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2023/04 Tax Return deadline
Earlier this year, I got a message from HMRC saying that the deadline for returning my tax return is 31st January 2025. However, I've read some people mention they have a tax return deadline of 31st July. I heard that tax returns are changing to quarterly instead of yearly. What is the criteria for this? Do only some…
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Good News - FINALLY
We sold in 2022 . £18k CGT to pay so beginning of Oct 22 paid it . To cut a story short , the transaction looked like it had failed. Rang bank immediately ,explained and they said , it would not be going through , so to repeat. Repeated . Both transactions were executed . Rang bank and they said nothing they could do ,…
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HICBC through tax code - timing
Possibly a slight misunderstanding on my part here so just checking :D I did my self assessment for 23-24 a few weeks ago, this was the first time I went over the HICBC threshold after deductions. I expected to have to repay that years CB through my 25-26 tax code as we are alreadying in a new tax year, but I've now had a…
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Redundancy payment
My Wife has been "lucky enough" in her words to have been made redundant, the final payment has arrived today. We know the first £30k is tax free, we have also opened her a new ISA and invested into that. She is aiming to bank the rest and pay herself a monthly salary until she gets a new job. So, I know her savings…
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Are hotel bills tax deductable for a employee at his regular place of work?
Friends, I am an IT contractor with my own little limited company. I am speaking to a client that is proposing making me an employee of theirs which, in principle, is fine. However, my normal place of work would no-where near I live so would require 2-3 nights in a hotel per week there - paid by me directly and not…
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Self-Employed Delivery Driver: Vehicle Expense Claim Help
Hi everyone, I'm a self-employed delivery driver in the UK, and I'm currently sorting out my taxes for the financial year that just ended (April 2023 - April 2024). I have a question about claiming expenses for a vehicle I purchased. Here are the details: * I bought a van two years ago when I first became self-employed for…
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HMRC tax refunds - open banking and options?
Has anyone recently used this service and is it considered safe? Looking at it for a relative who is due a refund and unlikely to need to pay tax or receive refunds in future. They're just not comfortable with the thought of HMRC (or anyone else for that matter - point of principle) employing the services of a third-party…
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Simplified vehicle costs - self employed query
Hi a quick question. I am in the process of becoming self employed. One of the bigger changes that I am trying to get my head around is vehicle expenses. I am purchasing a private vehicle and am proposing going down the simplified expenses route for claiming for vehicle costs. The question arises around the fact that I…
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The Paye People...... scam ???
has anyone heard of this company? Most of my colleagues have had pay outs from hmrc, through the Paye People, from £3000 to £15000. It seemed to good to be true and it now seems that might be the case? One of my colleagues has been told by hmrc that this is a scam and that hmrc will pursue the individuals for reimbursement…
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3 x request a paper tax return & what to do if none arrive
Any suggestions on what to do when three separate requests for a paper tax return all result in nothing arriving?A friend of mine has to do a self assessment for the first time in their life and unfortunately they cannot use the standard hmrc online software because of the complexity of what needs to be put on the return.…
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Tax and salary sacrifice
I am retired but still work part-time and am fortunate enough to have 3 pensions. As a result, I am liable some tax at 40%. I recently got a bike under the cycle to work scheme and get tax relief at 20% on my part time earnings but I am wondering if I will I get a further 20% tax relief when my tax is calculated at the end…
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Tax implications of renting main residence
My 88 year old mother-in-law is now permanently resident in a nursing home with severe dementia. To help her fund the care we have started to rent her house as a short term let through Air B and B. My wife has power of attorney and we are letting the house through an agency. Obviously the profits will need to be declared…
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“Nothing to pay” even though there is!
Hi. My partner and I have been letting a property for about a year. We have the rent paid into a separate account and draw an amount each and leave enough in there for the tax bill, I recently did my first return for this income. Initially by mistake I clicked the box to recover from my tax code. However I then amended the…
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Adjusted net income
Hi there, really grateful for some advice as I’ve been reading the guidance, articles, other peoples posts and spoke to an accountant and my head just wants to explode! I’m trying to see if / how we can get my husbands adjusted net income to below the £100k threshold in order to continue benefiting from tax free childcare…
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CGT payable on inheritance of property and subsequent sale higher than probate value
I think this is quite simple and i'm really just hoping to get confirmation of the action required. We have 3 beneficiaries and a deed of Appropriation was completed that notes the proportion each beneficiary was entitled to which I believe allows us each a £3000 allowance against CGT. Property sold July this year. The…
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Stock Options Buy-out: income tax Vs capital gains
The American company I work for was recently acquired. I have 7000 stock options unexercised in an EMI scheme. The acquiring company is buying these out, and if my math's right it would be roughly £30000 pre-tax. One of my colleagues has raised the spectre of income tax VS capital gains. The advice I've seen online is: "If…
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Buying half share of house
In this example pls answer: 2 brothers live in a house together as tenants in common holding 50 50 shares each. House is worth 500k. If one brother buys the other share out for 250k and owns it outright, do they have to apply a 15% discount for the share. Or is that only done if it was upon death for IHT.
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How much tax might I pay on a second job?
I work 24 hours in retail and just over the tax free allowance. Currently living wage no bonus. Will I pay more tax on my 1st job? I have been offered a 4 hour a week job so 28 hours in total? How much extra may I earn? £183 per month is the 4x living wage rate per month.
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Redundancy Payment and Re-Hiring
Hi, I was terminated on 10th June and I will shortly receive a redundancy payment equivalent to seven months pay, all of which is tax exempt. I applied for and have been successful in being accepted for a new role within the company but I would be returning as a re-hire in September/October. I didn't think this was allowed…
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Paying tax through PAYE?
I believe I have gone over my personal savings allowance for interest earned on savings in one year. Do I have to do a self assessment? or do I pay the tax through PAYE if they change my tax code?
