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Cutting tax

Archives for April 2022

tax refund.
I was on the gov.uk web site trying to claim a tax refund. After filling the forms on line somehow a company has got involved. The first I heard of it was when a letter from HMRC tells me they have sent my refund to this company. I was shocked I have never heard of them, when I tried to contact them they have no telephone…
Dividends in offshore accounts - Considered as income or £2000 dividend limit?
Hello, I hold a investment account overseas where the dividends are paid to my overseas accounts.What I want to know, for self assessment purposes, is are those dividends considered as Income or Dividends? Can I include them in my £2000 dividend allowance?
Cutting tax on renting rooms
Hello folks, Been discussing a "dream" with the missus. Basically in the near future we were looking at obtaining a large 6 bedroom house and leasing out some of the rooms. The plan was perhaps 1 or 2 double rooms and 1 room as a hostel type with bunk beds. Also perhaps looking to hire out bicycles, paddle boards and take…
Reclaim tax through accountant
Hi everyone. I need a bit of insight. I have been working here in the UK for almost 9 years now and never really reclaimed any tax. I did a self assessment for my tax code previously as i do pay professional organisation and union fees plus uniform washing and for work shoe purchases. But since then I have done nothing as…
P45 last day of work 1st April Paid Monthly - tax year to 5th April - which tax year should P45 show
So I am paid monthly, my last day in my old job was 1st April. I have been sent a P45 showing my leaving date as 1st April and my total year to date pay being the pay for 1 day, 1st April. Seems to me as my leaving date was in the 21/22 tax year as before the 5th April then the P45 should show my earnings in the 21/22 tax…
How much tax
If i earn 81k from regular job and then 10k from self employment how much tax is taken on 10k? Would it be 40%?
Am I *required* to work from home?
During the pandemic, like many people, I was required to work from home. This has shown to be work well for most of the employees of my company and for the company itself. In fact it worked so well for the company that they made the decision to move offices and significantly downsize the available space last year. As a…
Tax from 2 months of payments
Hi, I'm a student on placement and my yearly salary before tax is £18,500. I started on June 1st 2021 and I finish on May 31st 2022. This covers two tax years, so what's the deal here? I got my payslip yesterday and it came through this morning as £1541.67 + bonus, total tax to pay (PAYE and Nat Ins) £308.54. Should I be…
Understanding PAYE tax deductions (change to monthly pay)
Hi I used to get paid every 4 weeks but have been moved to monthly pay (same company). Payroll made a passing mention to it affecting the tax for the month and it being right after that. However, I didn’t realised it would affect it to the tube of £850ish. I assume this will balance out in the year? How does that work? I’m…
Set up LTD company or do PAYE
Hi guys, I am starting a new 'job' as a contractor with a company paying 540 usd/ day. You can work as much or as little as you like. Many people have set up their own ltd comapny and are paying around 20% tax. They are probably working 3 out of 4 weeks a month with this comapny. I spoke to an accountant and they…
Rent A Room Scheme Adult Child
Hi I'm trying to clarify if Rent from an adult child falls within this scheme. I don't see my child as a lodger but a "non dependant". Views seem to differ. Any thoughts or clarity would be appreciated. Purpose of this is question is I was thinking of taking in a lodger but if my child's rent falls within this scheme I'd…
Married Allowance Transfer
All I wanted to do was cancel the historical transfer from the start of the 22/23 tax year. Despite having done so early in the 22/23 tax year (today), the HMRC system repeatedly tells me the transfer will continue to April 5th 2023.It seems impossible to cancel the transfer for the 2022/23 tax year. To make things MUCH…
New Tax Code. Earned 15k paid almost 2k in tax.
I'll try to keep it simple. From 6 April 2021 to 5 April 2022 I earned £15,140.18I paid £1,259.75 in National Insurance.I also paid £1,784 in tax.I also repaid some student loan but not sure how much atm as I'd have to go through old payslips. I didn't do any work from Jan to April this year or from April to August last…
New job tax help
First of all hi, I'm new in here and could really do with some tax help. I have had nothing but bother with HRMC over the last few years, so I am trying to get my ducks in a row. I have been very fortunate to be offered a new role, on a salary that I never thought I would achieve, and the tax implications have me in a spin…
Definition of Basic Rate Taxpayer
I am trying to understand whether someone who is paid £30,000 salary but receives dividends of £25,500 is still classed as a basic rate taxpayer when opening a savings account? I know that dividend income is still taxed, but not treated as income in the same way as wages/pensions/benefits. Also can anyone point me in the…
Trivial difference in tax calculation
I'm hoping this is a trivial question, possibly a rounding error or something, but I can't reconcile the tax on my payslip! It's only out by 34p, but something is niggling at me that I'm doing something wrong, which could result in a more serious mis calculation in the future or I'm misunderstanding something on how tax is…
CGT due in the UK? Sale of property (land) in Germany
Hi. The facts: - I am self employed, - German Citizen but have been living in the UK for more than 10y and pay my taxes in the UK. I have a settled status in the UK. - I own land (without any buildings) in Germany which I would like to sell - As per German law my tax due in Germany for this would be €0 (If you own property…
Tax relief on Electric Van
Hi guys I am a sole trader carpenter. Not VAT registered I am going to get myself an electric van. So many reasons to do it right now. But I need to know what is the best option for tax relief in this current tax year, as i know the rules have changed. Here are my two options as I understand it. Both of which are based…
Documentation for making an IHT exempt gift
Hi all, My mum wants to make a £3,000 each gift to both of her grandchildren and has asked me to help her to do it.She didn't use any of her IHT annual exemption in the last tax year.I have suggested that she does a bank transfer to their accounts and do a signed and dated letter saying something like "Dear..., I am today…
Salaried but tax fluctuates wildly
Hope you can point me in right direction i am salaried earning 44.5k i get a bonus paid in may ( was 10% normally but will be 5% this year) plus 2 x sundry payments in may and November of around £160 each i pay 7% pension contribution my issue is my net pay for first half of year is significantly more than second half of…

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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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