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Self Employment - Basis Period Reform
Hi all, happy new year! I have completed my tax return for this year and am about to submit. My accounts end date was the end of Sept so for this year I have done accounts for Sept 22 to Apr 24. Going forward the accounts will be Apr to Apr. I have a couple of questions or observations. I realise that overlap relief can be…
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How do I file a late (Stocks and Shares) Capital Gains Tax return.
Hi, Was just filling out my (stock and shares) tax return on HMRC website and it would not allow me to put the date I disposed of the asset in... saying 'you can't use a date from the current tax year'... The relevant tax year is april 2023 to april 2024.... Confused - I checked out the deadline and realised it was end…
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Money from grandparents
Grandparents living abroad wants to help their grandchild ( in university) to top up maintenance every term. Is it best to send it directly to the grandchild account or to the parents, in terms of declaration to tax man. I understand gift doesn't have to be declared, by thinking if the money is coming in regularly from…
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hmrc interest
This isn't a question about saving tax, but I couldn't find a better forum category for this. For the tax I owe HMRC through my self-assessment, can someone confirm whether HMRC pay interest if I pay it (months) early, and if so, what the rate is? From what I've seen I'm thinking the answer is probably that they don't. I…
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Capital Gains Tax payable?
I am separating from my partner and we own a home together. I am proposing to give him £80,000 now as a settlement, and remain in the house with my two children. When my youngest child reaches adulthood, I will give him a further 20% of the house value at that point. Would he be liable to pay capital gains tax now on the…
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Private Hire Driver, some self assesment tax related questions
I am a part time private hire driver based in Scotland. I have my main job and also work as a private hire driver from time to time. I bought a preowned car in November 2023 and after licensing and insuring it I started "my bussiness" in February 2024. Now it's time to complete my self assesment form for that period (5th…
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Huge self assessment calculation on buy-to-let property
I have one buy-to-let property which I rent out to a charity who cover most of the costs. Therefore, my self assessment is very straightforward as there are only a few figures. Total rent is £14,400 Costs approx £2.5k Therefore, profit approx £11,800 With the payment on accounts for last year (Jan and Jul) approx £5,700…
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Savings interest used by HMRC to push me into 40% bracket
Hi, after some advice from someone with a better understanding of HMRC PAYE than me. I have always been a basic rate taxpayer through PAYE, and my wife has donated me 10% of her allowance for years, so my tax code allowance has been £13827 for a good few years. In December, I got notification from HMRC that I owed £481 in…
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Just into higher band - did I pay too much? Do I understand the system?
I have always been a PAYE employee until this year. As a result, I have looked back over previous years just to try and understand a bit clearer. In the tax year 2022/2023 I earned from work £50303.76 taxable pay - after pension deducted at source. I earned £674 in interest reported to HMRC (not a normal amount for me but…
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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…
