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Capital Gains Tax After Voluntary Repossession
Hello! I need advice on the following situation: My ex-husband and I bought a house together in 2012. We lived together there for one year and after that we separated, I moved out, and he continued to live there with his new partner. My name remained on the mortgage and title deed. Now in 2022 the house was voluntary…
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Working from home and income tax
Hi. My girlfriend works from home as an out of hours social worker/approved mental health professional. Her home is essentially her office. On occasions she has to work at the office in her local authority council building. She has to work from home on the out of hours as the office is closed from 5pm weekdays and all…
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HMRC Annual Tax Summary Past Four Years?
Hi folks! Anyone know if there is a way to get a hold of HMRC Annual Tax Summaries past the four year cut-off? HMRC online provides them back to 2019-2020 but I need to go back another two years. I've checked the Gov.UK forum and can't find any answers there except a blanket statement that they can't provide past four…
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Inheritance Tax / putting part of home in children’s names.
Hello, now house prices have gone up considerably where I live I’m now in the IT bracket. A few yrs ago it would have been unthinkable I would be over the limit.I have 2 sons (both in their 30’s) living at home with me. Is putting part of my home in their names as well as mine a good idea? Or is gifting part of it better…
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tax code changed due to untaxted interest on savings and investiments
My tax code has been dropped by a small amount approx £100 due to untaxed interest on savings and investments. In the last tax year I put a a large portion of my wages into my pension by salary sacrifice so as to bring my taxable pay down to the personal allowance of £12570 ensuring I paid myself above the living wage rate…
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married mans tax code and passing some allowance to wife/OH
Hi My tax code is now 105N from 625N We have other income other than pensions My wife was getting the allowable tax allowance transfer from me. But I want this back and did complete it as such on the self-assessment form. This will apply for 24/25 I understand FYI: my company pension has now started taxing me at source and…
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House as location for filming TV show
Hi all. Sorry if there’s a thread for this. I can’t find anything recent. I posted in Boost Your Income and the only clear advice I got there was to try this forum. We’ve got an offer of a reasonable amount of money to use our house (16k, this isn’t a thread on whether we should do it or not, as we’re now in the middle of…
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Exploring Self Employment & Tax queries
Hi everyone. I am exploring the possibility of leaving my job where I am PAYE as a standard employee. I am on a reasonably good salary (£68k) with 10% company pension contributions, a company car worth about £400 a month, contributory healthcare, a mobile & laptop. I contribute about 20% of my gross salary as personal…
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PAYE Tax Calculation Incorrect
Hi Not sure if this is the right board to post on so apologies if not! I process the payroll at my work and have never had any issues with this. I'm the only employee on PAYE so a fairly simple process. I've just printed off my P60 for the year and instantly saw that the tax paid seems incorrect - underpaid by around £200.…
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How much am I actually saving?
Hi all, Trying to put my "clever financial planner" hat on but need a few brains to help me think through this. 😂 The question is about making rental income stretch as far as possible. I have a rental property which generates, for example let's say £1,000 a month. I receive the full gross (pretax) 1,000 each month from my…
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National Insurance Number error
I'm just catching up with the financial affairs of an elderly relative, now that I have power of attorney over her. One of her private pensions shows a slightly wrong NI number. The final letter differs from that used on all other pensions including her DSS Retirement Pension. I will write to that pension company to try to…
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Scottish tax rate no longer calculated
Hi, As of recent update to the income tax calculator at MSE, the checkbox for Scottish residents no longer works for the income tax calculations. The net pay is the same regardless on whether the "I live in Scotland" box is ticked or not. It looks more like a MSE website bug rather than an issue with GoSimpleTax data…
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IHT calc please
Hi, still can't get my head around this. Have done various on-line calcs. Your help please Single 72 £450k house. No mortgage £200k cash investments. No ISAs £30k gifted to each of 3 sons 3.5yrs ago. No other gifts made, ever Ignore car/contents, etc Entire estate to be left to 3 sons, 1/3rd each IHT liability = £? TIA
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CGT on sale of late mother's shares. Better to sell through the estate or me personally?
I am the executor of my late Mum's estate. She had a small number of shares which I have left till the end of the admin process to do anything with. I now want to sell them. They are worth a couple of hundred pounds. My question really is can I sell them through the estate and benefit from any CGT allowance therein OR is…
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P87 Tax rebate on tools - advice and which section of the form to use and have 2 questions
1st question: Been working part time as a maintenance engineer at a leisure centre for 2 years and I'm paid the UK minimum wage. I have to buy my own tools. I want to claim back the tax on the tools purchased. Which section of the p87 form do i use? 2nd question: I bought tools when I started but I wasn't paying tax as I…
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Inheritance Tax Residential Nil Rate Band Spousal entitlement
My husband is not named on our property's title deeds/land registry. Does this mean that his Residential Nil Rate Band for Inheritance Tax can still be applied to our total estate should he die first, as well as his generic Nil Rate Band? Thank you.
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Council Tax Court Summons
Hi All I feel that my council is using a stacked system to rinse me again. They have sent me a Summons out of nowhere adding a hundred pound fee. The thing is they gave no warning that I was in arrears or that they were preparing for this action. My instinct tells me that they have to have prepared the grounds to be able…
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Reducing child benefit charges
Hello everyone, Due to recent changes to the Child benefit threshold, I am now considering applying for it. The threshold is now 60k instead of the previous 50k. My salary is 65k on a permanent job,and I will have to pay approximately £332 in charges for being above 60k. I know there are ways to reduce these charges by…
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Self assessment with Power of Attorney
I am attorney for my sister in law, who is in a nursing home. She started renting her house last October, so now needs to do a Self Assessment for 2023/24 tax year, HMRC have received the POA code to register it. I have tried to do the SA via the online portal, but I do not know if she has a Government Gateway account, and…
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Income tax and savings query
Where the gov website says: "You’re not eligible for the starting rate for savings (i.e. £5,000) if your other income is £17,570 or more" With regards to my salary, what figure am I looking at for income in this context (or any in fact, to do with income tax and allowances); is it gross or net pay? Thanks
