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Redundancy in self assessment
I was made redundant this tax year, and I am wondering how to report it in the self assessment so the correct tax is charged. I have a mistake in my P45, and the employer suggested to use figures from the last payslip. I have a gross payment figure and a taxable one there. Taxable is 30k less then gross, which is correct.…
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Tax Bill from 2017/18 received
Looking for advice on a tax bill received please reached retirement age and pension paid from early 2017 but still worked in paid employment and paid my tax on my wages every week. in 2021 received a tax bill for over £500 for tax year 2017/18. phoned HMRC immediately about it, after a lengthy phone call I was told…
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NI UK working remotely in Ireland HMRC SA?
I've been working for 2 1/2 years as above and have been paid in Euros via payroll and Ireland PAYE. I pay social security and income tax in Ireland. Should i have filled in a UK HMRC SA? They've never asked for one & i haven't ever done one before as was UK PAYE for a short time. What will happen if i register for UK SA…
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Tax on mixed income
Say £10500 taxable pension income ( half from DB, half from Sipp) and £7000 profit from self employment with a £13800 personal allowance. Is it simply 20% of £3700 ? I’m thinking of going very part time next year and wondered how it is all taxed - will my pension income be taxed at source or will It be paid gross then I…
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Applying for 15 h childcare but no payslips to prove income (paid from overseas)
Our toddler is approaching two years old, and so like many others, we are preparing to apply for the 15 hours of free childcare. Both my husband and I are residents in the UK. While my husband meets the employment requirements, earning above the minimum threshold from a UK-based company, I am employed by a company…
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Contracted out
Can someone please explain why a company pension scheme has contracted out and non contracted out with regards to NI?.. it appears after over 45 years of working and paying NI (and apparently not the full amount for 26 of those years due to the contracted out bit) I don’t get a full state pension
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Continue with Marriage Allowance or not?
Afternoon. I was working part-time earning nett £968 per month and applied for Marriage Allowance. Last month I lost my job and am actively seeking full-time work (or could do part-time if remote). Aside from actually getting a job, if I do it's likely to be full-time and over the earnings threshold for marriage allowance.…
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IHT allowance on property
My parents were unable to manage in a 55+ restricted flat due to their age and Covid. I arranged for them to be moved to a Home closer to me (100mls distant) in August 2020. My father died in April 2021 and my mother was initially happy to stay on in the Home. Although the flat was on the market from August 2020 it was not…
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Received HMRC self assessment form
Hi all, I'll try to keep it as sort as possible... I'm 38 years old, recently seperated from my fiance who used to live in the town house I own in Dunstable. There are 3 rooms in the house, and seeing that I was alone in a 3 story property, I thought why not rent one of the rooms out. I found a lodger on spareroom and they…
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Transfer SAYE shares to Flexible Investment ISA
Hello, I would like to check my understanding is correct please. My SAYE has just completed and I am about to exercise my options. I will make a gain over the GC tax allowance and so I would like to transfer the shares into my Investment ISA this tax year. I have £16k allowance currently available. My Investment ISA with…
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LTIP and earnings over £100k
Hi, Hoping for some advice as I'm a bit confused. My earnings for this tax year 2023-2024 will be just under £100k, I calculated this carefully and have been paying extra into my pension to keep the earnings below the £100k threshold. However, I have just found out that an LTIP I was issued in 2021 will vest in March (this…
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Self Assessment / Tax Return Required?
I used some drawdown funds to buy an annuity in this tax year 2023/24. I have previously exceeded the LTA. There was an increase in the value of the funds used to buy the annuity compared with its crystallised value. Had I done this last tax year, 2022/23 there would have been an LTA charge of 25% on the difference and a…
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"Tax free" Irish government bonds
I hold some fixed return investments in the Irish government that the Irish govt advertise as tax free
- https://www.statesavings.ie/our-products. I assume when I become a UK resident, the interest will be
fully taxable? I understand interest earned (ie withdrawable) is what is
taxed in a UK tax year. The Irish platform is…
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Redundancy, 60% tax & Annual Allowance
Hi, I'm being made redundant and after taking into account carry forward I will end up in the 100-125k bracket so will lose some of my personal allowance, hence an effective tax rate of 60%. I was reading on the M&G site that sometimes it makes sense to exceed the AA to avoid the personal allowance tax trap. Presumably I…
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How much IHT am i liable?
Widowed parent here, need to figure out figure out how much will my inheritance beneficiaries will be liable to IHT Here are some estimated figures UK 20000 overseas savings 40000 Life insurance 500000 Shares 3000 Pension 55000 ------------------------ Total incl pension 618000 Total excl pension 563000 My other half…
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CGT Allowance
Hi, I presently have no CGT liability for the year 23/24 I have shares (outside an ISA) which if I sold them this year would fall within the £6000 CGT allowance. However, if I sold them next year then the gain would fall outwith the 24/25 allowance of £3000 If I sold these shares this year would I be able to buy back the…
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Tax efficiency decisions with pay rise over higher rate
Hi all - I searched around but couldn't find the answers, so will try this. I am 51 and have £5240 in a Nest pension. I have no other pension I have been offered a pay increase from £45,600 to £68,830 starting 18th March 2024 I am obliged to pay 5% into NEST My employer offers salary sacrifice Questions: 1. how much should…
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STATE PENSION AND INCOME TAX
I am fortunate enough to have a private pension and still work part time. i am now in receipt of my state pension having reached the ripe old age of 66. am i right in thinking that now that my tax code has changed from 1263L to 203L that whilst i will pay more tax on my employment my state pension is paid in full with no…
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Paying back tax on personal allowance
Hi All, I hope this is a quick and easy question... Tax year 22-23, I earned through employment, 121K, whereas my tax code was 1257L. I thought my PAYE would take care of it, but evidently not (been on PAYE all my life, but I fully accept responsibility that I should have been alive to this). I have submitted my tax return…
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Salary sacrifice car
Hi I’m looking into getting a ev through salary sacrifice I would fall just into the 20 percent tax mark but still get the car quite reduced for around 400 pm after deductions. Be nice for some other opinions regarding this does it affect anything? It includes everything insurance repairs etc…as my current car I keep…
