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HMRC app 24/25 earnings
My wife inherited her mother's house last year and no iht was due,she sold the house and put some of the proceeds in to isa,s and premium bonds,she doesn't work and is retired, she downloaded the hmrc app and was shocked to see her estimated earnings for 24/25 would be around £100,000 with approx £25000 tax payable. I…
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What counts as using part of your home for business purposes?
My friend is staying in my spare room, and has offered to contribute towards bills. Presumably this is not taxable income. But suppose that he stays for a longer time and makes regular payments: at what point am I considered by HMRC to be using part of my home for business purposes? Obviously my main concern is to avoid…
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Earning over 100k - do I need an IFA
Hey I've started a new job that means, with my signing on bonus, I'll be earning over 100k this year. I've read about the "60% tax" and am looking to offset some of my salary to avoid paying this. My question is, should I be chatting to an IFA, or is it relatively simple to sacrifice some of my salary (into my pension for…
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Acquisition date for CGT purposes
How do I show date of acquisition for CGT purposes on a
self-assessment when I have more than one sale/purchase, please? Example 1: 1000 units bought on 1/1/2022 500 units bought on 1/2/2022 750 units sold on 1/1/2024 750 units sold on 1/2/2024 What is the acquisition date for each sale? Example 2: 1000 units bought on…
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Pension Fund charges and Tax
When assessing pension contributions for Self Assessment - Can you reduce the fund and maintenance charges from the amount contributed? For example Annual contribution £60k. - One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when…
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Student Loan Rebate Due?
Hi, I've recently claimed back some student loan overpayment due to being on mat leave and pay being a bit all over the place. I've had success with some years. However I am a bit confused whether I am due a rebate for tax year 22/23. I am on plan 1. My taxable income was £27257.28 for that year and I paid £973 to SLC that…
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Higher income child benefit
Hello all! first time poster so please go easy on me! I am about to start a new job next month on a salary £60k plus £4.5k car allowance. I haven’t been in the higher income area for child benefit before and I am really confused. From my salary I pay tax, NI, and a student loan and a post graduate loan as well, plus my 5%…
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PAYE/self employment
Hi Doing my self assessment as I have PAYE and self employment, question is I got some money refunded interest on two loans and paid tax on both of them, what option do I choose on the self assesesment to record that I have got this money and paid tax? I have had a look in other income but not sure which would be the…
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Business mileage allowance
Not sure if this is the right forum for this, but I suppose it's a benefit. My permanent place of work is approx 120 miles from my home, and we use a mileage calculator that deducts the normal commute distance from travel to sites, airports etc. If I stay at a hotel by my office, then travel to a client site from there,…
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Foreign Income and self assessment
Dear Forumites I am not actually trying to "cut" tax but did not know where else to post this! I would be quite happy to pay the appropriate amount of tax, but am unsure about how to put this on the self assessment form. Fully appreciate no one can give me advice! I have actually tried to register myself on the HMRC…
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Reclaim emergency tax from pension lump using form P53
I initiated the closure and full lump sum payment from an old pension policy on 20/03/2024. Obviously I was well aware I'd be liable for emergency tax, which I am now in the process of reclaiming. I received the payment on 10/04/2024. I'm assuming I now have to reclaim it using the 2024/25 tax year. Now to the P53 form…
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Gifting excess income & capital expenditure rules
My Dad recently asked me to look at his savings and
investments which to his, and my surprise, totalled just over £400K, excluding
his flat, and he’s keen to reduce his inheritance tax liability. After working out his income from pensions and interest on savings
(cash ISA’s) and deducting his outgoings he has an excess…
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23-24 self assessment
I've started my tax return, and it appears I still have to pay class 2 nic which I thought had been scrapped ? I've been SE since 2009 always paid class 2 to secure my pension. I have 40 years on my NI . Any advice please ?
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Financial advice England and Ireland
Hi, I’m currently working and living in the ROI. Therefore have pension, taxes etc in this country. I moved from England, where I have property, pension and investments. I’m looking for a financial advisor to help me with my pension and tax. Is it possible to find someone who is qualified to give advice for both countries…
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Self assessment - Incorrect Personal Allowance used to calculate my tax for 2023/24?
Good Afternoon Hoping someone can help me please. While completing my 2023/24 self-assessment online, I noticed my
correct personal tax code for 2023/24 (1384L) was not being used for my tax calculation.
It uses the default - 1257L. This increase in Personal Allowance was due to Pension tax relief from
a previous year (as…
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Personal allowance reduction more than expected
Hi - I'm hoping someone might be able to speculate on this one, as it was wishful thinking trying to get through to the HMRC helpline to ask, ha. I completed a tax self-assessment for the 22/23 tax year, as I got a new job that took me over the Higher Income Child Benefit Charge tax threshold for part of it so I knew I'd…
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P53 or P53z
Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form. I…
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Hospital cash beenfit taxable
Last year I opted to undergo surgery on the NHS rather than use my private health policy. (I am self-employed so not an employer's policy). It offered an NHS hospital cash benefit and I did indeed eventually receive a lump sum payment. Am I correct in thinking this must be taxable for Self Assessment purposes?
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Tax code
Hi, In September I was given a big promotion and was paid over £100k in 2023/24. I have done a self assessment which has shown that I underpaid tax, which is fair enough. However, I’ve been another pay rise which means I expect to earn £150k this financial year. I updated my HMRC account with my predicted salary as I want…
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HMO bills included
Filling in my tax return and can't find a definitive answer as to where to include the inclusive bills (I pay the gas/electric, tv license etc). I'm undecided as to whether it's meant to be Cost of Services provided or Rent,rates, insurance, ground,rents section (which I know is where the water and council tax bills are…