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Adjusted Net Income: Confused, Please help :)
Hi, I'm trying to work out my ANI and incredibly confused despite much internet searching... I have my salary of £80K plus car BIK of (lets say) £10K so £90K... but then: - I pay my pension contribution of £266.67 pcm before tax is deducted. This is matched by my employer but I do not see that on a payslip. - I pay a…
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SA100 pension and savings questions
I am a higher rate tax payer, I am in a private pension
scheme and I am filling out the 23 / 24
SA100 There are 2 areas that I am never to sure on, firstly I had a nationwide instant access savings account (Non Isa), under the interest paid section it gives the same figure say £1000 for both net and gross interest and tax…
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Tax on side earnings paid in vouchers?
I understand that side earnings eg income from market research/ surveys etc has a £1,000 trading allowance. I was of the understanding that any reward paid in (shopping) vouchers where there is no option to have a cash alternative, didn’t count towards the limit, as per…
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P60 calculation with Salary Sacrifice
As I understand the P60 total for a year is the basis of Taxable pay. So I should use Salary sacrifice and or bonus sacrifice to keep the values where I want them (under 100k in my case to avoid 60% tax trap) If my pension contributions annually are say 20k via SS and my employer also contributes is my taxable pay 80k or…
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Account name removed - will interest be reported to HMRC correctly
We removed my wife's name from a savings account with Aldermore in February of this year. The annual interest summary for the 22-23 tax year now shows all the interest for the year in my name. Should I assume this will be correctly apportioned when Aldermore reports interest earned to HMRC? If not, this will adversely…
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SA108 query
Regarding HMRC SA108 CGT form, which group would investment fund Guinness Global Equity Income Fund Y EUR ISIN IE00BVYPNY24 fall under. 1. Listed shares and securities2. Unlisted shares and securities3. Other property, assets and gains
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Tax Relief for Mileage
So every year I submit my total miles for the tax year, the amount my employer has already paid me (8p per mile as the car is electric). It is classed as a personal car although they pay me a Cash for Cars payment every month to cover the car. This year it is saying 'Total expenses claimed can’t be more than £2500.' ... it…
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HMRC mistake
Hello, newbie here. I’m just looking for some advice about what to do about an HMRC class 4 NI restriction that was not applied correctly by the HMRC on my last tax return (they have admitted this). I do my tax return through a company who deal with medical locums and the different range of jobs we tend to do. I work one…
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Received Letter Tax owed 2017
Hi, I have just received a letter from HMRC. Stating that I owe tax from 2017 So the meat and bones is "We've written to you before about your overdue self assessment tax,You still haven't paid what you owe" I have not had a letter in the past 7 years to tell me I owe tax. I remember submitting this late. My business was…
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VAT advice
Hello, I'm hoping someone out there can help me. I am a franchisee (sole trader) and am selling my business. As a matter of course, the franchisor lists any resale opportunities on their website, along with new franchises available. My franchise agreement prescribes that if a buyer comes via them, ie contacting them to…
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VAT on Legal Fees
Hi all, We're transferring the title on a small parcel of land. The solictor has provided a quote for the paperwork of £300, with the VAT being an additional £160. Is this correct? I've tried googling the VAT rates for such services but am hitting a wall. Any advice is appreciated
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How to find a tax advisor
Our son is due to start work in New York in October. He is aware that he will be due to pay tax here as he will have been in this country for 6 months of the current tax year, that he may be due to pay tax in the States and that there is a reciprocal arrangement re tax between the UK and the States. He will be there for at…
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Declaration of trust on rental property - what does it actually mean?
Hi all, Can someone please explain to me in simple terms how a declaration of trust on a rental property works? I was under the impression that if a declaration of trust was made for a rental property, the rental income could be divided how we like between the 2 parties (husband & wife) in order to avoid the higher rate…
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Offshore income and gains/losses
I had a thread a while back (see https://forums.moneysavingexpert.com/discussion/6395698/cgt-unreported-loss-from-2019-20-but-is-it-a-loss ) about helping a friend with her income tax and am happy to say that things have turned out well, again thanks to @Jeremy535897 for his help! So... my friend's offshore portfolio has…
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HMRC request for backdated Class 2 NICs
I had a letter this week from HMRC saying I owed £250 in class 2 NICs from 2008-10, so about 14-15 years ago. It’s a bona fide letter and I phoned them to enquire further, eventually they answered and the chap said they can go back 20 years. I thought it was 6 years at least in terms of records you are supposed to keep.…
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Balancing payment for self assessment
I am in my third year of being self employed. I earned less for 23-24 so have just had a rebate which has been deducted from my payment due in July. However, I have noticed HMRC have added a balancing payment to next January’s installment. I understood a balancing payment was due if you had earned more than expected and…
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Higher income child benefit charge: where do I put pension?
Hi there Due to my husband having a pay rise, we are in the position where we need to file a self assessment form to pay back child benefit this year as a one off. His p60 says his income was £58000 but that hasn’t taken into account his work pension where he has paid at least £5000. Where would we put the pension on his…
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Higher child benefit charge.
Hi guy. I am an employee who is having a nightmare with the tax office. In 2022 to 2023 I have to pay the higher child benefit charge. My calculations are. Wage 52958.00 minus pension contributions of 1695.00. Leaves 51263.00. The higher tax charge being 1% for every £100 over £50000 means I have to pay 12.63% of 2636.00…
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Calculating Capital Gains Tax
Hi, My Mum transferred ownership of her house in 1994 to my sister and myself in a Trust will. We inherited the property in December 2017 when my Mum passed away ; my sister then passed away in May 2022 and left her half of the property to her partner. He is now buying my half and, as this is classed as my second property,…
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Help me work out cb tax..
Hi all, I earned too much last year and have to pay the child benefit tax. I do not yet have my p60, but I have March's payslip detailing my total wages for the year. It asks for net income, I may be being dim, but I'm struggling with what to include. My pension comes out before tax. I have a small reduction in my tax on…
