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Unable to transfer Married Allowance on self assessment
Hi We have been trying to transfer the Married Allowance from my wife to my account but it isn't working. We completed the details on her online form and an error message came up. No reason was given and we assumed my name was different to the way they have it, so we tried different permutations. The error message then…
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Notice of tax coding - starting rate for savings
Just been speaking to HMRC regarding an error on my wifes notice of tax coding. The notice did not include the Starting Rate for Savings allowance of £5K against her savings / investment interest. She is entitled to it, has received it in previous years and there have been no major changes to her circumstances. After much…
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Declaring the sale of a business vehicle on tax return
I set up as a sole trader in 2018 and on filing my first year’s tax return, I claimed £12,170.00 capital allowance for the purchase of a business vehicle. My wife joined the business in 2022 and we registered a partnership and then both submitted separate SA tax returns for the tax year 2022-2023 as well as a partnership…
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Class 2 NIC self employed
I'm completing my self assessment for 23-24. I work as a sole trader part time. My total income for the year was £14320 and my expenses were £240 So my total taxable income is £14080 I always pay class 2 NIC contributions for my state pension. This time, it is saying my tax bill is around £440 (can’t remember exact amount…
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Will Savings interest affect which income tax band you;re in?
Say profit from self employment business was £48 000 in Apr 23-24 tax yr and savings interest was £3000 in same yr. Does that mean I would be in basic rate income tax band (because business income was below £50 270 threshold) or higher rate tax band because total of business plus savings interest came to £51 000 (hence…
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Claiming past year's losses on this year's return confusion
Apologies if this is the wrong sub-forum but I'm working on my 23-24 tax return. In the 22-23 tax year my self-employment business had a 2k loss and no income. I entered in the loss under 22. Net Loss but did not put anything under "35. Total loss to carry forward after all other set-offs - including unused losses brought…
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Countrywide Tax and Trust
This company from i can understand has told my friend if she signs her home over to a son or daughter with their plan, Her Son/ Daughter will not have to cover her care bills if she had to go into a Care Home or pay inheritance even if it happens before 7 years is out They want money to draft this out Is this a legal…
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HMRC Self Assessment - payment reminders
Does anyone know, after completing a self assessment on-line, whether HRMC send out hard copy payment reminders or statements by post?
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Child Benefit tax charge + pension contributions
hey everyone i am 40 something and earn 75k and have 2 kids, my partner is a low-ish earner. Only got this pay this tax year and now liable for tax charge which i will pay. Current set up yearly pay £75k pension contributions 7% = £5,250 - work contributions 14% £10,500 Take home £4191.89 Monthly child benefit £170.20 =…
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Stamp Duty - buying house with a partner who owns rentals
Hello, I have looked everywhere online and asked a few different solicitors who have provided different answers. Our situation is: I currently own a property which I am selling, my partner lives with me in this property but is not on the mortgage, however is on the bills (council tax etc) we are planning on purchasing a…
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Tax on foreign life insurance payout to beneficiary?
I was a beneficiary of a foreign life insurance policy held by a relative (resident abroad), who passed away. I received the payout of the policy as a lump sum, and I'm trying to understand if any UK tax would be due. I read the HMRC helpsheet at…
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Gifting surplus income
Hello. I understand any surplus income (once all bills & living expenses are paid each month) can be gifted. (Therefore could exceed the £3000 annual allowance) What I’d like to know, if this can be a regular gift ie each month, and to the same people, and is there a maximum amount? Also how do you prove this is surplus?…
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Reconciling Self Assessment tax calculation
I’ve just come to the end of filling in my first Self Assessment and would welcome clarification on a few points 1. There was £400 of dividend included in total income and this seems to have vanished from the final calculation. Is this because there is no tax to pay on dividends? I had assumed it would be taxed at 40% but…
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24/25 new code for untaxed savings interest.
I've been given a tax code to cover estimated savings interest tax, for Jan-Mar of K1721x, meaning an allowance of -17219 but I can't work out how that affects my monthly 'pay'. I get the personal allowance of 12570 on pensions and 1000 for savings, leaving say 10000 taxable, before the taxable savings.
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Self Assessment Help With Miscalculation
Hi All, Need some help completing a self assessment for a family member. Here goes: - In 2023/2024, total income was approx £60,000 (consisting of 3 different employers). During the transition from 1 employer to another, there was a misunderstanding with tax code and 1 payslip was paid without being taxed (tax due was…
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HMRC Claim too much tax through HMRC Assessment Errors
Check your annual tax charge! The error below were picked up when I completed my Self assessment Return for 2023/24. They could be included in tax charges claimed from people who do not complete Self Assessments, and therefore get by without being detected and challenged. A claim for underpayment of tax in 2022/23 suddenly…
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Maturing Endowment- tax??
Hi I took out a savings endowment policy in May 2000 for 25 years which matures in a few months. It was only £30 a month but will be a nice bonus when it comes through. Ive received a letter today just confirming the upcoming maturity. However it does say that any gains are taxable. Would this be income tax, tax on savings…
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Late payment interest on Self Assessment
Years ago I seem to have been issued with a late payment interest amount - only a few pounds at the time. I have never paid my SA late so not sure why I was ever issued that. I always opted to not pay on account too. Now the accrued amount of 'fine' or 'interest' is over £100. Could it be that the late paymemt came from…
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Capital Gains Tax on a house share sold in Probate
A house is held in two equal shares by husband & wife, i.e. Tenants in Common. The husband dies in 2019, when it is valued at £100k for probate purposes (IHT etc). The late husband's Will leaves his half share to his children from a previous marriage, but gives his surviving wife the right to remain living there until she…
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Self Assessment Late Fees
I have been calculating and paying my Self Assessment Tax Form every year in my Christmas holidays, so approx. last week in December. This has been going on for 10 years. I have never had any fines. This year I've gone to calculate and pay the 2023/2024 assessment and I have 2 late payment fines. I can't work out why as…
