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CGT deferral relief and EIS
Hi, Appreciate any thoughts. In a scenario of : A BTL property was sold realising a £62k gain, (£56k after
the £6k allowance reduction) and giving a CGT bill of £15,680 (@28% as a HRTP). I invested £20k in an EIS in the qualifying period and so
could defer 35.7% or £5600 of the gain (as £20k/£56k is 37.5% and 37.5%…
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Offshore Life Assurance policy drawdown
Hi, I have an offshore life assurance policy that I contributed to whilst a non-UK resident. I have since moved back to the UK and contributions stopped. I now want to cash-in a portion of the life assurance policy. I understand that I need a chargeable gains certificate. I also understand that I can withdraw 5% of total…
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OUR HOME IS 2 ADJOINING SEMI-DETACHED HOUSES - IS CGT PAYABLE ON SALE OF ONE??
20 years ago we purchased a semi-detached house. 5 years later, with a growing family, we purchased the adjoining semi and gained permission to create 2 openings, on the ground and stairway, to allow free access. Since then for 15 years we have lived in both houses combined as our family home making full use of all rooms.…
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P45 pay entries
I was comparing the amount in 'Total pay to date' in Box 7 of a P45, from this year 23-24, with the amount shown in my final pay slip and noticed the value in the pay slip which correlates with the P45 value is actually the 'Taxable pay' in the pay slip. Isn't this incorrect and the amount shown in the P45 should be the…
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Self assessment question
Hi, I am employed so all my work earnings are taxed through PAYE which is fine. However, I have got to the stage where I am having to declare dividend income and interest received each year which is over the respective allowances, although below the materiality threshold for completing a self assessment per the gov.uk…
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Informing HMRC of NEST and SIPP contributions
In the 23/24 tax year my wife's taxable earnings were over £60k but her NEST and SIPP contributions keep her out of higher rate tax,Does she need to inform HMRC of the NEST contributions? What's the simplest way to do this? Will HMRC estimate the NEST and SIPP contributions for 23/24 to be the same as 22/23?
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Capital gains on inherited shares
Hi I inherited shares from a relation on his passing over 10 years ago. I believe that if I sell the shares capital gains tax would be paid if the value of them is more than when I inherited them? Also how do I find the value of them from the date of my inheritance and what if the value is less now thanks
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Self employed tax refund delay
Hi, I’ve submitted my self assessment for 22/23 in October and have overpaid tax over 2k, I’ve requested a tax refund in November since then the status of the repayment has stayed on ‘’not yet used’’ I’ve rang multiple times each giving me a 3 week extended deadline that they will write to me or to call back, all they’ve…
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Employer didn't pay my income tax!
Hello everyone! I wonder if anyone can help with a tax issue. I was living abroad for many years and went back to the UK to work a couple of years ago. One of the jobs I had was as an employee for a city council. I could only access payslips online and it was a faff so I didn't check them properly - I hold my hands up to…
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Transferring a Marriage Allowance in Scotland
In 2018 I transferred £1260 of my marriage allowance to my husband, however this changed in June 2023 when £1260 was deducted from my tax allowance but only £1200 was added to my husband's tax allowance. I called HMRC today so I was told that is correct as per the Scottish tax system but no further reason. Can anyone give…
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Fine from self-assessment
Hello, I did some freelance work for about 3 months in 2019 / 2020 and file for self-assessment and owed £0 because I was below the threshold. I then got a full-time job and advised HMRC I no longer needed to complete self-assessment. I have now received a bill for £200 for failing to file in 2021/2022 and 2022/2023. Do I…
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HMRC ESTIMATED INCOME
I have just been on the HMRC app looking at something else and noticed that my estimated income was at £15000 for this financial year, which is a lot lower than I would expect to see, so I adjusted it to what it should be taking off pension etc... have I done the right thing ?
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WHAT WOULD YOU DO?
After 2 lots of recent inheritances to the wife and I I'm left wondering what to do. Both of us have maxed out on cash ISA's, and premium bonds. We still have over £100K in a joint easy access savings account with a 5.2% interest rate (at the moment) . I'm struggling as to what to do with the savings to reduce any Personal…
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First time self assessment and needs a paper form
A friend of mine will need to do a self assessment return for the first time in their life and we have a couple of questions as it's been many years since I've needed to do one.1) What is the best way to get a paper version of the SA100? The webpage says that you have to phone and ask for one, but I wondered whether my…
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Pensioner Incomes being Taxed at 50% - K Code Issues
In April 2015 the Marriage Allowance was
introduced. In the March 2021 Budget, the Chancellor of the Exchequer
said that income tax Personal Allowance was to be frozen until April 2026. In
the Autumn Statement 2022 the Chancellor stated the freeze was to be extended a
further two years to April 2028. By way of an example:…
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Self assessment 23/24 - asking for tax for 24/2025 by jan 31st
Hello all, We don't have a big income and living off pensions and a small income from a BTL We are both just over 60 yrs of age. my income is inc building society interest 19k (inc the 2k gross interest from a savings account) First question. My income was less than my wife's previous years so I gave her the 10% allowed.…
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Second property.
Hi. We reside at a property that we own and are mortgage free. We also own a 2nd property with a small mortgage, owned for 10 years approx. We have never lived at the 2nd property. If we were to sell our main residence move into a rental home for a year could we then sell 2nd property and avoid capital gains tax.
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PSC Invoice to save tax
No doubt something very questionable but can't understand what they are talking about but someone here may have had more patience than me... Random call from someone claiming to be from an accountancy firm checking I run a Limited Company and on confirming that I do saying they can massively reduce corporation tax and…
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P45 and P60
Hi, I was hoping someone might be able to please help. My daughter left her previous job on the 6 March, she was meant to be have been paid her final salary on the 15 March but this was incorrect when paid, so another pay was made on the 15 April to correct the error. She has logged onto the payroll site that provides her…
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reclaiming old BIK tax from over 5 yrs ago
hi folks, retired from the railway 10 yrs ago and I'm a lucky one who gets free/low price train tickets, I've been had BiK deductions on my tax code all this time, found out that I shouldn't have been tax as company paided a one off sum when i first retired phoned HMRC and lady there has given me a rebate back to 2018, but…
