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Cutting tax

Archives for March 2017

online tax calculator that allows you to input giftaid payments?
I usually use listen to taxman and employedandselfemployed, which are excellent, but has anyone spotted one which allows for giftaid conts?
Tax code 1147L - is this right?
Hi there I received letter from hmrc telling me my tax code for 17/18 - however there was no code on my letter, my personal allowance was £0 and it said "less medical insurance £52 to be added to your wages, salary or pension". I phoned hmrc and they have got me down as earning £151,000!! Corrected them that this year my…
SelfAssement Laptop purchase
Quick question , thank in advance for the answers! Sole Trader, Cash Basis accounting, not VAT registered as under threshold. A laptop purchase, which box does it go into for tax return? Would entering be without VAT and then VAT claimed elsewhere or the whole amount? Also I assume no depreciation taken into account as it…
Tax on Savings/Dividends 2016/17
Can someone confirm the tax payable in the following scenario for the 2016/17 tax year please: Salary: 8040 Savings Interest Received Gross : 5500 Dividends Received : 26000 Tax Code:1100L I'm getting a little confused regarding the savings and dividend tax free bands. Thank you
HMRC online system not picking up my 14/15 SA amendment
Normally amend my tax return online within the 12 month window as and when receive certificates for my EIS investments in order to claim the tax relief and thus a repayment. Normally all works fine and get the repayment direct to my bank account shortly after. However, seems to be an issue with my 14/15 which I…
Capital Gains Tax Advice Please
I've been reading guides online and trying to make sense of the rules on CGT but I'm still not sure if I'm liable to pay CGT. My parents transferred ownership of their main house to me and my sister back in 2015. My sister used it as her main residence for a couple of months and since then it has been let out. Now we want…
Declare settlement compensation plan.
In summary I breached contract with my ex employer and received a loss of office tax free payment of 30,000 UK pounds as a settlement. This was paid and not on my p45 or payslip. I was taxed on the the remaining 32000 as this was for holiday, wage and car allowance. Regarding the untaxable element I don't believe I need to…
Capital gains tax and divorce
My husband and I plan to divorce this year. When we married, I moved into his house so the family home was in his sole name. We then bought a holiday home and this was bought in my sole name. We then moved house and bought another family home, that was sold when we separated. From the proceeds we each bought a house. So…
Tax Advice
Does anyone know where you can receive free tax advice? I'm needing to ask a few questions as I don't understand what applies to me regarding a Capital gains, stamp duty and inheritance tax. I just need a few questions answered by a solicitor to work out whet routes apply to me individually ? Any recommendation on free…
Fuel card without a company car
Hi I have asked this topic before, but after a chance discussion with our company head of reward I want to double check. I am taxed on the value of fuel I actually spend on this card through my P11d - and have been for around the last 16 years. The benefit on the P11d is clearly highlighted as being related to a fuel card.…
Help with PPI tax and R40
I've just had a really unhelpful telephone call with Inland revenue. I think I must have got a new chap as he really had no idea. After much googling and searching on here I'm still really confused as to how PPI refunds are classified. Basically I have just had 2 PPI claims settled. One for £600 and the other for £3000. My…
Capital Gains Tax on Bare Trusts
Having purchased a F&C Children's Investment Plan several years ago via a Bare Trust, and then transferred it to a Gchild on reaching age of 18 into a F&C Personal investment Plan,during this time the investment has increased in value.From a CGT point of view would Cgt have to be considered at date of transfer for me as…
Cgt
Looking for a bit of general advise pls. I have a property that I have rented out for 20years. I am now thinking of selling it. Can anyone give me a rough idea of what kind of CGT bill I would be hit with? Is there a set way to calculate it? I live within a few miles of the house so have thought about selling my own house…
Avoiding stamp duty on part of an inherited property
Hi all, I am about to inherit 50% of my late parents estate with the other 50% going to my sibling. The estate is roughly as follows: Property £350K Cash 150K Total inheritance therefore £250k per sibling. I would like to hold on to the property and compensate my sibling £100K to add to his inherited cash of £150k in order…
Avoid second property stamp duty using a trust?
Hi, I've been really angered this week by news that I will have to pay massively inflated stamp duty rate to buy a second residential property (even though I'm doing as the government want and am saving for my retirement with a rental property). I am the sole owner of this property (mortgaged) but the stamp duty hike would…
HELP Tax Demand after salary sacrifice
I need some advice please, I used to work in the NHS and had a car via the salary sacrifice scheme, i paid for the car each month from my wages and i left the NHS in December 2015. I received a tax demand stating i had paid too little tax and so i contacted HMRC and explained i had the car etc etc, i was advised to send…
Digital Nomad Tax Base
Hello fellow members, I am currently living as a digital nomad and have a small online business. I was wondering what my options were with regards to basing my business elsewhere since I no longer plan to live in the UK. Currently in Thailand but roaming around and likely to live in other countries in the near future. I…
Joint Accounts - Who determines Tax Split
Normally I believe tax is split 50:50 on joint account interest (husband & wife) when reporting to HMRC. Can this equal split be changed to maximise use of tax free allowances and does this have to be reported to HMRC when completing self-assessment. Our wills leave everything to the surviving spouse so this is part of IHT…
Income tax, GCT allowances re Bitcoin
Hi, I'm a little confused by UK rules on tax allowances. Firstly, is the CGT allowance additional to the income tax allowance of roughly £11,000? Secondly, if I dispose of some bitcoin what would I need to collect and how to report on any gains made for CGT? Many thanks! Chris
Warning - HMRC have mucked up 2016-17 self-assessment
Despite having had a year to get this right, HMRC's own database software contains errors for 2016-17. In turn this means all commercial software replicates the errors, because in order to get the returns to file electronically suppliers must pass the HMRC flags including those which have been mucked up by HMRC. 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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