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Enforcement process commenced
Hi All, I hope you are well. I have received this letter from some debt agency XXXX & XXXX. They claim that I owe ~£300 to to the council. In the letter in Enforcement Details it says "Liability order dated <over a month ago>. in respect of Council Tax owed...." I pay tax month by month and no electronic communication from…
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New job. Salary £125k. 15/30 hrs free childcare
Hi Money Saving Expert, I've recently been offered a new role, however the base salary is now £125k which means I am no longer eligible for free childcare support (15/30hrs). My employer has a salary sacrifice scheme and I'm looking to utilise this and shift income to my pension. Currently my employer contribution is 4%…
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Tax code after leaving job
My wife left her job (ill health retirement) on 21 May. Her P45 is dated 1 July. Her income is now a state pension of £8613 and an NHS pension. HMRC Gateway shows that on 30 July the tax code for the job she left changed from 195LX to 395L and the code for her NHS pension changed from BRX to BR. Is this correct? Is there a…
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Tax on Dividends and how to reflect tax already paid
Hello
all, I
have some question related to dividends, and how to declare them. I
have dividend income (non ISA) for current tax year above the £1000
allowance, which means I have to tell HRMC. So far, in previous tax
years I just rang them and told them the income, and they adjusted my
tax code. Because quantities were…
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£1000 interest limit
Hi. Looks like I'm going to exceed the £1000 limit on savings interest this year. The wife will only use a couple of hundred pounds of her allowance. Is there any way I can use part of hers this financial year. Maybe have to look at evening it out for future years if not. Thanks.
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Joint bank account 7 year rule
To assist a daughter with house purchase husband/ wife gift 150k to daughter from joint bank account.Asuume 75k equal split. 7 year rule applies for IHT purposes. If say the husband dies before 7 years all estate passes to wife - I assume no IHT. However, does 75k gift get subtracted from husband transferable IHT allowance…
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Claiming TNRB
I have a question. Father passes away on 2012, everything passed to mother. On father's death grant of Probate says: gross value of the said estate in the UK does not exceed £325,000 and the net value of such estate does not exceed £79,000. Can mother who died recently claim father's full NRB on her death with the above…
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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
