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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…
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So pleased I used this forum for advice
....saved me a massive amount in tax and I have another £10k in my pension as a result of lowering my NAI to "beat" the 100k tax trap by making a pension contribution in March. Many helped but I would especially like to thank @Dazed_and_C0nfused for his/her help.
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Scrapping of home working expenses tax relief
One budget announcement that seems to have sneaked under the radar (haven't seen it mentioned on here, apologies if I missed it) https://www.gov.uk/government/publications/income-tax-removal-of-the-tax-relief-for-additional-homeworking-expenses Interestingly employers can still reimburse costs but individuals can't claim…
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New rules for claiming tax refunds via an agent
I thought this was interesting, HMRC have been taking some steps to try to protect taxpayers from unscrupulous agents. Though it’s only a matter of time before someone grumbles about it! https://www.litrg.org.uk/news/new-rules-claiming-tax-refunds-using-agent
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Swift HMRC U-turn on self-assessment helpline closure!
Yesterday they announced closure of the helpline between April and September: https://www.gov.uk/government/news/hmrc-encourages-customers-to-interact-online-with-changes-to-its-self-assessment-paye-and-vat-services https://www.moneysavingexpert.com/news/2024/03/hmrc-self-assessment-phonelines/ and today that's been…
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Possible major change to how we pay our income tax from tax year 2029
An item not generally reported In the latest budget was a proposal which will affect PAYE and self assessment tax payers. They are proposing that self assessment
taxpayers with PAYE income will pay their self assessment liabilities
in-year via PAYE from April 2029.They want to make a mandatory adjustment to your tax code…
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VCT Tax Relief To Be Reduced (from 30% to 20%)
A doozie from the latest budget... but not one I have seen mentioned much. Thoguht I'd share. https://www.gov.uk/government/publications/enterprise-investment-scheme-eis-and-venture-capital-trusts-vct-changes/venture-capital-trusts-enterprise-investment-scheme-investment-limit-increase-and-restructure * Section…
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On Line Tax Accounts Now Showing 24-25 Tax Coding
For me anyway. Trying to work out how they think my PS pension will pay less than last this year :(
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It's Time To Check Your Tax Codes
It seems that random tax code change season has come round again, a bit late this year, so probably best for everyone to have a quick look. I check mine at least once a week during October / November and today it paid off. Every April I put £2880 into my SIPP Every April I update that income stream to show £2700 taxable…
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HMRC Simple and Self Assessment (and double bill)
Hi, not sure if anyone else has found themselves in the same situation as me. Last year I was asked to fill in a self-assessment and then later got a simple assessment. I didn't twig what the simple assessment was and at the end of the year filled in a self-assessment and paid the outstanding tax from untaxed interest.…
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Scathing Public Accounts Committee report about HMRC
It won't be news to many on here but the report published today is grim reading: https://committees.parliament.uk/publications/46301/documents/233200/default/
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Why are Farmers Complaining
Could somebody on a purely taxation basis explain why Framers are complaining over Inheritance Tax. They get an extra £1m allowance and pay at half the normal rate and have 10 years to pay. Most importantly unlike SIPPs they can use Potentially Exempt Transfers to pass on entire operating farms to future generations. I can…
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Council tax 25% discount refund - Elderly
Recently found out that my mother lost her 25% Council tax discount when she moved to a smaller property after her husband passed away. It transpires that you HAVE to reapply if you move home. We were lucky enough to get a refund of over £4000 but had to get an affidavit to confirm our claim. Please passs this on,…
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Illogical tax codes on my 3 pensions?
With 2 years to go until I can claim my state pension, I currently have payments from 3 pensions. A pays £3401pa - a figure that will never change B pays £1842pa - a figure that will never change C pays £2696pa - with annual increases of anything up to 5% So a TOTAL income this year of £7939 A has tax code 659L B has tax…
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Increasing National Insurance savings by making large pension contributions in minimal months
I had an idea a few months ago about a methodology to increase tax savings when making salary sacrifice pension contributions. In short, due to the way NI is calculated (on a monthly basis with bands 0%, 12% and 2%), we can save by making our pension payments over as few months as possible, rather than spreading them out…
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HMRC Poor Wording
Over the years I have been confused by numerous examples of poor wording from HMRC. If it wasn’t bad enough that tax rules are incredibly confusing, we have to put up with ambiguous, misleading and often illogical wording. The purpose here is to highlight these with a view to providing a level of clarity, preferably…
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Warning: Beware scam calls about the Government’s £150 council tax rebate
Households should beware cold callers asking for their bank account details in order to seemingly pay them the Government’s £150 council tax rebate, as it’s likely to be a scam. MoneySavingExpert.com has seen a number of reports from councils urging residents to beware of fraudsters, while officials have also cautioned…
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Budget Documentation - who proof-read it?
The quick-read here is the OOTLAR: https://www.gov.uk/government/publications/budget-2020-overview-of-tax-legislation-and-rates-ootlar but did anyone proof-read it? Page 25:"Dividend rate(3)... Tax year 2019-20...Tax year 2020-21", footnoted: "(3) Apply to dividend income received above the £5,000 tax-free Dividend…
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Question re. Capital Gains tax after inheritance
Hi all, My Mum passed away a few months ago, leaving an estate worth around £560k (House = £220k, savings = £340k). No IHT was due as all of my Dad’s unused IHT allowance was passed on when he died a few years ago. The estate has been left to me & my brother, who are both executors. We’ve agreed between us that I will…
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Salary/tax reduction advice
Good afternoon all, I was wondering if someone could please help me with some accounting advice to help me lower my annual income to prevent me losing my free childcare allowance. I started a new job towards the end of last year and believe my combined earnings between new and old employers will take me over the £100k mark…
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Tax Codes explained
Found below in news feed today, thought some may find useful… ***************** A tax code is a series of numbers and letters used by employers or pension providers to work out how much tax should be deducted from your pay or pension at source. Anyone in employment or with a private pension will have one. Making sense of…
