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Cutting tax

Archives for December 2009

Being self employed with no outgoings, will this cause problems?
Well due to my lovely ex boss sacking me on the 23rd December I have decided to bite the bullet and go for something I've always wanted to do, go self employed! I've managed to get myself in with another designer who has more than enough work for 2 of us on offer, and by using our skills (we're different types of designer)…
Restricting tax relief on pension contributions for high-income individuals
“Restricting tax relief on pension contributions for high-income individuals – comparisons between the anti-forestalling rules and the proposed changes from April 2011 At Budget 2009, the Government announced its intention to bring in new rules for pensions tax relief to apply from 6 April 2011. At the same time, the…
Reclaim Tax from 2005 - 2009
Hello all, Just to give you some background information from 2004 - 2009 I have been a full time student at university. During this period I have held one job steadily and had several part time jobs. For all tax years I have my P60's and P45 from all the jobs. Basically going through the paperwork now I have graduate I…
Redunancy Tax
Wonder if anyone can help me? I've just been made redundant and my wife is a stay at home mum. I have paid £14,000 in tax on the redundancy. I moved in with my wife earlier this year when we got married, and still own the flat which I was going to sell. If I rent out the flat it will need a lot of work doing to it, is it…
Just received a tax return letter demanding a fine to be paid...bit confused.
21st Dec 2009 letter demading a tax return for 28 Nov 08 to 27 Nov 09. This is the first letter I've received from HMRC regarding the company (resident's association). 22nd Dec 2009 letter informing me that I owe £100 for non filing of a tax return for period ending 27th Nov 2008. The company is listed as a dormant…
Tax return completed and asked for 'payment on account'?
This isn't a 'cutting' tax question but couldn't see another tax board to post on. I have just done my tax return for 08/09 and I owe £1200 tax for income from property rental. At the end of the calculation it says that in addition to this I have to pay £600 'on account' for 09/10 by 31 Jan 10, and another £600 (i.e. all…
Accountant or software?
First time post - so please be kind. I'm a freelance working in the media industry. For the last 6 years I've been self-employed and using an accountant to do my tax returns. He seems very good - I just give him all my expenses receipts, invoices and bank statements and he does everything for me. That being said, I believe…
Duty charges on competition prize
Hello! I was lucky enough to win (well, runner up) a photography competition back in Aug/Sep. The prizes only recently appeared around the 10th December in a big box from FedEx - and (this sounds ungrateful) not all of the listed prizes were included. Nevermind! I thought, it was nice to win, let alone get any prize! Then…
Self Assessment - Student Loan Query
Hi - I wonder if someone can offer some advice. I repaid my student loan in full in the tax year 08/09. As such, my repayments are much lower than the 9% x (salary less £15k) they would have been if I had still been in repayment. The self assessment system tries to add the difference between the two figures to my total…
No longer UK tax resident - being honest
New year resolution is to get my tax affairs in order. That probably means hiring an accountant - but here's my situation anyway, if anyone has information or has done something similar. I left a job in the UK this summer and started living and working (employed) in France. I have a second job (self-employed) working…
Do I need to pay capital gains tax? What are my options?
Hey, This is my first thread on MSE, however I've lingered around here looking at other threads for a long, long time. I wonder if you guys can help me. I work 9-5 mon-fri. I am 21 and I am on £13,500 per year :( lol In my spare time I like to develop websites. One such website has taken off in its popularity and is…
Minimising tax - BTL taking me into 40% tax
Hi, I'm sure this is an often asked question, but I've been through about 10 pages of posts and not found anything. I am looking for advice on minimising my tax - I figure now is the time to get sorted rather than 31st Match Facts an figures Will earn about 41k this tax year from my main job Rental income of ~7k from…
R40 vs Self-Assessment
Hi! An R40 form appears to enable you to reclaim tax if you think you've paid too much. Is there an advantage to doing this if you have to file an end-of-year self-assessment anyway? I assume a self-assessment will also reveal whether you've paid too much tax, no? Thanks again.
Payment on account after becoming PAYE midway through tax year
Am a little confused, so hoped some very kind person here would be able to point me in the right direction. I was working self-employed freelance through the 08/09 tax year, and owe £1218.60 to HMRC - who have also asked for £609.30 for my first payment on account for 09/10. The issue is, I stopped working freelance in…
How Much Tax & Insurance SHould I Have Paid?
My annual salary is £30k before tax and NI. I have a interest free loan of £1760 for my travel card which gets taken out each month. My monthly salary after tax and NI is approx £1727. I am married and under 65 and receive no additional benefits apart from child benefit and child tax credits etc what everyone gets for my…
Working from home
Hi, I have been working for this company for nearly 3 years now and have worked from home since the start paying for electric and heating bills because there is always someone in the house. I was wondering if there is any way to claim any money back in any form to help with the rising fuel cost so I can continue to work…
Sole Trader money moved from personal ac to cover business overdraft is it Income?
Hi all, I am currently doing my tax return and have hit a question. I was a sole trader and this is my last tax return, I ised to have an account to do this but since there is only 7 months worth I thought I would calculate it this time. My question is, in the 7 months I had a sales income of £132, but all the time having…
How much tax?
How much tax does someone earning £600 per week pay? :confused:
Mileage Tax Relief
Hi there. I travel with work around the country pretty much on a daily basis. I have just found out that as work do not pay the full government authorised rates for personal mileage that I am entitled to claim a rebate on my tax allowance. I have a couple of specific queries relating to this: 1. My company pay me 20p per…
Going abroad
Hi all! I have a reasonable amount of money stashed away in UK savings accounts but I plan to emigrate to Canada in March 2010. I imagine I will eventually have dual-nationality. Should I take my savings to Canada with me or are there tax-cutting advantages to leaving it in a UK-based account? Thanks for any help offered!

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Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
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Cutting tax

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