Cutting tax

Couple of questions on this please: Is income only earned income or also pension income? ( regular DB income is relatively easy to value, what about variable lump sums out of DC including the tax free element) What sort of records are required to prove gifts out of regular income? Considering nursery, private school and…

Hello all Yes, Im one of those strongly against IHT. We are not elite, btw - just a normal professional couple living in SE having paid (from taxed income) a huge morgage on our normal 4bed house. Started from 0 building up what we have. And we do want to pass some of it to our children. We started our family quite late,…

A rare Inheritance Tax Situation I would like to put forward a thought and ask if anyone has knowledge on the subject. My daughter was a wealthy young lady. She died young. My family inherited her wealth, and we paid a vast sum in inheritance tax. We had to sell her home to pay all that was due. I am left with a London…

I have a small DC pension from which I'm taking £100 per month on the 15th and up until a few months ago my Tax Code ensured that this was always paid in full with no tax needing to be deducted.However a few months ago the provider modified their processes and so that pension payment was ended and a new one established and…

Each year for several years I have been paying myself the Primary Threshold (currently £12570) as a wage, in classic micro-company fashion. My accountant (who only deals with the accounts of the company, not my personal accounts and tax matters) explained to me a couple of years ago that, although there is now a gap…

I am about to start a second job and will be placed with a BR tax code. My combined income from both jobs for the tax year will be less than my 12570 personal allowance, will i be able to claim back on the income tax paid due to the BR tax code or not?

I have a small low interest savings account into which I place a considerable portion of my pension each month from holidays etc, this does not affect my lifestyle. I never have more than about £10000 in it. If I gift my son £5000 from that account is it still classed as coming from my income or does the fact that it's…

Hi all. Every year I get confused over this, though I left myself a note last time, but just want to double check this. So when I filled out my 22/23 return, I made the following payments on account: 1st payment on account for 2023-24 due 31 January 2024 £1,663.10 - Paid 2nd payment on account for 2023-24 due 31 July…

Any help appreciated - GOV website guidance a little confusing?! Father died 1971 - mother now died - never remarried, worked hard all her life and paid off her mortgage - her will passes her estate (basically her house, no other assets) to family and charities - but if I understand it correctly the exemptions before IHT…

Hi there, would anyone know the answer to the following? have found multiple examples of the first scenario but nothing concrete for 2) and 3). I believe no IHT to pay but wanted to be sure. Elderly widow has £400k house and 2 x NRB + 2 x RNRB (so £1m in total). 1) she sells house for £400k in 2022 and passes on £1m cash…

I still have not received my simple assessment which normally arrives in July. I contacted HMRC & the person I spoke to says there is nothing for 23-24 showing on my account. There should be state pension, personal pension & some taxable interest. So according to them no tax due, which I know is not going to be true. So…

I bought a house (renovation project) and bought another one to live in (paid 2nd home SDLT). The work took 2 years and I decided to move back to the renovated house even though loads of work still needs to be done. I'd registered the other house with HMRC as my primary residence. I now need to sell the other house or rent…

Hi all. I tried to order a car this morning via my employers NHS Fleet Solutions contract. I currently receive a base salary with a car allowance on top, and I'm taxed on both under the 1257L code. Under my order I advised my current income as base salary + car allowance, however Payroll have rejected the order as they…

Hi All, I'm hoping someone might be able to help clarify what's going on here. For the year 2022/23, I completed a tax return due to the need to pay the "high income child benefit charge". I was told the amount I needed to pay was £500-odd, and so I made the payment as requested via the HMRC website. I did the "same again"…

If you sell units in an investment fund, what date is the gain (or loss) made for tax purposes? a. The date you click the button to place the "sell" order? b. The date the order is "filled", i.e. a buyer places their buy order on the other side of the trade c. The settlement date when the buyer has paid and the broker…

Hi a quick question. If there are changes in Capital Gains Tax in the upcoming budget will the changes apply to when the gains were made or when the tax has to be paid? Are they likely to be implemented immediately or in the next tax year? tia sx

I asked HMRC for a list of the bank interest data for the 2023/4 tax year which I now have, in print. The entries 'Source' is categorised as 'Actual' or 'Estimate' I reconciled most of the Actual entries with my records... but there were a few bank returns they were missing (several app based) plus a lot of 'estimates'.…

My daughter has a Personal Injury Trust bank account with Barclays and a PI Trust Investment account with Fidelity. She is on Universal Credit so it is imperative that the money stays under protection from benefits assessment. My daughter is the settlor and we are both trustees. The funds with Fidelity are in Vanguard…

I have randomly bought and sold small amounts of crypto since 2017Currently my coinbase account holds 15kI estimate my input has been 7-8k over the last 7 yearsCan I take 3k per year from my account without having to declare capital gains

Hi i am going on a career break 16/12 for 3 years but will still be employed by my current employer for that time. i have been paying 40% tax all year but will not hit the £50k threshold this financial year due to when I leave. will i get this back through payroll? also, will I receive 4 months of the tax free allowance…