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Cutting tax

Archives for July 2019

Vested RSU taxation
Hi all, I have a question about taxation of vested RSUs in the UK. I have a number of RSU from my former employer (US company operating in the UK) that will vest after I leave the company. How will they be taxed given that that employer no longer acts as my tax agent? What would the difference be if I sell vs if I do not…
How much tax will I pay?
Hello! I hope this is the right place - I have probably very obvious questions about tax that I would really appreciate some help with! I'll be starting my first proper job as a teacher in September, earning pre tax around £30,000 a year. I'll get my first pay check at the end of September. I know that the tax year ends in…
NS&I Bonds and tax
Hello, I'm getting the year end tax certificates from Banks etc together and have 3 NS&I bonds. The only tax certificate I have received is for one that matured on 11 April 2018. I rolled this over into another bond at a lesser interest rate. I have a certificate of interest for this matured bond so I know that has to be…
Capital gains tax & Divorce
I am currently negotiating a divorce which will include the transfer of equity from a property to myself. In return I will be giving him a lump sum, taking on shared debts and covering all legal expenses related to the divorce and property. I’m trying to find out if I will be liable for capital gains tax on the equity…
2nd home rented to family
Do we need to complete a self assessment tax return? We’ve taken out a mortage for my father as he cannot qualify for one himself due to his age and that he’s self employed. We don’t charge rent he pays mortage and insurance. Do we need to file a self assessment for this income? Dad provided some of the money for the…
Tax on a month with a bonus
Hi I need some help with my latest pay as I think the tax paid is wrong and I'm unsure if it is and what to do if so. My base pay is 1992.38 and I got 215.96 due to a promotion and the pay difference between roles as well as 75.59 in back pay on the promotion. I also got 800 as a bonus on a referral with a salary sacrifice…
Lower earning limit
If a company or other employer pays an employee the lower earnings limit in order to protect entitlement to state benefits, how do they or the employee register that entitlement with HMRC or DWP? Do they simply inform DWP once that they are paying the employee this amount or does the payment have to be registered more…
Old employer wrongly reported taxable income
Thanks to anyone for reading the below - would appreciate any and all suggestions about how to approach this as I feel slightly at a dead end. I found out at the start of this year that my last employer had, for two tax years (16-17 and 17-18) seemingly wrongly reported my taxable income to HMRC, over-reporting it by ~£700…
Non luxury VAT refund scheme retailers
Some friends and I are thinking about doing a lot of shopping in the UK while on holiday. The thing is, if I remember correctly, most participating retailers are selling luxury goods. Are there any shops out there selling cheaper goods? Food, clothes and essentials especially.
Tax underpayment from previous years in tax code
Hi I've had zero sensible response from HMRC so i thought i'd try here. My current tax code states that i have underpaid tax in 2018/19 and that the missing tax is being recovered via my Tax Code. Why then, when i completed my Self Assessment for 18/19 did i receive a refund due to overpaid tax?? How can i have both an…
Employee and self employed in the same year
Hello, I need help regarding self assessment for 2018/2019 I was employee till September 2018 and became self employed since then. Got the Utr number but didn't pay tax and National Insurance as we had a baby, moved house, renovation was going on etc. No time, no sleep you know how it is. So I just got an email from Hmrc…
Additional income from apps
I’m in the process of writing a couple of apps which, if all goes well, I will put on the Android store. This has the potential of earning money via in-app advertising and in-app purchases. As I understand it, I have a £1,000 tax free trading allowance, and as long as anything I earn through my app(s) amounts to under…
Self employed help re buying bike
Hi im sure this has been asked but I couldn't find it in search...as employee you can do Cycle to Work scheme but as self employed is there an alternative. I am a personal trainer so could it be classed as an expense even if its mostly for personal use? any help would be much appreciated.
Mobile phone costs for self employed
I know there are several threads on mobile phone costs but I can't find anything that answers my couple of questions. If I have a mobile phone which I use for my business (self employed sole trader) and I have a contract which includes xx minutes and xx texts, how do I work out the proportion I can claim for business use?…
Gift -Tax Implications
I am lucky enough to have received a gift of £50K from my Aunt. I know my Aunt has to live 7 years before the gift is written off for her tax but as the beneficiary is there any tax implications for me? I am self employed but earn under the personal allowance (about £10K) and my husband is retired and a non earner with no…
EIS scheme tax relief - does it also apply to dividend taxes?
The Enterprise Investment Scheme (EIS) states that tax relief of 30% can be claimed on investments, up to £1,000,000 in one tax year, giving a maximum tax reduction in any one year of £300,000, provided you have sufficient Income Tax liability to cover it. Does this income tax relief also apply to dividend taxes payable on…
BTL - Tax - Management company
Bear with me here to describe scenario. Currently have 2 BTL property, soon to be 3. Rents on all 550 pm All will have Interest on,y mortgage of circa 120 pm, insurance 12 pm and maintenance of 60 pm Am also a higher rate tax payer I self manage the properties at present. Obviously with the cuts to mortgage relief am…
Mums house in a trust
Hi all, I was unsure where to place this post but hope someone here can provide clarity. My mum placed her small home ( say £100k) into a trust for me and my brothers & sister, she is 82yr old but in reasonable health so don't anticipate her going anywhere soon. She believes that in September 2019 ( 10 years anniversary of…
Marriage Allowance transfer
Hope you guys can help with a quick question. For the tax year 2018/19, my wife has interest income of roughly £8,880 and a pension income of £7,300. Total income is greater than her personal allowance obviously but can she nevertheless transfer 10% of her personal allowance to me? I tried the HMRC helpline several times…
Underpaid Tax from previous year
[FONT=Verdana, sans-serif]I am helping a relative check their tax.[/FONT] [FONT=Verdana, sans-serif]The 2019/20 coding includes underpaid tax from previous year £286 and a deduction from the code of 2019/20 £1,432.[/FONT] [FONT=Verdana, sans-serif]There does not seem to be any way of seeing how the £286 underpayment is…

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MSE News

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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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Base rate held at 4.25% – here's what it means and when it might be cut next
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
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Cutting tax

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