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Cutting tax

Archives for May 2017

2 questions - married tax allowance and company car dilemma
first question - I think I'm right , but I used to be able to transfer some of my personal allowance to my husband so that he didn't pay as much tax . Then the tax office stopped this saying as my husband is now a higher tax payer we couldn't do it, the book keeper at my husbands firm has just said that as long as he earns…
company car vs salary sacrifice
Hi Guys, could someone just tell me if I am making a mistake with these figures. Boss has offered me a wage rise of 240 pm. This is likely to go up to 350 pm approx in the next 6 months. He has said to me I can take a company car in lieu of this bonus, this sounds great. So my wage would be 24k approx and I will have to…
Has too much tax been deducted from my redundancy payment?
I've recently taken voluntary redundancy and received a redundancy payment which was more than the £30,000 tax free limit. I won't be working again, and am taking my works pension a little earlier (I'm 58), so I will be a basic rate taxpayer. My understanding was that I would need to pay 20% tax on the amount I have…
Offshore Bond In a Trust fund
Some years ago my Mother took out an Offshore Bond which is held in an Interest in Possession Trust with my brother & myself as beneficiaries. I understand that it is possible for the bond to be assigned to my brother and myself, either by my Mother whilst she is still living, or by the Trustees after her death so that the…
CGT - if no gain
I am a higher rate tax payer and complete a tax return each year. In the 2016-2017 I sold a second home ( never let, abroad). I have recently completed the accounts on the transaction and I have make £5000 profit. I have no other CGT gains for the year. Do I have to completed an HMRC declaration for this sale as I have no…
Marriage tax allowance
My husband was made redundant end of March this year so his redundancy and bonus was paid in April, approx. 7k redundancy and 6k bonus . He started a new job on the 10th April and took in his P45 2 weeks later, he has had 2 payslips so far (1st one only 8 days pay) and neither of them have had tax or NI contributions…
How to reclaim overpaid tax?
I have searched the net to no avail !! and trust an expert on here will guide me in the right direction. Stopped working - my last 2 pay slips apr may have a total of 660 tax deducted; Claire at hmrc says my ex employer will refund tax - employer says hmrc will? I will not be receiving any taxable income for the rest of…
Self Assesment - Relclaim Upper Rate tax on Lump Contributio
please ignore :)
P11D for already taxed benefits?
Hello all, I left my last employer (RBS) in Decemeber due to redundancy. I have found new employment, so my post is not about leaving or finding work. Whilst employed at RBS for the previous 9 years, I had various non-taxable flexible benefits - one of the things was a reloadable shopping card, where you could add funds…
Income Tax HMRC Time Limits
If my employer doesn't deduct the correct tax from my wages, are there time limits under which the HMRC can no longer chase them or penalise them?
tax on foreign gift and life insurance
Hello, I have these two following questions regarding inheritance and tax. I would be very grateful to get your views/input. Context- I am French and have been living in the UK for the past 9 years. I am therefore a UK resident. My parents are UK non-resident, UK non-domiciled and have no asset or economic interest in the…
Can one Company pay CT bill of another Company?
Hi there, Would really appreciate some advice. I have two companies. One of the companies has a Corporation Tax bill (15k) to pay but doesn't have sufficient funds. I want to make the payment from my other separate company. I know this is not ideal but is it likely to cause many future problems going forward? Otherwise,…
Tax impact of scholarship award to dependant
This is my first post so apologies in advance for any etiquette faux pas. I am a UK employee of a US based Company that offers a scholarship programme to dependants of its employees worldwide. The value of the scholarship is $1,000 and is awarded based on the dependant's academic performance and limited to 10 awards across…
Training expenses through Ltd Company ?
I'm considering taking a full-time course from this September to April 2018 which would cost around £6.5k in fees with living expenses on top. I'm currently working in a contract via umbrella services co with around £900 gross per week earnings. Is there any advantage in running earnings from now until then, and then the…
Details of Labour's tax plan?
Are they planning to keep the PA clawback in their new tax rates? So the marginal rate on £100-123k of earned income would become 69.5%? Just in case anybody happens to know. I couldn't find it when I looked. I wasn't bothered originally because they looked unelectable, but although I still think that's probably the case I…
Inheritance will I be taxed ?
Hello, in the next few weeks, I will be inheriting approx £55k from the sale of my late mothers house. My 4 year old daughter will also be inheriting £10k. My mother paid the inheritance tax before she died, but I was wondering if the money would still be taxed as it is technically an income (I guess ?), and also would I…
Tax and Redundancy - advice please
I'm considering taking VR from the company i've worked at for 33 years. This is due to TUPE to a new company. I'm 52. I expect my offer to be :- 1. Redundancy of £43k 2. PILON of £15k 3. Payment in lieu of pension of £2.5k Total should be circa £60k. I have 2 works pensions, one is frozen from a previous company takeover…
Submitted tax return and forgot to include £14 from Barclays
I have an accountant that does assist with the completion of Self Assessment but since there is a bank holiday I wanted to take advantage of just asking this online in the forum. The accountant has already filed my SA for Apr16-Apr17. I got an email today from Barclays about the need to declare the Blue Rewards (£7 per…
Inheritance tax
Hello I paid what I calculated on inheritance tax 5 weeks ago but have still not heard from the hmrc and the probate office still hasn't had the reciept of the h421. Does anyone know how long approx it takes. They do say not to contact them but getting worried now
Help on tax and redundancy
Hi i hope some Guru can help me . I a thinking of taking redundancy at Xmas 2017. My salary is £43,800 I have worked for the company for 37 years and the figure is expected to be £54,000 including 90 days lieu. Obviously i can take £30,000 tax free . By Xmas i would have expected to have earned around £33,00. After taking…

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Cutting tax

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