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Backdated pension not spread over tax years, taxed as one lump sum??? (McClod Remedy)
My issue, briefly, is: a. Volunteered to have my Armed Foces Pension reviewed iaw McCloud Remedy. d. Awarded extra pension backdated to 2019, grateful but awarded in one lump sum. HMRC taxed as one lump sum this tax year. Now in top tax band. Paymaster agreed that tax liability should be spread over the tax years since…
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HMRC Webchat
Can anyone tell me if webchat is still up and running. On their website it says it`s manned Monday to Friday 8am to 8 pm.
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INHERITANCE TAX - WHAT IF WE BOTH DIE TOGETHER?
Firstly, I hope I have put this message in the correct category. I have watched Martin's useful short video on IHT pointing out that under the current regime few of us will be caught by its net. I believe my wife and I fall into that category. We have both recently retired and a best estimate of our assets (including our…
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Avoiding 40% income tax rate by buying added Alpha pension
Grateful for any advice on this (and my first post). Current taxable income is under the 40% threshold. It comprises salary (net pay scheme) and some gross savings interest. Tax code is 1257L. Further savings interest is payable in Jan 25. I know this interest won’t be reported by banks etc until 25-26; 23-24 savings…
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Inheritance Tax
Are you still liable for the 7yr inheritance tax rule, if you are under the inheritance tax threshold and you give some money to your children? Or does it apply to everybody no matter how much your estates worth?
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Gifting
My Nan has just sold her house and wants to know how much she is allowed to give me and also can she buy me things like a car?
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High income and exceeding pensions allowances
Any suggestions for reducing taxable income for someone who earns £130k+, but already exceeding annual £60k pension allowance (due to high employer contributions?) Would junior SSIP payments or salary sacrifice EV scheme be options?
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Marriage Allowance - cancelling and backdating
Thoughts please, from anyone in the know, on a curious question that has just arisen this weekend when investigating Marriage Allowance rules. A few statements of fact first:* When a married couple set up Marriage Allowance - transferring 10% of one persons tax allowance to the other, it stays in place for ever unless…
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Tax return property page
I did a lot of repairs on a new rental myself. I know I cannot claim for my time but can I claim for the items purchased e.g. new toilet, blinds, paint, lino etc etc? What box would this go into? I also purchased new furniture and white goods - would this go into box 36? Box 36 says 'cost of replacing domestic items'- it's…
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"Add more information" in HMRC's Self Assesment online
I've nearly reached the end of my first Self Assessment online, and I get to the page where I have 700 words to add extra information. It doesn't say anywhere optional, so I understand is mandatory? is it where I should describe my business? how I operate? how I've come to this incomes and expenditures and my future plans?…
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Self-employed balancing payment question
I can't seem to find this answer out how the balancing payment is calculated exactly: I'll use simple numbers for my example so that it's easier to calculate: Current year: Income tax: £7000 NI4: £2000 SLC: £2000 NI2: £200 Total tax: £11200 Payments for payment on account = (IT) £7000 + (NI4) £2000 = £9000 (2 payments of…
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Declaring dividends AND capital gains / rates to use
Hello MSE forum community. Will be most grateful for any wisdom received on this topic. Couldn't find a previous post that addressed, sorry if I missed. Tax treatment on dividend or capital gains income is clear from HMRC website when considered separately. But not when earned in the same tax year together. Example…
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Unerstanding and managing inheritance tax
Having retired and now being in our 60's with two adult children, thoughts are turning to IHT (probably a bit late but there you go). My understanding on the best ways to plan for the tax are: 1. Don't die. 2. Spend it all. 3. Move somewhere that does not charge IHT. 4. Give it away 7 years before you die. 5. Put the money…
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Separating and property issues
Scenario: Married couple separating. They own their own leasehold property (Property 1) of value circa £140k as joint tenants and live together. Intend to live apart. Wife plans to buy another leasehold property (Property 2) of approximate price £140k when resources allow and immediately move to it. Queries: I'm struggling…
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EV car scheme
Hi, I have recently entered into an EV car scheme in an attempt to reduce my overall salary to below 100k to avoid the 60% effective rate of tax. In my payslips however, my gross income remains the same (top half) and they have just added a deduction entitled "Electric car" in the same section as tax and NI deductions. The…
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Registering for self assessment deadline
I have only just realised that there is a deadline of 5 October to register for self assessment. I knew I would have to submit an online tax return before 31 January 2025 but had not been aware of the registration deadline. I've just filled in the relevant form through government gateway. Does that count as having…
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Accidental landlord - should I rent or sell? (income tax vs capital gains tax)
Hi, I'm wondering if someone can help me... I have a residential mortgage, but recently relocated for my partner's work. The bank have given me consent to let for upto 12 months, but my mortgage term will end in the summer of 25.. at which point, I will need to look for a buy to let deal with another provider. I'm already…
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Tax code issues
When I started my current job (Dec) I was still employed by my old place of work while I used up some annual leave. I was put on a CBR tax code at new work. When I left my old job officially I informed HR at my new work but my tax code was never changed so I was paying too much tax from Jan to April (I assume). I called…
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£1000 self employed without tax return
I know that you can earn less than £1000 per year tax free from self employment without completing a tax return. But that if you earn £1000 you need to complete a tax return. https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return#:~:text=You must send a tax,can claim tax relief on) What I'm unsure of is…
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Higher rate tax (just) - Make AVCs to USS Pension
Hi everyone, I'm currently in the USS pension scheme and pay contributions via salary sacrifice. This year i'm likely to tip over into 40% higher rate tax. Gross salary for the year is likely to be £50,895 after pension and a current additional voluntary contribution. Is it worth upping my AVCs by £105 a month to keep my…
