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Cutting tax

Archives for January 2021

Council claim we have outstanding debt
I moved houses recently with a change in council, our council tax is all paid off and when we left in September they ended up saying we were due a rebate which was nice. They are now coming back and saying they made an error and we owe them £300. This is obviously not something we wanted to hear and is not our fault at…
House with Separate Basement Flat - council tax help please.
Hi I have recently purchased a house and the basement is classed as a separate property (I own both) - the house and basement have both been rented separately over the last few years and have their own council taxes + energy supplies etc. The basement has its own front door and kitchen/bathroom - there is no staircase…
Money from online surveys
I am a student so have no idea how tax works. I have recently signed up to an online survey site and was wondering if I need to pay tax on any money earned from this. It will only be an extremely small amount of money,
Avoiding a higher rate of tax on earnings
My husband is self-employed and has a limited company. His earnings go into the higher rate of tax, but he wants to use my personal tax allowance and the basic rate which means he pays the the lower rate on his earnings. Is this legal? Currently, I’m an unemployed full time homemaker.
National insurance record
I recently setup my Government gateway account. For my NC record, it states there were 4 years where I did not contribute enough. For context the period is 2000-2004, I was a full time student during that period though I did work part-time during summer holidays. Would I be correct to assume that as I didn't work a full…
Gifts tax
I think you can gift a family member £3k a year without them having to declare it and pay tax on it, and up to £325k is also tax free to the recipient unless there is inheritance tax. Can a family member gift amounts back to the giver over following years under the same rules so the original giver may receive a regular tax…
Non-VAT registered hobby business selling to EU..... what about VAT?
Forgive me if I'm asking this in the wrong place, but I'll pose the question anyway: I have a staff job but in my spare time I have a hobby business making replica sci-fi toys and selling them. I'm starting to get lots of enquiries from private individuals in the EU to buy my replicas. The scale of this enterprise is tiny…
Need Help in Tax filing/refund
Hi All I have received mail from HMRC to file my returns for FY 2019-2020. I was employed on PAYE in 2019 and left my job in Aug 2019, and earned Apr-Aug (pro-rated salary for Aug) I have not had any job since then. My ex-company hasn't sent me any documents, what should I demand of them? I guess P45, please confirm. Also…
2019-20 Self Assessment Questions
Evening all. I am currently muddling through the latest self assessment form, and have a couple of quick questions if that is ok. 1/ Can I claim for home working in the 19-20 tax year?? My employer insisted we home work from the begining of March last year (Covid) - so a couple of weeks prior to the end of the financial…
I got paid today and tax code is K1263, its a difference £537 a month
hi all, I wasnt sure which forum to post this in. I got paid ver the weekend and this morning I got a text from my bank saying i will be overdrawn. after looking into it my tax code is K1263X and HMRC have taken £1360 tax compared to £823 a month. I've been on the phone listening to hold music all morning, they are busy…
Working from home due to coronavirus, even for a day? Claim a year's worth of tax relief
I have claimed the year's worth of tax relief and have had the change to my tax code already. However I also receive a military pension and to my surprise I have received notification that I am now on a emergency tax code for it and am now being deducted in excess of £4000 per year as a result of claiming this relief. Can…
Do I have to do Self Assessment now even though I'm PAYE?
Hi,I have tried to google and search though the forums for an answer to this and have come up blank, and even the accounts department at work aren't sure but I'm hoping it's a quick easy answer for someone on here! I was advsied to start filling in self assessment for tax years ending in 2021 as my wages his a certain…
Buy to let tax share?
If a married couple are both on the deeds for 2 properties they let out can they total the rental income from both and each pay tax on 50% of the rental income? Sharing the rental income would avoid either paying a higher rate tax. Or does one have to put the full rental income on their SA tax return?
Tax on a gifted item
Just wondering if someone could help me. I recieved a gift from my workplace (a nice watch for long service) but it's not my style and I don't really wear watches although it's a really nice gift. If I was to sell it on to get some money to spend on something i would actually use, would this be liable for tax or would it…
Interesting Council Tax Problem
I'm having a rather interesting and frustrating problem with my council tax at the moment. Back in 2018 I purchased a 2 bed terrace house with the intention of refurbishing it. Things haven't exactly gone to plan and with my doing as much of the work as possible myself combined with the problems of getting workmen in for…
Completing tax return next week.. can commercial providers help?
Hello everyone, I work in the UK but not from here and previously a third party company which my employer has a deal with helped me complete my tax returns. This year, however, they have not yet contacted me and as the self-assessment deadline is Jan 31 I am a little worried. I am waiting for their response but in the…
Tax owed when working PAYE
I have worked for same company for nearly 4 years the problem i have is that every year i have to phone tax office to ask why i owe tax when i am PAYE. I cannot understand their explanation as previously i have never owed tax man anything. I believe a mistake has been made in earlier years. I have seen advert on tv…
Marriage Allowance - what exactly counts as income?
Last year (2019-20), I strayed into the Higher Rate Tax band and didn't benefit from a Marriage Allowance transfer, kindly applied for by my non-taxpaying wife. I was lazy and assumed that my Higher Rate Tax band threshold would be increased by £1,250. Of course, it doesn't work that way and I took slightly too much income…
Tax on trading as 1st or 2nd income
Hello, How it works the tax declaration with trading as 1st or 2nd income? 1st income - My only income would be from options trading or selling stocks, so basically I have only one chance for 12300 free tax allowance, I understood that I won't get a 2nd chance in my second income to get the same, please confirm. Also,…
Lettings Relief Query
Hi - ref Capital Gains Tax on a second property, it seems that the lettings relief rules have changed quite substantially and I would appreciate a bit of clarification please. So I rented out my flat for the first five years of ownership - basically I had a lodger (fully declared rental income etc) so I think I can claim…

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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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