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Tax whilst working in the US/other
I'll shortly be working overseas on a rotational basis, for a US company who will be paying me in USD into a US bank account (that they are setting up). I will be looking to transfer most (if not all) of the money across to a UK bank account to pay bills etc whilst I am away and am concerned about tax implications. Will I…
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Capital gains tax, private residence relief on sale of rented property that has been main residence
I'm trying to work out my capital gains tax liability on the recent sale of my second property, the information I have found is contradictory, it's possible the rules changed in 2020? My question is, am I able to claim private residence relief, or some version of it on the sale of my second property which I've owned for 21…
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Personal Allowance/Adjustment to Rate Band Query
I retired on 31st July 2024 having essentially been in the same job for the whole of my career. In retirement I will however receive pension from two sources as a result of a company merger that took place a few years ago. On retirement as well as tax free lump sums I took a one off taxable lump sum of £15,145.04. I…
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New EV through LTD co in practice?
Hoping for a bit of advice/guidance specifically around the practicalities of buying a new EV through a LTD company. I’ve read around this but can’t see an actual worked example. NHS doctor with private practice. I am contemplating setting up a LTD company for private work mainly to try to reduce pension AA charges. I do…
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Reducing tax via pension when pay rise plus rental income results in higher rate tax
I am currently pay basic rate tax on my income which comes from work as an employee plus income from a rental property. I pay into a work salary sacrifice pension scheme. My salary will be increasing and so that I am just under the 40% tax band however the rental income with push me into 40%. I am not sure if I will go…
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Static caravan income
Dear Forum Just before lockdown I purchased a static caravan. To help with the site fees c£4,400 pa I let it out for short periods through Air BnB. I also use the caravan myself during the year. As the income I have received falls well short of the running costs, site fees, maintenance and repairs, utility costs, cleaning…
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Non-resident (12 years). CGT on mutual funds with uk broker?
Hi all. I'm hoping for a quick but of help. I have lived abroad for 7 years and am non-resident for UK tax. I have some mutual funds with a UK broker. As far as I’m aware, a non-resident would not pay tax (in the UK) on these if sold: HMRC says… You do not pay Capital Gains Tax on other UK assets, for example shares in UK…
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cgt on trading 212 free shares
If i receive a free fractional share from Trading 212, then sell it.......is the total amount received classed as capital gain?
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Inheritance Tax on Classic Cars
Hello, I was wondering about the most efficient way to pass on a classic car. Anything to do with the seven year rule won't work at this stage. Would selling the car to a family member work? Thanks in advance.
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Student Loan Repayment & Pension income
Hi, I have query about private pension income being considered as "Income" for calculating student loan payments? I understood, it was NOT because under regulations 41 and 45(1) of the Education (Student Support)(Repayment) Regulations 2009 (as amended), student loan deductions are taken from any income subject to…
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Adjusted Net income
Apologies as this has been done to death I’m sure but here I am…another confused person trying to figure out if eligible for the free childcare hours so needing adjusted net income to be under £100k For FY22/23 my details were as follows: Taxable income before personal allowance : £99,585 this is my only income Gift aid: I…
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CGT if no profit made after exchanging share of property ownership?
I was wondering roughly how much tax would be liable for the following scenario.House A owned equally by person 1 and person 2 after they inherited it with person 1 living in it. House B again owned equally by person 1 and person 2 after they bought it for £35K in 1998 and with person 2 living in it. Both houses are worth…
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Share investment plan
Hi I am employed and also registered a sole trader I have taken out some SIP shares which have been taxed through my PAYE would i still have to declare the amount taken on my self assessment or not as it has already been taxed and included in my p60
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Discretionary trust queries
I know trusts are difficult and there are potential taxes to pay but what if..... a property is gifted to a child within trust and is valued less than £325k at £210k? Am I correct in thinking that there will be no IHT to pay at the trust set up, nor after 10 years, as it's valued less than 325k? Would there be cgt to pay…
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Working out CGT payable on disposal of house
Please could anyone tell me whether the cost of an EPC is an allowable deduction in calculating the gain/loss from a disposal of a residential property? Would it be allowable as it is an incidental selling cost as you can't sell a property without obtaining an EPC? Also, how do you determine the CGT rate that applies? If…
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Tax implications of recieving estate income
Hi, I'm looking for help in understanding how savings interest might be taxed if I also receive a one-off payment of estate income from my late mother's estate. I understand that if I were to earn up to £12,570 I would have the full SRFS and PSA available. However, if I were to receive say £20k estate income which the…
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Shares in Nominee Account - How can HMRC Calculate CGT Due?
I have shares acquired via an employee Sharesave scheme that are held in a nominee account. The most tax-efficient option would of course be to have put them in a stocks and shares ISA but that option was not available at the time (please don't preach about what I should or should not have done :s ) I now wish to sell some…
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HMRC overpaid tax refund issue
Hello. I have been refunded into my bank account £3207 from my self assessment 23/24 (I’m freelance, paid PAYE normally but had 2 months working overseas last year hence the need to file a self assessment). I have now just received a cheque from HMRC for £3176 from my PAYE assessment. Does this sound like an error from…
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Is HMRC correct
Hi, Hoping someone can help as I've given up the phoning HMRC, I just wanted to talk to someone who knows what they're talking about. My husband has had a dredged letter today to say we owe HMRC £508 from the tax year 23/24. Bit of background I work part time earn under my personal allowance, so I signed up to marriage…
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Self employed and mileage
So need some help here when I submit my invoice later this weekend. I'm self employed and pay tax under the construction industry scheme so flat rate of 20% at source then submit a tax return. I've started getting work from a new company and they pay mileage at 20p a mile. Do I add this amount to my total on the invoice to…
