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Cutting Tax: Discussions that will help you
To help you find the Cutting Tax threads quicker and easier we're collating our previous sticky/pinned threads into one single post. Cutting Tax board: Tax instructions - please read Useful Websites TaxCalc alternative? How does the Taxman Know? Inheritance Tax Planning Useful Tools to Help With Taxes Washing Uniform at…
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Does this count as part of taxable income?
I've never had to think about moving out of the 20% tax bracket before but I might have to for this coming tax year, depending. Story short I've got a claim going on which looks like it's about to finally get settled. If you take that claim figure & add it to what I earned this tax year then I'm just a few £100 short of…
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Would you (should I) take a CGT hit?
OH and I have £130k of unwrapped HSBC FTSE All World Index, bought around 215p and now trading at 303p. We've been selling enough each year to use our CGT allowance but (nice problem to have) the paper gain keeps rising. Would you (should I) take a CGT hit and make larger sales? Assume I can reinvest it tax-wrapped (I…
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Gifting money to son to pay off mortgage
Hi I'm retired and fortunately ok moneywise. I'm about to inherit enough money to give my son £50k so that he can pay off his mortgage. I can't believe there aren't tax problems with this but not sure what they are. Can anyone advise? Thanks
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Help with council tax
In 2024 I contacted the VOA (ctinbox) because I believed my property was in the wrong council tax band. My house was built at the same time, by the same developer, using the same templates as several neighbouring properties that are in a lower band. To me, it seemed completely reasonable that we should all be banded the…
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Interactive Investor 16 March SIPP withdrawal deadline
ii today emailed tax year end dates including this coming Monday, 16 March, for SIPP withdrawals. I shouldn't take that as a hard deadline, should I, but as giving them a fudge factor? OH plans to make her first SIPP withdrawal, selling the assets on Monday for settlement on Thursday. Since ii seem to take 5-8 working days…
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Selling shares for winding up estate
Hopefully the right forum for this question… My brother (joint executor) has about £40k worth of shares in his name which need to sold and split between the beneficiaries. (we couldn't put them in a joint account due to my employer denying my rights to executing a will with respect to shares) Three get just under £3k each.…
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What action to take after incorrect calculations by HMRC re salary reduction
I've had a message from HMRC about my estimated income tax for 26/27, saying that it will be significantly lower than what I will pay for 25/26. Looking back at my income tax history this seems to have been triggered by my employer reporting me as having left the organisation at the end of May 2025, but then having started…
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loan from a family member from abroad
Do I need to include in my tax return £105000 I received last summer as a loan from my mother in Spain?
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Are UK take-home calculators too complicated?
I’m trying to understand whether people prefer simple tax calculators or detailed ones. I built a stripped-back prototype to explore this and would appreciate critique. Thanks in advance.
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Income tax and Car allowance - Tax trap
Hey all. Struggling to get a straight answer out of my finance team so thought i'd ask you clever people. I've been lucky enough to receive a decent pay rise this year and also a good bonus - Good news! However This now trips me over the £100k threshold into what i've seen described as the tax trap. As a result i am…
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Share Sale at Loss & CGT
I am looking to utilise my CGT allowance for the year of £3k. I have some shares with small losses since purchase and some with gains. If I make say sales with £4k of gains but also some others with £1k of losses do I have to declare this to HMRC or as I long as I keep records am I ok if I keep within the £3k limit net?. I…
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Why eBay charges VAT to my buyers, even abroad?
As the title implies, for a few years now, eBay charges VAT to anything I sell, even if it is a pair of second hand socks. I was under the impression that VAT only applied to new goods, or maybe to businesses, but I've checked and is charged no matter you are a private or self employed seller. What is more amusing, is that…
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What is the best way to contact HMRC for explanation of tax statement
Mom is 93 and just had her 26-27 tax code notice. She did not have a high enough income to pay tax before Dad passed. We understand most but not all of it, her income is reported correctly. She wants me to make contact with HMRC for answers. I have LPA for her but this has not been registered with HMRC yet. We lost Dad,…
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HMRC Tax Confident Website
I have just come across the above-mentioned HMRC Website which aims to help people understand the tax system. Since I’m retired I was intrigued to see a specific section entitled ‘Savings, investments and tax in retirement’. I tried to post a link the website but it won’t let me because I haven’t posted to this Forum…
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Working out Corporation Tax - does anyone use Freeagent?
I've been working for myself as a Ltd rather than an Umbrella since Christmas and use Freeagent. Appreciate we still have a month to go, but I'm trying to understand my Corporate Tax liability. I'm due to go through it with my accountant anyway but…… I'll give some numbers. After all my costs Operating Profit: £36,196…
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Milage rates applicable for a private and company car
I have received conflicting guidance and would be grateful for advice. Current situation: - I get paid a car allowance from my work (in addition to my salary) and this is taxed. - I use my privately owned car for travel demanded of by my job (I’m not including commuting to my place of work in this). - It is an electric car…
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Making Tax Digital (MTD) for Landlords
If you receive qualifying income from self-employment and/or property, you’ll be legally required to use Making Tax Digital (MTD) for Income Tax – based on the level of qualifying income – from the following dates: • April 2026, if your qualifying income is over £50,000 in the 2024 to 2025 tax year • April 2027, if your…
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Tax Planning 25/26
Hi, I recently retired. My salary/pension income for the year will be £51,020. My tax free income is £12,838. I will earn interest from UK non-ISA accounts £1,500 I have also received £8,600 interest in an overseas account (Norway) which I assume will be informed to HMRC. If I don't do anything I estimate, after £500…
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Ignorant question about savings interest and tax returns
Having always worked in the public sector, for a modest salary, I have never done a tax return in my life until very recently, when it became necessary due to becoming an accidental landlord. Most of my income is occupational pension taxed at source. If I have money in savings accounts on which I earn interest, am I…
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Higher rate tax payer
Silly question… please educate me. If you are able to reclaim tax at a higher rate for something if you are a higher rate tax payer, is the amount you can reclaim limited to the amount you earn over the basic tax bracket? So, for example, if (through salary sacrifice pension or other things) I was a higher rate tax payer…
