HMRC Admin 5 Response

Hi 

You will be a higher rate taxpayer, so your interest tax free threshold would be £500.00, with the rest taxed at 40%, as shown in your calculation.  

Thank you

Hi David Preston


Yes HMRC will contact you in due course to advise of any action required.

Thank you

 

Hi

The maximum you can invest in a new ISA would still be £20000 per year (Individual Savings Accounts (ISAs)).  You may wish to check with your ISA provider.

Thank you

Hi Puddleduck

Please refer to Early retirement, your pension and benefits

Thank you
 

Hi

Income tax is calculated using the 'arising basis'.  This means income is taxed in the year that it arises, so your partner would be taxed on the income he receives, as it arises.

Thank you

Hi

The rules for being employed and self employed are different.  Please have a look at the guidance atBIM37600 - Wholly and exclusively: duality of, or non-trade, purpose: travel costs: contents onwards.  
We cannot provide a difinitive answer, only guidance and its meaning.  You will need to seek out professional advice if that is what you want.

Thank you

 

Hi

We cannot work out the number of days for you.  You have to do this yourself or obtainprofessional advice on the matter, perhaps from a specialist accountant.  
You can find the guidance on this at RDR3: Statutory Residence Test (SRT) notes

Thank you

Hi

Private residence relief will be available up to the date that you moved out of the property, plus a further 9 months over the number of months that you owned the property.  
Have a look at helpsheet HS283 (HS283 Private Residence Relief (2024)) for advice on calculating this relief.  There is guidance on calculating capital gains and applying personal pension relief, as well as a calculator at https://www.gov.uk/tax-sell-property.

Thank you

Hi

Yes.  The pension provider will claim tax relief from HMRC and you in turn declare the one off payments in your tax return, if you need to complete one or in writing to H.M. Revenue and Customs Pay As You Earn BX9 1AS, with supporting evidence in cases where a tax return is not required.

Thank you

Hi

The probate value, is the court agreed value of the asset at the time of your father's death.  This is used for inheritance tax purposes by the estate and for capital gains tax purposes.  
To work out if there is a capital gain, subtract the probate value and disposal costs from the disposal value.  If you are left with a positive number, there is a capital gain.  
Disposals of residential property should be reported and capital gains tax paid within 60 days of the completion date.  Have a look at the guidance at Tax when you sell property.

Thank you