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Cutting tax

Archives for October 2015

Boring question, hope I'm in the right place!
Hi all, apologies if I'm in the wrong place here, first time poster. I'm wondering if someone who knows more about the dark art of Income Tax than me might be able to kindly shed some light on this one. I attempted to contact HMRC a couple of hours ago but their automated phone system is beyond awful and I couldn't get…
Where can I read up on limited company for buy to let
Hi Apologies if this has been asked before, I've done a search and nothing has come up. I am currently a landlord, with a couple of properties held in my own name. I am thinking of extending my portfolio, but with the tax changes that are due to come in it doesn't make sense to buy any more like this. I am looking for some…
Stamp duty / capital gains house transfer
Husband owns property worth 250K outright (bought at 150K), always rented out Couple are going to buy a new property for 300K in joint names, wife's parents will pay for it outright and the wife will pay them back monthly Husband would transfer half his existing property (125K) to wife's name, and pay 25K to parents-in-law…
Personal bills
Hi all, I've tried to find confirmation of this through my own research but to no avail. A friend tells me that a percentage (I think he said around 20%) of what I pay on my home residence bills (council tax, heating etc) can be offset against my second property rental income. Anyone know if this is true? Thanks in advance
Tax code - BR
Hi, I have two part time jobs both of which earn me under the tax threshold I have been in my second job since Feb 2nd this year and received a rebate of £50 after April. I have been paying a basic rate tax on my second job each month since and wondered if there's anything I can do to stop them taking tax from me as I'm…
SA - clarification help please!
Hi Hopefully someone can put my mind at rest, this seems very strange to me but its my first time having to do a SA – I’m sure its not as complicated as I am making it! I have a Salary approaching £54k, two kids, claiming child benefit for them both. My P60 says my Pay was £47.7k with a Tax deduction of £8.8k, the gap…
Marriage Allowance amount
A person has income below £10600 and chooses to use the Marriage Allowance to increase their spouse's tax allowance. If they earn more than 90% of the £10600, do they donate the whole £1060 (10%), thus needing to pay a little tax or is there an option to transfer less ? (I think the former is the case).
Tax is now nearly triple last month's - Help
Last month I started a new job and paid £305 in Tax based on code 845M. My tax free amount is reduced due to an overpayment the previous year. This month I paid £823 in tax based on Tax code 1005M! I think my tax free allowance went up because I applied for the marriage allowance (my partner is a low income earner.) I was…
self assessment - underpaid tax
Message deleted. Worked out the answer.
Transferring House any tax implications
Me and my husband have split up and will get around to divorcing at some stage. My husband moved out of house that we lived in in may 2012. Its in his name only. No mortgage, but I did pay towards it. We have agreed between our selves that I will take on the house and transfer it in to my name. we have agreed that he will…
Confused
I left work at the end of June (voluntary severance) and took my private pension lump sum and small amount payable monthly. Since July, my income is made up with JSA £212 pm; one pension £112.75pm and the other pension £199.62pm. That's it! total income £523pm approx. I received a pension advice today which states that I…
Tax Code Question
Afternoon folks, Posting on behalf of Mrs. MpHa - who has a question she could do with answering. She is currently in the process of moving jobs (Radiographer) from one hospital trust to another (finished yesterday, starts the new one on Monday) - however she's worked a stack of overtime at her 'old' job and this is…
Capital Gains Tax
I'm looking for some advice, I am a 40% tax payer and working at present, and have a second rental property which I am considering selling as I plan to spend six months out of the country starting in October 2016. My property could do with some work on it and would need a new kitchen and bathroom, but I'm not sure whether…
Lieu of notice tax - Where?
Morning all. I'm just finishing my 2014/15 Tax Return and I've hit a bit of a snag. During the tax year in question, I was made redundant. I received £5400 redundancy pay. I also received £4800 compensation for Loss of Notice that had £794.16 Notional tax deducted. My question is where do I put these figures in the Tax…
Disability allowance for council tax.
My dad sadly died last week, I've contacted mum's local council and Council Tax is now in her name. She will get 25% single occupancy discount. Whilst on the phone I mentioned mum is 82 and registered partially sighted as blind in one eye. The lady asked what changes we had made to the house to accommodate this as mum…
Declaration of Trust and Tax implications in buying house for Mum
Hello, I did post on the house buying forum but thought it may be more approriate here. I am looking for some advice in regards to purchasing a property on behalf of my Mum and for her benefit. She is in the process of selling her house and will walk away with about £75,000 equity however due to her age and credit she…
2013-2014 Self Assessment Tax Return Error
Thought I'd get ahead of the game and submit my return online as early as possible to avoid the nightmare I endured during my very first return earlier this year. Looking at my 2013-2014 data, I have just noted a colossal error. I submitted figures for employment which should be entered for this return 2014-2015.…
Self Assessment Query
Hi, I'm trying to work out which year I need to pay tax on self assessment. I've never had to self assess before. From April 2014 to December 2014 I started that tax year on a salary of £40,800 And by December 2014 I was earning £43,900 due to promotions £0 income from savings in my name (or indeed my wife) December 2014…
Do I need to pay Stamp duty
Hi I'm not sure if this is the correct forum, please let me know if not. Thanks to all the information on this site, I have now got an offer from Natwest to remortgage my home having got divorced some years ago, I need to pay my ex-wife her share in the equity and add my new partner to the mortgage (Keeping me on the…
Tax - how much will i pay
I am currently employed on a full time basis in the building industry with a company pension scheme. My basis salary is 20K. I am always being asked to do private work which I have to decline as only my weekends are free. I have the option of going part-time (3 days a week) which will reduce my salary to 12K in April. I…

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Cutting tax

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