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Cutting tax

Archives for March 2019

Reclaiming tax - will it effect NI paid
I am finishing work at the end of June at age 56 and plan to live for the next few years on modest savings before accessing my works pension. I will have no further taxable income in tax year 2019/20. In June I will have been paid 3 months salary in tax year 2019/20 - a total of just over £6250. My intention is to reclaim…
Tax and new bank
Hi everyone, i am hoping someone can put my mind at rest, i am self employed in my spare time as i am in full-time employment during the week, my question is i have recently switched bank accounts and i am worried encase the tax man would ever want to see my transactions from my previous account as its closed and i dont…
CGT on a gifted property
Hello, I have a question regarding GCT on a property I was gifted. My parents sold me a property under market value, the property was worth £220k and I was lucky enough to buy it for £117k. I have been living in the property by myself for the last year. I have another four years left of a fixed mortgage. My question is if…
Challenging Council Tax Band
Hi all, Just looking for some advice. I'm about to move into a 2 bed flat in Glasgow which is council tax band E. Personally, I think that's quite high and is 2 bands higher than any I've ever been in before (and I honestly wouldn't say the flat is any nicer). So I'd like to challenge it, but first want to get some advice…
Multiple jobs, tax and pension
Hi, just looking for confirmation that I have my ducks in a row here. I have two jobs - my main job using my full tax code and a second job that is far more flexible, using the tax code BR. Taxable income for both are under the 40% threshold individually, but added together they go a few thousand pounds over the 40%…
CGT on Rebuild
I bought a house overseas as a second home a few years ago. I decided to get rid of it and rebuild a totally new one. Only thing left from the previous house was a small part of the deck. Question is: Can I put the cost of the rebuild as part of the cost of the house for CGT purposes (as well as the original purchase price…
What tax year the income from vested stocks counts in?
My company RSU vested at the end of March and they sold some to cover income tax, as per the tax legislation. My March payslip, however, did not include tax on vested RSU. Does this income count towards this tax year as technically RSU vested in March? Or is it in the next tax year because I will see that income tax in my…
Where to find tax accountant for my particular case?
Hello, I am employed at a company and pay my wages via PAYE. Every year for the last 10 years I receive a letter in April saying that I have underpaid tax and owe HMRC some amount ranging from a few hundred thousand to a few thousand. I had a meeting with my company's payroll person and they explained that it shouldn't…
National Insurance help
I think I've overpaid NI. I've put my details into this calculator https://www.which.co.uk/money/tax/tax-calculators/national-insurance-calculator-aw6yt3g6vd0g And it suggests that on a gross pay of £25,000 I should have paid £1,964, but looking at my tax account online I've actually paid close to £3k of NI. I called…
Salary Sacrifice Pension and Self Assessment
HI Everyone, long time lurker here - I've had a look for a similar post but can't find anything either here or on the Pensions board. So, my situation - I am employed as a nurse, and have a salary sacrifice pension arrangement with my employer (not NHS, I work in a Hospice). I don't have any other personal pensions. I am…
P87 Claim Limit
Hi all! I am just after some clarification over the £2500 claim limit of the P87, specifically, if this the limit of the total expense I am looking to have a tax rebate on or the value of the tax rebate itself? If I have a £3500 company milage expense which I am looking to claim £1400 tax back (40%), can I use a P87 or do…
Capital Gains Liability
I am in the process of selling my house and land (5acres) which we have owned for 25years. Although the land and house have separate titles they have been used for our horses and we have stables on the land. The land and house are adjacent with no separation other than a fence. We bought both at the same time and paid…
Should I pay tax when I live abroad?
Hi all! I am a UK citizen who works and lives in a West African country which has no reciprocal tax deal with the UK. Currently, my salary is paid in GBP into my British bank account and I pay UK tax, as my company is based in the UK- I also pay a small amount of income tax in my country of residence. However, I have just…
Help needed with Income Tax
Hi, I have an opportunity to sell some privately help stock options from a company I worked at previously. However I've found that given the type of these options any proceeds would be treated as taxable income (not capital gains) :( . Selling them increases my taxable income (along with my salary) to near 180 - 200k for…
Notice Period
Hi, I’m unsure if I have put this is the right section, apologies if so. My partner handed his notice in today, he has worked at his current employment for 7 years and has to provide 4 weeks notice. He is going to join another business in the same field. The director of his work was not in today so he handed his notice…
Personal Savings Allowance
My income is less than my Personal Allowance of £11,850 and I am transferring £1,190 to my husband via the Marriage Allowance, which leaves me with £300 worth of allowances. I have bank interest for this year of £202. HMRC have changed the tax code of my small pensions so that I am paying tax and they are taking no notice…
Trying to get hold of HMRC
Have a letter from our good friends HMRC, it asks me to call them before a certain date on a certain number. For two days I have been calling, the department is only open 8:30-5 according to the letter, outside those hours they switch the phones off, during those hours the phone either rings for 3 minutes then cuts off or…
Advice needed about tax on pensions
I am a 65 year old UK citizen who has retired in Thailand. My only UK taxable income is from my government pension and forces pension which together add up to 7946 pounds which is below the current tax threshold level. I have recently received notification of a short lived long forgotten pension policy which has a pot of…
Own car with Fuel Card
I have been searching for an answer to my problem but can't find everything in one place, so I am hoping somebody here can clarify my understanding on something. I receive a car allowance which is taxed, and currently I claim my mileage back at a rate lass than the AMAP, then claim the tax rebate on the difference. I have…
Can you pay someone in vouchers/incentives?
[FONT=&quot]Hi all,[/FONT] [FONT=&quot] [/FONT] [FONT=&quot]Hope this is the correct forum. I run a small recruitment agency and a client has recently asked me to provide a panel of testers to, well essentially test products – they call it a consumer panel. [/FONT] [FONT=&quot] [/FONT] [FONT=&quot]It involves building a…

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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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