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Income Tax Calculator widly differ for Pension and Tax values compared to actual payslip - why?
I have provided the MSE Income Tax calculator with my salary, pension contribution % and tax code. However, comparing the calculator results to the wage slip some of the values are widly different:* Pension is approx £500 higher than the wage slip * Pension HMRC is approx £400 higher than the wage slip * Tax paid is approx…
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Pension lump sum contribution tax relief query/guidance
Hi all. I'm hoping this is the most appropriate section of MSE forums. I’m looking for some guidance or assistance on a
query I have which relates to the tax relief I'm due on a lump sum pension
contribution I made as a Higher Rate taxpayer. I made a lump sum contribution of £4,200 in February 2024 to
buy Added Pension as…
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HMRC, Failure to Carry Out Their Primary Function and Blame Game
Afternoon. I am reaching out to the forum as I don't really have anywhere else to turn on this matter, and it is of significant importance to my well-being and financial position. In November 2022, I discovered that HMRC had received over ten years of P11D information from my employer that was not input into their system…
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Unused Property Finance Costs
Hi, I know this has been addressed but I can't see how the answers relate to me. I have one buy-to-let that made a small profit in 23-24 and my only other taxed income was a pension and interest that together with the BTL profit equal (more or less) the tax free allowance. Because I have not had to use the mortgage…
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Self assessment - have I made an error?
Dear all First SA for me due to making additional contributions to a SIPP to try to avoid HICBC. The tax relief calculator on pension bee suggests for a £3,032 gross pension contribution, I can claim back £606 via SA. The actual SA calculation is showing £468.40 Taxable income for year: £52,630 Bank interest: £472 Gross…
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Self Assessment Newbie unexpected 22-23 request
I have never done SA before but, as my savings interest will now exceed £10,000, I contacted HMRC to register for SA. They have sent me a letter last week requesting I complete the SA for 23/24. I have kept records so feel quite confident about this (!) However, today I received another letter requesting me to complete SA…
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Capital Gains Tax on Property
Hi, I hope someone can answer this tax question. I’ve owned a house for 30 years. For 24 years I lived in it, then for the last 6 it’s been wholly used as an Airbnb, and I had a second home. I’ve now sold the original home. Do I pay capital gains tax a) On the difference between the price I paid and the price I sold it…
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No Chargeable Event Gains Certificate from German Insurance Company
I was married
and lived in Germany where I held 3 life insurance policies. Upon divorce, I
returned to the UK where I am resident and pay tax. As part of my
divorce settlement, I had to transfer a portion of the policies to my
ex-husband. This happened during the same year that the divorce was finalised
(2017). In the…
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Self Assessment and Charitable Donations
Hi, I am filing a Self Assessment for the first time (2023 24) and am in the higher tax bracket for that year although in previous years I was a basic rate tax payer. My question is whether I can carry forward tax relief from charitable donations made in previous tax years (prior to 23/24) to offset against my higher rate…
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Deleting Self Assessment to start again
My address changed after I started my self assessment. My HMRC profile shows my new address but this is not automatically applied to my SA. I can choose to correct it with the effective date but I would prefer to have it correct in the first instance as it has been in previous years. I see an option to Delete the SA. If I…
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Dividend classified as return of capital - how to report on Self Assessment
I've made a mistake on my Self Assessment by declaring a 'return of capital' payment as a dividend. (Despite the company website and general financial press both stating the payment type as "dividend", the broker has confirmed I've to treat it as a return of capital instead). I'm addition, I sold all the shares in the…
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Engineering an erratic salary to reduce NI bill?
I've been making some significant 'salary sacrifice' pension contributions to remain eligible for childcare schemes. Whilst asking my employer about how NI deductions are calculated they explained that these are calculated within each individual salary payment. Based on the typical NI Tiers (0%, 12%, 2%) it seems like this…
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Tax deductible medical expense conundrum!
Hi allI am a self-employed gardener with a badly damaged knee.The NHS are suggesting that I need a new knee but I'm still waiting to see a surgeon for the definitive answer. As a gardener, my knees are critical, especially with the amount of lawn mowing currently required.Being self-employed, I get no sick pay and I have…
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Leaving firm - share match (sip) shares - options
I work somewhere which does a share match scheme. And i am leaving in 2 months, A) i have some shares which are over 5 years old which i can sell the free shares and purchased tax free. B ) i have some shares between 3-5 years i can sell free and purchased shares WITH TAX. C) shares under 3 years i will have to sacrifice…
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My Employer has not passed on my PAYE to HMRC (nor my student loan repayments to Loan peopl).
Actually this has happened to my daughter. Her previous employer (for two years) has been pocketing her PAYE deductions (and her student loan repayments). She was definitely PAYE and she has all her payslips and P60s. However HMRC have now sent her a £5000 tax demand and are saying it is between her and her ex employer to…
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Self Employed - can I claim travel as expenses
I'm self employed supposed to a limited company. I work in healthcare and provide my services as a locum, i work in different places each week but some places I may work the same place more than once. Ie 2 days this week and 1 day end of the month. Can I claim travel expenses ie bus and tube costs for all of these? Thanks
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Sole Trader take home query
Can someone please help me. I’ve got myself in a mess trying to understand the principle of returns from self employment as a sole trader. I am trying to review it against my current situation an an employee on PAYE Im fundamentally looking to see what my annual ‘take home’ return is after tax etc. based on the following…
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IHT 403 - Gifts made out of regular income
I'm trying to reduce IHT by the "gifts out of regular income" route. Do I need all the income to go directly through my current account which deals with expenditure? Or can income remain outside e.g. in an ISA?
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Tax code change
For some reason this month my tax code has jumped from the standard 1257L to 1436L i’ve no idea why any clues ?
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Gross Income declaration and NI
When filling in my tax return, should I deduct NI contributions from the gross earnings mentioned on my P60?
