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Joint Account interest allocation
Does the interest on a joint account have to be declared as 50 50 for tax purposes or are you able to allocate it on a different proportion. It looks like I may be over my saving allowance but not my partner. I am just trying to save a little tax
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Tax for non-domiciled resident
I plan to become a UK resident during the next tax year. My domicile of birth is Republic of Ireland.I believe this means I am not liable on tax on foreign income that is not remitted to UK? My main income will be from capital gains and dividends from VWRL etf. I imagine that some capital gains and dividends from VWRL are…
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IHT Living Abroad
Hi I've given £120k to each of my 4 children. 2 live in the UK, 1 in the US and 1 in Australia. 1. Do the latter 2 have to pay IHT? 2. Do all fall in my estate no matter where they live? I'm aware of the £315k allowance and 7 year taper rule.
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Tax free allowance
My wife recently received a pension in a lump sum as it was a smaller sum from a former job. There was 25% tax free and the remaining amount was taxed at 20% flat income tax rate. As my wife does not currently have any income or pension, being a housewife, would that remaining lump sum be eligible for the tax free income…
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Help! - Taxing my expenses
Hi Guys Hoping you can help. I've always incurred expenses at the various companies I've worked for over the last 15 years or so. I moved companies in April of last year, and up until a recent promotion this month, I haven't really checked my payslip properly. I noticed that my business mileage (paid at under the AMAP) and…
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Tax code changed, no idea why?
Hi everyone, my basic salary for my main job is £42050, and occasionally I do overtime, to the tune of about £1000 per year. The tax code for that has been 1257L. I have a second job which pays about £4000 per year. The tax code for that is BR. Recently HMRC has notified that my tax code has been changed to 798T. I just…
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Avoiding 40% tax
Hi Quick question, my wife is a nurse and got a back payment that landed in this tax year, I was looking to reduce tax by opening a pension but not sure I need to. Her gross pay is over the HRT bracket, but taxable pay below. I presume that this is due to pension being taken from net pay and then relief added? Numbers…
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Tax code hasn't changed when it should have
I have had a 1257L tax code since I retired 4 years ago as my NHS pension has been my only income. In 2022/23 I earned £830 interest so as a higher rate tax payer my tax code should have gone down to reflect the £330 I need to pay tax on. I have just signed up for an online HMRC tax page and it says my next years tax code…
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Tax on Interest if self-employed income is below threshold
What is the tax situation if your net self-employed income is well below your personal tax threshold, but savings interest is above the £1,000 plus the £5,000 'starting rate' additional allowance for savings? For example, a hypothetical annual situation like: Net Self-Employed Income: £9,000 Savings Interest: £8,000…
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Sole Trader to LTD company
Hello, I've been doing a bit of E-commerce, and if I haven't registered yet for Sole Trader tax, but been trading as such since around August, but am now planning on registering as a LTD company for the future what order should I take the procedure? Do I need to declare myself as a registered sole trader from the aprox…
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Deleting document on HMRC Self Assessment
I stupidly uploaded the wrong document onto my online self assessment. I want to delete it and upload the correct one. Have no problems uploading but, how do I delete the wrong one as it won't let me select a document to delete?
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Calculating HMRC Tax on Multiple Sources of Income (ie. Pensions, Savings, Dividends)
HMRC seem to have changed my Tax code on my 'Company Pension' in November 23 from 1055L to 1108L for a strange reason , which has bamboozled me. They say the following: "Your Untaxed Interest On Savings and Investments has been reduced from £2011 to £1490" But my untaxed interest on Savings and Investments will probable…
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pay net value into SIP
Hi, please can someone help me with some calculations?
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Mobile Engineers who are PAYE can Claim for Food at Work
Hi All Does anyone have any experience of this and how to begin, if it’s something we can benefit from? Thanks
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MSE online tax calcuator
Can anyone explain an "issue" I found with the mse online tax calculator. When inputting my tax code 1257L along with my annual income then clicking calculate it returns an annual tax liability based on a Tax Free Allowance, (tfa), of £12579. According to HMRC's website this tax code allows a tfa of £12570. Anyone know why…
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Administrator of Estate
My mother died intestate. I obtained letter of administration so her house could be sold and the proceeds shared between me and my three siblings under intestate law. The house had a charge on it in favour of the local authority for care home fees. For reasons not necessary to go into here there was a delay in selling the…
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HMRC PENALTY FOR FORGETTING TO FILL IN SA800 PARTNERSHIP, ADVICE APPRECIATED
Hi, I currently have a problem with HMRC and would really appreciate some advise. Me & my partner started a partnership in nov 2022, and in our first tax year Jan 2023 we split the partnership profits and submitted them on our personal tax accounts. We hadn't applied for the partnership UTR until that point (jan 2023) so…
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Personal Savings Allowance
Hello, My earnings from employment this year will be £99,980. I understand that I get a £500 personal savings allowance. If I earn £300 interest on my savings, does that mean my taxable income is £100,280 and as such I will loose some of my personal allowance or is it not counted as taxable income as it is under the £500…
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Higher Income Child Benefit Charge
I get my annual bonus each year in March. If next year I deferred it to April instead due to HICBC is that an issue with HMRC? Other than it being perhaps a bit immoral would there be any technical breach? I resent paying CB back given my children will hopefully be paying tax throughout their careers in the UK, anyway…
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Tax Codes 2024/25
Just had a look at my presonal tax account and have the following: Job1 - Est Income £50k Tax Code 528T Pension - Est income £9k Tax Code 998M Which I think means that all of my tax free amount will be used on my pension, but there will be some left that doesn't get used. Am I better off asking HMRC to reverse the tax code…
