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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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SIPP contribution tax reclaim.
was made redundant made redundant a few months back. Received my redundancy payment and was taxed on it PAYE at 40% for everything over £30k due to the timing of the redundancy and also far into the tax year we were.wevwer i'm looking into investing some of it into a SIPP in order to claim some of the tax that was deducted…
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Volunteering for School but unsure on tax implications
Hi all My Father (a self-employed builder) is kindly building a shed for my daughter's school for free (material costs only). This isn't something he has done before so I want to ensure he covers himself and does everything correctly regarding records for tax purposes, especially when doing something so generous for my…
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Do I need to have software?
I am a registered partnership with my wife and have been trading on eBay for several years. I fill out a partnership tax form every year and want to know how the new tax reporting will effect me. I use a simple spreadsheet to record income and expenditure. My turnover is less than £20,000 per year with about a 15% profit.…
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married couples allowance
I have followed Martins advice and "borrowed" £1260 from my wife's allowance, if she survives me does she automatically get that allowance back or does she have to claim it back?
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How to prepare for MTD ITSA from April 2026?
Hi everyone, I’ve been reading about Making Tax Digital for Income Tax (MTD ITSA) starting from April 2026, and I’m a bit confused about how to prepare for it. Do we need to submit quarterly updates manually, or is there software that makes the process easier? Also, what’s the best way to track income and expenses to stay…
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Company car - Mileage rates - Tax return
I recently opted into the company car scheme. I am due to complete a self assessment after the financial year end. The company I work for pays 14p per mile - the current government rate is obviously 45p per mile. Is it just 20% of the 31p difference I can claim back or can I claim the full 31p back? My salary is £53k if…
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Inheritance tax 'normal expenditure' for married couple
For demonstrating gifts out of surplus income, I believe it's expected that household expenses will be split equally between husband and wife. That's easy for major items such as energy, Council Tax and car insurance. But we pay randomly for food shopping, meals out, petrol etc. It depends who goes to the supermarket. We…
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Simple Assessment calculation for deceased husband
My husband died last October. HMRC wrote to me as his administrator confirming no tax is payable for the current year 2025-2026. I have recently received a Simple Assessment for 2024-2025 requesting payment of £168.20. Although it’s not a large amount I don’t feel the starting rate has been correctly applied and would…
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Using SIPP to reduce taxable income - how much to pay in?
Hi, Long time lurker, first time poster. I'm about to make a contribution to a SIPP to reduce my total taxable income below £100k and would appreciate some advice on how much to pay into the SIPP because I've had two views. The situation is (with rounded numbers): Taxable pay from employer 1: £44,000 Taxable pay from…
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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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Declaring partner for joint Council tax i.e. adding to them to the account
My partner has moved in and I want to add him to the council tax. He has been here for a little while. I also will need to have the single person's reduction removed. I would very much appreciate if anyone would share their experience with regard to what I can expect or advice of what to do etc. Thank you.
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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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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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Interest Tax Allowance
I'm on the cusp of 40% tax so just wanting to check I have the right understanding of the interest income tax free allowance. My understanding is that the point that it tips from £1000 down to £500 is £50270, so I need to get my taxable income below this amount (through pension contributions) Have I got the right end of…
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Capital Gains Tax .. imperfect info
Hi, I bought a property in 2004 ( a holiday home). I sold it in February this year. Im trying to do the CGT return for HMRC but am stumped on one thing. I bought the property for £109,500 . I can find out how much stamp duty I would have paid but I’ve lost the invoice for how much I paid in conveyancing fee. (Solicitors…
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Declaration of trust to prove beneficial ownership of a property for tax purposes
I solely own a property and would like my civil partner to receive 50% of the rental income. I understand the following:- A declaration of trust is a legally binding document that defines the beneficial ownership of a property, separating it from the legal title registered at HM Land Registry It formally states who owns…
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Is it possible to see what you could've earned pre-tax code change?
BR-tax payer before we kick off. So approx 75% in to the tax year my code gets changed due to unpaid tax on interest earned. I was 12.x.L whatever the x number is. I've been changed to 10.x.XL I think the code is. I'd need to check a payslip but I don't imagine it matters for the question as the point is the same. So…
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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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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…
