-
P11D and Self-Assessment
Just looking for some quick guidance. I've completed SA for the last few years, as I have self-employment in addition to my main job. I also make significant SIPP contributions as a HRT, which I increase every year. This is the first full year I've had an EV, and won't have my P11D until July. I can calculate the value…
-
Tax on interest over £1000
I have power of attorney over the financial affairs of my mother who has dementia. Last year I put her savings into an account earning interest with the result that she earned well over £1000 in interest. Thinking that I would have to file a tax return for her, I called HMRC to ask how I should do this, but they referred…
-
Help understanding how repaying tax via PAYE works
I have tried a search but still am confused. Many thanks for help! I lost my job earlier this year and the redundancy payment pushed me into a higher tax bracket. I happily found a new job quickly and received one March payment. Only 20% tax was taken as I was on 1m1w, so I knew roughly what would need to be paid back.…
-
SJP Leagcy Ptotection Trust
It has been suggested by my SJP adviser / salesperson that an LPT might be benficial for futur tax avoidance and care charges in the future. Anyone had experience of these or other trusts? I am particurlalry interested in any pitfalls I should be aware of or questions to ask. I am not 100% convinced by the conversations I…
-
Self assessment q after starting PAYE
Hi, after many years, I stopped sole trading earlier this year to go to employment PAYE, so this is my first self assessment that captures this. I have 3 payslips so far, tax code for 1st was 0T one then 1257L. NI taken for all, SLC taken for latest, emergency tax deducted for first and then fully repaid second, and no…
-
Taxed on income from last tax year (2023/2024)
My local government pension started on 9th March 2024. I had advised GMPF that I wished to claim this in good time and my completed forms were submitted on 25th February 2024. They missed the pay date of 29th March and advised me that I would receive my first payment for period 9th March to 30th April on 30th April . I…
-
Pay as you earn - is interest charged on tax owed?
Hi all, just about to do my self-assessment tax. Need to do it because I will have to repay child benefit. If I opt for repaying it via a pay as you earn tax code, will interest be charged on the amount owing? Thanks.
-
Stopping marriage allowance transfer
Have we missed the boat to cancel the transfer for the new tax year? For the last few years I have had the transferred allowance from my husband. This next year their income will now be over the personal allowance and mine will be lower. We waited until start of new tax year to change it and it says online it will stay in…
-
Letter from HMRC on Overseas assets, income or gains
Hello all, apologies in advance. I posted this on the wrong thread I am slightly concerned that my mum (a UK resident pensioner) has today received a letter from HMRC regarding overseas income. She is a Spanish national and has a property in Spain which is being let. She is however currently paying tax on that property in…
-
What CGT to pay on property sale as joint tenants?
I’m hoping someone can help me to calculate what my CGT liability will be on a property I am selling. This was my parents property but I was on the title deeds as “joint tenant” with both my parents. However, they lived in the property and I didn’t. The property was bought in 2014 (10 years ago) for £130,000 - myself and…
-
Salary Sacrifice
I am 62, so thinking about cutting tax via Salary Sacrifice. Is it worth it for a 20% taxpayer, I earn around £18kCan I just pay most of my pay into a pension, I work for a local authority, are they helpful to us poor folk or do they just look after the top earners?I pay £100 per month into a SIPP, which has a value of…
-
Salary Sacrifice, Pension, and Pension Draw Down
Hello, Hope someone can help. As I have reached the age where small pensions from old employers have started to pay out, and I just need to understand how much I can take annually from my draw down pot without putting myself into the 40% tax bracket. I am employed, with an annual salary of £40,000, of which I have a salary…
-
Capital Gains Tax on Property
Hello All, Thank you in advance for any help you are able to give. I have consulted the government website and note that if you
are selling a home in which you do not reside you are liable to capital gains
tax (CGT). However, I understand that
you can get Primary Residence Relief but the amount depends on…
-
Self Assesment Help
Hi everyone i have seen similar topics but thought be easier to explain if i start my own, this year i startered doing call out at work so i get my basic pay plus call outs and obviously that changes every single month, i am currently on track to earn over 50k and i am aware i will have to pay some of my child benefit…
-
split but not divorced, between two properties, how to avoid CGT for selling my house?
Hi, Me and my husband purchased our 1st house in 2017 on which we still pay mortgage. In 2019 I bought a land in my name and build a house.The house construction was finished last year in feruary and I rented the property for one year. Now I split from my husband but we decided not to go for a divorce for the sake of the…
-
Tax audit issues
We keep being told that HMRC can
-
New build labour VAT
hi just wondering if anyone knows i have just gone over the 85k threshold for vat from march 23 to 24 in last week of march by 2k i am a window fitter labour only on cis scheme so what i don’t understand is i need to register for vat as over threshold but it states no vat on new builds and i only do new builds does anyone…
-
How far back can HMRC chase me for underpaid PAYE tax?
I've found out that I owe 3.5k for 18/19 and another £500 prior to that. When I log on to my .GOV it says I owe no tax. I have been issued 16 tax codes in 2 years (only changed jobs twice in this period). I have most of the history but can't work it out. Tried calling them an going through it all (2hrs 45mins on the phone…
-
Tax Code Change to 0T
After working solidly all my life I am in a situation where I am now in the region of £110,000 and I know I am one of the lucky ones but my wife is now not earning enough to pay tax as she is not only supporting the kids also both our parents are coming of an age where they now need caring for. This now means my wage is…
-
Untaxed interest - PAYE and self assessment
I recently completed a self-assessment tax return for 2022-23. I worked full time during that tax year and this was my first time completing self-assessment. I contacted HMRC before submitting my return regarding the untaxed interest section as I inherited a large sum of money during 2021 and knew this was going to take me…
