Pebble Beach

Any help please?

Hi, I now realise my wife and I have made an error for 2022/2023 SA wrt Marriage Allowance. I completed my SA online assuming I would still be entitled to Marriage Allowance since my wife had applied for it AND was previously a non-taxpayer. For that tax year my wife has no spare allowance to transfer to me. Consequently (inadvertantly) I have paid £251 (20% of 10% of £12570) too little tax and my wife has paid £251 too much tax since she lost part of her Personal Allowance. On balance we have paid the correct amount of tax between us (I think). I thought I would try to correct my tax return but realised that the Marriage Allowance would first need to be cancelled (by my wife). When she tried to cancel it, it can only be cancelled from beginning of Tax Year 2024/45 (as far as I can see). So I still can't correct it for 2022/23 (or 2023/24!). She has now cancelled her Marriage Allowance transfer to me. So, given that the total tax we paid between us is correct, do I need to do anything? And if so, what? Or should I just let the error run on for 2022/23 and 2023/24 knowing it will correct itself for the year 2024/25? Thanks

Hi, I am trying to make a first declaration of foreign rental income. I realise that the self assessment needs to be completed in sterling. However if I look at the HMRC (monthly or annual) exchange rates, they are just awful compared to the real world. eg HMRC say 1.22 to US$ but if I take the US$ income to the Post office they want 1.47. There doesn't appear to me any way to SELL dollars for anything like 1.22. This means HMRC think I have 8196 pounds per $10,000. Whereas, if I take the same $10,000 to the Post Office I only get 6802 ie nearly £1400 less! If, at a later date, I need to pay capital Gains Tax, the sterling loss would (theoretically) be an order of magnitude worse. Am I missing something? Exchange rates are different in each direction. The HMRC exchange rate seems to me to be the £ selling rate rather than the £ buying rate. I'd like to get this both right and fair..... Any advice please.

Hi, We are both now UK residents and have bought a foreign property where my wife was born to rent out. We bought it as a bank repossession. Our surmise (but don't know how I could prove it) is that the bank just wanted it off their books. We lived in it as a holiday home for several months. We then decided to rent it out for income. However, it needed a lot of refurbishment before really being suitable for rental. As I understand it, the refurbishment costs, spent before the first rental, are usually considered as capital rather than revenue, if the property was bought at some kind of "discount"....even if these expenses would otherwise be of a revenue nature. At this stage (after the refurbishments and after the first rental), can we claim the revenue (not capital) expenses of the pre-rental costs were tax-deductable as revenue expenses against the rental income? Thank You.