-
WEBSITE
£3,000 Annual Gift Exemption Question - MoneySavingExpert Forum
This is my understanding based on the government's website, so please correct if wrong. You can gift someone £3,000 each tax year without any tax liability. So if the donor dies it would not be a tax issue for either inheritance tax or the individual receiving the £3,000. If the donor does not die, again no issue for either party.
Do more...
Share, comment, bookmark or report
-
WEBSITE
Help with IHT403 Gifts form — MoneySavingExpert Forum
I did keep financial records deducted from bank statements which enabled me to complete Page 8 of IHT403 and spent quite some time going over those records. For monthly regular gifts of £500 you are looking at a saving of £12,000 (£500*60*40%) so well worth the time. Posts: 8 Forumite. 10 March 2021 at 6:27PM.
Do more...
Share, comment, bookmark or report
-
WEBSITE
When does interest earned in a fixed rate savings account count as ...
If I take out a 3-year fixed savings account which credits that account with interest annually, is the full, 3-year, compounded interest counted as income in the tax year in which the savings account matures, or are the annual interest payments credited to the savings account counted as income in each tax year?
Do more...
Share, comment, bookmark or report
-
WEBSITE
Agent asking for annual income to be 30 times monthly rental
Agent asking for annual income to be 30 times monthly rental. Saw one EA advertising this and coupled with their needing proof of annual income. Is the 30x a standar formula and does one have to give proof of income when renting. A retired senior partner, in own agency, with 40 years experience in property sales & new build.
Do more...
Share, comment, bookmark or report
-
WEBSITE
State pension annual statement - MoneySavingExpert Forum
Your personal tax account now shows the previous year's annual total. Posts: It is really annoying that you cannot get a 'pay slip' or annual statement of pension paid. It changes once a year. You just multiply it by 13 (if four weekly). Or you read your annual pension notification telling you what it will be.
Do more...
Share, comment, bookmark or report
-
WEBSITE
Capital gains tax reporting - MoneySavingExpert Forum
The current rule is that you have to give a full report of any capital gains tax calculation to HMRC if either the total gross gain (not counting any losses) is more than the annual tax free allowance, or if the gross proceeds are more than four times the allowance - so, this year, a gross gain of over £12,300, or gross proceeds of over £49,200.
Do more...
Share, comment, bookmark or report
-
WEBSITE
electoral roll change - how long to show up? - MoneySavingExpert Forum
Just to clarify how the electoral register is updated on your Experian credit report. If you registered after 18th October in England and 18th November in Scotland and Wales, this information will be included in the Annual Canvass.
Do more...
Share, comment, bookmark or report
-
WEBSITE
How to find annual state pension income for tax purposes?
The only thing that is constant is change. The state pension is given as a pw figure and pd weekly, fortnightly or 4 weekly. These figures are either 1,2 or 4 times the weekly rate. It is, therefore, possible, to receive either 12 or 13 payments in a tax year and HMRC may not know which.
Do more...
Share, comment, bookmark or report
-
WEBSITE
Buying Annual Leave -tax implications - MoneySavingExpert Forum
You get paid 7 days (£700) less so your annual pay reduces to £25,300 and that is then what you are taxed on. All made up figures abut rates of pay, just for example purposes. Different methods of calculating the value of the day off also exist. MattMattMattUK Posts: 9,655 Forumite. 23 February 2023 at 5:01PM.
Do more...
Share, comment, bookmark or report
-
WEBSITE
Do I have to declare interest to HMRC.... - MoneySavingExpert Forum
There is no need to inform them unless you have been using services like Raisin or HL Active Savings, where interest may not be reported to HMRC automatically. Dazed_and_C0nfused Posts: 15,093 Forumite. 1 October 2023 at 4:48PM. Tom_Bradbury said: I'm a 40% tax payer, and although I'm not sure exactly how much interest I earned from savings, it ...
Do more...
Share, comment, bookmark or report
Comments