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Please help - this is all so taxing for me
My tax code has been changed from standard 1257L to 1112L due to untaxed income of £1447 on the tax code notice. I have now phoned HMRC 3 times now (on hold 1 hour each time) but am no clearer and found all 3 advisors hopeless quite frankly. These are my figures, all pretty straightforward: Actual untaxed interest 23-24…
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Private Residence Relief and CGT
I have jointly owned a house with my brother since 1998 and lived in it with him until 2021 when I moved out to rented property. I have been intending to give him my share of the house but have been put off by the tax implications as the house value has risen by roughly £100000 and I was expecting I would have to pay CGT…
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Income calculation/ child benefit net adjusted income / tax band
Can I check my calculations with you as below and ask a couple of things re terminology around income please . I am self employed sole trader. Business income (invoices- expenses) = £90000 bank interest £900 (do I get £500 tax allowance so £400 taxable? No other income =Complete gross £90400? Sipp I paid in £30000. Now has…
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Print on Demand income
I have to do SA for the first time (as interest on my savings is over £10,000). I am employed full-time and I also get a very small amount of income from my designs on Print on Demand websites. I haven't worked out the final totals yet but it's probably only about £100 per year. These websites are USA based. One pays me in…
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Advice on steps to be tax efficient with a side hustle that went over 1k trading allowence
Hi, im in the 40% tax bracket with my normal job and made 10k on a one off favour for a friends company. Im wondering what my options are in how to use this 10k effectively. I read i have to do a self assessment i can put into a sipp to reduce tax on this 10k to 0? If so how do i go about doing this. I have a sipp with…
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SSAS Pension contributions: filling in SA form for tax relief?
Hello, I need some help on filling in my self-assessment tax form regarding pension tax relief. Some background: I'm in full time employment and I'm a 40% tax payer. My employer has a work place pension that I pay into and get 20% tax relief automatically. I fill in a SA form each year to claim back the additional 20% tax…
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Trustee Investment/Inheritance tax
We have just discovered an Investment that was supposed to be set up as a trust 3 and a half years ago was incorrectly set up in the sole names of the joint Investment holders. The investment company have said they have no paperwork to say it should have been a trust. It was set up to remove the funds from inheritance tax…
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Planning to minimise IHT involving nursing home fees
My wife has an aunt living in a nursing home paying c£8k per month. The aunt has enough cash to continue paying her costs for only another 6 months. The aunt's pensions amount to approx. £1200 per month. The aunt's only other asset is a house worth approx. £500k; the house is occupied by my wife's sister (75yo) and husband…
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Income Tax Calculator widly differ for Pension and Tax values compared to actual payslip - why?
I have provided the MSE Income Tax calculator with my salary, pension contribution % and tax code. However, comparing the calculator results to the wage slip some of the values are widly different:* Pension is approx £500 higher than the wage slip * Pension HMRC is approx £400 higher than the wage slip * Tax paid is approx…
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Pension lump sum contribution tax relief query/guidance
Hi all. I'm hoping this is the most appropriate section of MSE forums. I’m looking for some guidance or assistance on a
query I have which relates to the tax relief I'm due on a lump sum pension
contribution I made as a Higher Rate taxpayer. I made a lump sum contribution of £4,200 in February 2024 to
buy Added Pension as…
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HMRC, Failure to Carry Out Their Primary Function and Blame Game
Afternoon. I am reaching out to the forum as I don't really have anywhere else to turn on this matter, and it is of significant importance to my well-being and financial position. In November 2022, I discovered that HMRC had received over ten years of P11D information from my employer that was not input into their system…
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Unused Property Finance Costs
Hi, I know this has been addressed but I can't see how the answers relate to me. I have one buy-to-let that made a small profit in 23-24 and my only other taxed income was a pension and interest that together with the BTL profit equal (more or less) the tax free allowance. Because I have not had to use the mortgage…
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Self assessment - have I made an error?
Dear all First SA for me due to making additional contributions to a SIPP to try to avoid HICBC. The tax relief calculator on pension bee suggests for a £3,032 gross pension contribution, I can claim back £606 via SA. The actual SA calculation is showing £468.40 Taxable income for year: £52,630 Bank interest: £472 Gross…
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Self Assessment Newbie unexpected 22-23 request
I have never done SA before but, as my savings interest will now exceed £10,000, I contacted HMRC to register for SA. They have sent me a letter last week requesting I complete the SA for 23/24. I have kept records so feel quite confident about this (!) However, today I received another letter requesting me to complete SA…
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Capital Gains Tax on Property
Hi, I hope someone can answer this tax question. I’ve owned a house for 30 years. For 24 years I lived in it, then for the last 6 it’s been wholly used as an Airbnb, and I had a second home. I’ve now sold the original home. Do I pay capital gains tax a) On the difference between the price I paid and the price I sold it…
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No Chargeable Event Gains Certificate from German Insurance Company
I was married
and lived in Germany where I held 3 life insurance policies. Upon divorce, I
returned to the UK where I am resident and pay tax. As part of my
divorce settlement, I had to transfer a portion of the policies to my
ex-husband. This happened during the same year that the divorce was finalised
(2017). In the…
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Self Assessment and Charitable Donations
Hi, I am filing a Self Assessment for the first time (2023 24) and am in the higher tax bracket for that year although in previous years I was a basic rate tax payer. My question is whether I can carry forward tax relief from charitable donations made in previous tax years (prior to 23/24) to offset against my higher rate…
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Deleting Self Assessment to start again
My address changed after I started my self assessment. My HMRC profile shows my new address but this is not automatically applied to my SA. I can choose to correct it with the effective date but I would prefer to have it correct in the first instance as it has been in previous years. I see an option to Delete the SA. If I…
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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…
