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IHT Reference and UTR questions
We have a small Discretionary Trust that is due to hit its next 10-year anniversary in a few months, and we are planning to end it as soon as we can (maybe before the anniversary, maybe after - there are some external dependencies). The value of the trust assets has grown to the point where a small amount of IHT will be…
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EV salary sacrifice
I'm after a EV to replace my current car and my employer has a salary sacrifice scheme so I'm looking at which is best to do, a straight PCP or go via the salary sacrifice. The thing that is confusing me at the moment is my tax status. I'm not a 40% tax payer as far as my salary is concerned, BUT I have a rental property…
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Nearing Retirement .TAX Question
I am a couple of years from retiring from full time work. Currently receiving my State pension on top of salary. Have about 40k in a company defined pension. They pay 6% I contribute another 12%. Should i consider only matching the 6% and putting the additional 6% into ISA? Also best way to reduce TAX burden at retirement.…
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CGT on shared ownership
Hi I am selling my property which I bought back in 2009 with the help of an equity loan. The split was 55% mortgage and 45% equity loan. My question is when I sell do I have to pay CGT on the full 100% or just the share I had?? I lived away from the property for 7 of the 18 years
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Inheritance tax related
we own our own home, thankfully now mortgage free. We also own a 2nd property which my mother in law has right of residency to until she passes on - That is Not a problem. That property also has no mortgage. What we are wondering is can we add our two adult sons as joint owners of the 2nd property now along with ourselves?…
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Council Tax Empty Property Exemptions
Some guidance please as we are in dispute with our council in relation to the empty property exemption rules. Our Council are stating that the property was empty from 28 Feb 2023 and that a premium charge therefore applies. Their time line is set out below: 28 Feb 2023 – 15 October 2023 Class F Exemption (death and…
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Gift Letter
If a parent gave a large sum of money eg £100,000 to their child as a gift more than 7 years ago, can HMRC argue this is a loan as there was no formal gift letter made ?
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Using software to do tax return from abroad - ABRATAX
I am a non uk resident and sold my UK house in July 2023, and paid the Capital Gains at the time. Was less than if I had been living in UK, I am doing a tax return using ABRATAX for the first time, as a non UK resident. But filling in the SA108, its asking for details about the house sale and gain etc. I put in what I put…
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Declaring student loan repayments - Self-Assessment
I did my degree 1995-1998, and had never made repayments to my student loan as was aways under the threshold for repayment. It was due to be written off in 2020, but due to me forgetting to return my notice of deferment in 2019, I defaulted, lost the chance to have it written off and it was passed to Link Financial, who…
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Situation around higher rate tax threshold
I am interested in the details of what happens around the higher rate tax threshold. Consider a hypothetical taxpayer in England with no complications (such as marriage allowance transfer), with a gross income from state and DB pensions of £47,000 and interest from banks/building societies (excluding ISAs) of £3,000. If I…
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Capital Allowances on an electric vehicle bought for business use
I'm hoping for some clarification please. I'm doing the accounting for my father's self-employed consulting business and he bought an electric car for the business which he uses 95% for business purposes. I am using actual costs and capital allowances but just wanted to confirm if my thinking is right. The vehicle was…
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HMRC complaints process advice
Hello all, After a bit of advice - I logged an online complaint with HMRC 22nd April, heard nothing apart from an automated response start May, "your complaint has been forwarded to the relevant department" (or something like that). I then give it until yesterday (1st July) and phone them asking initially about the subject…
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propertytaxrefundcentre
I've been contacted by propertytaxrefundcentre and they believe they can get me tax credits on my debt owed to HMRC. They want some money paid up front. The money upfront is a red flag for me as it was meant to be a no win, no fee setup. They are registered on companies house. Wondering if i should proceed or if anyone…
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Should my mum pay £6k for IHT (non) advice?
My mum has substantial assets of over £2.5m, split into roughly 50% own home, 35% business assets (shop and BTL Ltd co properties) and 15% savings/ISAs. She is married to my dad and has 3 children and 5 grandchildren. She is 70 and in good health but is very keen to plan to mitigate against IHT. She has had an initial…
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Salary Sacrifice Lease Car Adjusted Net Income
Hi All, hoping someone might be able to clear up a query. My employer have started to offer salary sacrifice electric car leasing scheme. Our first child is approaching nursery age and as such I am keen to plan my earnings to make the most of any support available. Total gross salary £130000, at the moment I am sacrificing…
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Advice please... on previous council tax exemption
Hello Im new on here and I hope someone can give me some advice. After my husband checked his bank statement, our council tax bill has risen from £67 a month to a whooping £280 a month. This is for a property we own but do not live in 7 days/week. I think its classed as a '2nd home' and thats why the premium has increase.…
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Tax on savings after property ssle advice
I retired early on a work pension of under £9k Pa. I have now sold my holiday home as cannot afford double council tax on it. When calculating capital gains I notice my 'profit' gets counted as income for this year. Does this mean I will not be entitled to the £5k savings starter tax free on interest this year? does it…
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Tax help!
I currently rent out 1 property which has been rented out for 3 years, plan was to sell but now we’re just going to move back in. I currently pay the landlord tax through HMRC online self assessment. The Tennant is moving out this weekend, what form do I fill out to inform HMRC of this? Do I have to wait until I fill out…
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Where to declare gilt interest/coupons on self-assessment
Can someone please point me to where to show gilt interest/coupon income on the online self assessment form? Maybe it's staring me in the face but I cannot find it. Thanks.
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Pressing 'save' on self assessment online form - can I edit later?
I'm doing my first ever self-assessment form, which I've completed but I'm not feeling confident to submit it yet. If I press the save button, will I be able to edit it later if I find I've made any mistakes? Quick answers will be much appreciated! I'm finding this whole thing scary!
