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Cutting tax

Archives for May 2016

Self Assessment Issues (I suspect it's the married persons allowance)
I am just filling out my self assessment online for 2015/16 tax year. I am in receipt of a police pension which my tax code is 1166M as I claim the married persons tax allowance. I am also employed and am taxed at BR on the payment from my employer. I have checked with Martins income tax calculator for both sets of…
Employer is not updating my tax code
Hi guys, I'm new to the forum, and was wondering if I would be able to get some advice So... This all started at the end of the 15/16 tax year, I got sent a tax code which was wrong, it would lead to me paying too much tax, however I never got round to changing it before the new tax year started. I phoned in early April to…
Employed and Self employed at the same time
Hello, I am thinking about opening my own online business - selling on ebay and via my own website. This would be my second job, as I am employed on a full time basis. When it comes to income tax - would I be paying taxes on the combined income? With ebay selling - when do I need to start paying taxes on what I've sold?…
Council took me to court illegally
Looking for advice My local council took me to court for council tax arrears and successfully got a liability order against me, and then got an attatchment of earnings order for £130 a month for 6 months. Now here is when it gets interesting! I knew nothing about it at all. The period they where charging me for was 22nd…
Not been issued my P60
I am yet to receive my P60 from my employer, never had issues from previous years here but they have become really slack it appears, from what I have read online, employers have until the end of May to issue these, I have requested it multiple times but no further forward. What I want to know is how do I go about getting…
split between capital and repairs on a refurbished BTL
House bought which needed extensive refurbishment before being let. Broadly the refurbishment included: a) replacing windows with double glazing. b) replacing boiler c) rewiring in places d) adding some internal walls e) replacing existing bathroom f) adding en-suites to 2 rooms. g) replastering, painting and recarpeting…
CGT from selling a warehouse
Hello all I am contemplating on selling a warehouse which me and my wife own. we previously had a wholesale business, but closed down when faced with bankruptcy. We kept the warehouse 5 years, storing our stock till we got planning permission for a residential development. We are looking at making a profit from the sell,…
Taxable as income or capital gains?
Seeking advice on whether a particular payment I may be receiving will incur tax at income rates or capital gains rates. I had shares in a company which was taken over, and the terms of the takeover were part lump sum and part based on profitability. After the lump sum payment there was a legal dispute and it's now being…
Could my tax code be wrong?
I noticed my tax code changed at the beginning of this tax year. My tax code is now: 2462L. My April gross pay was: £7,333.33 My May gross pay is: £7,333.33 My gross pay for the year should be £88,000 and I am hoping to pay £26,400 into my pension. My pension provider tops this up with 20% tax relief. In April I paid…
Paying into pension to reduce income tax
I may be getting a lump of cash soon (let's say £30k) for which I believe I'll be liable to pay Income Tax (need to check that!) My income is £60k so currently paying £17k in higher rate tax. I'll probably eventually put the cash into my pension, so looking for a tax-efficient way to manage it. Am I right in thinking if I…
Help with claiming tax back on savings form
Hello. I'm helping my mum fill out her form to claim her tax back on her savings as she is low earner so doesn't pay tax. I'm no accountant so need some help! I'm OK with most questions but i'm stuck on that she has a legal and general capital protection growth bond. It has interest from January 15 to january 16 It matured…
Employer messed up my income tax
Hi , I am looking for some advice re my tax. I received a letter from HMRC yesterday telling me I had underpaid tax since 2012 due to my employer not using the correct tax codes. I was totally oblivious to this as the tax was deducted from my monthly salary but it seems my tax code has changed a number of times during this…
reclaiming overpaid tax from past years
A friend of mine (retired) with just a state pension but some savings interest has had tax deducted from the interest for past 4 years. There is enough unused personal allowance left for non of this tax to be deducted..although accepting a form 85 should have been filled in previously. So..although not massive…
Volunteering abroad and tax
May be posting this in the wrong place, but here goes. I am thinking of volunteering abroad in a wildlife reserve and just want to know what costs are tax deductible as I am registered for self assessment. I have read that volunteer costs are tax deductible, but need this to be confirmed and does it include travel costs.…
Moving abroad and overlapping contracts
Hi I can't seem to find the answer to this anywhere online so thought I'd see if anybody here could help! Basically, I'm a teacher and I'm moving to teach in China from the start of August. As is standard with teaching, even though the last day of work is the end of the summer term (July), resignations are effective from…
NSandI Investment Bond
Does anyyone know on the above, what the two payments are, for tax purpose? I receive a monthly payment, in two amounts - 1 "Interest capitalisation" and "Interest adjustment". I am not a tax payer....... can anyone help please? I need to do an R40 to claim tax back, and need to know if this needs to be included! Many…
Any advice on tax return penalties?
Hi Folks, I thought I would post here to see if anyone has any advice, as I have found myself in a somewhat sticky situation. To give a bit of background - I was self-employed for a few years, up until September 2013. I filled a tax return online for 2013/14 (it was nil) and informed the tax office I was no longer…
Self Assessment Tax Calculation
Hello, I have been completing my husband's self assessment tax return online and have reached the calculation page. This states it does not include payments made on account already. Once the tax return is submitted, will the amount due be adjusted to reflect the amount already paid on account? Also, I earn less than the…
Need Advice.
I split up with my partner in April 2014 and moved back in with the folks. As I co own the property I still pay half the mortgage etc on it and didn't change my council tax address to my folks house. (which I have now done) My ex obviously claimed for single parent child benefits when I moved out but has now received a…
Monthly salary - is it right? Online calculator says different?
Hello Posting this for a friend who's got her first monthly pay and she's not sure if it's right? Yearly salary is £5,718 for 15 hour contract tax code 1100L Net Pay £414.99 (no tax or ni) We've checked an online calculator and it says £476.47? Anyone know which is right? sunni

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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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