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Cutting tax

Archives for December 2017

Council Tax Rises Above Inflation – Is there an alternative?
[FONT=Verdana, sans-serif]One of the ways Councils could raise more from tax, other than a general increase, is to remove the concession which delays re-banding of extended properties until they are next sold. [/FONT] [FONT=Verdana, sans-serif]I don't know why this concession was introduced, but it seems unfair that one…
Self Assessment for husband and wife
Hi all Im a bit confused. Any help will be greatly appreciated. Situation as below; - Husband and wife work full time and have P60's - Husband and wife have joint BTL property (started this BTL in June 2016 so falls in this tax year) - Husband also runs a small limited company so has been completing SA every year. - Wife…
Claiming VAT back on a bicycle - Non EU resident
I am a non EU resident, living in Saudi Arabia and have just spent a decent sum of money on a bike. I have previously claimed VAT back on small goods which have been taken in hand luggage, but a bike is obviously not hand luggage!! I am flying to Riyadh from Manchester via Heathrow and I'm hoping for advice off anybody who…
PAYE and sole trader confusion
Hi all. I’m currently employed and I’m wanting to set up as a sole trader in my spare time to earn some extra income. As I already earn over £11500 a year in my daily job, I understand that all my extra income will be taxed. What I’m not sure of though is the NI contributions. The info I’ve found tells me I will pay Class…
Appeal council tax band?
Hi, Looking for some advice on if I should appeal my council tax band or not? A similar property to me is two bands lower?
Student Loan and Taxable Income
Hi On my payslip I have a gross figure, then deductions for tax, NI, Student Loan and Pension. The 'taxable income' figure that my employer submits every month to HMRC is the gross figure, minus the pension deduction. I would have thought the 'taxable income' figure sent to HMRC would be gross minus pension minus Student…
Gifts from Income
How do I ensure that a Standing Order set up as a regular Gift from a Joint Bank Account is accepted by HMRC as coming from my Income and not the other account holder.The major payments into the bank account comes from my income.....and is sufficient to allow me to make these gifts in accordance with IHT rules.
Self assessment for dummies?
My working life was spent on PAYE. I'm now retired and paid a pension through PAYE, but have been earning a very small amount from royalties (current tax year). So I need to do a self assessment for the extra income. I've no idea where to start, or what kind of expenses I can claim, especially as the expenses were mostly…
Gift aid, CGT and higher rate
Hi all, I was hoping to get some information on how gift aid affects tax bands. My situation in more detail for this financial year: Salary: £25k Dividend income: £11k Capital gains: ~£30k (trying to redeem a lot this year) Donations to charity: ~£20k. As a result, if you add up salary/dividend/capital gains I go into the…
Capital Gains Tax on property abroad
Hi, Thanks in advance for any posts. About 10 years ago I bought a property in USA. I sold the property in 2012. When selling the property I made a small gain in US$ terms but after paying realtors fees and closing costs it turned into a loss of about $9000. Due to foreign investment regulations in the USA the IRS withheld…
Tax on Youtube earnings
Hi guys I'm hoping someone more knowledgeable will be able to help me. I'm a basic rate tax payer working full time whilst my wife doesn't work. Recently i opened a YouTube channel which seems to be doing pretty well in terms of earnings through Google Adsense. I still haven't withdrawn any money from my Adsense account.…
tax on foreign income - am I applying the rules correctly?
I'm German and moved to the UK in 2009 and have been resident here ever since and am now considered a resident in the UK and employed here and pay PAYE tax here. However, I still have investments in Germany (stocks/shares/funds) that I have had since before 2009. I am now at a stage where I am considering selling them and…
CGT and Letting Relief
working out my OH self assessment and have a question regarding CGT and Letting Relied that I hope one of you good peple will know the answer to. House bought in 1997 from Council for 17,500, 70% discount at time so market value was £58k lived in as family home until 2010. Market value at this time £90k rented out from…
Student Self Assessment Confusion
Hi everyone, I'm confused about my situation so I thought I'd ask on here about it. I'm a student who just had a part time job from beginning of October 2017 to beginning of December 2017. It was my only job/income this year. It was for 10 weeks at an art gallery and overall I earned about £1,800. The gallery didn't pay…
Tax Planning complicated
Hi, We moved to the UK a year back. I work a corporate job so fairly straightforward with salary and my spouse doesn't work. I am beginning to find out options to save tax . It seems there are only 3 potential routes i.e. a. Top up your pension up to the maximum limit , and include last year allowance b. Use ISA to save on…
IHT on Half a House
Half of my house is held by a trust created on the death of my wife. The other half I am leaving to my children. Will I get the £100,000 inheritance tax residence nil-rate band? Half of it? Or nothing at all?
Inheritance Tax question
I wonder if anyone can help. My OH has been diagnosed with a terminal illness. We have discussed our finances and want to give our 4 grandchildren money for university or whatever when they are older. As the inheritance tax allowance are in the process of changing, if as our wills says we leave everything to our spouse,…
Self Assessment - Interest
Hi all. I wonder if anyone can clear up my confusion on the Personal Savings Allowance. As I understand it, interest is paid Gross now because of the PSA So on the SA form does it get entered under the 1. Taxed UK interest etc. Enter net amount after tax has been taken off 2. Untaxed UK interest etc (amounts which have not…
Tax advice - mistake already done
Hi, Recently I moved to contracting and I am not taking salary remaining months in year 2017-2018. I earned 41.8K in my previous employment as an permanent employee. I had shares options from that company and company become public and I sold all my shares without thinking of my tax implication what I shouldn’t have done. I…
Tax 'payment on account' for OAPs.
Should pensioners be liable for tax 'payment on account' ? I am a retired OAP receiving the standard state pension plus a small corporate pension. It is small due to premature career termination through redundancy. I also receive a small French pension which I have to declare as overseas income. For this reason I am…

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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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