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Self Assessment Tax Return required due to in year tax refund on flexibly accessed pension?
In 2024/25 I drew from my personal pension for the first time. Income tax was deducted so I made an income tax repayment claim during the tax year. Income tax was repaid in full as the taxable amount drawn was below my personal allowance. My only other income for 2024/25 was bank interest of about £250 and dividend income…
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Capital gains reporting on free shares
I got free Lloyds shares when my building society demualised many years ago. It was purchased back through a compulsory purchase and I got £400 for it. I need to declare this as capital gains as I have other capital gains to submit on my tax return (I have made more than 50k capital gains on other assets) so this will also…
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Putting a Property into a Trust when the Estate Value is Way Below IHT Threshold
I'd imagine this isn't a great idea but I have been advised to put my mother's property (where I've lived for many years, and intend to stay there long-term) into a Trust, using a Section 102(B) gift. The property is worth £400k and the total estate value is well below £600k so I cannot see the advantage of placing it in a…
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IHT and 2nd marriage
Is it possible to inherit IHT nil-rate bands from more than one spouse? Say my spouse and I have a home worth 500k and another 1m in cash and other assets. My NRB is £325k and RNRB is £175k. If my spouse dies leaves me everything I’ll double those to £650k and £350k respectively. If I remarry and he also dies leaving me…
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Tax on chargeable gain after death
Hello, wonder if anyone can help with this. my FIL died in March 24 and we completed all the IHT and probate which had no tax to pay but he did have a bond (the figure for this was included in the IHT total) for which we received a chargeable event certificate at the time, my wife sent this off to HRMC (a good while after)…
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Dropping one day a week
A complicated question, I want to drop to 4 days so taking tax and 40% tax how much would I actually lose. I earn £230 a day 60k a year if I drop 1 day taking all the tax into account eg dropping out of the 40% bracket my tax free bit is 1264L I am struggling to get an accurate figure can anyone help Thanks
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PAYE Tax Calculation 2024-2025 Very Late This Year
I'm owed a rebate of tax paid for the year 2024-2025 I work short term contracts for the same company and are paid via their payroll provider. My PAYE deductions are based on a full 12 months salary, but I only usually work 8/9 months a year, so by the end of the tax year I have usually overpaid by a few hundred pounds.…
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How to check if one is registered for Class 2 NICs?
I was about to send my Self Assesment for 24-25, but I was assaulted by a doubt at the last screen. It tells me my Class 2 NICs are treated as having paid (I've earned around 8000 profit), but it tells me; "If you've registered for Class 2 NICs, your contributions have been treated as paid" That makes me think I can't…
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Tax implications for dual citizenship
Hi There are several posts around tax implications for people with dual citizenship but each query seems to be unique to each person and so it's difficult to get a clear answer based on other peoples circumstances. For me, I'm a UK citizen and have only ever lived and worked in the UK (for over 60 years) - but I have…
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‘in consideration of marriage’ and IHT
I understand there is an additional £5000 IHT exemption for a parent to gift up to 3 months before a wedding. How is this evidenced to Inland Revenue? Is it enough for the funds to just be referenced as 'wedding gift' and given within the time period, or are their additional requirements?
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Self assessment and a lease car?
I am a sole trader with a small ebay business turning over maybe £750 - £1000 a month. I need a new car which would be for personal and business use and am looking at leasing a car for the first time. I only do around 1100 miles a year for business and have claimed the simple mileage allowance on my latest self assessment…
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Tax Code changed - expected to owe tax
As the title says my tax code has been changed part way through the tax year (25/6) and it says I am expected to owe a certain amount of tax as a result which will be collected after 6 April 2026 by adjusting the tax code for 26/7 (adjusting my tax free allowance for that year). I suspect they won't be able to do that as…
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Baffled when doing my Self-Assessment
This is my second time doing my Self Assessment online. Last year, I was just starting and I made 2706 GBP of profit after deducting expenses. Hence no tax was due to be paid. I am Self Employed. This year, it came out as 8429 GBP. After continuing, the system tells me that 179 GBP is due to be paid as tax for Class 2…
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Capital Gains Tax
Hi I originally bought a property at a 50% shared Ownership. Then a few years later I staircased and bought the other 50% . Therefore owning 100% When working out Capital Gains Tax, if I sell , do I look at the difference of the original 50% share value i originally bought at and today's Value or Do I look at the…
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CGT on UK Property & SA return
In May 2025 I sold my interest in a residential property (somewhere I never lived). I made a capital gain which I reported within 60 days of completion by filing a 'Capital Gains Tax on UK Property' return online and paying the CGT by debit card. I am aware that additionally I have to include the property disposal on the…
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tax codes
I had new tax codes in september for three small pensions, these are my only income @£10500 Next week I get my first state pension but i have paid £200 tax on one of my work pensions which now have the codes K ends X and the other two ends T I can see that they have calculated the I will have an additional £6000 in state…
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Strayed into higher rate band for income tax - inventive ways to get back to basic rate?
After a heck of a challenging year with my current employer, a conversation has occurred that has resulted in a welcome pay rise B) I'm happy with the outcome, they're happy I'm sticking around, everyone is winning. The snag for me is I've been deliberately running my income to stay in the basic rate band for income tax.…
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Self Assessment and CGT
I’m completing my 2024-25 tax return. I sold a buy to let property in November and made a CGT payment. Where do I record the payment on my tax return?
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just registered for self-assessment tax and logged in to find late return showing for 2023-24?
I've just registered for self-assessment tax for the first time as I made more than £1000 completing surveys on Prolific in the 2024-25 tax year. I've logged on to the HMRC website to complete my 24-25 tax return and in addition to the 24-25 year it is showing a return to be filled in for 2023-2024 which is marked as…
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Round up or down
Hopefully an easy one to answer - I recently submitted an estate return from which I calculated tax due at £13,266.60. I paid £13,266 thinking that I should round down. Looking at the account statement online, HMRC are saying tax due is £13,266.60. The tax is not actually due until the end of January next year. Question-…
