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Cutting tax

Archives for January 2021

Tax Rebate
Hi all, I logged into my Gov Gateway and it said I had overpaid tax and was £800 in credit I clicked through to request a refund on this 3 days later I have logged back in and it is still saying there is an £800 credit and if I click through it starts to do the refund process to go through Does this mean the initial one…
Gifting - Record Keeping for IHT Purposes
My Mother wishes to start gifting some money to my brother & I. These amounts will be well above her £3k annual gift allowance but given her age and health issues they are likely to remain part of her estate under the 7yr rule. Is it advisable that some formal record be made of the gifts and if so what form should this…
Tax on a £3000 one-off lump sum from employer
Good Morning, My employer are paying me a £3000 one-off lump sum in April as compensation for extra duties completed in the last year. This is opposed to an actual payrise, which they are unable to commit to as a result of the COVID pandemic. Current Salary : £26,000 One-off Sum : £3,000 My question is, how will I be taxed…
Tax Free 30K redundancy reduced due to Company Error?
Hello, please could someone with payroll expertise help? I left a role and received my final salary at end Dec. I was due to receive 30K redundancy pay tax free as part of the companies Jan payroll run. They’ve just advised they have processed my usual salary net of tax in error for Jan. To correct this they intend to pay…
Company car and fuel card
Hi, hoping for some advice please. A friend has a company car, allowed to use for personal use and fuel card. The tax code is k192. Earning £27k per year. The amount of tax seems very high, she has no tax free allowance left at all and is in a negative amount. Does this seem right?! Thank you
Tax on expenses whilst working away
I work for a company contracting to provide the NHS test and Trace service. Recently we were deployed for 9 days to a site 150 miles from home. We were paid 20p per mile travel and £35 per day for food. We have to provide receipts to our employer for all of our expenses which will be refunded in our next pay packet. All of…
Foreign dividends question
Hi, need some help with filling my tax form. I’m resident in the U.K. and I have some shares in another country, where I come from originally. For the tax year 2019 to 2020, the shares company has put dividends in my foreign bank account to the value of about GBP 100. Do I have to declare it as foreign income in the U.K.…
is there any benefit of paying back child tax benefits back via tax code rather than in self
hi all, I have to pay back the child benefit tax through my self assessment as im over the the 50K limit (wife doesnt work) i just wondered the reason of paying the child benefit tax through the tax rather than through the self assessment is there any benefits of doing either?
Can I reduce my CGT by making a pension contribution?
Hi everyone - I am looking for some advice regarding CGT, which hopefully won't be too complicated for someone with experience in this area as my circumstances are pretty straight forward. Here's a quick summary: - I recently sold a rental property and I intend to invest the proceeds in a combination of SIPP, ISA as well…
Higher Income Child Benefit Charge
(posting on here instead of benefits forum as suggested) My husband is doing his tax return for 19/20. We were claiming child benefit back then, up until HMRC contacted us to say we owed the charge for previous years. We've paid all that back now apart from the year 19-20. In that year we received 8 payments totalling…
working from home tax allowance
Hi maybe you could help me with this query, People who are working from home as part of their employment can claim a working from home allowance to help with extra heating and electrics, but what are the parameters for parents who maybe do not work from home but are assisting with home schooling. They are using extra…
Excel Salary Calculator
Hello,Ive had a quick search but cant find what im looking for. Does anyone have an Excel Spreadsheet for Salary Calculation including Car Allowances and Salary Sacrifice I could have please.Ive used the multiple online calculators, using the same input data I am getting significant differences of large amounts. A few…
CGT hit on employee share sale
Hi all, I used to work for an American software company between 2004 and 2013 during which time I was received stock options (20% yearly vest). The total value of the shares today is under £50k and I am looking to sell the whole lot if I can. However, I am confused over CGT applicability and would be grateful for some…
payments on account carried forward
Hi, I paid half of this year's tax bill when I paid my 18-19 taxes via self assessment by retrospective payments on account. I'm about to submit the 19-20 tax form online but see no option to carry those payments on account paid last year to this year... to reduce this year's tax bill. Advice appreciated. Thank you.
Reclaiming VAT from EU purchases
I want to buy a boat from Spain which is VAT paid. I know i have to pay tax when I import into the UK but want to know if I can reclaim the EU VAT as it is a personal export and I know overseas citizens from China/S/Australia/Japan today can reclaim VAT on things they buy here and personally export. All i can find on…
Reclaiming VAT on a credit purchase made by company director?
Hello! I am pretty confused on how to proceed with a company purchase. The company is in need of a mobile phone. I am the director of the company and will be buying the phone on behalf of the company and paying for it via installments (over 12 months with 0% APR). The company can not apply for this credit which is why I…
SEISS 4th Grant
Hi, As HMRC have delayed self-assessment deadline to the end of Feb, will this mean they won't take into account 19-20 tax year for the 4th SEISS grant , meaning newly self employed can't claim? Or do you think this delay will mean more people included in the 4th grant? The announcement will be in March and I don't think…
Disallowable expenses
Hi, After completing the allowable expenses section of the HMRC online self assessment, it takes me to page showing disallowable expenses... Do I really need to add up how much I spent on food everyday, the bits and pieces I bought from shops like games, clothes, gifts and so on during the entire tax year? Or can I leave…
Inheritance Tax - Gifts
Hi all First message here so go gentle on me please. My father recently passed away on 26/12/20 and I am attempting to do the probate myself after some hefty quotes from professionals. My father gifted: £36,000 on 23/03/15 to me £40,000 on 25/04/16 to my sister £4000 on 01/06/16 to me I had thought that as he lived for…
Do I need to pay taxes to UK and foreign country both?
Hi, Do I need to pay any taxes in foreign country because I was working from there for a UK employer and income? If the answer is yes then do I need to pay double taxes to each country OR do I need to pay to the other government and claim back full amount of income tax, national insurance from the UK govt.? Please help,…

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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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