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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…
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Changed jobs, tax problem
I changed jobs from my old employer to my new employer on the 2nd January this year. In january I received two payslips, one from my old covering 1 day pay and overtime worked previous month, and one from my new one, showing tax paid for the month, plus my P45 which I handed into my new employer. In february I received my…
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New HICBC threshold and property finance.
Hi, I’m a bit unsure on how much I will need to pension next year with the change in hicbc level. for last couple of years my income has been roughly Employed £45000 Self employed £5000 Property “profit” £10000 (of which £4000 is interest payments on mortgage) total £60000 so I have been putting £10000 gross amount into…
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Capital Gains Tax from property
I have a query regarding capital gains tax. I have read on line that making a pension contribution into a personal pension plan can help to reduce CGT. For context - my partner has a rental property which is in the process of being sold - bought for £125k about 20 years ago, selling at £385k, with purchase/selling fees and…
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Marriage Allowance - state pension rise 2024/25
Firstly apologies at really not having a clue on this! As I am on State Pension and no other income and hubby is still working I transferred marriage allownace as Martin Lewis metioned it - I worry that rise in SP for 24/25 to £11,500 and the allowance will take meover the tax threshold. It say Marriage Allowance transfers…
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Any SDLT experts here? Got a bit of a complicated scenario?
Not sure whether this forum or one in the house buying/selling would be better but here goes: I have a property that I own with my ex-partner, we broke up not long after the initial purchase (rushed into things, you live and learn) but as we were in a 5-year fixed rate we have waited until now to remove her. I'm going to…
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CGT and loss making shares
Hi, I have a number of BT shares bought at a higher price than they are currently, am I right in thinking as there is no gain there is no GCT to pay ? If fact as they are a loss to me, could the loss be offset against other profitable shares to reduce their CGT if I sell together ?thanks.
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Gift with reservation of benefit.
What are the implications of placing our house in a trust and continuing to live in it rent free
