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Cutting tax

Archives for May 2022

Inheritance taper question
I hope someone can give a pointer on this If a father made a gift to his son of say £40k and died 5 years later... Is the taper applied to the gift... Or is the 40k deducted first from the deceased father's iht allowance, so no iht is due but the iht free threshold is reduced to 325-40 In this example the father had left…
Inheritance Tax due on 'gifts in kind'?
I am trying to get my head around potential inheritance tax liabilities and there's a blindspot that I cannot find any clear answers for, that of 'gifts in kind'. So I thought I'd check if anyone had clear experience of this before seeking more detailed advice, as it seems to be a simple question. I understand the various…
Overlapping new house purchase....
Could someone point me in the right direction for implications of buying a new house say 6 months before selling old house. Not worried about utilities etc more so about sdlt on new home and cgt on old home. Reason is new house needs work doing to it.... We accept the risk our sale may fall though in 6 months Many thanks…
Benefits in kind & self-assessment
Evening all Am helping my partner who was self-employed and also a PAYE employee complete their tax return. With their PAYE job they receive a £10.70 benefit in kind for Healthshield medical. This is included monthly in the payment section of their payslip. It's not included in the "Salary" line but is listed as…
Yet another CGT question
Hi. I am about to sell a second home. Bought for £120k in 2008, should fetch about £180k now. My question is, if i sell it in ,say, August 2022 i have almost no other income so far in this tax year. However, if i earn anything AFTER I have sold the cottage and paid my CGT bill, will i need to pay further CGT at some point…
BR tax code
Morning all, I’m hoping someone could offer some advice about how to help my wife resolve an issue with her tax code. She’s changed full time jobs three times in the past 12 months (Once in Sep 2021, and then again in Feb 2022), and currently she's working through an agency. When she started in Feb she went onto the BR tax…
Fuel allowance, tax return.
Looking for some advice please. My wife uses a company car for work purposes only. She can claim back 45p per mile, She receives 12p per mile from her employer, so she has completed an online fuel allowance form and is claiming back the remainder of 45p which is 33p per mile. She has claimed fuel allowance for the last 4…
Salary Sacrifice and State Pension
I have a difference of opinion with a friend regarding salary sacrifice and state pension contributions. Picture this: Person earns £52,000 a year and tells his employer he wants to salary sacrifice £40,000 into his company pension leaving them £12,000 as take home pay (NB: £40,000 is the max annual pension savings).…
Armed Forces Income Tax vs Other Employment in Scotland
Hi, I live in Scotland and I'm the process of completing a tax return for 2021/22 which will be based, predominantly, on an armed forces employment/income prior to leaving at the end of Mar 22. However, there is also a 3-month component from a new employment, held during an overlapping resettlement period (Jan to Mar 22) .…
Can dividend be taxed as income for individuals?
When dividend is the main or even the only source of income for an individual can it then be treated under income tax rules? I recall reading something like this but can't find anything. I've tried a few of the online calculators and don't see any difference tax regime when salary income is entered as 0 but I'm not certain…
Tax Codes
Not sure if this is the right board but here goes. Up until 2022 I was working through my own Ltd Company and paid tax on a Pension and my earnings via a Self Assessment. No I am working via an Umbrella and have the following tax codes: Umbrella Co - C391T Pension - CK204X To me that looks like my tax free allowance is now…
Warning -Marraige Allowance
Possibly a system error so good to check online portal To cut a long story short. All my PAYE slips stated we received the M allowance on our income. Calling tax office she stated it was on, we were getting it and we were not a higher tax payer. On my online portal it stated we received it BUT under the update your…
Tax Code Notice 2022/2023
Would appreciate some advice. On my tax code notice for 2022/2023 its showing my Widowed Parents Allowance (which is a taxable benefit) as £6700. I have a job and a small pension which I am also taxed on. As my daughter is finishing college shortly (shes 18) my WPA payments have now stopped and I am no longer eligible for…
Wrong tax code on payslip
HMRC sent me a new tax code a while back. I have noticed that a different tax code appears on my payslips. I also seem to be paying an excessive amount of tax (which I assume I will be entitled to a refund once this issue is resolved). Who has made an error here - the employer for not updating for the tax code, or HMRC for…
Company Car Tax
Hi, my husband had a company truck for going to different sites. Now that they are cutting back they say his job no longer requires a truck so he has to give it back. That’s fine but they are also saying he’s not paid any tax on it and they’re going to let HMRC know so they can claim back 3 years of tax. Just want to know…
marriage tax allowance question
My wife applied in this March 22 to share her unused tax allowance with me. How long does it take to get a response to our postal application. Assuming my tax allowance was £12,570 with her 10% tax allowance share would be £13,827, my question is how do I claim the tax free earnings £1,257 that I earned that would been tax…
Tax Credits Ltd Scam - Help Please
My son received a P800 around 4 weeks ago saying that he is due a refund due to paying too much tax, and that they will send a cheque to TAX CREDITS for this amount within 14 days. It sounded like a department within the HMRC who deal with tax credits. However, it is actually a private company who act on your behalf and…
Property 'let' to family
We are looking at buying a property for one of our children and their family to live in. We would not expect them to pay commercial rent, only to cover our costs which would mainly be interest on loans we will be using to help with the purchase. What I am wondering is whether we would be taxed on the contributions we…
Help with possible overpayment 20/21
Hello, My tax calculation for 2020/2021 still hasn’t been done by HMRC, I pay my tax via PAYE deductions with my employer. I have the app and kept checking when it would be finalised as I’m pretty sure I’m due a small refund after using the Martin Lewis tax calculator. I rang in January to chase and was advised it had to…
[Answered] Think my tax code includes WFH allowance when it shouldn't - how to remove?
In the tax years 2020-21 and 2021-22 I claimed the £312 (£6/week) WFH allowance. Even if that's continuing, in January 2022 I moved to a job where I can't WFH. So, for 2022-23 I shouldn't be getting that allowance. Just logged in to HMRC to check and my tax code is listed as 1288L. I'm a basic rate taxpayer (salary ~£24k…

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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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