Cutting tax

Hello, I really hope someone can help me. My apologies if I have posted this in the incorrect category. My employer had made an error and I was placed in the incorrect pay scale for about 3 years. after raising this over the years, the employer agreed that they had made an error. Then, in February they changed my pay grade…

Please a little help folks.... When I look at my PAYE income tax summary for this year I have my current employer £48,000 (correct) and my pension £15,500 (correct) and then another employer have ended since 2024 of (£35,778). Now the last amount was not from employment but from money my mum left me when she passed earlier…

Tax interest on savings help required please

I'd be really grateful if anyone could help me work out the impact this tax code change will have on my monthly pay for the rest of 24/25. Background is that I have two separate employers so PAYE can be quite complicated. Both have had changed tax codes this week. One of them has gone from K545 to 626LX. I have looked up…

I've been looking online but seem to go round in circles. If I understand correctly, the £3000 gifting allowance can be carried forward one year (giving up to £6000). Can I also use last tax years £250 gifting allowance along with this years, i.e. give £500 to individuals this tax year?

My wife and I are pensioners her pension is lower than mine and as a result does not utilise her personal allowance to the full. Recently I read martyn was encouraging people to transfer the unused portion of the allowance to their partner. Does this still apply to pensioner couples like ourselves where I pay tax on income…

I will need to do a Self-Assessment for TY 24/25 to pay CGT on a plot of land. However, I have also sold two shares, one for a gain & one for a loss. To keep things simple the figures below are not the specific value as my question is around the methodology. Also, for this purpose I am a BR taxpayer. I therefore assume…

My tax code is 93L. How is my tax calculated? Is it 93L after the £12570.00 threshold or is it tax payable after £930.00?

For the first time Untaxed Interest has appeared on my tax code notice to the tune of £600. Note 3 on the notice states it's an estimate of the interest I'll receive during the year based on the previous year. How would they have worked this out and how can I check the figures accurately when I get interest at different…

Hi, I wasn’t sure if this was the correct board. I’m based in Scotland for reference. I’ve owned my own home for over 30 years. My father passed away and half of my parents home was held in trust for me with my mother remaining in the house. The share of the house officially passed to me a few months ago when my mum moved…

Can anyone put me straight on my tax return, I am retired but still do a small amount of online graphic work. Over the last five years the amount earned has dropped below £1,000 and as my tax return asks me if my earnings are that or less this has led to no tax paid. However this year much to my surprise my earnings have…

I’m considering opening a SIPP and wanted to just double check my understanding is correct:For those who make £100k+ you begin to losing your tax free allowance (ie. On 110k, you’re loosing 10k of your £13k personal allowance) and being taxed on the remaining £107k ish at 45%.If I set up a SIPP where I would donate around…

My wife & I are in our late 50s & are both retired with two non-dependant adult children. We have mirror wills which leave our estate on the first death to each other and on the second death it goes to our children equally. Our current joint net annual income is sufficient to meet all regular monthly outgoings such as gas…

Inheritance tax Allowance I understand the inheritance tax allowance is £325k x 2 = £650k for a married person, plus £175k x 2= £350k against the property owned in joint name, making a total allowance ££650k + £350K = £1m. So no inheritance tax is paid by the receivers on £1m when both of them die. Anything above £1m,…

HelloI am on the cusp of earning £50,000 per year (my monthly wage fluctuates slightly because I am on call. More call outs = more money). If I understand it right, if I earn over £50,000 then I will be a higher rate tax payer, which I am trying to avoid. I am able to modify my pension contributions month to month. Would…

Very basic question here. Is it the case that all the ins and outs of gifting (7 year rule, annual allowance, £100 exemptions etc) are all irrelevant if your estate is under the IHT threshold?

I am 70 and a pensioner receiving state and private pensions. My annual income from the pensions and savings is above the Personal allowance, so pay 20% above this allowance. I have worked for 42 years in one company and have never filled a tax return form. My wife’s marriage allowance has been transferred to me as she was…

i used to be a street market trader for 40 plus years / so filled out decades of hmrc returns and claimed my van expenses for this business.i have now retired as a street market trader and have sold my van but have a car .am i allowed to claim for car expenses on any of these ? i have midsize online ebay and discogs shop…

Hello Forum, I don't understand the concept of NRB available to the DTrust. When there are two settlors, are there two NRBs available to the trust when it is set up?

On 30 Dec 2024 I received a P800 notice saying that I had paid too little tax in 2023/24 (because my savings interest exceeded my personal savings allowance) and that I owed HMRC £841.88. My tax code changed on 31 December (now beginning with the dreaded K). The accompanying letter also said that they estimate I…