-
Inheritance tax implications of gifting to a limited company?
I am thinking about a scenario of a parent and son, where the son is
a sole director of a Limited Company. The parent gifts the son’s
company 400k. If the parent then dies within a year of making the
gift, am I right in thinking that the company would bank the 400K
without any tax implications? If this 400k would have…
-
Question about tax rules on Long Service awards from work
I have just heard that I am getting a Long Service award to the value of £500. I understand why we are not allowed to have cash because of tax rules but why is the university not allowed to buy a travel gift voucher for a chosen travel company on our behalf or a store gift voucher which doesn't need to be spent in 1 go? I…
-
CGT calculation on 2nd home
Unexpectedly, in our mid 70s, we have just seen the perfect house for our later years of life when our current one is too much for us to manage. We are in the very fortunate position that we can buy it outright without selling our present home. And, in any case arent ready to sell the home we have lived in for over 40…
-
how do Inland Revenue determine on whether to apply tax to dividend or interest?
I will be over the personal allowance by £1500 this year. My income includes dividends (7000) and interest (3000), both of which are over the tax free limit for each. It would be to my advantage if the considered the £1500 that is over the personal allowance to be Dividend payment vs Interest payments as dividend attract…
-
Working from home expenses
Getting everything together ready for my tax return, just looking at what I can claim for working from home expenses. I'm employed on PAYE. Initially I worked remotely due to the distance from my employer, they've now gone one step further and closed the UK office so everyone is now working remotely. My workspace consists…
-
Querying national insurance overpayment?
Hi all, I've just gone through my current and previous tax years and cannot make sense of my national insurance payments. I've typed my yearly salaries into income tax calculator websites to work out exactly how much tax and NI I should have paid but they don't match what shows on my government gateway account. I don't…
-
Capital Gains Tax 6th April 2024
If selling a flat which was a buy to let, to avoid paying more tax and make the most of the £6000 allowance, do i need to have filed a CGT form with the HM Revenue and just inform them, or do i need to have paid the monies by the 6th April 24? Or is that i just need to have completed the sale? I was told that the allowance…
-
Seeking Advice on Claiming Tax Relief for Home Office Expenses
Hi everyone, I'm currently filling out an online HMRC form and could use some guidance on claiming tax relief for home office expenses. Specifically, I'm interested in claiming "Tax relief for expenses of employment" related to using my home as a work office. I've come across the option for a simplified flat rate allowance…
-
marriage allowence
My wife sent a claim form in for marriage allowance over a month a go and as no reply what do we need to do
-
Capital Gains Tax : sold our home/b&b
We have recently sold our main home of 8 years. For 6 of those years approx 8% of the home was used for only 40% of the year as a B&B the rest of the year rooms were used by family or empty. Finding conflicting advice regards CGT. Has anyone else recently had the same experience ? Because its not exclusive business use are…
-
Pension Contributions to stay under £100k
Hi, I am in the very fortunate position to have been offered a role with £120,000 salary, there are limited other benefits but the business is open to splitting this as required for my maximum benefit. For context I am not married but we have 3 children (0,3 & 5) meaning I currently have 1 in nursery and next feb will have…
-
IHT and/or income tax on a lump sum payment from US based pension fund?
Hi, Apologies if this is something already covered elsewhere but I've searched in vain on the forum and also on the internet. I originally posted this question in the death/funerals/probate section but it was suggested that I may get more response here due to the unusual situation. Can anyone tell me how UK IHT and income…
-
Increasing salary sacrifice into pension to reduce property income liability
Hi all, I am considering buying a property as a buy to let but am concerned about my tax implications. I have done BTL before but the tax regime and my situation have changed since then. As I am currently just below the 40% tax threshold in my day job, the income from property would push me well into the higher tax rate…
-
Crossed 100k due to bonus - next steps
Hi all. For the first time this year my annual income crossed the 100k mark, so this world of tax is new to me and looking for advice. Base salary is £95,360. A bonus of £28k was received. My tax code is 1257L. I pay 7% into the company pension via SS. Also £110pm private company medical EE pre tax. I understand I will now…
-
Trading Allowance For Side Job
Hi all, I'll soon be starting a side job hosting quizzes for a local quiz-hosting company. They find the venues, write the quizzes etc., I just have to turn up and host. I'm not directly employed by said quiz-hosting company. I think effectively I'll be a contractor, sending an invoice for each quiz I host. I assume I'll…
-
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
-
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…
-
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.
-
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…
-
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…
