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Cutting tax

Archives for September 2020

Self-Assessment tax late submission penalty - won appeal against HRMC
Hi, I incurred penalty charges for submitting my self-assessment tax return late. I had clicked on 'submit', and the website said that my tax return had been submitted, but I didn't receive a confirmation email, which I realised months later meant the return had never actually been submitted. After thinking I had submitted…
council tax single occupancy reduction when paid by church
This is a niche enquiry but I know there are a few council tax experts on here who may be able to help. Where a house is provided by a church for a minister of religion the church is responsible for paying the council tax rather than the occupant. Where the minister is the sole person occupying the house (no family living…
Calculating CGT on second home
Hello My father (widowed since Nov 2014) is now selling his second property that he owned with my Mum since 1990. The property was bought for £92,000 and is now under offer at £635,000. It was let out over the years since 1991 and self assessments completed every year. It has been vacant since June 2018 while trying to…
Company car or pool car?
My question refers to when a pool cars should become a company car and how. Let me explain. My business leases 3 cars as pool cars. I have my own car and motorbike. I tend to spend most of my time out of the office on meetings these days. So will tend to take one of the available cars home and go direct to my first meeting…
Confused on how this working from home tax relief works?
Hi all, As Ive now been working from home for 6 months I decided to make a claim for the working from home standard tax allowance. I did it a couple of weeks ago using the online form. I claimed for 22 weeks from 6th April through to 4th September. 22 weeks x £6 per week = £132. So obviously I expect to get tax relief on…
Tax on gain on life assurance policy
I believe that income tax is payable, on death, on the gain made on a life assurance policy during a person’s lifetime. I have been told this lifetime gain would be taxed at the difference between a) the basic rate tax (20%) which will already have been paid within the structure and b) the person’s marginal tax rate during…
PILON 20% or 40% Tax ?
Hello, I was recently made redundant. My basic salary was under £50,000 which is in the 20% bracket but with my car allowance on top (£7,000), it put me in the 40% tax bracket as I was then taking home over £50,001. My payment in lieu of notice, as per my contract, does not pay out any extras or benefits such as my car…
Home working - Now Boris wants us to work from home can I claim £6pw?
Hi, Now that Boris has asked office workers to work from home if they can (which I can and am!) can I now claim the £6 per week tax allowance to cover electric/gas costs? On the gov.uk website it says that you can only claim this if you have to work from home and not if you choose to - does Boris' instruction constitute…
Moving to low paid work from having a Limited Company.
Hi all, I've had a limited company for the past two years which was just me using the Limited company as a way to be tax efficient. Due to covid that business is no longer viable and I've been on furlough for the small PAYE i paid myself since march. My year end is 30th November and i was planning to close the company and…
Ways To Reduce IHT - Adding Daughter To Deeds?
Hi there, First time posting here, so please go gentle on me! I am looking for advice about reducing the amount of IHT my daughter will have to pay when I pass away. I own a property outright, worth around £325k. I also have some money from a recent house sale, which is currently £180k. This will reduce as I am renovating…
CGT appeal
Long shot but here goes... I’ve just sold my house with my civil partner which we lived in for the first 10 years of ownership, renting it out for the last and final 5 years. It’s our only home (we’ve rented in the UK for the last 5 years). We were all lined up to exchange and complete in March this year (well in advance…
Filling in self assessment CGT page
I need to attach the computation my accountant sent to me for CGT self assessment, but after trying, I still cannot do it. Copy and paste into the box provided does not work. Thanks.
Proof of Improvement Costs
Hi, I have a property that I bought back in 2006 that I lived in for a couple of years and then rented out. I got a lot of renovation work carried out including: * Getting planning permission for a drive with direct access to the road (my son is disabled) * Installing a drop kerb * Creating a block work drive where…
CGT on sold property
I know there are loads of questions about this but hard to find an answer that meets my own personal circumstances. So heres my situation. Bought a small property for cash in 2014, renting it out to a family who were sitting tenants. I now have sold the property to another investor and the family will stay on. During the 6…
CGT - Property bought at below value
Hi There, Just trying to understand CGT more as a family member (who owns a house already) is going to buy a house in Scotland directly through the seller which is a friend of mine who is selling it due to probate/debt to be paid. We are looking to settle on a value approx 80k but they have recieved 110k valuation but they…
Going to earn over £50k through 3 jobs
Hi as the title, I’m going to earn over 50k this year so will need to pay 40% tax on anything over that. I have a main job earning £32k, a pension at £12k and then bank work which has already reached £8k. I’ve changed my amount earns on the HMRC app, but how can I get them to tax me at 40% on my bank work from now? Saves…
Does Gov.uk /HMRC have it's own online self assessment software?
I have to self assess for 2019-2020 and heard you can do it directly on the gov website after registering as self employed / sole trader. Wanted to check this was possible and still exists,if so has anyone used it and how complicated is it / what should I expect?. Cant find much info on it at all,the amount I'm filing for…
Income tax
Hello all. I hope you're well My daughter has started working after finishing Uni. My understanding is that she's allowed to earn £11,640.00 without being taxed (she had a job at Uni from which she earned £86.00 so she doesn't have the usual £12,500.00 allowance) but HMRC is saying that she can only earn £970.00 a month…
Capital Gains Self Assessment Disposing of chargeable assets
I usually complete my self assessment because my finances are simple. Last year I sold my property and have to pay CGT for the period that I rented it. I used an accountant to compute the figures which he sent to me. I thought I would just have to fill in my self assessment as usual, tick a CGT box and attach the figures…
Help Calculating Impact of Company Car Tax Vs Cash Allowance
Hello, I originally posted this in the Benefits & Tax Credits section but was told I should have put it here. If any admin can delete the old post that would be great. I'm considering taking out a company car instead of my personal allowance but struggling to calculate how much it really cost me and whether I am better off…

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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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