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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…
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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?
