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Cutting tax

Archives for September 2021

Pay slip wrong?
I am not sure where is best to post this but i just had my tax code changed to account for the working from home allowance, the new tax code is correct but the pay slip seems wrong, i dont think i am paying enough tax now as i have used salary calculators and it just doesnt add up on the income tax point, can anyone help?…
Tax advice - Consulting on side of PAYE job
Hi All, I am taking a consulting job for £1,000 a month for 12 months.This will be in addition to my regular PAYE job. Am I right to assume that when I put this into my tax return I will end up paying tax at might highest rate (40%), but nothing more (no NI etc.)? Thanks.
Sole trader tax
Hopefully this is pretty straightforward to answer, although it feels quite specific and it was hard to narrow down a search online to find one. I’m a sole trader and I’ve read different advice that you should/shouldn’t have a separate bank account. I do not have a separate business account. I’m a few years behind in my…
Capital gains on two concurrent property developments
I bought two flats in the same building in 2019. The first flat took over a year to complete and sell but, since all of the structural work was done by that point, the second flat will be finished much faster. The first flat sold in Aug 2021 and I expect the second to be easily completed no later than December 2021. Is…
GWROB and IHT - Tenants in common
Hi, If parents own a home, and I move in to care for them while they gift me say 50-75% of the house as tenants in common. What are the tax implications of that. Would IHT only apply to the remaining percentage of my parents? Also what about gift with reservation of benefit? I would probably be the main contributor of…
Tax advice for a Supply Teacher
Hello all. Firstly, this is less cutting tax and more just trying not to over-pay. I've been going over my taxes, which have seemed high since I started, and kept coming out with differing figures that either said I was getting taxed correctly or over taxed. I couldn't square this circle until I realised the two methods I…
Will A Financial Advisor/Plan be value for money?
A financial planner has offered to write a financial plan for myself for £2,999. I am finding it hard to assess whether or not he is likely to help me, and was hoping people here could advise? A bit about me (which the financial planner also knows)... I have around £45,678 in unconsolidated (is this the correct term?)…
unused Ltd company
Hi I was a sole trader and decided to set up a Ltd company last year with view to possible expansion. The company was never used and I continued as a sole trader. I have closed the company down but have to file corporation tax. Do I file the same income as I did as a sole trader or is it a seperate entity? Thanks
Claiming tax back in a job now inside IR35
Hi there, I am formerly a freelance advisor/engineer working in the nuclear industry - this year the client blanket banned the use of Ltd companies and I have been forced to go onto a zero hours PAYE contract on a flat rate of £31 an hour @ 7.5hrs per day. Unfortunately with Nuclear being very tightly regulated, the client…
Claiming tax back in a job now inside IR35
Hi there, I am formerly a freelance advisor/engineer working in the nuclear industry - this year the client blanket banned the use of Ltd companies and I have been forced to go onto a zero hours PAYE contract on a flat rate of £31 an hour @ 40hrs a week. Unfortunately with Nuclear being very tightly regulated, the client…
Pre-owned asset tax on transfer of house?
Hi, My parents have given me a rather large deposit (as a gift with no strings attached of course), which will account for 80% of the property value. I plan to move in and then after I have paid off the mortgage, transfer the property to my parents and move out, while my parents move in. Now since it will be my main…
Can I transfer freelance earnings to my unemployed wife?
I am employed (28K pa) and also earn around 6K pa from freelance camerawork as a sole trader. My wife is unemployed and can't claim any benefits (therefore no income). In order to pay less tax on my freelance earnings, would it be legal for my wife to start up as a sole trader (as a 'camera agent',) and employ me per job,…
Salary Sacrifice - Employer is US based with no UK entity
My employer (a very small company) are looking at the possibility of using the Electric Vehicle Salary Sacrifice scheme. There is one hurdle that we think might get in our way and I'm wondering if anyone has any experience and could maybe answer the question. The company is a US company, with no UK entitity/subsidiary.…
Higher Rate Tax
Hi, I'm really quite clueless when it comes to income tax and hope somebody might be able to help. My current an annual salary is £46,500 however I can work unlimited overtime but I'm unsure how the Higher Tax Rate will kick in once I hit £50k? Does it start as soon as I hit the threshold, so for instance, if I make £50k…
Vat on Caravan fees
I wonder if anybody can help. I own a static caravan in Wales, we have recieved our site fees information for 2021/22, the site allows the fees to be paid in one go for a saving ( by 05/11/2021) or in two halves, the first payment before 01/12/2021 and the second before 31/03/2022. My question is this, we have been told…
Class 4 NIC due for 2020-21
Can I ask? As my only income is from capital gains on trading listed shares. Dividends received from listed shares. Do I have to pay Class 4 NIC? I have no other income at all. I ask as I am currently filling in my self return for 20/21. I am getting this message at the print calculation page? I don't quite understand it?…
Question on Voluntary Liquidation (MVL)
I have a question on Voluntary Liquidation (MVL). I am planning to stop trading through my Ltd company after March next year. My company's first year accounts are due in 4 days and my account has advised me to lengthen the company's financial year to 18 month. So i will pay the 19% tax at the end of 18 month along with 10%…
VAT on site fees caravan park
I wonder if anyone can help, when looking at buying a static caravan on a different site recently the sales rep told me there was no VAT on site fees, that they are exempt from VAT. The problem that at my current site I’ve been paying added VAT to my bill for years and it’s due to increase this year. I looked on the Gov…
Mobile worker sustenance allowance proof
Hi all this my first post so excuse me if I’m not particularly eloquent.I’m a mobile worker,I’m entitled to claim for tax relief on food and drink whilst at work.I’ve numerous colleagues who have done this.So I thought I would also , I’ve given all my details to a company that deal with this sort of thing (who my…
Income Tax
Can anyone help me please? I am employed as a Casual Exam Invigilator which is about 6 weeks work per year. I am not contracted to any particular days or times. They tell me what they need cover for and if I am available then I work. At the most I would earn £1500 p/a doing this. I recently have joined the NHS Ambulance…

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MSE News

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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
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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Base rate held at 4.25% – here's what it means and when it might be cut next
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
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Cutting tax

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