income tax: £582 National insurance: £232.83 Student Loans: £300.00 Pension: £171.92…
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£1000 or £500 tax free interest ?
Hi all, wondered if anyone can help. I pay some tax at 40% on a monthly basis BUT pay in a substantial one off pension contribution so that I get a tax refund and effectively don't pay any tax at 40% over the year as a whole after the tax refund from HMRC. Does anyone know if that means that I get the full £1,000 tax free…
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Company Car Tax!
I recently got a company car with my new job back in November. I updated the HMRC and have been taxed now in December a ridiculous amount. I’m in the 20% tax bracket and have paid over £900 in tax. I have called the HMRC and they have informed me that this is correct and that the way they do is that they backdate it to…
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Avoiding 60% marginal rate by using pension carry forward in alternating years?
After using my whole £60k pension annual allowance between defined benefit + voluntary pension contributions, my annual gross income is around £120k. It seems to me that if I alternated between using £40k one year and then £80k the next (using carry forward from the previous year), I would save £1500/year or so in tax. Is…
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Is my income taxable?
Hi all, For the past year or two, almost all of my income has been in the form of gifts. There is a person who is essentially a patron of mine, who pays me to work on my own projects, with no expectation of services in return. So far I've been invoicing the person, putting the income through my books and paying tax on it.…
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Claiming past year's losses on this year's return confusion
Apologies if this is the wrong sub-forum but I'm working on my 23-24 tax return. In the 22-23 tax year my self-employment business had a 2k loss and no income. I entered in the loss under 22. Net Loss but did not put anything under "35. Total loss to carry forward after all other set-offs - including unused losses brought…
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2023/2024 Self Assessment Tax Bill - Please HELP
Happy New Year everybody and thank you for reading and any advise given. For the last 7 years, me and my wife have been doing self assessments as we were getting rental income from a property that we own together. She hasn't been paying any tax on her share as this was her only income and always less than the tax free…
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Reducing Tax burden on rental property.
Hi all, I'm reaching out for advice and guidance on a property I own and am looking to rent. I work full time and have a secondary employment so therefore already pay higher rate tax (40%). I pay a pension in job 1 which also has an employer contribution element. I get a pension in job 2 but this is non contributory by me,…
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Tax on savings interest - have I miscalculated?
I've just paid my 2023/24 tax bill via self assessment. I have a few one year fixed savings accounts which pay interest monthly, which I counted in my interest savings (I basically used the statements of interest that the banks sent me). However they didn't all mature in 2023/24. Have I done this incorrectly? Should I only…
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Payments on Account - PAYE
I have just completed my self-assessment for the 5th year. This time however I am being asked to also make two payments on account. All of my income is PAYE and from searching the HMRC website I found this: You must make these 2 payments, unless either: * the amount of tax you owed last year was less than £1,000 * last…
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Offset shares loss
Hello, I have a S&S account with shares that are pretty much worthless, a loss of around £645 if I sell. In February, I have a SAYE works share scheme maturing, with an anticipated profit of around £4500. I am aware I will have a £3000 cgt allowance and I am liable for 18% tax on the remaining £1500. I am also aware if I…
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Tax Year - Interest ?
Hi, A bit of help please on my little tax problem.Been retired for some years and had no need to submit a SA, but now have received a demand for more tax this year, saying that their "estimated" savings income for this current year in almost double what we know it will be.Always thought savings interest earned in this tax…
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A different way to advertise rental prices - "Cost plus taxes"?
Hi, (Writing as a landlord) I've noticed for some time how we regularly have new taxes and regulations imposed (by both political persuasions) on "the evil landlords", and somewhat independently stories about "rents are increasing out of control" - with no connection between the two. I'm very conscious that while the rent…
