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Cutting tax

Archives for October 2019

P800 - State Pension Income query
I don't recognise the figure shown for my State Pension income on my tax calculation letter for 2018/19. All other income figures on the letter are correct. As the DWP don't issue a P60, I have added up my State Pension receipts for the tax year (the first year of receiving my SP), which comes to £186 less than the SP…
Tax Code 700L
Hello - wondering if anyone can help. My husband started a new job and his old tax code up to July was 1021L but his new code seems to be 700L. Any ideas why? Plus he has been paid today and we can’t see his payslip yet on line but it’s £430 less than last month. We are paying back 1 year of child benefit via tax code…
Net positive tax this month for no reason
Hey guys, Bit of a weird one this morning and sorry if this is a little more of a BAU question but I couldn't find much on this. I've recently started a new job in the UK after 2 years abroad and I've just received my 2nd months paycheck. First months paycheck = £3,333 Tax/NI =£1,021 (on a starter tax code I assume: 0T/1),…
Salary vs Dividends: A newbie question
Hi all - It's coming up to the end of my financial year for my UK limited company and I have some confusion I was hoping some kind person could help me clear up. I use an accountant but they simply 'do my accounts' and don't really explain things too well. I also want to make sure they are doing things correctly and also…
Forgotten to include taxable gains in 17/18 tax year
I would need to double check with my accountant, but I believe I forgot to list a small amount of capital gain on my 17/18 tax return. It's a small amount and certainly less than the £11,300 CGT allowance for this period. Can I ask the advice of the experts here; what will happen if I open the can of worms and tell my…
Tax investigation insurance - buy direct
Anyone know a supplier to get this direct as my accountant seems to be making a huge profit from this and I've verified that by seeing by how the suppliers sell it to them! A 30% mark up I wouldn't mind but the cost is over £200. I paid £100 a few years ago before the bandwagon started rolling and that was value and pretty…
Is tax payable - rent from live in family
Hi I've done a lot of searching on Google but can't find an exact answer to our situation. Me and my brother are planning on buying a house of which I will own 60% and he will have 40%. My mum will be moving in with me and my brother owns another house he lives in with his wife. He wants my mum to pay him 'rent' of £300 a…
Mileage Allowance Relief
Hoping for some help as I'm trying to complete my husband's 18/19 tax return and I can't find an answer in any HMRC guidance notes I've looked at. My husband had a company car for the majority of 18/19 but changed to a personal car in March 19. As his employer only reimburses at a rate of 19p per mile I am looking to claim…
What to do after commercial property sale?
Hi. Earlier this year, I bought a commercial property for £40,000. After some financial issues, I've had to sell it for a loss, at £35,000. I did opt-in to tax for the property, so I'll have to pay the HMRC the VAT owed on the final VAT return. I've informed HMRC, de-registered for VAT, and will pay the final VAT refund…
Sole Trader Van Purchase
Hi all, apologies if this question has already been asked. I am new here and couldn’t find the answer I wanted so was hoping somebody could help. I am in full time employment but I am also a sole trader on the side doing jobs on evenings and weekends to make a bit more money. I complete a self assessment return every year…
Salary Sacrifice Car and Tax
Hope this is in the right area of the forum. I lease a car from my employer through a salary sacrifice scheme. My tax code is adjusted and car benefit deducted from my personal allowance. I have noticed, however, that the car benefit deducted from my personal allowance has increased year on year; £5050 in 2017/18, £5555 in…
Inside IR35 Next Year
The client I provide services to has said that all contractors will be inside IR35 from April. Whilst I disagree with them, I've no choice but to accept. From Google, I understand that being inside next year is different to this year, as next year the client has to pay Employers NIC on top on my rate, whereas just now it'd…
Unexpected self-assessment penalty
Hi I filled in a couple of self-assessments for the period of 13/14 and 14/15 for a weekly dance class. SA's were submitted in time and no tax was payable. I closed my self-assessment after submitting the last tax return (Jan 2016). I've literally not logged in to Gateway since then, but did so today, for a totally…
Pension Tax reclaim
My mother had a small pension from a part time job she had years ago. It wasn’t very large so she cashed it in and took the lump sum. Unfortunately between doing this and the funds reaching her account, she passed away. When they paid the lump sum, they deducted 25% for tax purposes. Someone suggested we may be able to…
P800
I have very basic knowledge of tax! My husband received a P800 stating he paid too little tax 18/19 and owes £52.80. I know in the grand scheme of things it’s only £1 a week, but we don’t know why. He has my marriage allowance and uniform cleaning bit . His tax code 18/19 was 1316M/O and is now 1387M/O for 19/20. Can…
Self assessment confusion
Please help! Bit clueless about self assessment. Here is my situation... I filled in a self assessment for the first time last year, as we receive child benefit and my income went over the threshold. I was told I had to do a self assessment to pay the child benefit back, even though I pay tax through PAYE. I earn money…
Umbrella or Umbrella + Self Employment?
Hi there, I was wondering whether somebody would be able to advise me? I work three days a week as a contractor, and get paid through an Umbrella company who act as the intermediary between me and my employer. Out of my wages the Umbrella company pay my tax, national insurance, pension, student loan etc. and then as any…
The more I pay for a House the Less CGT I Pay
Hello All I understand that if I buy a property within a year of my sale of the old one that I can defer CGT and the more I pay for a property, the less CGT I pay. It seems crazy so here are the details. Bought 1994 for £39,000. sold 2019 for £440,000 due to a fire and the freeholders not re-instating (apparently this fire…
Tax on redundancy payment
Hi, I’m being made redundant in March 2020 and will get my payment on 19th April. I’m getting about £61,000, I know that £30,000 of that will be tax free but what will I be taxed on the remaining amount? As it will be the new tax year will it be 20% or 40%? I’m confused and would be very grateful if someone has any…
Tax code
Is S1089LX a legit tax code? I have googled it and nothing comes up. I was on S1250LX last month.

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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
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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
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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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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
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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
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
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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
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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