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Cutting tax

Archives for January 2011

Is this a 'Tax Refund Hoax' ?
Today I received an email that left me rather perplexed having filed my tax returns online only a couple of days ago. The link where it reads 'complete your tax refund here..... click here' it actually redirects to a site somewhere in Hungary !?! Has anyone else received a similar email after filing returns? The email…
self assessment error!
I have made a mistake on my self assessment for 2009/10 ,I done the return back in august and thought no more of it but have realised that i have not declared some interest on my savings between oct 09 and april 10,I declared the interest earned on a savings bond and another online account,both these accounts were annual…
Inheritance Tax
Can any of you experts help me clarify a few things with regard to IHT? As I understand the current threshold is £325000 per person (£650000 for a married couple) also that a "business" can be transferred IHT free for certain businesses. So if my house is worth £650K and we both die and all other assets tied up in a…
Personal Fuel Card
Hi, I do about 30k a year in a seat leon FR 2.0 tdi, luckily i get about 50MPG as i dont boot it on business millage. I claim back 0.12p per mile which is good enough but with the raise in fuel prices, i wouldnt mind making it a bit easier. am i able to have a fuel card which allows me to get a cheaper rate from petrol…
Help P60u and self assesment online
Hi doing my SA 09/10 online done it before no problems, i want to figure out my if I owe them tax on my jsa where do I put the taxable figure online. Total earnings £11806.14 Total tax £1605.20 paid Total JSA £1478.90 taxable figure from P60U Tax code 647L what is the tax refunded figure on the P60U from what I can see is…
Car allowance and claiming for fuel - a strange one!
Hi Guys, I need a bit of advice on car allowance etc for my new job. I am just started working for a dutch company (as the sole UK employee) They are paying me £5000 a year car allowance (to use my own car - which I have had to buy) but are stating that I cannot claim for milage at the government stipulated rate, but…
Company car - benefit vs actual tax cost confusion
I recently got a promotion and on 1st December took delivery of a brand spanking new Alfa Romeo Gulietta. When I ordered the car the GE portal said that Benefit in Kind at 20% tax would be £38.40 per month which I felt was quite civilised. However I have recently had a letter from HMRC reducing my tax free allowance by the…
Income tax on gifts recieved from non-relatives?
Hi there, I am a self employed musician and this is my first year being self employed. Recently I have been speaking / giving talks at a few church meetings and leading a few songs in the worship time. Mainly at friends churches or youth groups etc. A couple of times some people have given me a 'gift' which I didnt really…
Reducing Tax on Redundancy
I am being made redundant in the summer and want to try and reduce my tax bill. I earn £53k but make monthly pension contributions of £755. With other pre tax deductions it takes my pre tax pay down to £42,300. With the tax free allowance my pay is reduced below the 40% rate. Will this mean that any redundancy pay over the…
What tax will I pay
I am not sure if posting this in the right place but just have a couple of questions regarding what tax I might be looking at paying. About 17 years ago I was living with my grandparents and jointly we bought their house, I got married and moved out about 13 years ago but continued to pay the mortgage until it was paid and…
Daft tax demand
I did my self assesment return online yesterday. They calculated my unpaid tax was 20p! However as I had already said I didn't want to add it to my tax code (I prefer to get my bills out of the way) I seemed to have no option at that point but to carry on and send the payment. I find it amazing they don't round it down to…
Income tax question
Hi, Im trying to figure out when I will hit the 40 % tax bracket! My Pension is taken off before tax to give my "gross taxable" salary. Will I start to pay 40 % tax when (i) my gross taxable salary exceeds the threshold or (ii) my total salary (i.e. gross taxable plus pension contribution) exceeds the threhold? Thanks!
CGT/IHT on inheritance
My father in law died in 1989, and left his half of the house to his children in trust. My mother in law continued to accupy the whole house up to her death last year. I have been given two conflicting scenarios by different solicitors: 1) That for tax purposes my MIL had a deemed interest in possession, evidenced by her…
Complaining about Inland Revenue
Can anybody help please ? I have just completed my husbands tax return for 2009/10 and have a whacking unexpected bill for nearly £4000. I thought PAYE was so you didnt have shocks like that ! He has worked for the same company for the past 6 years and has a small pension too. He is a higher rate tax payer. In 2007 he got…
Tax implications of gifting
hi, My wife has been left a share of her fathers estate, the rest of it goes to charity, her brother has been left out of the will entirely, due to family rift. She wants to make a gift to him out of her share of the inheritance of around £10k. Her brother is selfemployed. What would be the best way to gift her brother and…
Where do I claim AMAP on my self-assessment return?
I'm thinking ahead to next year as I had very little mileage to claim this year, but having just sat down and filled in my return I didn't spot anywhere to declare AMAP mileage payments? I certainly didn't spot it and none of the so called 'help sheets' were actually helpful. They're great for telling you how much to…
Quick question on tax, pensions & savings
Hi all I have read lots of the threads and the :money:Guides, but am still a bit confused by the changes to tax allowances. OH is on the cusp of HR tax, and will probably change tax bracket in April. He currently pays tax PAYE and his employer takes off pension contributions. If I've interpreted all the information…
Annual bonus-how much tax deducted?
Hi all Hopeing someone can help! I earn £24k a year and am due to receive a bonus- max 10% of salary, but probably nearer £1.5k in May. So for May, my salary with bonus, pre-tax will be around £4k monthly earnings. Obviously if this is what I earnt for the year each month (I wish!) it would mean I was over the 40% tax…
MSE News: 750,000 more to become higher rate taxpayers
This is the discussion thread for the following MSE News Story: "Many more will start paying income tax of 40% on earnings from 5 April as the threshold drops from £43,875 to £42,475 ..." Read the full story: 750,000 more to become higher rate taxpayers
closing stock figure
have just called my accountant & my closing stock figure seems very low at £3,200 if this had been higher would my tax bill have been lower ?

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
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
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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Cutting tax

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