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VAT, tax, end of year, contracts IR35 mess!
Hi. i have an inside IR35 contract which is paying me enough to make my tax code 0T through a Ltd co. i am also doing some work for a non IR35 contract and getting paid for this monthly with VAT through the same Ltd co. As I am now making a profit because of the non IR35 contract, am I better off getting paid directly to…
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R40 claim - minimum of £50? (Confirmed incorrect information)
Has anyone heard of a rule (introduced sometime since 2020) which means HMRC won't pay refunds (e.g. applied for on an R40) unless the amount due back to the taxpayer is at least £50? Many thanks for any feedback.
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Work from Home - no tax relief 2024/25?
Long story short - my work had to give up offices premises during pandemic. I have been claiming WFH tax relief yearly ever since 2020 but got an email from HMRC today that my tax code was changing and that I would be paying more tax 2024/25. When I looked into it they have removed the WFH tax relief (am basic rate tax…
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Question re tax code
I retired from work in June last year with a K80X tax code and have had no other taxable income since. Self assessment was completed and I ended up owing HMRC £330.00 which I paid off in early January. I plan to start drawing down from my DC pension in the new tax year and hoping that I will have a full 1257L code by then,…
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CGT rate split with spouse (not on deeds)
Hi, I’m a higher rate tax payer and my husband is retired and a low rate tax band. We are about to market my flat I’ve had for the entire duration of our relationship. He’s not on the deeds, can we split the CGT burden?
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Help with gifting money please.
Hi, I was wondering if the following was acceptable / tax free If I gift £3000 to my husband can he then gift £3000 to our son without tax implications? Can I then gift £3000 to the same son? tia sx
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Warning: This post contains waspish humour - WASPI & NI contributions for New State Pension?
I'm confused with life generally but this has me stumped. So... I have paid 46 years NI contributions but according to the .gov website I still owe for the last 4 years, 1 of which I already paid the shortfall, because according to them I resigned at 60 in 2019, mostly because I'm sure I wouldn't have lasted another 6…
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Tax on PHI Payments
Hello, I'm hoping someone will have the knowledge to get me out of my befuddlement on this. My employer provides free PHI, on the condition of signing up to the work pension. It might be worth adding that my employer is a registered charity, so isn't liable for corporation tax (as I understand it). After an injury I had to…
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Acquired townhouse via trust of late grandmother, converted into 4 flats, CGT q's as now selling.
Sorry for the epistle, but hang in there! :# Please? We got this house through our gran over twenty some yrs ago. It was our childhood home, and came to us as our mother had died many years before our gran and our dad raised us there. Dad left us to it when we became 18 and 21, so that we could let rooms to students, but…
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Capital Gains Tax 10% band when only income is from savings
I know the capital gains tax rate for share sales is 10% for basic rate tax payers, so the first £50,271 over the £6000 allowance would be taxed at 10% for a non-taxpayer. I also know that income reduces this ~£50k threshold, and that income can come from savings. What I do not know, is the scenario where my only income is…
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Tax refund
In June 2022 a message flashed up on my screen saying that I might have paid too much tax and inviting me to apply for a refund. Having been assured I was owed about £1,250, I filled in the necessary forms and agreed to pay a percentage fee for making the claim. I then received a letter from HMRC saying that I had indeed…
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Income tax on Cryptocurrency staking
I am aware that profits over £6000 from Crypto is subject to CGT in 2023/2024. I have read a lot of HMRC pages and other tax related articles on staking taxation and understand that it is subject to income tax. "The focus so far has been on crypto capital gains. That said, UK residents might also need to pay taxes on…
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Any tax experts check my figures please?
Hi, Would be grateful for any tax help over this query if possible. If someone left a job mid May last year how would the tax code work for 2023-24?
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High Income Child Benefit Charge
I've just received a letter from HMRC dated 21.11.23 saying "check if you need to pay High Income Child Benefit Charge for 2022 to 2023". We have claimed child benefit since my daughter was born in April 2019. Around Christmas 2022 my salary increased from ~£49k to £53.5k which is in the taxable £50-60k region for child…
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Swift HMRC U-turn on self-assessment helpline closure!
Yesterday they announced closure of the helpline between April and September: https://www.gov.uk/government/news/hmrc-encourages-customers-to-interact-online-with-changes-to-its-self-assessment-paye-and-vat-services https://www.moneysavingexpert.com/news/2024/03/hmrc-self-assessment-phonelines/ and today that's been…
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Redundancy entered wrong - am I being overtaxed?
Asking this for a family member, so may need to return and clarify if I don't have all the answers but - Relative was made redundant last May. He has been on a non 1257L tax code for months and wasn't sure why. Eventually I showed him how to log I to online HMRC account and we can't make out what has happened. Employer…
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Pension withdrawal
Hi. I have pension pots with Scottish Widows. I have already took the 25% from this pension and is the least valuable.I only wanted to take £2000 from it but I don't want to take 25% from my other pots as they are worth quite a bit. I contacted Scottish widows today where they told me I'd be paying around 40-45% tax. I've…
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On higher rate pension tax relief but moving to new job. Will it transfer automatically?
Earlier this year I found I was eligible for higher rate tax relief on my pension as it is a "relief at source" pension. I called up HMRC and they arranged it and it's been reflected in my payslip. I move to a new job next month which is on higher pay. Should the pension setup also be relief at source, do I need to inform…
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Capital gains tax , but what about income tax - sale of second property
My brother and I own a house which is a second property ( neither of us live in it) for us both, and are selling it this summer ( so in the 24-25 tax year). We will be buying a cheaper property after paying off the mortgage. It is owned by us, not in a business or trust. We are currently working through the guidance in…
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HMRC Overstated Income Estimate
Here’s an interesting one. There are 93 days from 4 January to 5 April and £2,662.50 x 93 = £247,612.50. This cannot be a coincidence. However I cannot see why HMRC (or HL) would see a one off withdrawal as a potential daily income for the remainder of the tax year. I have advised them of the correct figure and they said…
