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Reducing Inheritance tax by gifting money early
My dad has floated the idea of gifting me a large sum of cash now, rather than when he kicks the bucket. The reason behind it is to reduce the amount of his estate that will be liable for IHT (as he'll be over the threshold as it stands). He doesn't need the capital, although he does need the interest that it generates, so…
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Living in UK, uk tax resident - working and being taxed in Republic of Ireland
Hi guys, I live in the Uk and work during the week in Ireland, I travel to Ireland daily though Northern Ireland (UK). I am being taxed at source in Ireland, at 40%. I have been reading about obtaining a certificate of residence from HMRC, would this enable me to be paid net in Ireland and pay all my tax in the UK via self…
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Income >100k due to one time bonus payment - Free childcare hours
Hi everyone I want to apply to free 15 hours childcare. However, my salary in tax year 2023-24 was higher than 100k due to one time joining bonus paid last year. This year I expect my salary to remain below 100k (after payment into private pension, gift aid etc). Can I still apply for free hours and If yes, what…
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Gifting money regularly to my partner
Hi All I have done plenty of searching inside this forum and on the internet, and I believe I've got it right. I'd just like to get opinions from people to make sure they agree with me. (I also couldn't figure out which was the best forum to post in so apologies if I've got the wrong one!) Problem Statement * I would like…
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Underpaid tax on Benefit in kind - big bill!
Hi, The company that deals with my PAYE (I am directly employed by a disabled individual who employs them in a Case Management capacity) failed to tell me that very limited use of my employers car counted as a Benefit in Kind. They told me, and another employee, to use it to commute during the pandemic, to protect our…
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PRIVATE PENSION CONTRIBUTIONS
Not sure if this is the right place to put it. My husband is in the higher tax bracket and works full time. We have joint rental property income, my half is taxable at lower rate and his the higher. I have a private pension but have not paid into it for sometime. I want to restart payments. We want to use a percentage of…
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Capital Gains Tax
I am currently dealing with the estate of a deceased relative where there is to be the sale of a property which will sell for 15k over value at time of death. Can anyone tell me how much personal allowance we can use as their are 2 executors dealing with the estate and the estate is to be divided between 5 people.
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Tax on job and pension payments
Hi, this is a bit complicated so not sure if anyone can help but I'm so confused. On 11/11/2023 I started receiving NHS pension payments of approx. £1093 (13250 per year, recently went up about 2%). In my job I earn £57802 gross per year and out of this I pay 11.6% into the newer NHS pension and am taxed approximately £672…
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Is there a legal way in avoiding paying IHT on your property?
I've been reading the web, on and off for over a year re this subject, but I am still confused. As things stand, I was staggered to find out a property on our road sold for approx 1.1 million. We bought our home in the middle of a major financial crash, ie 2009 and go a lot of our money. We bought wisely, a really nice…
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Self Assessment - amount of underpaid tax?
This is the first time I have done SA (due to interest). My current tax code for 24/25 has been reduced to 962L as they previously collected my untaxed interest through PAYE. I am not sure about this: * Underpaid tax included in PAYE coding (Page 1 of 2) * Amount of estimated underpaid tax for 6 April 2023 to 5 April 2024…
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Sales Vat and Import Vat
I'd value your thoughts about the following situation: I wanted to buy an item from Italy listed at £116 (GBP) but alas the shipping is £19.50 bringing the total to £135.50. I asked the company if they could perhaps charge me in euros, so that I could choose a day with a favourable exchange rate which would bring it in to…
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Overseas rental - tax options
Hi, I appreciate I am likely to require the advice of an accountant here but I was after advice from anyone with similar experience. I have a holiday let in Bali due to complete shortly which will be a short term rental. Standard tax there, without establishing an Indonesian based company, is 20%. I am a 40% tax payer and…
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ULEZ scrappage scheme - deduct award from total cost of new business vehicle in SA?
HI there, my husband was successful in his application for the ULEZ scrappage scheme and bought a ULEZ compliant van with the funds. How should this be reported in his Self Assessment? Can he claim for the full cost of the new van or does he need to deduct £5k from the total cost (£5k being the grant awarded)? And does he…
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Tax on gifted property, what happens when you sell
My brother-in-law was gifted a property by an uncle some years ago. He is considering selling. The value has gone up by about 80k. BiL still works. The uncle paid CGT when he gifted the property. Does my Bil pay any CGT as things stand? Thanks for helping.
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Will this tax go up?
I have 2 questions. Will cgt increase to 20% (basic) and 40%? I'm talking about property, but not your main residence. If I earn £30k, I pay the lower paye tax. But is it correct that if a gain on property is £80k, I would pay (roughly) £14k of the gain at the present 18% and the rest at 28%? Based in Scotland. Just…
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Capital Gains Tax Conundrum
Would appreciate guidance on the following Capital Gains Tax issue... In the 2024-25 tax year, I want to begin selling some shares I own and don't wish to pay CGT so I need to work out the number of shares I can sell whilst keeping below the £3k profit trigger for CGT. Trouble is, I don't know my "tax base cost allocation"…
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Forgot P11d in Self-Assessment
I did my self-assessment as I thought I had overpaid tax through PAYE and indeed the calculation came back with a tax refund. However, I just realised that I didn't get my P11d yet (deadline is 7th July) so the refund would actually be smaller as I got some taxable benefits. What should I do now? Do I need to edit my…
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Wrong tax code last year - what happens next?
A few months ago I realised that my tax code was slightly wrong for the 23-24 tax year (1253L). I sent HMRC a letter in April and a couple of months later the status said "completed" on my online tax account. About a week later I received an e-mail to say that my current tax code had changed but when I logged in my tax…
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IHT VALUATION OF AN ESTATE FOR JOINTLY OWNED PROPERTY
If parents and 2 children own the main home as joint tenants and one passes away what value is included to calculate the estate of the deceased or does the property just pass on to the remaining joint tenants without any IHT consequences. Thank you
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Is Capital Gains applicable?
Advice on employee shares and Capital Gains Tax please! I was previously employed by the UK subsidiary of a US company and, as part of my annual reviews, I was awarded a number of shares each year. The shares are in a scheme (possibly an ESPP?)that is managed by Morgan Stanley who have: * Withheld a proportion of shares…
