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CGT deduction
Hi all any body dealt with CGT on a inherited property recently completed a 100% rewire is this a repair or a an improvement I’ve seen more that 50% would class as an improvement of the integral feature capital allowances? plus a new bathroom
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Reducing from 40 % tax through workplace pension
Hi, I was hoping that somebody would be able to give me some advise please. I am currently over the 40 % tax bracket, I would like to know how much I would have to pay extra in to my salary sacrifice to bring this down to 20%, and how much would I be short a month on my monthly earnings. I currently earn £47400 then with…
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Capital Gain Tax on council flat
My mother and I bought a council flat valued 290k for 162k, When we sell it in 5 years, I hope I can get 340k. Will I have to pay capital gain tax on 50k minus legal fees or on 178k minus legal fees? Also, we would like for this property to be on my name only, how is the procedures and how much tax would I pay? Many thanks
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Self Assessment Help Please - re. pension
Hope someone can advise. I have to complete a self assessment for the first time ever as I'm getting my workplace pension on ill health grounds now. I was made redundant on health grounds in 2009. I didn't realise I could apply to have my pension back then, and only applied for it in 2023. My former employer agreed that I…
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CGT allowance
Hi all can anyone advise on CGT allowance on 100% rewire of a property plus a new bath room
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Gifts with two donors to one donee - 7 year rule
If a cash gift is given jointly by 2 grandparents i.e. more than one donor, how is the 7 year rule interpreted? Does 7 years apply to the first to die or the second to die? Haven't found the answer so far so posting here. Thanks for the help.
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HMRC notification of tax code change
I understood the starting rate for savings (plus a ESA allowance) was £18,570. (see starting rate for savings on this site) ESA c £7,254. Only other income was savings interest of c £3,500. Total income for my partner being £10,754. HMRC have notified her that 24/25 tax code will be 907 How wrong can they be? Even their…
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High Income Child Benefit Charge
Hi all, Hope you can help, I have just done my return as was paid over £50k last year- £55,500 We have 3 children and was paid £2910 in Child Benefit My return has come back as me owing £2106. Does this seem right? I haven't had to do it before so just wanted to check, I knew we would have to pay some back but thought it…
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Capital Gains Tax evidence for HMRC
I have recently sold a property that was owned jointly by me and my late husband (it was intended as our retirement home but that was not to be). As we never actually lived in the property there is a CGT liability. The Accountant wants the Settlement Statement from date of purchase in 1999, but I just cannot find it! The…
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Available savings allowance
Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ? Thanks.
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Understanding tax code re: pension
I have recently started receiving my state pension and have received new tax code of 898L. My other income is from a teacher's pension of about £8000. These are my only incomes. I don't understand why this code is 898L. I thought everyone could earn £12570 before tax so the code should be 1257L.
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Foster carer self assessment
Hi, I wonder if someone could advise. I am a foster carer and normally a friend does my SA for me but sadly passed away suddenly. I am not sure how to work out the Qualifying Care Relief amount. I foster a child long term and lets say the qualifying amount on my annual tax statement was 50K, how do I apply the calculation?…
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Savings within Personal Savings Allowance not actually as free
the MoneySavingsExpert website states “Basic-rate (20%) taxpayers: can earn £1,000 in savings interest per
year with no tax; Higher-rate (40%) taxpayers: can earn £500 in savings
interest per year with no tax”. And indeed this is the information on the HMRC
website and on every other guidance website. But I’ve discovered…
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Too late for SIPP?
Hi, 'Er indoors is looking to do some tax avoidance by putting money into a SIPP. The plan is reduce her taxable income down to the 20% band (in current tax year). However, I was reading that we may have missed the deadline for self assessment which was 5th October 2024. First time doing this, so unsure if we have missed…
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Wife always has a tax bill every January... can anyone explain why?
Evening all, It's that fun time of the year again when me and the Mrs sit down to do our tax returns. We used to have a rental property (which we sold in 2019) and so had to do a tax form. Despite selling the property we are still asked to submit a tax form. Ever since we started filling them in many moons ago, my wife has…
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Gift aid and Tax on interest
Hopefully someone can help clarify a question that I've had for a long time! If a person's earned income falls within their personal allowance and is not subject to income tax, but they receive significant interest from savings and pay tax on that interest, is this still considered income tax? And in this scenario, is the…
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Please can someone help me work my tax out
Hi all, I am due to change jobs and go to working two jobs, and i am confused as to whether I will pay tax on my second job. Please can someone help? My tax code is 1265L. My new jobs and salaries are below. Main job - 18 hours per week - hourly rate = £13.57 Second job - 12 hours per week - hourly rate = £11.44 but will…
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UK tax code
I am trying to work out what my tax code would be in the future. Can I ask please are my pension contributions on salary sacrifice deduct from my personal allowance. I am paying £300 (pension contribution) every 4 weeks from my salary.
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Scathing Public Accounts Committee report about HMRC
It won't be news to many on here but the report published today is grim reading: https://committees.parliament.uk/publications/46301/documents/233200/default/
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tax
Hi! My SAE assessment says I owe £..., but their previous letter says I'm in credit! Can anyone please explain?
