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Cutting tax

Archives for May 2019

Tax on savings interest
My wife currently draws £240 per month from her HL SIPP ie £2880 per annum which will be paid back into the SIPP sometime during the following tax year. She has no other income other than savings account interest. She has transferred £1150 of her tax allowance to me using the Marriage Allowance. How much interest can she…
Trivial Benefit Loophole Accounting Conundrum
I have a hypothetical question! I was reading about Trivial Benefits and a strange possible scenario came to mind. Just curious on if anyone thinks there is a clear cut answer to this. Keep in mind, I'm not applying this to anything like my accounts, I just thought it was a fun accounting query :cool2: Say a company gives…
Council Tax Exemptions......Help!
Hi, I wonder if anyone here can offer some advice, and Im really asking on behalf of my parents. My parents used to live on a boat, well, they lived on a boat which was moored, and had only lived there for about 6 months, until after which time both my parents became seriously Ill and could no longer live on there. My dad…
Tax Help
Hi, I wondered if someone could help with a tax issue. Pay: 35,000 One off bonus payment: 3968 Tax Code: 889L Pension: 5% Student Loan Plan 1 I received a bonus in April of 3968. However, this was missed from pay. My company therefore included it in Mays payslips. They however, did a one off transfer during May for the…
CGT on previous main residence
Hi, Can anyone help me out and let me know if I'm on the right track here please? Any help much appreciated. Sorry it's quite long winded but I wanted to show how I was working things out.. In 2015, I moved to a new house but kept the property I was moving from to rent out. With the upcoming changes in CGT and the…
Tax and Carers allowance
Just a quick question. My husband and I were just looking over our tax etc on the Goverment Gateway HMRC site and noticed that the Carers Allowance which he receives for me, hasn't been included on his breakdown. I get an NHS Pension and ESA (both of which are included on my breakdown) He gets an NHS Pension (included) and…
How does an incorrect name on payslips affect things?
Thanks for any help. Due to my wife having a Chinese name, her company keeps putting her name wrong on the payslips: once they put her English name and then they changed it to her Chinese name, but still didn't take account of the hyphen. Her first name on the passport is in the style Mei-Ling, but they just keep using…
P11D - Slightly different from the other thread
Long time reader, first time poster. I was working for a company for 6 months of the previous tax year, but through a series of unfortunate events i was unable to work for the rest of the tax year. Therefore, I am due a rebate but the previous company have not produced the P11D. They have stated that they do not have to do…
Charged basic pay tax TWICE
So for last month's pay I got charged basic pay rate. I contacted tax office on May 1st to change it and they said they did and I got a letter confirming my new tax code HOWEVER on my most recent payslip [may] I've been charged BR again! Thoroughly annoyed as the tax office said they'd amended it and I'd be paid proper…
Wait for P11D?
So I received m6 P60 and hoped the information there will be enough to fill in my self assessment. However, I don’t see any taxable benefits in there, and I realise they are in P11D which will take another couple of months to receive. How people who have one PAYE job and benefits fill out self assessment? Do I need to go…
Unique Tax Reference & second job
Hi, I'm trying to wrap my head around my tax paying and any help would be very appreciated! I'm in my second year of self-employment and I also currently have a full time job with a temp agency working 35 hours pw. I received a UTR (unique tax reference) from gov.uk when I applied for self-employment. My question is to do…
Pension payment not taxed when still employed
Hi A friend of mine started to receive a small pension last year when her husband passed away. She is also employed but earns just below her personal allowance. Adding her salary to her pension means she is over the personal allowance but no tax has been deducted on the pension P60. She has not been sent a request for a…
Draw down of ISA whilst resident in Spain
Originally posted on the ISA thread- Please can anyone confirm that this is the current situation: I aim to be resident in Spain whilst drawing down a monthly income from the body of my ISA. I understand that any gains / interest will no longer be tax free and will be subject to taxation in Spain. The funds drawn down will…
Expenses - Must be claimed?
Hopefully in the right place but I'm wondering if anyone can give any guidance on whether I must claim all of my expenses whilst self-employed? I appreciate it may be a strange one but if my income for the year is £11k and I have legit expenses of £4k then do I have to declare them to give me profit of £7k? I wouldn't pay…
Getting Payslips
Hi My daughter last employer ( a big nursery nurse company ) made a number of mistakes on her payslips which meant she was charged too much tax. Despite numerous emails, letters, calls etc to have copies of the payslips ( they stored them electronically on their own system ) she h still been unable to get any information…
How little can I get paid?
I'm in a partnership with my wife (not limited company - just like a sole trader arrangement). We have our hours split (and hence earnings) asymetrically in her favour. Togther we are both under the personal allowance. Later this year I will get a deferred pension which will take me well above the personal allowance. My…
Avoiding child benefit tax
This year is the first year I'll go over the £50,000 child benefit tax (due to a PPI refund) If I pay the amount over £50,000 (minus pension contributions) into a pension fund, will I avoid having to pay the tax on the child benefit?
First time submitting a tax self assessment
Hello, I am looking for some advice and wondered if anyone is able to help. I work full time but have a second job on the side where I am self employed. I earned about £3000 in the year April 2018 - April 2019 so I had to register for self assessment and I am in the process of completing a tax return. I haven’t got any…
Marriage Tax Allowance-Husband made redundant
My husband was made redundant in August 2018 (but earnt enough when he was working to benefit from getting the marriage tax allowance) and has not been working since. I have a part time job and didn't earn enough to pay tax last year so the marriage tax allowance worked for us last year. I am now trying to work as much…
oversea property CGT
Hi experts, I am from Hong Kong and has been working in London since 3 years ago. 10 years ago when i have just graduated from uni, my parent requested me to help them to buy a property in China. it is under my name but they paid everything. We have never let this property out. it is only a holiday flat and my parent will…

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MSE News

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Cutting tax

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