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Cutting tax

Archives for June 2016

Advice on how to deal with unfair HMRC assesment
I'll do my best to make this long story short! I bought-refurbed-sold 3 properties between 2006 and 2008 and like a fool put the tax stuff on the back burner. I worked full time in IT then and life took over and I forgot to sort out the tax on them. The revenue contacted me about this last year and after their first…
MSE News: WARNING! Now it's not just scam HMRC emails – expect calls too
Fraudsters pretending to be from HM Revenue & Customs (HMRC) are expanding their unscrupulous activities after years of sending out fake emails to now calling unsuspecting consumers – and some are duping victims into paying them in gift cards and vouchers. But there are ways you can fight back against these phoneys...Read…
Being self-employed and being employed elsewhere: NI contributions question.
I have been registered as self employed since January this year and I have registered for Class 2 contributions; I’m expecting my income to keep within the Class 2 limit of 8,060. I am also employed, since May this year. On receiving my first payslip from my employer, I see that I have incurred Class 4 deductions. A bit of…
Do I really have to register as a sole trader for a one off freelance job worth £100?
I do apologise if this is a stupid question and/or if this is in the wrong section of the forum! I work full-time for a company as a designer and recently did a bit of extra/freelance design work for a family member's business. It was my intention for it to be a favour but she is insisting on paying me. We settled on a fee…
married persons tax allowance payment process
I thought this may be of some interest to people regarding married persons tax allowances. According to Sam McFaul Personal Finance Writer in his excellent article on married persons tax allowance, he suggests that the payment or repayment of this allowance for previous years is usually automatically by cheque to the…
Retired dad selling U.K. property before he passes away
[FONT=&quot]Hello,[/FONT] [FONT=&quot]Please can someone help? Apologies if this question has been asked before, I couldn’t find a similar thread. [/FONT] [FONT=&quot]My dad (aged 75) and his wife (aged 55) own their property 50/50, mortgage free in London. It is joint tenancy. It has been the family home since 1984[/FONT]…
Cheque Refund Received
Received a cheque from HMRC a couple of week ago. Not huge - £200 odd. A few days later, get a full tax calculation which explains an amount of £528.87 as 'plus other adjustment'. In further notes, adjustments are explained as 'any tax owed for an earlier year that we have not jet collected or repaid to you ....' But this…
tax overpaid/underpaid?
I hope there is someone here who can explain this letter to me in simple form. Basically I was employed by a UK company but worked in Romania, and my salary went into a UK BankAccount I paid "Foreign Tax" each month which was deducted from my salary. I left this company in 2014 and HMRC queried where the figures shown on…
Lifetime achievement awards
My partner is being given a lifetime achievement award and I want to know if this award will be taxable. I rang HMRC and they didn't know!
Bringing inheritance from abroad
Hi there, Hopefully someone can answer my question or can point me in the right direction. I have inherited a sum of money abroad, which is below the threshold to pay any tax on it here. I have already "paid" the inheritance tax abroad - it was 0% there as well. I have all the court papers on this. I am only a resident and…
Married Tax Allowance Q
We applied for this previously when I was working part time and not using my full allowance, we have since moved and I am now working full time. My tax code hasn't yet been updated at my new job to show the correct code so I need to ring and either get my tax code put to the lower code or get them to take off the marriage…
Self assessment
Hi, Has anyone else has this issue logging in. The system is asking me to confirm my identify by entering the last 4 digits of my bank account but then tells me that it's incorrect when it isn't. Tax office not taking calls today but last week when I phoned they said they were unfamiliar with said error and to try again in…
P87 Mileage Allowance Relief
I am trying to claim mileage allowance relief. I have submitted a p87 claim form but I am struggling to get a definitive response from HMRC. I am employed (PAYE) and distance from home to office is 50 miles round trip. On occasion I have to go to other sites for meetings etc, if this is the case I will travel there…
CGT on foreign shares
Sometime ago in 2006/7 I was fortunate enough to buy some shares in the US company I worked for at a discounted rate, due to a share purchase scheme. I am now looking to sell these and want to check my understanding of the tax implication and ask for some advice (first time poster, so please be nice) If I sell my shares…
Question about claiming mileage allowance
Hello, I'm in full time employment and I use my own car for work. I get what seems a pretty standard 30p/mile which I claim monthly and get the rest back in tax relief at the end of the year, this is all fine I have no problems here. The trouble comes with claiming the 30p/m from my employers, they insist that I send them…
Transferred married allowance & National insurance contributions
My wife transferred part of her married tax allowance to me this year. She has noticed an increase in her NI Payments and when i checked the online calculator she is paying at Ni rate A not rate B The married persons allowance. Is this due to the transferred tax allowance or merely an error? Thanks
Capital Gains Tax questions
Hello, If my mum gifts me her property while she is alive will we have to pay CGT twice? Once when she 'disposes' of it to me and then again when I sell it? (unless I make it my main home, which I will). It is the only property in her name but she doesn't live in it - we do already. So could she claim Private Residence…
Swiss Bank Account, working in the UK
I work in the UK, but my company has an office in Switzerland. I also have a Swiss Passport along with a British one. Is there any way of reducing my income tax given these details? My Swiss passport is registered in the Kanton of Zug.
P60s query
Not so much cutting tax - but couldn't find an appropriate different board. I'm being ruthless with the disposal of paperwork before we drown in the stuff so am scanning and shredding / burning as much as possible. This year I have three P60 forms from HMRC from my three part time jobs. Each has the warning 'do not dispose…
Claiming food and travel expenses in self assessment as sole trader
I understand that any expenses must be wholly for business purposes, so that means normal eating doesn't count, it has to be outside the usual pattern of business. However there seem to be a lot of subtle cases where it's not clear:* I do a 6 week contract in the client's office in another part of the city. I take the…

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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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