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Child Benefit tax charge + pension contributions
hey everyone i am 40 something and earn 75k and have 2 kids, my partner is a low-ish earner. Only got this pay this tax year and now liable for tax charge which i will pay. Current set up yearly pay £75k pension contributions 7% = £5,250 - work contributions 14% £10,500 Take home £4191.89 Monthly child benefit £170.20 =…
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Declaring the sale of a business vehicle on tax return
I set up as a sole trader in 2018 and on filing my first year’s tax return, I claimed £12,170.00 capital allowance for the purchase of a business vehicle. My wife joined the business in 2022 and we registered a partnership and then both submitted separate SA tax returns for the tax year 2022-2023 as well as a partnership…
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Gifting surplus income
Hello. I understand any surplus income (once all bills & living expenses are paid each month) can be gifted. (Therefore could exceed the £3000 annual allowance) What I’d like to know, if this can be a regular gift ie each month, and to the same people, and is there a maximum amount? Also how do you prove this is surplus?…
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Countrywide Tax and Trust
This company from i can understand has told my friend if she signs her home over to a son or daughter with their plan, Her Son/ Daughter will not have to cover her care bills if she had to go into a Care Home or pay inheritance even if it happens before 7 years is out They want money to draft this out Is this a legal…
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Maturing Endowment- tax??
Hi I took out a savings endowment policy in May 2000 for 25 years which matures in a few months. It was only £30 a month but will be a nice bonus when it comes through. Ive received a letter today just confirming the upcoming maturity. However it does say that any gains are taxable. Would this be income tax, tax on savings…
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Reconciling Self Assessment tax calculation
I’ve just come to the end of filling in my first Self Assessment and would welcome clarification on a few points 1. There was £400 of dividend included in total income and this seems to have vanished from the final calculation. Is this because there is no tax to pay on dividends? I had assumed it would be taxed at 40% but…
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Self Assessment Late Fees
I have been calculating and paying my Self Assessment Tax Form every year in my Christmas holidays, so approx. last week in December. This has been going on for 10 years. I have never had any fines. This year I've gone to calculate and pay the 2023/2024 assessment and I have 2 late payment fines. I can't work out why as…
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Tax on savings interest through PAYE
Not a 'cutting tax' question, just a tax process one. Up until 22-23 I have needed to complete a tax return. I don't need to as of 23-24, as my income is only from PAYE, is now below the threshold and my savings interest is < 10k, but I haven't yet asked HMRC to acknowledge that so I don't have to complete one. I do have a…
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Late payment interest on Self Assessment
Years ago I seem to have been issued with a late payment interest amount - only a few pounds at the time. I have never paid my SA late so not sure why I was ever issued that. I always opted to not pay on account too. Now the accrued amount of 'fine' or 'interest' is over £100. Could it be that the late paymemt came from…
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Self Assessment Help With Miscalculation
Hi All, Need some help completing a self assessment for a family member. Here goes: - In 2023/2024, total income was approx £60,000 (consisting of 3 different employers). During the transition from 1 employer to another, there was a misunderstanding with tax code and 1 payslip was paid without being taxed (tax due was…
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Stamp Duty - buying house with a partner who owns rentals
Hello, I have looked everywhere online and asked a few different solicitors who have provided different answers. Our situation is: I currently own a property which I am selling, my partner lives with me in this property but is not on the mortgage, however is on the bills (council tax etc) we are planning on purchasing a…
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So confused about benefits/tax
I started a new job in October last year and with it came various benefits including some I added on such as private healthcare, critical illness cover, etc. I've never contacted HMRC myself previously to tell them of any new benefits but as I've also had quite a jump in salary this time, I'm wondering if I need to. I…
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Tax Code Change Query
My tax code for this year has just been changed and the HMRC information is not very helpful. I have shown a screenshot of the details below. I understand the change from £60 to £305 for untaxed interest although I disagree with it. I told them last year my 24/25 interest would be £1,060 and they used £60 as the excess…
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Capital Gains Tax on a house share sold in Probate
A house is held in two equal shares by husband & wife, i.e. Tenants in Common. The husband dies in 2019, when it is valued at £100k for probate purposes (IHT etc). The late husband's Will leaves his half share to his children from a previous marriage, but gives his surviving wife the right to remain living there until she…
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UC and Council Tax
Hello, Being on UC due to unemployment, I have applied for a CT Reduction. Is the bill to be reduced to £0 until I become employed?
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Not enough tax paid
I have just received a Tax calculation stating I have not paid enough tax. How is this possible ? I have been working for the same company for 9 years I have no other jobs or income my company pays the tax (Sainsburys), I have no benefits in-kind such as health care or dental no company car it is just a straight full time…
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General Advise on TAX (employed and now newly self employed)
Afternoon! I am in the mire a bit trying to get this sorted! I am in the process of registering as self employed as I have a Tiktok account that I recently starting to earn from (in the process because over a decade ago I was self employed for a short while and I cannot find the UTC number thing they want - I've only been…
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will a substantial capital gain affect my basic income tax rate?
Ignoring my personal allowance for a minute, salary £10K, State pension £11K, Dividend income £30K, ( so currently at the 8.75% rate) then a substantial cgt derived from a BADR gain. How does HMRC treat the capital gain. Whilst the BADR rate should be 10%, will the capital gain take my taxable income over the 50270 limit…
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How do taxable savings affect a tax code?
Hello all,My code has been 1257L for a few years, but I was notified that it's been reduced to 1187L this tax year.I believe this £700 reduction comes from the taxable savings interest I earned last year, as the deduction amount shown on the HMRC app lines up perfectly to the pound with my account's gross income…
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Banging head against a wall trying to sort self assessment!
I tried to log in to do my self assessment a month or so ago, it's the first time I've had to personally file one since 2017. I couldn't log on, it told me that my last account was deleted. I tried to set up another account and apparently, it's linked to another account, an account I have no information on. I worked…
