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Cutting tax

Archives for October 2019

Higher Earner Child Benefit Charge
Hi all. My husband received a letter yesterday from HMRC concerning the Higher Earner Child Benefit Charge. Until he opened this letter, we knew about this charge at all. We first claimed child benefit in 2010 and added to it when our son was born in 2011. Back then, my husbands wages were not at the £50k threshold and…
I updated my Estimated Taxable Income
Hi, I logged into my HMRC tax account yesterday for some other matter and I noticed my estimated taxable income was around £9000 higher than my salary. I ran through the steps to update it, and it now shows the correct amount (my salary minus my pension contribution = gross for tax). I've logged in again this morning and…
Cash basis expense
Hi everyone Quick question: I'm filling out a self assessment tax return, and recording expenses on a cash basis. I've been filing returns for several years now. I bought a computer in 2015, which I use solely for work. I have never recorded it as an expense before. Can I record it as an expense for 2018/19? I've read…
Council Tax issue (Scotland)
There seem to be several issues –I have tried googling and cannot find the answers, unfortunately. Can anyone help? I have tried to keep this as brief as possible. The property I bought in July 2018 is formed of 4 dwellings. A farmhouse and 3 cottages all requiring substantial repairs. The long term plan is to repair and…
House Deeds Change
My father has recently passed away leaving my mother with Alzheimers who I have full POA for in the house. The house was in joint names so I am in the process of obtaining a copy of the deeds so we can get the names changed. Is it possible to have me added onto the deeds also alongside my mum? I thought as I am POA anyway…
Getting help with tax
Hello all, Apologies if this is a very basic question but I'm trying to get my tax affairs in order so any help would be much appreciated. Is anyone able to direct me to a service that can look at my current employment and help work out if I am paying tax correctly? I have four employers all paying with PAYE and all have…
Rental House Sale - Validate tax due?
Can someone validate this for me please? Bought a house in October 2009 for £106,500. Converted to rental in October 2015. Sold in October 2018 for £145,000. 9 years ownership in total, so 108 months, 73 of which I lived in the property. Account for the 18 months at end of tenancy and it comes to: Private resident relief…
Transfer buy to let to spouse to save tax??
Hi Could do with advice on the following situation: I am a higher rate tax payer, my wife who currently earns 42k isn't We have a joint residential mortgage. I have a buy to met mortgage in my name only currently with 100k left to pay I am in the process of remortaging with a new provider, and will have a new buy to let…
Reducing high rate
Hi all I’ve just had a tax refund, so downloaded the HMRC app in order to claim it. I've been exploring the app and came across my tax estimate for this Year: Tax-free salary £12,500 Basic rate salary £37,500 – tax =£7,500 Higher rate salary £6,622 – tax =£2,648 I've thought about making extra pension contributions before.…
Taxation treatment for redundancy pay
I understand that up to £30k of redundancy pay is non taxable, but is it still regarded as income for tax purposes? For example, imagine one is made redundant in April and receives no wages but gets £30k redundancy. That whole amount should be tax free. But if that person then earns £95k in the rest of the tax year, is…
Tax on Paypal Gift Money?
I've googled this and tried to search but cannot get a clear answer. If you receive money via PayPal with no reference to goods or services and sent as a gift is there Tax liability in the UK? Thanks in advance.
Changing telephone number
I need to change my telephone number for self-assessment but do not have mobile coverage at either telephone. Does anyone know how I get my phone number changed ?
Any tax-effient way of realising salary part paid in shares?
Hi Part of my salary is paid annually in Admiral employee shares and I get a dividend from them every September. I can also realise the value of the shares by selling them back to the company at their current rate after I have owned them for three years. Doing either means that I pay tax on them at the higher rate. Is…
VAT when employed and self employed
Hi, I have a quick question: If I am employed and earn say 40k then I do consultancy work for say £60k in a year - when does any need to pay VAT kick in? Is it just when the consultancy payments go past the threshold or is it the total pay? I'm guessing it can't be the total pay as then people earning over that threshold…
UTR number not received
Hello, I registered as self employed on October 7th. I was told I would receive my UTR number in the post. Nearly 2 weeks later, I have yet to receive it. Any best guesses as to when it should arrive? I feel like phoning HMRC. Thanks.
Paying too much
Hello all, now i'm not really up to speed with income tax, etc. so i am seeking advice. In Aug2018 I got a lease car (toyota yaris hybrid) through work with a salary sacrifice cost of £325, with the understanding that my tax and national insurance contributions would reduce as a result of this. However, this year my tax…
P11D info on Self Assessment
Hi all I have to complete a self assessment due to Child Benefit in a £50k+ salary bracket. I've been filling it out for a few years now so very familiar with it and it's a simple task as I'm full time employed with no complexities around shares, self employment, etc, etc. So it's normally P60 info plus the child benefit…
Tax on JSA
I have received a tax demand from HMRC on JSA I received in the tax year 2018-2019. In that tax year I had zero other income. My question is do JSA payments get included in my personal allowance for a tax year? I am assuming not hence tax demand but have been unable to confirm this either way so far reading various pages…
Accountants
Hi, I have recently started renting out my previous home as short term holiday lets. I'm looking for an accountant to complete my tax return as I do not know where to start with this! I have had several quotes and they vary so much - how do I know which one to choose? The cheapest has said £125 which seems great value…
Norwegian tax?
Good evening, I'm looking to work in Norway with a rotation of 18 days in Norway, 10 days in the UK. I'm wondering what the tax rate is for this? I've been told it can be upto 40%? Regards

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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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