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Company still paid me after I left the UK - what does this mean for my tax?
Hello, I am in a fairly unique position where my previous employer was still paying me for a few months after I left the UK to go travelling (despite handing in my notice and resigning). After checking my UK account for the first time in months, I noticed this and did the right thing - I got in touch with the company…
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Private Pensions contributions - dealing with HMRC
Hi All I am a higher rate tax payer (40%) I am lucky enough to have 100k that I would like to transfer into my private pension pot. To smooth the investment out I will transfer £4,167 per month for 24 months. My private pension provider will automatically apply the standard 25% tax relief to the contribution. Given I am in…
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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Trading allowance
Hi I stopped being self employed in Dec 2023(HMRC have been notified) When I fill in my final tax return can I still use the £1000 trading allowance?
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Is this an effective strategy to stay within £100k tax bracket (avoid 60%)
If my salary is £112k and my work pension scheme set to 'net arrangements' and in the interest of remaining within the £100k tax bracket, can I pay £12k (monthly or as lumpsum bend f each march) onto a SIPP (non work related, RAS)? ps. yes, overall annual figure would stay <£60k AA.
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£27k estimated taxable income, but I have not earned this?
When should I get a letter confirming my tax code for the new tax year? My husband got one weeks ago and I want to check what tax code I will be on in the new year. Can someone help explain this: I went onto the portal and HMRC have me down as £27560 as income I do pay tax on, but I only earned £12,500k this year... where…
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Tax reduction beyond pension contributions. What else is available?
I've maximised my pension contributions this year, reaching the £60K limit through salary sacrifice, and have exhausted my allowances from previous years. Even after sacrificing £60K from my salary, I still have slightly over £100K remaining in income for the year. Are there any other avenues available to minimise tax…
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Cutting off 60% tax trap
Going around the circles between my HR/Payroll, HRMC and Youtube so here for your rescue please! Thanks in advance. I am trying to figure out how I can avoid getting trapped by the 60% tax over £100k. My basic salary is £111,200, employee benefit allowance of £7k, annual bonus of £20k (paid 20th April 2023 during 2023/2024…
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Getting out the 40% Tax bracket by increasing Pension Contributions.
Hello all, As per topic really, but with a little twist. Scenerio Full time employeed @ £46500 per anum 10% Pension contrinution under Salary Sacrifice system. Part time £6500 per annum paying income Tax. No pension. Result £53000 per annum, if I up my pension to 15% on my main job am I right in thinking that would drop me…
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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Endownment Policy Maturing
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ? I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
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IHT & Options
Hi My Dad passed away at Christmas, he and my Mum had a joint mortgage which myself and 2 siblings have since paid off with money my Dad left us. So my Mum still lives in the house alone which is worth approx £240k. My Dad left the house to his 3 children ie us in his will. But as my Mum is the joint owner I believe she…
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CGT following a house sale - questions
We have completed on a house sale this week. The sale price ended up higher than the probate price so I guess we have to pay CGT on the difference. 2 questions: 1. Is CGT paid individually? The house was jointly inherited by my partner and her brother. Do they each complete a form? Using 50% values? 2. It looks like CGT is…
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Council Tax Re-Banding Help!
My house was built in 2004 and has no surrounding identical or "that similar" comparisons. I have a 3 bed, 2 bath dormer bungalow and there is a 3 bed bungalow on the same lane that is banded at a C and a 3 bed house banded as a B and my house is banded an E. I tried to have a re-banding but was told as there are no…
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CGT on crypto, is my plan sound ?
CGT has just entered my consciousness. Due to the allowance being drastically cut and the fact that I could be looking at profits rather than losses for a change. I understand that allowances can't be saved up from previous years? (Did that change? eg 25 years ago I thought you could spread out the gain over all the years…
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Please advise on avoiding 60% tax trap vs work pension contribution via Salary Sacrifice
Going around the circles between my HR/Payroll, HRMC and Youtube so here for your rescue please! Thanks in advance. I am trying to figure out how I can avoid getting trapped by the 60% tax over £100k. My basic salary is £111,200, employee benefit allowance of £7k, annual bonus of £20k (paid 20th April 2023 during 2023/2024…
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Rental income tax
I have been pointed in the direction of this part of the forum following a thread I created in the mortgages section. I will sum it up here, but if anyone has the time or inclination to read the original thread, it is this one: https://forums.moneysavingexpert.com/discussion/6509644/btl-remortgage-predicament So the…
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Reporting Losses on Shares
Good Morning, Ive scoured the internet to try and find an answer but have failed so far. I don't complete a self assessment form due to PAYE however I have sold a number of shares and have made a capital loss on them. In order to utilise this loss going forward, I need to report this to HMRC. Is there a form to fill in or…
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Unused personal allowance
Hi guys, If I don't use my full personal allowance this year, or from a previous year will it roll-over to the next tax year. The last couple of years, I have not been employed, received any benefit or claimed a pension. In other words I have had very little to no income in the last years. I recently received just a few…
