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Does my self-assessment tax calculation already include my student loan repayment?
Hi all, last year I started to rent out my flat, while I live with my partner. I decided to get things in order early so that I know how much I'll need to pay HMRC by Jan 31 2025 (ie the tax return for FY 2023-2024). I have input all the fields required, including SLC repayments already paid for the year through my pay…
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Personal allowance increase after SA tax return
Hi I completed a tax return to claim back some expenses related to my PAYE job (I have no self employed income)and following that HMRC have increased my personal allowance for the new tax year. What are the implications of this going forward? As I understand it they are estimating my expenses for this year based on last…
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MSE's Council Tax Discounts guide
Hello everyone, We've written a brand new guide on Council Tax Discounts. This is the discussion thread for that guide. If you haven't already, join the forum to reply. Thanks, Kit
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The Additional Dwelling Supplement (Scotland)
I have a question around ADS (currently 6% in Scotland). I have just purchased Property1 (£200K) (my main residence), I am looking to purchase a buy-to-let flat, Property2 (£100K). I know I'll have to pay 6% ADS on Property2 plus income tax. I'd like confirmation on the following situation: Property2 will be purchased with…
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Capital Gains Reporting (Self Assessment)
Just trying to understand where I need to report Capital Gains made on an inherited property. I inhertited a property where my brother and I are the executors / beneficiaries. Once we sell it seems likely that there will be some Capital Gains to report to HMRC. I understand that as there are two of us we split the profit…
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Unsure how to do tax return now I am employed
I know that this is probably quite a stupid question but I don't think I am Googling the right thing to get the answer I want. I always used to be employed by my own Ltd company so my accountant used to do a self assessment for me every year. I have since closed the company and am now an employee of a large company. The…
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Can I find how HMRC has said I owe more Tax?
I am on simple PAYE but HMRC says I have had some extra income last year, about £550. The only thing I can account for is £408 interest. I thought the first £1000 interest wasn't counted. Can I easily find out where they think this extra £550 has come from? Regards, Rich
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Speeding up P800 calculation process?!
Evening all, I wonder if some of you may be able to help. In the last tax year (2023/2024) I was working full time PAYE from April through to end of January. During this time I was paying tax on my earnings. From February- end of 2023 tax year I was unemployed and not in receipt of any benefits or taxable income.…
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HMRC chat to an advisor online
Just wondering if anyone has managed to chat to an HMRC advisor online lately? https://www.tax.service.gov.uk/ask-hmrc/chat/self-assessment?_ga=2.208246292.743612226.1715159974-933285547.1701094917 I have found it a really useful service in the past but lately there have not been any advisors present. Just wondering if…
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Confused about increasing pension contributions in order to lower tax bracket
Hello, I'm a higher rate taxpayer and i am looking to increase my workplace pension contributions in order to save a bit on income tax. Employer is using relief at source method. My confusion arises mostly from my self assessment and whether I need to tailor it or not. When my SA asks about my gross taxable income, should…
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Company's VAT lapsed?
Hi! We got an invoice from a tradesman (apparently VAT-registered, but their VAT number doesn't check out on the 'Check a UK VAT number' page on gov.uk. They've sent me a HMRC letter dated April this year and entitled "VAT notice of assessment" as extra proof, but the VAT number is the same as the invoice. I'd quite like…
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Self-Employed for 1 month - can the tax be paid early?
Hello all, If someone who has always been PAYE was made redundant in April, started a new PAYE job in June, but earnt money over the threshold on a self-employed basis during May is there any way they can declare this and pay the tax/NI straightaway (basically so they know how much of it they can spend!) rather than wait…
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Relief for finance cost on BTL
I have completed my self assessment for 2023/24 and I am not being given the full 20% relief of the finance cost that I had paid for the BTL property. I had paid £5,324 but it restricts this to £1,717 before the 20% is applied. This £1,717 appears as the first figure in my basic taxable amount under "Pay, pensions, proft…
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Which property would incur CGT if a couple live in 2 different properties?
Hello, My husband and I bought our 2nd property and used it as our main home in 2016. The previous main home was rented out. 4 years ago we separated and he moved back to the 1st property and I stayed in the 2nd property with our child. He helps to pay half of the mortgage of my home (the 2nd property) as we paid off the…
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Am I being financially abused by my Father?
I’ve had a strained relationship with my parents, but in my culture, we always look out for each other. In 1994, my dad bought a commercial property with a business partner. Their agreement became strained around 2000, and my dad’s business partner became mentally unstable so my dad bought him out. I’m not sure what…
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Paying 40% tax
Hi I have currently got 2 jobs, my main job I earn approx 55,000 per year, second job I earn approx 15,000 per year. This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax…
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Tax-Free Childcare, but have breached 100k
Hello, My partner earned ~95k for financial year 23-24 (a bit more as it is variable due to on-call additional payments). We rent out a property with a join ownership and have earned a little over 10k (after repairs and other deductions) . For the period of time we expected that he will not earn more than 100k and have…
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IHT transfer married couple threshold
Just a quick question for IHT tax planning My husband and I have £40k in savings in our own names + house worth joint owned worth about £450k If my husband passed - that £40k would come to me I understand we both have a £325,000 nil Rate Band therefore after the £40k comes to me there is left £285,000 unused allowance -…
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Flipping
hi, I have two houses A and B and have lived in both of them over the last 5 years and have rented out one while occupying the other. I have accepted an offer on House A and will move into the House B. If I am right, I can declare either A or B as my principal residence and pay capital gains on the other whenever it is…
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Capital gain tax
I am thinking of selling a rented property . Can anyone help with the tax calculation before I make a final decision . Bought for £40000 sold £56000 costs buying / selling / improvements £4000 basic rate tax payer . Never lived in property . Can anyone advise before I decide to sell .
