Cutting tax

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…

Hi guys, Could somebody confirm if the tax brackets are changing from April? (In particular the level at which you start paying 40% tax?) This year the 40% tax bracket started at £50,271 but on the government website, it is saying that the 40% bracket starts at £37,701 😮 Unless I’m being completely stupid, I haven’t seen…

Hi. I have a PAYE job. In addition, last year I did some exam marking for a professional body. I invoiced them and they paid me gross (just over £2k). In order to pay the tax, should I register for self assessment (as a sole trader?)? Can I use the £1k trading allowance? Or do I just tell HMRC and owe tax on the whole…

The situation I have is I am my father’s only child and his will leaves everything to me, he’s sold his house and is in his 90’s living in a care home. His total assets are about £155,000 which is all savings, his pensions cover the cost of his care home, so his total savings are unlikely to change a great deal. As I am…

If someone gives something other than cash, i.e. a physical object which will depreciate in value, to someone who is not a spouse or other relative might there be any tax the recipient has to pay? I'm not talking about inheritance tax but whether the recipient has pay any sort of tax, e.g. income tax, themselves. If so,…

Sorry if this has been asked before- We took over a pub in 2017 and in covid we moved above it. We never returned to our home and in that time it fell in to disrepair. We have been paying double council tax for an empty home since then. We are in the process of doing it up and selling it. Hoping to get £220-250k for it and…

I took part in several SIPs offers by my previous company over a number of years.Shares for all these were kept in a single account, even when some reached the 5 yrs maturity.The company then sold the part I was in to another company, and in terms of the SIPs I was classed as a good leaver in relation to all the shares in…

Hi MSE Forum, I'm trying to understand more about the Additional Dwelling Supplement applicable in Scotland to 2nd homes/buy-to-let purchases. It's all hypothetical but does anyone know if this would apply if I converted my residential mortgage to a buy-to-let and purchased a primary residence in England, rather than…

Hi, I just wanted to see if i'm missing anything obvious before i have to call HMRC and try and get them to help. I'm salaried on PAYE only, no income from anywhere else. Tax code has remained exactly the same all year at 1257L. My salary has not changed during the year, though i did get a bonus in April which i put a big…

Excuse my ignorance.... But when did it become a persons individual responsibility to manually pay tax on savings interest? Moreover, how would you know how much to pay back? I have been notified by HMRC that I owe them income tax, due to my banks advising them of interest payments that I received on my savings accounts in…

1. How much inheritance will be due 2. Unfortunately I have terminal cancer, is there anything I can do to reduce the tax on £500000 family house, wife died in 2001 and left £150000. I believe the allowance was £242000. I have left £600000 in a bond half of which is outside of the Will, joint with son, I believe his half…

Hello, I have a pretty complicated query about capital gains tax and a second property which was owned by my stepfather, which I'm hoping someone can help with. It's in Scotland if that makes a difference. It's fairly convoluted so I have broken things down by property below: Property A. This was (I think) the main…

I have about £6000 self employed net income and 5400 from PAYE, why am I paying £40 tax when I'm below the tax threshold? I ticked voluntary payment of class 2, is that wise?

Hi, I applied for an overpayment relief request at the beginning of September 2024. The expected amount is approx £25,000. I was told that the request was in a queue and it would be dealt with in December 2024 December passed and then I was then told February 2025. I have chased it up twice more since then and I have been…

I paid my tax bill for savings interest on 29 Nov 2024 but it's still showing as not paid so I contacted HMRC via chat. I was told they would need to send a transferral for it to besent to my PAYE record and should be done by 21 March which is nearly 4 months after I made the payment. They have also sent me a revised tax…

Good evening all, I have just had my new tax code sent through by HMRC. The tax code has been altered from C1257L to C1251L. This is because they have calculated that I will received more than my allowed interest to the tune of £52. This, at 20%, implies my income tax will rise by £10.40 over the financial year. However, I…