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Cutting tax

Archives for January 2019

UK Income Less Than £7000 PA
Hello, Do you have to pay income tax or national insurance if your income is less than £8428 per year? According to the website no tax or NI if your income is below £8428 PA? https://www.income-tax.co.uk/calculator/8428/ Thanks.
SA for 2018/19 Earliest date to file and tax reclaim
Does anyone know how early I can file my SA for the year ending 5 April 2019? I want to reclaim some tax on a pension drawdown, my income including the drawdown is under the tax free threshold for the year. If I submit my SA as soon as I can after 6 April 2019, will i get the overpaid tax back before Jan 2020?
Self Assessment on PAYE
I have to say that I am a bit confused by the whole self assessment system. I got a letter saying I had to register for an account with HMRC and do a self assessment. I had to research possible reasons, they did not offer a reason. Turns out it was due to earning over a certain amount. As I am PAYE and have no other…
Demand to register to vote - Wrong details
NOT TAX, BUT COUNCIL RELATED. Following a recent split from my fiance I've moved back home with my mum while I try to get back on my feet (buy my own place). One of the first things I done when moving in was register to vote, as I know how important it is to be on the register when it comes to credit checks. However, a…
What is Non Coded Income ?
I have just checked my Tax codes on line and have discovered that I apparently have £3,434 of Non Coded Income. I have tried phoning the tax office but no one will pick up as they are very busy. I can't think where this random number might have come from. It's not interest from savings as there is another amount covered by…
some self assesment problems
I've been doing self assessment for years, as an artist, with very low income. This year I've had the usual letter from HMRC telling me I need to do a tax return, but when I've gone to do it today*, it says I DON'T need to fill out the self employment pages because I've earned under £1000. Do I file it as it is,(there are…
Advice please regarding self assessment
Hi, I would like some advice, please. My partner, who is a farmer lives in a council property. Is he able to also claim any tax allowable expenses associated with running his business from the council property?
Bank interest on self assessment
So I'm doing my last minute self assessment tax return. I am employed PT but let out one property so need to do this. I have about £33.00 bank interest from my current account to add on. I have a £30.00 dividend payment that I received also. Now I've read there is a personal allowance for these which is separate from my…
HMRC portal - You have no tax to pay
I've filed my tax return on the 30th of Jan, and although I need to pay an amount for tax, the portal shows "You have no tax to pay." I think I need to wait for the system to show me the amount, however what happens if that goes past the deadline of 31st Jan? How to best tackle this?
Self Assessment voluntary Class 2 contributions
Hi All, If you were employed for part of a tax year, but not the full 52 weeks, but your earnings from employment were above the lower earnings limit for the year and HMRC says they have that year down as a qualifying year for your pension, is there any benefit to paying voluntary class 2 contributions for that year on…
New tax code for 787lx starting jan 2019
Just signed into my HMRC online account after receiving an email saying my tax code has changed . It used to be 1185L but now its changed to 787LX ? After googling for more info the X is some non-cumulative code (whatever that means). On MSE website it states the following: When will my tax code change? HMRC has now…
import tax on item bought on usa website
i received a card from royal mail which advises that in order for them to deliver a parcel from the usa, they charge me £11, of which £8 is their handling fee and £3 is import tax. if they calculate the import tax as £3, @ 20%, that means the item is valued at exactly £15. from hmrc website, tax is only payable on items…
Just submitted the self assessment, shows no bill to pay
I always do it about few weeks earlier, but this time running late:p The calculations shows about 3000 pounds to pay, but once submitted, shows no bill to pay, tomorrow is payment deadline, shall I just pay or wait for the bill? If a few day delay, any penalty?
Tax on bonus
Hi Hoping people can help me with tax paid on an annual bonus. My tax code is 1185l. So, last year, my annual salary was £36,500 and then effective 1st February 2018 I received a pay rise taking my annual salary to £40,900. I also received an annual bonus of £4,350. On this bonus I paid 20% tax (£870) Fast forward to this…
Tax relief on employers pension scheme
Hi, I have a salary sacrifice empoyers pension scheme at work. Previously I have been in the lower tax bracket and indeed my salary from work remains in that bracket. However, I have this year extra earnings that place me in the 40% income tax rate. Is it possible to claim tax relief at the higher rate on the employers…
100,000s risk fines for filing late tax returns - even though they owe no tax - MSE News
100,000s of tax returns are filed late each year by people who don't owe any tax, data obtained by MoneySavingExpert.com shows - meaning many risk a fine of at least £100. If you still need to file a return this year, act fast - the deadline for filing your tax return this year is 11.59pm on Thursday 31 January...Read the…
CGT - Rental Properties
I suspect that the answer to this will be that I need to seek professional advice, which I am fully prepared to do, but just wondered if anyone can give me the heads up on where I stand with this, and if there is a 'better' means of approach. In 1996 I bought a flat, which I lived in for 8 years before renting it out. It…
Using income from one year to previous tax year
In regards to self employment, if you are under the personal allowance tax threshold this year - but likely to be over it next year. Can you carry back some of your income to a prior tax year to use up your personal allowance (when you weren't paying tax in the previous year)? Is there any specific guidance about this?
Self assessment - losses carried forward
Hi, does anyone know if there is a limit on how many years forward a loss can be carried? Background: self employed, cash basis accounting, loss is from 2014/2015 and 2015/2016. In 2016/2017 and 2017/2018 have not used the loss against income as have come in under personal allowance limit, rather have carried it forward…
Tax return for 2010
Hello, just looking into a tax return that has been requested for 2010... they don’t have a UTR number and have never done a tax return, they were registered as self employed for 3 months of 2010 so they have got their bank statements (this is all they have) how do they file the tax return?

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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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