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Self Assessment Accounts Question re Vehicle Written Off.
Good day Forumites, I need a little assistance ... Sole trader for over 40 years and been doing own accounts since my chap retired pre plague. All has been reasonably simple up until now but events of the last month have caused some confusion for me. I bought a van solely for business use back in 2014. It's an 04 plate so…
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PAYE Query
Just amended tax code for income as left employemnt, this will result in me overpaying tax on first month's income, HMRC have said this but I don't understand it, can someone epxlain please. when the tax code is used for the 1st time it will repay any over paid tax through that pension payment then you will receive the…
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HMRC not refunding higher rate stamp duty
When we bought our current house at the end of 2022 we were unable to sell our then main residence, so we had to let it out temporarily. This meant that we were caught for higher rate stamp duty (additional 3%) on our purchase. In January this year we sold our former main residence and I applied for the repayment of the…
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Capital gains tax
My mother passed away in October 2023. My sister and I were left her property in her will. The property was owned by my Mum and dad jointly and passed to my Mum following Dads death 15years ago. The property is now up for sale and was valued at £260,000 in November 2023. The property has failed to sell and in agreement…
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Action Required: HMRC Application Rejected for Self Assessment
Hopefully someone may have come across this before.A friend of mine needs to register for self assessment and has tried to do so a total of three times now, but each time after a varying period of time they receive an email sayingWe are unable to process your application because the address provided does not match our…
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Tax & NI on bonus
Hi I am a standard rate tax payer currently earning £25,500 p/a (but this is set to increase to £30k p/a in May 24. I am being paid a substantial bonus of nearly £13k which my employer has offered to pay in instalments to avoid the initial 40% tax however I understand that I would be better taking a lump sum to avoid…
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2024/5 Personal Tax Allowance
Is it just me, or does the fact that my state pension exceeds my tax allowance just means I pay much more tax. HMRC says the negative amount is added to my other source of income. I took this to mean exactly that! Not so, it’s a figure on paper only. If they increased the allowance to £25000 they would clear the national…
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Capital Gains Liability on Sale of Overseas Property
In 2003 we moved to Spain and bought a property there. We repatriated in 2009. For the period 2003 to 2009 we were tax resident in Spain. Since then the property has been a second home. We will be selling the property in the next year or so. As the property was our principal and only residence up to 2009, would the UK tax…
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How long does a tax refund take to reach your bank via BACS?
Anyone had a recent tax refund and can tell me how long it took to reach your account via BACS? It's been a long process getting this sorted, but it showed I was due a refund this morning. I've given my back details first thing so any ideas how long it should take?
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Giving buy to let incoming to student child
I'm struggling to get a simple straight answer to this. I have 3 buy to let properties with a rental income of about 20k, I'm a basic rate taxpayer and currently pay tax on all the "profit", this is my only income. My son is going to university in September and our assessed parental contribution to his living expenses is…
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So pleased I used this forum for advice
....saved me a massive amount in tax and I have another £10k in my pension as a result of lowering my NAI to "beat" the 100k tax trap by making a pension contribution in March. Many helped but I would especially like to thank @Dazed_and_C0nfused for his/her help.
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HMRC app 24/25 earnings
My wife inherited her mother's house last year and no iht was due,she sold the house and put some of the proceeds in to isa,s and premium bonds,she doesn't work and is retired, she downloaded the hmrc app and was shocked to see her estimated earnings for 24/25 would be around £100,000 with approx £25000 tax payable. I…
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What counts as using part of your home for business purposes?
My friend is staying in my spare room, and has offered to contribute towards bills. Presumably this is not taxable income. But suppose that he stays for a longer time and makes regular payments: at what point am I considered by HMRC to be using part of my home for business purposes? Obviously my main concern is to avoid…
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Earning over 100k - do I need an IFA
Hey I've started a new job that means, with my signing on bonus, I'll be earning over 100k this year. I've read about the "60% tax" and am looking to offset some of my salary to avoid paying this. My question is, should I be chatting to an IFA, or is it relatively simple to sacrifice some of my salary (into my pension for…
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Acquisition date for CGT purposes
How do I show date of acquisition for CGT purposes on a
self-assessment when I have more than one sale/purchase, please? Example 1: 1000 units bought on 1/1/2022 500 units bought on 1/2/2022 750 units sold on 1/1/2024 750 units sold on 1/2/2024 What is the acquisition date for each sale? Example 2: 1000 units bought on…
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Pension Fund charges and Tax
When assessing pension contributions for Self Assessment - Can you reduce the fund and maintenance charges from the amount contributed? For example Annual contribution £60k. - One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when…
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Student Loan Rebate Due?
Hi, I've recently claimed back some student loan overpayment due to being on mat leave and pay being a bit all over the place. I've had success with some years. However I am a bit confused whether I am due a rebate for tax year 22/23. I am on plan 1. My taxable income was £27257.28 for that year and I paid £973 to SLC that…
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Higher income child benefit
Hello all! first time poster so please go easy on me! I am about to start a new job next month on a salary £60k plus £4.5k car allowance. I haven’t been in the higher income area for child benefit before and I am really confused. From my salary I pay tax, NI, and a student loan and a post graduate loan as well, plus my 5%…
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PAYE/self employment
Hi Doing my self assessment as I have PAYE and self employment, question is I got some money refunded interest on two loans and paid tax on both of them, what option do I choose on the self assesesment to record that I have got this money and paid tax? I have had a look in other income but not sure which would be the…
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Business mileage allowance
Not sure if this is the right forum for this, but I suppose it's a benefit. My permanent place of work is approx 120 miles from my home, and we use a mileage calculator that deducts the normal commute distance from travel to sites, airports etc. If I stay at a hotel by my office, then travel to a client site from there,…
