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Cutting tax

Archives for December 2013

Some Tax Advice Please
Hi, I am new to the site and have been advised to write this post in the cutting tax section. I left my job at the end of June 2013 which had Bupa Health Insurance as a benifit and my tax code was 853L as a result. I started my new Job on 1st July which has no benifits in kind. I phoned the tax office to tell them I no…
CGT on house sale in probate
Could anyone advise? I am acting as executor for a relatives estate. There are two estate beneficiaries. I have probate and have agreed a property value with the district valuer. The house has sold at a higher value than the probate value agreed. The house sale will complete shortly. The difference (gain) is £50,000. I…
How are payments on account calculated ?
Hi, I registered SE as a sole trader this year in 20 march this year. I made around 1K profit between then and end of tax year. I had no other income in that tax year, so there should be no tax to pay for that tax year. Someone suggested that the payments on account will be calculated by the profit made / number of days…
Can I switch to NT code?
Hi all, I have been claiming seafarer's earnings deduction for three years now. I also have a small business, but its earnings fall within my personal allowance (the entirety of which is available due to the SED). Is it possible to switch to an NT code so that I don't have to wait and claim once a year? I do appreciate the…
offset ebay loss against paye tax?
I started to buy and sell things on ebay recently. For example: I bought 500£ things from ebay and other sources in one year. I sold 250£ on ebay in a year. The left over items are out of date and are unlikely to be sold. So in theory I made a loss of 250£? If that is the case, can I offset it against my normal job's paye…
re. form P810 for rent exceeding rent a room allowance
Some time ago I got the following bit of helpful info from someone on MSE. Can anyone confirm whether this is still correct? I have not needed to complete a form yet as I have kept within the RAR limits but will probably have to do so after April 2014. Do i have to write a letter to request a form or can I request it over…
Employed and Self Employed, closing down business. Do I need to make a tax return?
Hello everyone, Heres the situation and I can't seem to find anything on the HMRC website regarding this: I started a photography business and registered myself as a sole trader in additional to being employed. I did this around May 2013. I did a couple of jobs, but never charged to grow a portfolio. I now want to finish…
Umbrella company, payroll or limited company
I am starting a contract in January which pays a day rate and will last for a minimum of 4 1/2 months. In the past I have always been paid through payroll but for this job I will be classed as a supplier and will have to invoice for my time. Because it is only possibly for 4 1/2 months am I best to: 1. Set myself up as a…
tax rebate
hi there my partner has just received a tax rebate cheque to cash at the bank the address on the cheque is our old address and she has changed her bank address to our new house. does she take it to the local bank branch explain and cash it or does she take it to tax office to change the address on it thanx in advance
Owning a buy to let property and Tax
Ok, I own a BTL which has just happened recently, which was previously my main home. I am married but my name is only on the BTL property deeds. With the income from this house it is going to take me into the 40% tax bracket so I am looking for the most tax efficient tax options, as I see it my options are: 1) Add my wife…
P60, tax return and NI
Hi, I'm doing a tax return for the first time and trying to understand what to input on the 'Tax taken off' section. Do you include income tax for the year from my p60 plus my NI contributions total? These are both separate on my p60. Or do I just include income tax paid? Thank you!
HMRC want £1129
Hi I earned £26958 in year 2012/2013. I had deferred my state pension for 3 years and on my 63rd birthday I applied for the lump sum of £15486 of which I paid £3097 in tax. From late September I received £115 pw state pension, which would come to £2760 until end of March 13. Tax office have calculated £5200 in state…
Claiming tax back for offshore worker
Hi Does anybody know if you can claim tax back on travel, my husband is employed working offshore, his company pays travel allowance he is then taxed on this so is usually out of pocket! can he claim any of the tax back? thanks
paye tax, job change
Hi can anyone help? Dh worked til early December in job 1, earning 12,900. His new job at the end of January part time, on 148 a week. That's another 1632 before the end of the financial year. How much tax and ni should he have paid, and will he get a refund?
Sole Trader Help TAX Return PLease
Hi , can anyone please advise me , I started in February 2013 selling musical instruments online and privately as an Sole trader , business could be better but it is nice to be your own boss . The issue is that it is coming up to January and I am getting stressed about my tax return as I have never done it before My…
Self Assessment Wrong?
Hi All, Mr & Mrs AO been on self-assessments for a bit, due to renting house out. Mr AO earning, paying 20% on income from house at end of self assessment. Mrs AO not earning, student/housewife no income. Just received tax bill for £60? How do you go about having this recalculated? We rang them when we first had the…
How does Car Allowance work?
Hi guys, I have an offer for a job which pays £7k in car allowance. How does the car allowance work? Will I get taxed on it? I am quite new to this so if anyone can help me understand it would be great please :)
Self Assessment HMRC Repayments.
I have been waiting 17 days for a repayment from a self assessment return with HMRC for £602.47. It has changed to repayment pending now, 3 days ago. Should I contact HMRC to see how long it will be before it is issued? I am a bit worried about contacting them, as I was once told that if you contact them, this could cause…
Self-employed - declaring income
Sorry, I pressed send before I'd edited the title. This is about income that needs to be declared on self-assessment. Does cashback count as income ? Apologies if this is in the wrong place
Capital Gains Tax - Spouse to Spouse Transfer: is expmption good or bad?
Hi I read the inland revenue and other on-line information and it appears to me that whenever assets are sold or gifted between spouses: 1. It is deemed that transfer happened at the original cost to the spouse that acquired it. 2. The date of acquisition is deemed to be the latest date of gift or transfer. But if this is…

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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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