Cutting tax

Hi, I'm hoping someone on here can confirm my understanding on a tax implications on my inheritance.of part of the family home after my dad left his share to my brother and I in 2018. I understand why he did it, my brother lives in the house and has autism. He has never left home and never will. He wanted to be fair to us…

My ex-husband (we've been separated for over 10 years but not divorced) has disclosed he has undeclared tax because he never registered as self employed and has been doing odd-jobs for people over past couple of years. He pays tax on his work pension so suspect he would be liable for tax on any income from any work (once…

My mother transferred her home to me and my two brothers in 2002 but she continued to live there rent free until her death in September this year. The value of the house is £300k. Do we have to pay CGT when we sell it or Is it a gift with received benefit as she didn’t pay a commercial rent (or any rent) ? From the HMRC…

Check your annual tax charge! The error below were picked up when I completed my Self assessment Return for 2023/24. They could be included in tax charges claimed from people who do not complete Self Assessments, and therefore get by without being detected and challenged. A claim for underpayment of tax in 2022/23 suddenly…

I'm having to fill in a self-assessment and am not a sole-trader, but have made 80 or so sales through eBay this year. All of the sales are second-hand personal belongings, however a few are bikes and a Mac (laptop) which takes my sales over £6,000. Everything has been mine, used, and sold for (substantially) less than I…

 I owned a house outright and my partner (we are not yet married nor in civil partnership) owns her house (purchased in 2005 for 150K) with small mortgage remaining. At the start of 2023 I sold my house and moved into my partners house. Later in 2023, I (solely) bought a new house, and we both moved into that. My partner…

Always wondered what would happen to IHT if I emigrated from the UK . Being single, owning a small 1 bedroom flat that is worth (horrendously in my opinion) about 325k and having savings and pension that will probably be hit with 40% tax there aren't too many options open to me to reduce my IHT liabilities . My easier…

In short my accountants are going to close so Im looking for new ones. They havent been good at communication and even worse now. Trying to work out how to go forward but cant get an answer from anywhere so trying this hive mind. I have experienced a lot of turmoil in my business the last 18 months from losing my best…

Hi all, I'd like to understand how a car allowance affects the tax free allowance of someone who earns more than £100k. A person's tax free allowance goes down by £1 for every £2 above £100,000. As a simple example, if someone has a salary of £105k plus £10k car allowance, is the reduction in tax free allowance calculated…

I just completed my 2023-2024, checked the current position and the Jan 2025 payment looks too high. My primary self employment made ~£30K profit and my second (new) self employment made ~£5K loss. But the loss does not seem to have been factored into the calculation. Do I need to specifically enter the loss in the Losses…

I am travelling full-time at the moment and only pay a small amount of tax on my state and work pensions, which is taken automatically. I was only in the UK for 2 months last year (March - May) and will not be in the UK again until June 2025 and then only for a month or two. I am considering taking up some part-time work,…

Hi all, I have just recently received a pay-rise which has made me a higher-rate tax (HRT) payer for the first time, and I am trying to work out what my additional pension contributions I need to make to avoid paying HRT on my new earnings. My employer adds 10% to my pension, and I add 5%. I now earn £51,490 gross with an…

Can someone confirm if I'm on the right track here with my calculations and understanding. I've made some of the figures and dates up because I don't have the exact records to hand but the principle should be the same. My old family home is currently owned 50% by my Dad and 50% by a Trust created after my Mum passed, of…

Sorry if it's a really daft question, it's the first time I've ever been close to the higher rate tax bracket. I have a NONCUM tax code and employed by the NHS. Due to pay rise and back pay in October I believe I will have paid some tax at 40% in my most recent payslip. Next tax year I am certain that I will pay some tax…

Partner works for the NHS and drives in the community, quite a lot of miles. They're paid mileage uk to 3500 miles a year at 59p a mile for petrol, EV 4p a mile once you hit the 3500 miles you get 24p a mile for petrol, not sure about EV she does about 6,000-8,000 miles a year. someone put in her work group chat that you…

I have some crypto coins at exchange A which are back to even (Yay!). And some more of the same coin bought more recently at exchange B which are now in profit (>£3k) I want to move away from exchange A because it's a bit expensive to buy/sell (it's SKRILL and they sell the crypto for Euros and then charge a FX fee to…

I have started a spreadsheet to prove that my regular gifts to grandchildren come from surplus income rather than savings. I think this still leaves me able to gift £3000 a year from savings. But next year I think I will have a very substantial bill for building work. No matter how much belt tightening I do most of this…

I put £16k of my own money into my business to buy stock. That stock became an asset (closing stock) and as such part of our profits. I ended up paying about an extra £3k tax on it. Was there a better more tax efficient way to introduce money to the business? Should this have been put down as a loan from a Personal…

I'm trying to file my self assessment form. My main employer gave me a P45 when I left but the leaving date given on it falls in a different tax year to the final payments (which were provided after I left in the new tax year). Two contacts at HMRC (one a specialist apparently) plus my accountant has said this is wrong…

Just out of curiosity, say I have a company pension £6000 pa , taxable savings Interest £6000, £7570 share dividends for year 23/24 . Can I assume that I can use my 5k 'Starting Rate ' and 1k 'Personal Savings Allowance' to offset against my £6000 savings interest , therefore no tax to pay (ie. at basic rate) on my savings…