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Cutting tax

Archives for July 2021

First Self Assessment Submission. Help
Hello. I have never filed a self assessment tax return before; so 20/21 tax year will be my first and I will do it all online; submit all information electronically. Upload any documents required to back up my figures. A question. My return is required mainly due to my stocks/shares trading activity. In the tax year 20/21…
Various charges on imported art
HiI was wondering if anyone knows the full cost of importing art (minus P&P and the cost of the actual art)?I think that there will be a 5% VAT charge but I can't find clear information on duties etc.It is coming from Ukraine. Thanks!
Self-Assessment Income Tax allowances on a former rental property
We recently sold our former family home, which we had let out for the last 9 years. During the time it was let, I claimed the permitted allowances (latterly, the flat £1000) against rental income when completing my SA return. Our tenants departed at the end of October last year, and we subsequently had to spend close to…
TAX - HELP
Hi As I've submitted my 20-21 tax return today, will the balancing payment I owe by July 31 update soon to reflect 20-21 return actual tax amounts..? If I've overpaid tax, I assume hmrc will refund it via my debit card used to pay? do I need to claim the refund myself? thanks.
Reduced personal allowance - untaxed savings
Morning, My wife's personal tax allowance has been reduced slightly and the reason stated is untaxed savings. She is forecast to earn less than the personal allowance in salary this year, so won't pay income tax despite the reduction. However we were potentially going to use the marriage tax allowance to transfer over to…
Paying council tax
Hey, I pay council tax online every month by debit card but with all the fraud going around at the moment I'm looking to start using my credit card instead. Are there any additional cost for using credit card on the council tax website?
Self Employed Earnings Below £1000 - Tax Return
Hi, I was employed full time until 22/12/2020; when I left, total pay to date was £12194.61 and total tax paid was £562.40. Tax code 1250L. I became a full time carer to my sister from 23/12/2020 until she passed away on 14/01/2021. I registered as self-employed with HMRC and received a UTR. I subsequently advised them in…
Cancelling marriage tax allowance
Hi,My spouse has transferred 10% of their tax free allowance to me under the Marriage Tax Allowance scheme.If we were to cancel as we no longer wish to claim, when does the claim end - when will our tax codes revert to normal (£12570 each). Immediately (current tax year), or the next tax year (6th April 2022)? The GOV.UK…
Minimum Taxes on goods from USA?
How much can I spend on goods from USA before I get charged VAT or import duty? It used to be something like £15, but post brexit I dont know. Also, Does the £15 include postage costs? I looked on the gov sites etc, but it didnt mention this, although £39 is a figure that shows up, and is that only for gifts?
Working from home - not covid related
For the last 4 years i've been working from home for around 8 months each year (the other 4 months involves travel to various work sites). I'm in the process of claiming tax relief for this - how do I work out how much to claim? All the information I can find relates to self employment or working from home due to covid. I…
Capital Gains Tax on primary home - Moved out to help our son with learning difficulties
In 2007 my wife and I rented our primary home and moved in with my mother. We continue to live together now. We did this to help our son. He has significant learning difficulties and we did this to help get him into a suitable school. We also needed mum around for help with him. We didn't realise capital gains tax would…
TAX REFUND SELF-ASSESSMENT
Hi What is the process of getting a tax refund for a self-assessment tax return if it's worked out that I've paid too much tax after filing 20-21 tax return..? Is there a limit on the refund amount and would requesting the refund a any red flags with HMRC? Thanks.
Working from Home Rebate & General Tax Query
Hey everyone, thought I would give the background to my queries as they are quite specific to my situation: - I was made redundant in July last year. At that time I applied for JSA, and also the working from home tax rebate as I worked from March to July from home. - I phoned up the contact on the gov website when it said…
Tax on injury compensation payment
Can I reclaim the 20% govt taxed me on £10,000 work injury payout if so how do I do this when I say tax I mean theft
Dual tax treaty US/UK
Have a US annuity fund ,residue of a 'difficult' divorce.I am a UK citizen and resident and pay tax in the UK. I requested a withdrawal of $19267 to pay off my mortgage.This would be under the 25% pension withdrawal in the UK and would have kept me in the Basic Tax band. The withdrawal was to be from one fund. I submitted…
Tax refund for use of own car
My daughter has been employed for the past year working for a company running Covid testing sites around the UK. Initially she worked at a single site about 10 miles from her home. After a few months she was asked to switch to supporting mobile testing sites and has, since then, had to travel (using her own car) to…
Inheritance help !!!
Advice needed ! My dear elderly father has decided to give me my inheritance early as i wish to buy myself a house in the next year ! 10k in the form of cash ! He is one of those typically elderly people that have been storing away his pennies for years for a rainy day ! Hes drawn it all out and now wants to happily pass…
Tax Refund as a PAYE Employee
Hi there, had to re-sign up as for some reason it wouldn't accept my old log in details hence why the first post. Anyway I have a question about the legitimacy of PAYE employees claiming tax refunds through companies? Currently where I work it is rife amongst colleagues that they're using this company…
Company car tax when not used for BIK
Hi all, I recently started a new job that provides a company car for work use (I work from home as part of my employment contract). They also insure and allow it to be used for personal use. (I have never had a company car before). My question is, I have my own car for personal use and will not, and have not used the…
Best way to cut inheritance tax without gifting?
My 75 year old mother wants to cut inheritance tax to myself. I am her only child, single, and the sole recipient of her will. My mother is not willing to gift anything while she is still alive, so I guess we would be looking at some sort of trust? Her estate is broadly as follows with no debts or liabilities: 1) Mortgage…

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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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