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Speeding up P800 calculation process?!
Evening all, I wonder if some of you may be able to help. In the last tax year (2023/2024) I was working full time PAYE from April through to end of January. During this time I was paying tax on my earnings. From February- end of 2023 tax year I was unemployed and not in receipt of any benefits or taxable income.…
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HMRC chat to an advisor online
Just wondering if anyone has managed to chat to an HMRC advisor online lately? https://www.tax.service.gov.uk/ask-hmrc/chat/self-assessment?_ga=2.208246292.743612226.1715159974-933285547.1701094917 I have found it a really useful service in the past but lately there have not been any advisors present. Just wondering if…
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Confused about increasing pension contributions in order to lower tax bracket
Hello, I'm a higher rate taxpayer and i am looking to increase my workplace pension contributions in order to save a bit on income tax. Employer is using relief at source method. My confusion arises mostly from my self assessment and whether I need to tailor it or not. When my SA asks about my gross taxable income, should…
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Company's VAT lapsed?
Hi! We got an invoice from a tradesman (apparently VAT-registered, but their VAT number doesn't check out on the 'Check a UK VAT number' page on gov.uk. They've sent me a HMRC letter dated April this year and entitled "VAT notice of assessment" as extra proof, but the VAT number is the same as the invoice. I'd quite like…
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Self-Employed for 1 month - can the tax be paid early?
Hello all, If someone who has always been PAYE was made redundant in April, started a new PAYE job in June, but earnt money over the threshold on a self-employed basis during May is there any way they can declare this and pay the tax/NI straightaway (basically so they know how much of it they can spend!) rather than wait…
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Relief for finance cost on BTL
I have completed my self assessment for 2023/24 and I am not being given the full 20% relief of the finance cost that I had paid for the BTL property. I had paid £5,324 but it restricts this to £1,717 before the 20% is applied. This £1,717 appears as the first figure in my basic taxable amount under "Pay, pensions, proft…
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Which property would incur CGT if a couple live in 2 different properties?
Hello, My husband and I bought our 2nd property and used it as our main home in 2016. The previous main home was rented out. 4 years ago we separated and he moved back to the 1st property and I stayed in the 2nd property with our child. He helps to pay half of the mortgage of my home (the 2nd property) as we paid off the…
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Am I being financially abused by my Father?
I’ve had a strained relationship with my parents, but in my culture, we always look out for each other. In 1994, my dad bought a commercial property with a business partner. Their agreement became strained around 2000, and my dad’s business partner became mentally unstable so my dad bought him out. I’m not sure what…
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Paying 40% tax
Hi I have currently got 2 jobs, my main job I earn approx 55,000 per year, second job I earn approx 15,000 per year. This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax…
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Tax-Free Childcare, but have breached 100k
Hello, My partner earned ~95k for financial year 23-24 (a bit more as it is variable due to on-call additional payments). We rent out a property with a join ownership and have earned a little over 10k (after repairs and other deductions) . For the period of time we expected that he will not earn more than 100k and have…
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IHT transfer married couple threshold
Just a quick question for IHT tax planning My husband and I have £40k in savings in our own names + house worth joint owned worth about £450k If my husband passed - that £40k would come to me I understand we both have a £325,000 nil Rate Band therefore after the £40k comes to me there is left £285,000 unused allowance -…
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Flipping
hi, I have two houses A and B and have lived in both of them over the last 5 years and have rented out one while occupying the other. I have accepted an offer on House A and will move into the House B. If I am right, I can declare either A or B as my principal residence and pay capital gains on the other whenever it is…
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Capital gain tax
I am thinking of selling a rented property . Can anyone help with the tax calculation before I make a final decision . Bought for £40000 sold £56000 costs buying / selling / improvements £4000 basic rate tax payer . Never lived in property . Can anyone advise before I decide to sell .
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Charitable donations
Hi MSE Forumites, I'm a higher rate taxpayer, and donate regularly to various charities. I believe I am eligible to claim back marginal tax on these donations, but the HMRC website says as someone paid by PAYE that I need to call them to inform them of my charitable donations. Does anyone know if this is this correct? I…
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Calculating CGT liability on an accumulation fund with contributions in different years
Hi All, I hold an accumulating (dividends reinvested) index fund which I have purchased additional units of over the course of several years. I am now looking to sell the holding and I am trying to work out how to calculate the CGT liabilities for this. I have declared the reinvested dividends every year as part of my…
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Capital gains tax on temporary second home?
Scenario: - I own and live in 1 house - I see a house that I'd like to buy - I haven't yet sold mine, but don't want to lose out, so pay for house #2 in cash - Purchase for house #2 completes - I manage to sell house #1 several months later Would I be liable for paying capital gains tax on this last bullet point, since…
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Single with 2, 12yo, 14yo kids - planning early retirement
Hi Help me to understand if the estimates are correct Planning early retirement/pause due to health issue (not a disability , mental health/menopause etc) Salary: 0 Interest: 600 (last year) Dividend: 13000 (last year) Capital Gains: 10000 (Guess, need to sell 20k, 50% from capital gains) Total Income = 13600 Personal…
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Gift Aid for Higher Rate Taxpayer
Can anyone explain how HMRC calculates gift aid tax relief as I am struggling to understand my tax code calculation. The actual charitable payments totalled £1068 and HMRC has calculated a tax free amount of £684. I understand that the charity claims an extra 25% as if I was a basic rate taxpayer and the tax calculation…
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The changing tides of managing personal income through a small limited company.
Say I run my own 'one man band' as a limited company and consider it's costs, profit and loss my costs, profit and loss. Currently income tax & NI on someone else earning £50,000 a year is £14,555 or 25%. The general direction of travel on this tax burden is static or reducing. As a limited company director I pay myself…
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CGT or IHT on jointly owned property
Hello all, I am looking for some clarification on what to expect when family property is sold. Background - Dad passed away many years ago and at that time the family home was put in to my name and my mothers equally. This is her home still and I have not lived there for 30+ years. My mothers will states that when she…
