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Cutting tax

Archives for November 2015

Help! Worse off after pay rise?
So I've been promoted at work and I got a £1k rise and £7k 'car allowance'. I don't actually get a car or have to buy a car so combined it's essentially a £8k pay rise. I believe the car allowance is what's called a benefit in kind? Anyway, excited to see what my new take home salary would be I plugged all the figures…
Capital Gains Tax
Are there any Capital Gains Tax experts on here? Just wanted someone to check my workings out in the following scenario: Property purchased as primary residence in 2001 for £49k Moved out December 2011, rented out September 2012 In 2011, house valued at approx. £105k Currently house worth approx. £120k going by sold price…
Sole Trader to Limited?
I've been running my small business as a sole trader for 3 years now. It is my only job. Would it be worth my while to look into switching my set up? Projected: Monthly Gross Income: £4000 Monthly Expenses: £500 Tax & N.I: ~£800 pcm Thanks
Rules of Mileage Tax Relief and Fuel Card
Hello, I know these questions get asked alot but I would like someone in the know to clarify. I wonder if you could answer this question please and help me work out whether we are entitled to claim mileage relief please. My husband has been using his own lease car for work since November 2011 and his employer at the time…
Tax calculation seems high. Any help?
Hello, I make a small amount of money on the side from producing online videos. I have a day job that provides the vast majority of my income. Today I have come to complete my tax return for 2014-15 but the total amount due seems a little higher than expected. My day job earned me £20,893 before tax. The P60 shows I paid…
Help with understanding payslip please
My husband earns £60k with an additional £4200 as a car allowance. In an effort to cut his tax bill and to reduce the child benefit charge we decided to increase his pension contributions. He was contributing £300 a month and we've increased this to £900 a month. I estimated his take home pay would be around £3k. But his…
Vehicle road tax - Engine size to CO2 taxing
I purchased an older diesel vehicle a number of years ago with engine issues. The old engine was replaced with a newer unit, electronically controlled direct injection type which reduced fuel consumption and emissions significantly. Power and engine size are the same (1.9L, 64BHP) The issue is that I still pay £200+ a year…
Personal tax allowance issues
Hi, Ive just filled out (but not submitted) my online self assesment form. Very basic information really, essentially just money in and out, nothing at all complex or involved. However at no point has it deducted my personal tax allowance? I called HMRC and they said all you can do is submit the return, give them 72 hours…
TNT import tax problem
I have just received a bill from the courier TNT one month after they delivered my parcel from China. The value of the goods I bought online came to £34.57 and the TNT bill, which has just arrived, is for £25.04 I am a little confused as to why they are charging me after I have the goods and to the amount they are…
Have I paid too much tax on my redundancy?
This may be a case of wishful thinking, but have I paid too much tax on my redundancy money? My salary was over the threshold for the higher rate of tax so I always correctly paid 40% tax on that. Got my redundancy through - the first 30k is tax free so I've only had to pay tax on the rest, which is under the £31,785 basic…
Selling garden with planning
I am in the process of applying for planning permission to sell part of my garden with. If successful I want to avoid losing as much as possible in tax. Its currently my main residence but we are also about to rent it which would mean paying capital gains tax. Am i exempt under PRE if I reaming living there? Is there a…
P87
Does anyone know if you can still get paper copies of P87 forms and if so where from? I use a browser for visual impairment and it doesn't like the tax form online. I also don't have access to a printer at the moment and want to get the forms in before Christmas.
Gifting money/shares to grandchildren and dividends
Hi.* My parents wants to gift my children and my brothers children (all minors) either cash or shares in a new company which I have incorporated. * If money will be gifted it will be from the ISA's my parents hold. * If shares are gifted, my parents will first invest in my new business through the sale of their ISA's and…
self employed, do I need an accountant?
Hi, I'm currently in full time employment and I am starting my own side business. I've registered as self-employed (sole trader) and the business won't have a very big turn over. I'm hoping to complete self-assessment and all tax returns without having to hire an accountant. I've been looking at a system called FreeAgent…
Does the Tax Office make mistakes?
My husband has just had his Annual Tax Summary 2014-15, and they have itemised "other pension income" at nearly £3,000 over what it actually is. He recently had a letter from his occupational pension provider advising him of a massive increase of... £33 per annum! It is a final salary scheme, and nothing has changed in his…
HMRC Webinar for self employed 27/11/2015
https://attendee.gotowebinar.com/register/8697337456861928450
Capital gains tax question
My brother became an accidental landlord . He let his place out, while staying with me for 5 years . I kept telling him to get an accountant and declare his earnings ( from day one ), but he knew better( or so he thought). Anyway , he is now in the process of filling out a do2 form .He got accounting help in the end.They…
self assessment tax return
Not sure if this is the right place i have just git two letters saying am late with my self assessment tax return. i never get the letters. it says from 2012 and 2013 so its a 200 pound fine for begin late. but i am not and i have Never been self employed.. so why am i getting this i been with my job now at the coop since…
Can I claim additional tax-free income allowance?
My wife and I are both retired. I am 68 and she is 66. My wife receives only the basic State Pension of £115.95 per week. I have both a State Pension and a Private one, that produce a total income for myself of £17,401.68 per annum. My question is - can I claim my wife's unused tax-free allowance (£10,500 less £115.95 x 52…
Company car tax changes
Hi, I have just ordered my company car today and went for a diesel. Now I find out the government have shifted the goals posts and aren't removing the 3% supplement on them. Gutted!

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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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