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Cutting tax

No-one likes to pay more tax than necessary; get help from other MoneySavers to cut your tax bill.

Cutting Tax: Discussions that will help you
To help you find the Cutting Tax threads quicker and easier we're collating our previous sticky/pinned threads into one single post. Cutting Tax board: Tax instructions - please read Useful Websites TaxCalc alternative? How does the Taxman Know? Inheritance Tax Planning Useful Tools to Help With Taxes Washing Uniform at…
Underpaid Tax Disaster
Hi there, Firstly- I’m a nurse, I know a lot about nursing. Tax not so much!! I had letters galore from HMRC saying I paid incorrect tax in 2 previous years. They think it will also affect this tax year just ended but no calculation just yet. I am paying them £320 a month for 2022-3, plus this month they changed my tax…
What counts as income when talking about gifts from excess income?
I know work pensions and state pension income would count towards your 'income' for the purposes of calculating excess income, but would income from benefits count too? Benefits such as Pension Credit and Attendance Allowance?
Help with tax code/untaxed savings interest
In February I was notified of a change to my tax code; there was a new deduction of £242 for "Untaxed interest on savings and investments". From my own records I calculated I'd have earned ~£750 in interest by the end of the tax year and I've always been a basic rate tax payer. Unable to get through to HMRC at the time, I…
Informing HMRC of SIPP contibutions
I need to inform HMRC of my SIPP contributions for 24-25 tax year for the purpose of claiming tax relief as a a higher rate payer. For my gross taxable income, is it okay if the interest earned on my savings change after the banks report it to them? The reason I ask is that I know what interest I think I've earned based on…
Miscellaneous income
I fill out a self assessment for my daily work. For the 2024/2025 tax year I have income from staking cryptocurrency of about £2000. I understand this comes under the trading and miscellaneous income allowance. Box 17 of the SA100. When I input the amount do I input £2000 or deduct the £1000 allowance or is that done…
Starting rate for savings
Hi all I hope you're all doing well and enjoying the sunshine I have a question about the amount of tax my Mum will need to pay on her savings interest for 2024 to 2025 Her income for 24-25 was £13,366.29 She will earn about £4621.00 in savings interest (without taking the £1000.00 'free' allowance off) Her tax code for…
Tax, Pensions and transferring of Allowance
When I worked, I remember that part of my wife's tax free allowance was transferred to me, since I earned the higher amount. Well now both of us have been retired for 2+ years and both claiming the full New State Pension. We both also receive private pensions, although my total income is still higher than my wife's, but…
Confused about self assessment
I have a full time job,rental income and pay in to a SIPP to avoid 40pc tax. Last year I was given a tax code of 2020l which my employer has used so I don't pay tax of the first 20k of income. However when I do my SA the calculation is different and they take all my income, deduct the normal tax free amount of 12250 and…
Tax code change brought drastic net income decrease
Hi all, I just had a nasty surprise receiving my payslip for April, and I hope someone can help me be clearer on my situation. My tax code for this FY is 311L, my total tax free amount is just 3119pounds. This is because my personal allowance 12570 is reduced by both untaxed interest and adjustment for tax I owe,…
Swapping houses
I am substantially older than my wife. When I die, could my wife "swap" her £700k house for my son's £350k house without immediate tax implications? I am aware that IHT may come into play in due course, but how about stamp duty? I am thinking that my son would gift his house to my wife, and my wife would gift her house to…
Inheritance tax allowance application deadline
Do HMRC ever allow applications outside of the two year deadline? For clarity I'm referring to: Transferring unused basic threshold for Inheritance Tax (search the government website for the above doc as I cannot post links) I have been very unwell and only just found out there is a deadline. I now stand to receive a huge…
2024/25 Self Assessment Tax Return
There we go! Hopefully the only thread (before multi previous years are re-enacted)
Capital Gains Tax
Wonder if anyone can help! My husband ( then partner) bought a house in 2010 with a mortgage in his name. We both lived in the property until 2013 when we bought and moved into a property which we bought jointly. At that point we remortgaged the original property to a buy to let mortgage in joint names and the deeds were…
Big change in tax code
My wife has just had a tax code change notification. It has gone from 1132 to 682. The reason is "Adjustment to rate band 4128" Now, I am assuming this is to do with going into the 40% tax rate. She unfortunately crept into this accidentally when she earned more interest on savings than expected and took out a little to…
Working from home payment incorporated into base salary.
Hi, sorry if on wrong board, wasn’t sure how to categorise we have recently been advised that our working from home payment’s are being incorporated into our base salary, becoming part of our overall terms and conditions. Previously the amount has been recorded separately on our payslips. Apart from no longer seeing the…
Demand letter for £2159 Simple Tax Assessment 2022-2023 and 2023–2024
. . .HMRC have sent me a letter demanding a Simple Assessment Payment of £2159.00, made up of £967.00 for 2022–2023 and £1192.00 for 2023–2024! . . .I have been paid approximately 60% of my salary, who's is quite a bit less than £12,570 (My tax code was 1257L until 1 April this year and the tax man has changed it to BR! .…
Tax liability for interest on a shared account.
I have a shared savings account with my spouse. Do I only need to declare exactly half the annual interest for HMRC self assessment ?
Income Tax Changes
Hello New to the forum here, apologies if I've posted in the wrong area. I recently started a new job where my salary has significantly increased. My first and second payslips had slightly differing net pay however my latest payslip (April 2025) states a significantly lower net pay. The income tax has significantly gone…
Just starting to look at Inheritance Tax - a few question...
Recently married at 58, no children, wife has 3 x children, my 'estate' would currently be worth £450,000 property + £70,000 cash. Her 'estate' would be £350,000 property, £185,000 cash. Basically, I am just starting to look at Inheritance Tax and have a few questions as I seem to be getting a bit confused. This is all…
Making Tax Digital. Do I need to install new software?
Hi all, HMRC have sent me a letter about the new Making Tax Digital software. They say I need to purchase software in order to 'record' and 'report' my income and send quarterly updates. I have an accountant. Each year I send him all my receipts and spreadsheets showing income/outgoings. He then submits my SA using his…

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NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
Sainsbury's Bank's savings, credit cards and loans will be taken over by NatWest from Thursday 1 May. For most, this means little will change for now as the Sainsbury's Bank brand will remain, though it's expected to be phased out towards the end of this year. However, if you've over £85,000 saved across both banks, it's worth considering moving any excess elsewhere to ensure your cash remains protected.
Martin Lewis: Is the £20,000 cash ISA limit about to be killed off? What savers should be doing now
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NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
Sainsbury's Bank's savings, credit cards and loans will be taken over by NatWest from 1 May. For most, this means little change for now as the Sainsbury’s brand will remain, though it's expected to be phased out towards the end of this year. However, if you've over £85,000 saved across both banks, you'll need to move any excess elsewhere to ensure your cash remains protected.
NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
From Thursday 1 May, Sainsbury's Bank credit cards, loans and savings accounts will be run by NatWest as part of a deal between the two banks. You'll be moved to NatWest in the future, likely towards the end of this year, but for now the Sainsbury's Bank brand will remain and you can continue to use its products and services as before.

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Cutting tax

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