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Am I a 20% or 40% Tax Payer?
My regular salary is £64k - taxed at 20% on £50k = £10,000 and 40% on £14k = £5,600 so my total tax bill is £15,600 However I am sacrificing 50% of my salary into my workplace pension, so reducing my salary to £32k - taxed at 20% = £6,400 So I'm saving £9,200 in tax, is that right?
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How to speak to HMRC nowadays?
Hi there, Been trying now for a week to speak to somebody at HMRC. Probably wasted an hour already listening to automated messages, providing national insurance number, address and date of birth. Repeatedly I am getting kicked out, either it's technical difficulties or they claim they are too busy or that they currently…
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Marriage Tax Allowance Claim- No response from HMRC
Hi I followed Martin's advice regarding claiming as my wife is a non-taxpayer. It is over a month since we applied on the HMRC website and have heard nothing other than an acknowledgement. Is this normal as other responses to Martin's wonderful web-site seemed to suggest it was dealt with quickly Any advice appreciated.
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Student with two jobs
My daughter has a long-standing job on campus where she signs up for occasional shifts. She earns less than £1000 per year from this and pays no tax. She has recently started to work 15 hours per week for a supermarket and will earn around £8000 per year so her total income will be below the personal allowance. She has…
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Zero Contract Plus Pension
I'm claiming my pension, plus engaged on a Zero Hour working as and when needed. The company have only taken £217.60 in tax on wages of £13,667.94 gross. I have commented on a few occasions to my employer but says it's between me and the HMRC. Now the HMRC have come back and said I owe them £2,654.52 in back tax. Surely if…
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Time to calculate 22/23 taxes.
Is there any limit on HMRC time to this ? Background:- In my case no tax return is required, but I do have untaxed taxable income (from the DWP). As a result there is a debt built up. This is (should be) collected from the following year by adjusting my tax code. In 23/34 some 3rd party pension contributions were made and…
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Payslips and P60: different practice for gross/taxable pay
I am preparing my and my wife's self-assessments. Our payslips and P60s are laid out differently. My payslip shows 'Total gross pay' and 'Gross for tax' as the same, both being total pay before pension contributions are taken off. My wife's payslip's cumulative 'Taxable pay to date' and P60 'Pay and income tax details: in…
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Options with Rental
Hi All, Can I please check if my figures are correct and if there are any other ways I can cut Tax. I have recently changed jobs from a salary of £36,000 to £50,000 My wife and I have a BTL with a monthly rental income of £1300. The property currently monthly cost is £800, which includes mortgage, insurance, service…
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HELP switched from PAYE in dec 23 to Self employed.
Hello, Long story short brand new to being self employed and im fairly clueless currently - i was PAYE for over 10 years with a company until redundacy on 8th december 2023. Went self employed beginning of january and registered on gov gateway and have UTR etc A few things im confused about: - For my 23 assesment because…
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Capital gains selling rented former home
When we got married I moved in with my wife and we rented out my old house. We now wish to sell this house. I put some very rough figures into the calculator on gov.uk site, and it came up that I'd need to pay ~10000 in capital gains. Can we get an extra 3000 off if we put the house into joint names? It is currently in my…
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VAT - Private school - does it apply to preschool and nursery??
Hi all quick question. My 3 yr old is in preschool. This is school is part of a wider private school. does this mean if Labour come into Government, the VAT will apply to under 5s or will it just apply to children from year 1.
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Universal Credit
Hi there, I am very new to this forum, so please bear with me... Basically, we (me & my wife) are on Universal Credit (UC) at the moment. However, I will start a new role, which probably won't qualify me to receive any UC. I am asking this question because my new employer wants to pay my rent under a scheme called the…
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Self Employment and Self Tax Return - my deadline to submit tax
I started my first self employment work day 3rd April 2024. When do I need to submit my taxes by? When will my deadline be?
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Please help - this is all so taxing for me
My tax code has been changed from standard 1257L to 1112L due to untaxed income of £1447 on the tax code notice. I have now phoned HMRC 3 times now (on hold 1 hour each time) but am no clearer and found all 3 advisors hopeless quite frankly. These are my figures, all pretty straightforward: Actual untaxed interest 23-24…
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Private Residence Relief and CGT
I have jointly owned a house with my brother since 1998 and lived in it with him until 2021 when I moved out to rented property. I have been intending to give him my share of the house but have been put off by the tax implications as the house value has risen by roughly £100000 and I was expecting I would have to pay CGT…
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Print on Demand income
I have to do SA for the first time (as interest on my savings is over £10,000). I am employed full-time and I also get a very small amount of income from my designs on Print on Demand websites. I haven't worked out the final totals yet but it's probably only about £100 per year. These websites are USA based. One pays me in…
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Advice on steps to be tax efficient with a side hustle that went over 1k trading allowence
Hi, im in the 40% tax bracket with my normal job and made 10k on a one off favour for a friends company. Im wondering what my options are in how to use this 10k effectively. I read i have to do a self assessment i can put into a sipp to reduce tax on this 10k to 0? If so how do i go about doing this. I have a sipp with…
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SSAS Pension contributions: filling in SA form for tax relief?
Hello, I need some help on filling in my self-assessment tax form regarding pension tax relief. Some background: I'm in full time employment and I'm a 40% tax payer. My employer has a work place pension that I pay into and get 20% tax relief automatically. I fill in a SA form each year to claim back the additional 20% tax…
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Trustee Investment/Inheritance tax
We have just discovered an Investment that was supposed to be set up as a trust 3 and a half years ago was incorrectly set up in the sole names of the joint Investment holders. The investment company have said they have no paperwork to say it should have been a trust. It was set up to remove the funds from inheritance tax…
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Planning to minimise IHT involving nursing home fees
My wife has an aunt living in a nursing home paying c£8k per month. The aunt has enough cash to continue paying her costs for only another 6 months. The aunt's pensions amount to approx. £1200 per month. The aunt's only other asset is a house worth approx. £500k; the house is occupied by my wife's sister (75yo) and husband…
