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Where Taxpayers and Advisers Meet
Latest from the Forum Post Your Tax Query Latest from the Forum
Buying house witha view to moving when older.
on 06/11/2024 14:41, by Tingly

Good Afternoon I live in a property now which wont suit me probably in about 10 years time (should i live that long). So my cunning plan was to buy a bungalow now, let it out, then eventually sell my current property. Aside from all the headache, perils n pitfalls ... Continue Reading

Rebate from brewery
on 05/11/2024 19:41, by pawncob

Molson Coors have given a client retrospective refunds, but don't show any VAT element. The statement looks like this: Bank Account ending ****1940 will be debited on 25.10.2024 or within 3 working days, with Collection Advice document number F110001395. This is ... Continue Reading

Residential NRB
on 04/11/2024 23:21, by jim jones

Hi all Due to recent developments I am having to learn about IHT, and if its not too annoying get some assurance on basic points as building blocks. Scenario: Husband owns £1m house mortgage free, no other assets. House to be left 50% wife, 25% child A, 25% ... Continue Reading

Valuing lifetime gifts
on 03/11/2024 21:19, by probate_slave

After my late mother moved into a care home 7 years ago we asked an auctioneer to value the contents of her house prior to selling it. Each item was given a value range, eg £200-300. Half of the items were then sold at auction and the other half given away to ... Continue Reading

Does room allowance apply to self-employed?
on 03/11/2024 14:11, by CaroleJ

Hello all, I can't find the answer to this question on the HMRC website. Simply put, if I'm self-employed with a modest income in the 20% tax band, am I still entitled to the £7,500 annual allowance to rent out a room in my home? Or is that just for those who ... Continue Reading

IHT Avoidance
on 02/11/2024 11:34, by zaxtab

I’m aware that if I were to gift say £50k to my son it would come into the IHT category, however if I were to purchase an item value £50k and then sold that item to my son for £1 would it avoid IHT consideration? Continue Reading

Going self employed...
on 31/10/2024 14:55, by claireye

Hope you can help, here. I left my employer in August 2024, and am venturing into freelance work. For the remainder of this tax year, I'm stuck in the "pay 40% tax on all earnings bracket". So, if I were to win a contract of £50,000 this tax year, for example, ... Continue Reading