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Very Badly written & misleading article by MSE
Shockingly poor article on MSE's Facebook page today. Headline states that the reduction in National Insurance contributions to 8% will mean an increase in tax paid (thus a number of commenter believe that means a reduction in take home pay). Feels politically motivated.
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Non residency status 90 days and 120 day rules
Hi there. A very specific question that I’m sure many working full time abroad have faced before, so looking for some guidance. I work full time in the Middle East and have followed the rule of <90 days in the UK for the past 3 years to maintain Non-residency status. Since I have now maintained this for 3 years I believe (…
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Do Pension Contributions Affect Student Loan Repayments? - Self Assessment
When filling in my self-assessment, if I fill in my pension contributions for the year, it lowers the amount of student loan repayment I'm due to pay. Should it? I'm a self-employed, basic-rate tax payer. Eg. If my earnings are £25,000, it deducts my £3000 pension contributions (gross figure: my contributions + tax relief)…
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Self Assessment Capital Gains and Interest
Slightly generic question as I don't want to overwhelm with detail... General situation: I've done a self assessment for several years, for the last 5 or 6 years it's been very straight forward...single PAYE income plus tiny bit of interest, some pension contributions and declaring spouse receiving child benefit which I…
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Interest on Crypto but reinvested
Holding crypto on some sites now comes with interest. on the site I use, I get interest in the crypto currency, not in £. So for example, if I hold 0.0500 units of bitcoin, I might get an additional 0.0025 bitcoin if the interest rate is 5% per year. annual allowance says I can earn £1000 of interest per year before paying…
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Am I going to get a fine? CIS
Can anyone help me? I'm pretty certain we will get a fine, but I'm worried about how much we are looking at. Can anyone help me? My partner is an electrician, he subcontracts to one customer doing some one off work. They have been deducting CIS since 25th September 2023, but we weren't aware he had to sign up to CIS. He…
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Tax code and private pension contributions
Hello all. I have filed my self assessment nice and early this year and applied for my overpaid tax refund due to private pension contributions. Can continued contributions be factored into my tax code for the coming year? Thanks to my SA they've reduced my personal allowance based on estimated income. But I know I'll make…
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Tax Rates 2012/13 Article Discussion
Hi folks, This thread is to discuss the Tax Rates guide, updated for the 2019/20 tax year Please click reply to discuss Dan
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Tax relief - query on the calcs
Hi I've rarely claimed tax relief in the past, but am doing so this year for milage I've driven, in my own vehicle, for work purposes. My query regards the logic HMRC use. Their site says: "You will receive tax relief
on the amount you claimed at the rate of tax you paid. For example, you make a
claim for expenses of £150…
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Two Separate Tax Issues (Council Tax and Income Tax)
Hello, I have recently been summoned to a hearing at the Magistrate's Court to explain why I have underpaid my Council Tax of the year 23/24. I was under the impression that I had in full. The discrepancy could have occurred around when I applied for Council Tax Reduction when I was unemployed. I believe that they…
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Our Council notified us of increase of our the council tax for granny/annex flat up to 200%
Hi I hope that somebody can advise on a best way to deal with an issue. Our Council has notified us that from Feb 2021 our council tax will be increased by 200% for our basement/annex /granny flat as it has been empty and unoccupied for 2 years now. The basement / annex/granny flat is a part of the house . It has a…
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Reaching higher tax threshhold and best decisions
Hi. I am earning £49000 and planned to earn interest on savings to take me up to around £50270. One thing I have just come across is paying back percentage of child benefit if earning more than £50000. Why is there a difference between that threshold and the tax threshold of 50270? So I would be paying back 2% of child…
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What do HMRC know?
I always have and will continue to report my values accurately to HMRC. I would not dare do otherwise. HMRC and DWP cannot even get state pension top-ups sorted out by working together accurately. So it begs the question, how do HMRC tally up what you report on your SA with what the banks, building societies, on-line…
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P11D and Self-Assessment
Just looking for some quick guidance. I've completed SA for the last few years, as I have self-employment in addition to my main job. I also make significant SIPP contributions as a HRT, which I increase every year. This is the first full year I've had an EV, and won't have my P11D until July. I can calculate the value…
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Tax on interest over £1000
I have power of attorney over the financial affairs of my mother who has dementia. Last year I put her savings into an account earning interest with the result that she earned well over £1000 in interest. Thinking that I would have to file a tax return for her, I called HMRC to ask how I should do this, but they referred…
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Help understanding how repaying tax via PAYE works
I have tried a search but still am confused. Many thanks for help! I lost my job earlier this year and the redundancy payment pushed me into a higher tax bracket. I happily found a new job quickly and received one March payment. Only 20% tax was taken as I was on 1m1w, so I knew roughly what would need to be paid back.…
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SJP Leagcy Ptotection Trust
It has been suggested by my SJP adviser / salesperson that an LPT might be benficial for futur tax avoidance and care charges in the future. Anyone had experience of these or other trusts? I am particurlalry interested in any pitfalls I should be aware of or questions to ask. I am not 100% convinced by the conversations I…
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Self assessment q after starting PAYE
Hi, after many years, I stopped sole trading earlier this year to go to employment PAYE, so this is my first self assessment that captures this. I have 3 payslips so far, tax code for 1st was 0T one then 1257L. NI taken for all, SLC taken for latest, emergency tax deducted for first and then fully repaid second, and no…
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Taxed on income from last tax year (2023/2024)
My local government pension started on 9th March 2024. I had advised GMPF that I wished to claim this in good time and my completed forms were submitted on 25th February 2024. They missed the pay date of 29th March and advised me that I would receive my first payment for period 9th March to 30th April on 30th April . I…
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Pay as you earn - is interest charged on tax owed?
Hi all, just about to do my self-assessment tax. Need to do it because I will have to repay child benefit. If I opt for repaying it via a pay as you earn tax code, will interest be charged on the amount owing? Thanks.
