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Cutting tax

Archives for December 2016

Council tax bill - request for previous years
Hello I've managed to lose my council tax bills (paper copies) which cover the last 4 years. Would the council be legally required to provide me with paper copies? I phoned up on Friday and they said they couldn't provide past copies but they surely most store them in the system I've encountered some difficulty and I will…
How likely is getting more time to pay?
Hi, I am a sole trader. I owe £3600 for self assessment in Jan 2017. My earnings from Apr 6th this year have been about £4000. My work is now picking up and i have a lot more until next Apr, but I still think I'll be under my personal tax allowance so I shouldn't owe much in Jan 18. I have dropped my POA very low due to…
Holiday Let taxation
Hi I am cross posting this question about income tax and capital gains tax on Furnished Holiday Lets that are part of main residence such as Annexes or converted outbuildings. For the purposes of the question the annexe will be self contained but not have its own title.…
Backpayment of salary - tax query
Hi all, A quick question which I hope someone can help with! My employers have just discovered that I have been underpaid for the last 3 years and 4 months ( in essence a slight salary increase which never was processed properly). The amount underpaid is approx £6500. I have been advised that I will get this payment next…
Child Benefit repayment
I earned over £60000 in the last tax year and I need to repay the child benefit we received. If we just under £1400 and I paid £1300 in gift aided payments to various charities has anyone any ideas as to how much I will need to repay? Thanks
Tax and Bonus
Hopefully a straight forward question... Say I were to receive a pay increase in Jan which would take me into the 40% pay bracket, and I were to then receive a bonus in April - would the bonus be taxed at 40%? Or would the bonus still be taxed at 20%, because in the April to April period I would not have earned enough in…
Joint share ownership
Hi I'm looking for some guidance regarding share ownership and cutting my CGT liability. I recently purchased the options I had in the business that employs me. This was done in my name and the shares were owned by me. I then deposited the shares in my First Direct nominee share account, which is a joint account with my…
Annual tax summary query
Hi everyone, Not sure if this is in the right forum, so sorry if it's not! After a bit of advice.... Iv recieved my annual tax summary in the last couple of weeks, obviously it gives various details about how much tax I pay and where it's spent etc. After going through it all, on the right hand side, it tells me the total…
Selling a gifted house
When my husband's mother died (she was very young) she was afraid that her husband would remarry and her sons would not inherit. The property was duly transferred into the three brothers names in 1995 and my father in law has continued to live there. He has been ill and is now receiving nursing care, funding costs being…
Using parent's Personal Savings Allowance?
Currently I control a couple accounts on behalf of my mom (TSB for £100 switch incentive & Tesco for the DDs). I've got money sitting in her Tesco for the interest & next financial year will move into the 40% income range meaning only £500 PSA rather than the current £1k (and all my regular savers will mature next year…
Personal Allowance and HRT bracket
Hi, I'm wondering how the personal allowance amount affects your entry into the HRT bracket of £43k. Currently my PA is just over £14k for one reason or another. Does this mean I can earn another £32K so £46K total before I pay 40% or simply I don't pay 20 % on that additional £3k of PA? Thanks
Online Assesment
Trying to do my husband's assessment. As his passport has lapsed, have had to answer the credit check questions, but then come grinding to a halt with the message "technical difficulties try again in 5 minutes". Am I doing something wrong? Never had a problem before.
Inheritance and INCOME tax
Am I right in thinking any money you receive as a result of parental death is subject to income tax? Please note I am pretty clear on the subject of inheritance tax and how it affects me (or not). This is specifically about income tax. I have a brother who is already just inside the 40% bracket. I am not a tax payer at the…
Ending Partnership
I have a partnership which hasnt traded since dec 2014. I filed my 2014-2015 return and now wondering how I do my 2015-2016 one, do I have to fill out SA800 if we neither traded or made profit? Im dubious about doing the return as I have to pay to use software to file a partnership return but then dont want to get stung…
You Owe HMRC
Good Morning Everyone, This is my First post in the Forum as I need to ask for your advice. I got a letter on Christmas Eve (how nice from them) from HMRC stating I owe them £1214.20 for the Tax year of 2015/2016 but on the calculation I found something I really don't get hence this post. Have a look on the data from the…
Underpaid tax for earlier years included in your tax code for 2015-16
Hello I am having trouble with my self assessment on the field "Underpaid tax for earlier years included in your tax code for 2015-16 (from your PAYE Notice of Coding). Please enter '0' if there is nothing shown." The help section says: I was told before that the figure for this field was supposed to come from my 2014-15…
CGT. Qualifying for PPR in full --or is partly enough?
Im a bit unsure on the new CGT ruling , can someone clarify please? Off UK GOV site ---- "This measure reduces from 6 April 2016 the 18% rate of CGT to 10% and the 28% rate of CGT to 20% for chargeable gains, except in relation to chargeable gains accruing on the disposal of residential property (that do not qualify for…
Tax on savings interest: joint account
Last year, I was a higher-rate taxpayer, while my wife was unemployed, and thus paid no tax. We have a joint account which earned interest, taxed at 20%. Now, *technically*, I should self-assess, and declare half of the interest, getting that half taxed at 40%. Then my wife can fill out a form, and get her half taxed at…
Salary Sacrifice to remain in 20% tax bracket
Hello all, I've started a new job and am now in the higher-rate tax bracket. I'm looking at ways to salary sacrifice my income and am trying to work out the numbers for paying more into my pension. I am also using childcare vouchers, so this is an additional consideration for dropping back into the basic rate tax bracket.…
Will i pay higher rate tax next year?
My earning for year 2016-2017 will be approx 47/48000 due to a 6 month promotion at work. My earnings 2017/2018 will be around 38000. Wjat happens with regards to tax?

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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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