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Will I ever be able to receive backdated child benefit for previous years?
Hello, I've just realised I could have claimed child benefit for my son last year (I stupidly cancelled it due to my husband earning £57K in 2023-4, because I didn't know that we could have kept it and just paid the HICB Tax on the £7K), and my daughter since she was born in 2021. I just called HMRC reinstating the benefit…
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Tax Code changed due to Personal Savings Allowance
Hi all I've had notification this morning that my tax code is changing due to "Untaxed interest on savings and investments". I made an error and went over my personal savings allowance but about £150 for last year. However, as I understand it, they'll now assume this will happen every year going forward. It won't, as I've…
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Capital Gains Tax on my only residence
We owned a house on a residential mortgage from 2019 until 2025 when my wife and I sold it. we had permission from the building society to let it out for 20 months as we moved into my grandmother‘s house to help look after it. we paid income tax on the rent we received for the 20 months. The tenants moved out in October…
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Salary sacrifice pension perk to be capped at £2,000 a year from April 2029
The National Insurance (NI) relief you get through salary-sacrificing into your pension will be capped at £2,000 a year, Chancellor Rachel Reeves has announced in the Budget today (26 November 2025). This means from April 2029, some middle and higher earners are likely to get a bit less take-home pay. Here's how it'll…
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Overseas pension - do I need to declare it?
I am about to get a lump sum pension from a country overseas. Do I have to declare it? If so how? The funds will be to help sustain me for the rest of my life but it is paid as a lump some because I haven't got enough years to get the full monthly payment. I am concerned that the lump sum will take me into a higher tax…
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which one
Received this today . Which option will be best for me? I can afford to pay the lump sum but also thinking is there any advantage with the second option? We’re writing to inform you of an issue regarding your recent taxable income payment of £24,751.54 taken from your SIPP . Due to an internal system error, the appropriate…
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High income child benefit charge and conversion to PAYE - help
Hi folks, Apologies for the long first post! This is about understanding tax rather than cutting it, but I figured this forum was the best place to ask, hope that's ok. I cannot find anything on gov.uk that is useful and phoning HMRC did not help. I'm hoping someone can help me understand my tax situation with respect to…
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Can buying physical gold help with tax amount?
If I buy Royal Mint coins will that help with the amount of tax I will have to pay, or is it better to but from physical bullion coin dealers in London?
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Side hustle and limiting 40% tax
I'm currently employed and just into the 40% tax bracket, even after paying extra pension contributions which means I'm also in the bracket for paying back our some child benefit. I've now got the opportunity to do some additional work on my days off but I'm not sure it's worth it after deductions. It's been suggested to…
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Stamp duty on 1st UK property // already have 2x$30K properties in Europe
hi, Checked everywhere, could not find the answer. Planning to buy my very 1st property here in UK I own 2 properties worth £35K each on the continent. I understand if property is worth less that £40K it is not classed as property. So my question is: is this £40K threshold a combined figure for all properties I own. or per…
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Capital Gains For Collectibles
Does anyone know how collectibles bought for an investment are treated for capital gains tax? I am confused if they come under the chattel exemption or the annual CGT allowance, or even if they are treated as income tax My understanding is that the chattel exemption could be argued for limited collectible purchases such as…
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Property allowance and effect on carried forward finance costs
Just tackling my 24-25 tax return. I have some carried forward finance costs (due to low income in the previous year). It happens to coincide with a year with very low expenses to put against rental income, so I was thinking I would use the £1k property allowance for this year. AI tells me I cannot use the carried forward…
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One short rental, one big tax headache...HMRC disclosure help please!
Hello intelligent helpful people! I am a person in need this fine Friday morning! :) I’ve received a letter from HMRC saying they believe I owe tax on rental income. They are correct. I rented out my main home for 6 months in 2023 before moving back in. This is the only time I’ve ever let a property and I’m struggling to…
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HMRC Tax calculation : Pension lump sum deposits missing
Advice appreciated: I've just received my 24-25 tax calculation and with the addition of untaxed interest it shows I have breached the 40% band by a small amount. I had planned for this, and made additional payments to my workplace pension to bring my total taxable income below the 40% threshold. The figures on the tax…
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Capital Gains Tax liability
Bought a house with my wife in 1990. I moved out in March 2018 into private rented accommodation. In September 2024 she severed the joint tenancy and we became tenants in common with a 50/50 share in the house. She died in the October from a long term cancer diagnosis. We never divorced. She left her half of the house to…
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Deed of Variation
Hello, I'm after a bit of advice please. My mum passed away recently and I am currently dealing with probate and all the admin that comes with it. Some time ago my mum expressed that she wanted her only grandchild (my son) to receive a lump sum but the will never got changed and I promised her I would follow her wishes. I…
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Top slicing relief on policy
I may soon cash in a policy that will have a chargeable gain of about £3k. The number of complete policy years is 26. Am I correct in understanding that top-slicing relief means I will be taxed, as income, on 3000 / 26 = £115? If top-slicing relief assumes that the gain is spread evenly across the years, then what happens…
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Self assessment payment showing as credit rather than paying the tax bill
I do my dad's self assessment. This year he owed just under £50, and we made the payment a few weeks ago. On his Self Assessment page, under "Your balance" it says that he's in credit by the amount that we paid, and under that it says that this will pay his tax bill on 31 January 2026. Last year he owed just over £60, and…
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Why is Giftaid entry more expensive?
Why do places like National Trust charge more for Giftaid entry than non-Giftaid entry? Given that they can reclaim 25% tax of the entry price why should you end up paying more for entry? Non GA entry might be £10, GA might be £11.50. If they were both the same thay could still reclaim £2.50. Am I missing something?
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Capital Gains Tax - Shares
hi Forumites, I've a query on the CGT summary form under, listed shares. Box 26 asks for 'gains in the year before losses'. The summary notes say, 'this figure will be the gain minus any relief, claims or elections'. If my claim is greater than the losses then the figure will be negative. I believe the word 'minus' should…
