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Dividend classified as return of capital - how to report on Self Assessment
I've made a mistake on my Self Assessment by declaring a 'return of capital' payment as a dividend. (Despite the company website and general financial press both stating the payment type as "dividend", the broker has confirmed I've to treat it as a return of capital instead). I'm addition, I sold all the shares in the…
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Engineering an erratic salary to reduce NI bill?
I've been making some significant 'salary sacrifice' pension contributions to remain eligible for childcare schemes. Whilst asking my employer about how NI deductions are calculated they explained that these are calculated within each individual salary payment. Based on the typical NI Tiers (0%, 12%, 2%) it seems like this…
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Tax deductible medical expense conundrum!
Hi allI am a self-employed gardener with a badly damaged knee.The NHS are suggesting that I need a new knee but I'm still waiting to see a surgeon for the definitive answer. As a gardener, my knees are critical, especially with the amount of lawn mowing currently required.Being self-employed, I get no sick pay and I have…
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Leaving firm - share match (sip) shares - options
I work somewhere which does a share match scheme. And i am leaving in 2 months, A) i have some shares which are over 5 years old which i can sell the free shares and purchased tax free. B ) i have some shares between 3-5 years i can sell free and purchased shares WITH TAX. C) shares under 3 years i will have to sacrifice…
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My Employer has not passed on my PAYE to HMRC (nor my student loan repayments to Loan peopl).
Actually this has happened to my daughter. Her previous employer (for two years) has been pocketing her PAYE deductions (and her student loan repayments). She was definitely PAYE and she has all her payslips and P60s. However HMRC have now sent her a £5000 tax demand and are saying it is between her and her ex employer to…
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Self Employed - can I claim travel as expenses
I'm self employed supposed to a limited company. I work in healthcare and provide my services as a locum, i work in different places each week but some places I may work the same place more than once. Ie 2 days this week and 1 day end of the month. Can I claim travel expenses ie bus and tube costs for all of these? Thanks
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Sole Trader take home query
Can someone please help me. I’ve got myself in a mess trying to understand the principle of returns from self employment as a sole trader. I am trying to review it against my current situation an an employee on PAYE Im fundamentally looking to see what my annual ‘take home’ return is after tax etc. based on the following…
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IHT 403 - Gifts made out of regular income
I'm trying to reduce IHT by the "gifts out of regular income" route. Do I need all the income to go directly through my current account which deals with expenditure? Or can income remain outside e.g. in an ISA?
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Tax code change
For some reason this month my tax code has jumped from the standard 1257L to 1436L i’ve no idea why any clues ?
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Gross Income declaration and NI
When filling in my tax return, should I deduct NI contributions from the gross earnings mentioned on my P60?
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70 still working
I have 3 pensions from employment within the public sector plus my state pension and I have a 20hr per week job (because I choose to work). So my income is over £50k and I'm being bashed by tax. The job I have offers a pension scheme should I join it and can i use it to get below the £50? I saw something about salary…
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UK tax on earnings in USA
I’m looking at moving over to the USA for work purposes but wanting to understand any potential tax implications of my earnings coming back in to the UK - I’m looking to retain my house here in the UK so would need to pay mortgage etc. Is there a way to structure things such that I don’t get double taxed? Really don’t know…
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Who Sets Up a Trust
I am a carer for a disabled relative and looking to ensure he is financially looked after on my death. I have been advised the best way to do this is through a trust. Which professional would provide such a service. Solicitor, financial advisor, accountant? Not really sure how to go about this and would appreciate any…
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Declaring Interest on Self Assessment
I am about to complete my accounts to give to the accountant. I've had many, many savings accounts and have gone over the £1000 for interest. What happens if the exact figure is incorrect, will HMRC just change the return. I have phoned them, but they have no information (the banks/building societies have not sent them in)
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Self Employment Basis Period Reform
Hi hope someone can help. Went to enter my figures on my self employment pages of my tax return and found out about the Basis Period reform. My question is that I submit my figures from my usual set of accounts ending during the tax year in detail as asked but for the basis period part I can only see one box to declare…
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Tax deductions on investments
Hi there guys, Apologies if this has been done 1000 times, but i guess these sort of threads are always a little bespoke to the situation ;) This year i'll be looking to bed & isa a number of investment funds. Given the recent CGT regime of 'generosity' by the current government, i'm aware that the current allowance is…
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Roof Replacement and Windows & Linteks Replacement
Hi, I own a rental flat in a block of 10. The whole of the block is undergoing extensive works under a section 20. The cost of the works will be about £200K . The block management company is therefore charging every leaseholder £20K each,for replacing the roof, new lintels and new windows. Can I offset the above £20K…
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Estate Planning - lifetime interest
I have recently been diagnosed with a life limiting illness (mother of 2 children age 13 and 8 and very happily married). I have been advised by my solicitor to consider leaving my share of our home directly to my children with my husband having a life interest in the property (and it’s capital value); in case my husband…
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tax due on interest, sense check
Just looking for a check on my understanding of the tax to be paid on interest earned in the 23/24 tax year I'm a 20% tax payer, pensions amount to approx £20k. On top of this I've around £3200 in interest. My understanding is that £1000 will be taxed at 0% with the remaining £2200 taxed at my 20% rate, does this sound…
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Top Slicing Relief Problems
I have spent weeks trying to determine the annual tax due for 2023/2024. Because a bond was surrendered, I have been unable to determine the precise sequence of the calculations. I have seen many examples, including some on the MSE site, but none seem to reflect my situation. Details are as follows … Income - £6,395…
