Cutting tax

My husband and I were in a partnership up until December 22, when we had to close the business because he had been seriously ill. I successfully claimed backdated Marriage Allowance for 23-24, and this financial year his allowance has been changed to reflect that he receives it. I also claimed for 22-23, but have had no…

Because I left my job before the end of the financial year I overpaid tax via PAYE for the year ending April 2024. When I log into my HMRC record I get the message "You tax record for 23-24 is still being calculated and you do not need to do anything" I am owed over £1000 and can not do anything to get it. When they do…

Ignoring my personal allowance for a minute, salary £10K, State pension £11K, Dividend income £30K, ( so currently at the 8.75% rate) then a substantial cgt derived from a BADR gain. How does HMRC treat the capital gain. Whilst the BADR rate should be 10%, will the capital gain take my taxable income over the 50270 limit…

I am 63 years old and I have paid 46 years of National Insurance Contributions through both employment and self employment. Do I need to continue paying my self employed contributions and can I claim back any overpayment. As I understand that I am fully paid up at 35 years and if I claimed any back would it affect my…

Hello, We are trying to navigate the most tax efficient method to get an electric car through the business. As it stands we pay ourselves up to the personal allowance monthly to ensure there is no tax via PAYE. The rest of our income is via dividend to the maximum before it incurs higher rate tax. As opposed to taking…

Hi, I've been trying to find an answer to this question for a while and always get conflicting answers. I receive royalty copyright payments from a US based company each month. This company has ownership of the licensed IP and I receive a share of the royalties as agreed in the revenue share agreement. What I would like to…

Hello I'm hoping someone can help with CGT queries. We've not had to do it before but thought the HMRC site would be easier to follow. Here goes... My wife bought her flat in 2002, moved out in 2010 and started renting it out, I went on the deeds in 2021 and we sold it in December 2024. Her CGT and PRR are pretty…

Hello all! I hope you are having a wonderful Sunday. I have a question I hope you can help me with for this tax year, as never had to declare CG before. I have some questions about capital gains from selling/buying shares and options. As the allowance for 24/25 is £3000, I wonder how do they get taxed in conjunction with…

M 39 with home-schooled daughter and stay at home wife. Private renting @ 70% market rate £40k savings @ 4% with easy access I see myself landing in a very fortunate but strange position in a couple of months where I will finish the year with a total taxable income of around £135k made up of salary/bonus/healthcare/car.…

I submitted my 22/23 self assessment on line. I am a sole trader and only claimed £1000 trading allowance and had a horrendous tax bill to pay by January 24 which included POA , the second of which is due this July. I now realise I could have claimed many expenses against tax which would have reduced my bill considerably.…

Hello everyone. Any help would be greatly appreciated. I am in the Army and have been for the 22 years. I have never had anything to do with my PAYE tax as a government employee and have never completed self assessment (until recently) and have never been told that I needed to. I get the odd email from HMRC informing that…

My wife and I inherited a property which we have renovated and moved into. This has left us with what was our main home to sell. We are selling this to our daughter and fiancé once they have completed renovations they wish to carry out. Once completed they will purchase and sell their current house. my question is as the…

Hi, My 2023-24 self assessment was missed marriage allowance included tax payment and I want to claim a tax refund. However, I could not find a way to apply a tax refund. I tried click "Request a repayment" at my online account and the system have just show "Your Self Assessment records show you have no amounts available…

I’ve been trying to keep my income below £100k to prevent the tapering of the personal allowance and the disproportionate tax issue this creates, but I think I’ve made a mistake. I pay for Private Medical Insurance as a taxable benefit. From looking at my P800, it appears this benefit is added to my income, so I thought I…

If a Scottish taxpayer has: Gross Salary of £43k Savings Interest of £1.2k Dividends of £600 Capital Gains of £25k (realised in Jan 25) Then is it correct that 1) They still have the full £1k Personal Savings Allowance so £200 of savings interest is taxed at 20% 2) The dividend nil rate band is £500 so £100 of dividends is…

I recognise this is a frequently asked question but I have confused myself with responses to other users. This tax year I will be over £100k as a result of bonuses and savings interest - my estimate is it will be about £110k taking into account what has been salary sacrificed into my pension already. I have a 3 day window…

Good day all. I need some advice please. Im due to receive a salary increase of £1 per hour. Thats £45 per week. My annual salary at the moment is £30934 but with raise it will be £33274. My pension contribution is 5% How can i work out what my best option is... To actually receive more pay per month. Do i increase my…

Hello. I have a lump sum of £50000 available. I was considering reducing my monthly income to £1000 a month by making £1550 AVC contributions till the 50k was used up. Would this be possible? And be a good idea to recieve effectively tax free income? Thanks

A request from the timeshare company about UK digital regulatory reporting requirements alerted me about the possibility of tax liability for timeshare rental. Occasionally, when we can't use our timeshare, we put it up for rent. It seems that this income might need to be declared on my tax return. Recently, when we had a…

I'm wondering why my Self Assessment tax calculation for ongoing tax has no July 31st payment listed for 2025. The only difference is that my business has had to transition its basis date/Acccounting period to match the tax year in the latest tax form to be submitted for 2023-2024 on January 31st 2025. Has anybody else had…