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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.

Employment Allowance for (very) small company
I have my own company, I am the only director and only employee. I earn an amount below the secondary threshold for employers and so the company pays no NI or income tax on my earnings. If I make the company secretary a director, the company will then have 2 directors and would be eligible to claim employment allowance to…
Marriage Allowance - Scotland
I have just seen that my Marriage Allowance has dropped to £600 for tax year 25-25. My circumstances have not changed from previous years when I received £1200 from my spouse who was and still is not working.
Reclaiming overpaid PAYE tax, unable to contact human at HMRC
OH completed his tax return for 23/24 which showed an overpayment of about £400. He has tried reclaiming this via the website and the app, putting in his bank details, and then nothing happens. Zilch, no money from HMRC. Financial advisor has suggested calling them. Last time, several years ago when employed by a different…
eBay Sales
I have a large Vinyl/CD collection, which I have been collecting for some 25+ years, that I am slowly selling. Over the last 14 months I have sold around 100 individual items on eBay, receiving a round £4000, which includes postage and packing costs. My question is, am I required to pay tax on the £4000, or are Vinyl/CD's…
IHT: Residence nil-rate-band
Please help me understand the following: Husband and Wife own a house as joint tenants valued at £600k. The whole estate is valued at £1,200k. Husband and Wife each have a residence nil-rate band of £175k. Husband dies. Wife owns the house outright and "inherits" Husband's residence nil-rate band of £175k. Wife downsizes…
tax codes confusion- pls help
Had two jobs and was on the BR code, left the first job in november 2024, still on a BR code. HMRC updated it to 1257L but its still not reflected by my employer. Employer is making me do a new starter checklist (didnt get a p45 from my first job) problem is that as I have had another job but it ended I'll have to be on…
Underpayment 24/25 pushing me into the 40% band in 25/26
I've been drawing from my SIPP at a level keeping me within the 20% tax band. Last month I decided to draw a large lump sum and pass the money on to my daughters. I knew this would attract tax at 40% but better to let them have the money now than after I die, whenever that may be. HMRC are not taking the additional tax due…
Avoid 40% and what to do if that's not feasible
(Health Warning: many numbers ahead :smile: ) So I'm trying to prepare for the moment where the wife starts to get her SP and various company pensions. As things stand right now, the sum of all her tax-relevant incomings minus the allowances will be just below the higher rate threshold. We have a pretty good idea about her…
Captail Gains on agricultural land
Hi, Ive recently been gifted farm land by my mother. Total value est. £400,000. After my father passed without a will. Meaning all was sorted through probate. Revoking my right to the estate so all could pass to my mother. If i was to sell some of this land. With sale value of roughly £150,000. Could i then in turn use…
Income tax
Have a pension from a previous employment and a second income. Tax free allowance against my pension income. New income is being shown as the D0X tax code telling me I will pay 40% tax on all the second income. In total, both incomes only take me 18k over the £50,271 higher tax bracket. Contacted HMRC and they inform me it…
PAYE v Self Assessment
Just want to get my head around how HMRC thinks…. I have my tax code for next year 25/26 a reduction from K2239 to K1239 so I take it from that that I will have more money in my pay each month. Very welcome. I started Self Assessment from 23/24. The new coding includes an estimate of taxable interest. This is less than the…
HMRC two different assessments?
Hoping we might get some guidence with an issue. My husband is retired, gets state pension and has a private pension too. Online, his account states that he paid the correct amount of tax for 23/24 and doesn't owe anything. However he has had a letter stating that he owes just over £400 and this will be collected during…
Tax code reduction
Hello, I'm a newbie here. I have received an email from HMRC saying that my tax code has been lowered. My circumstances have not changed, my job has not changed. I also owe around £100 due to the tax free amount being lowered. I contacted work about it but they redirected me to HMRC. I am not sure what I need to do. I'd…
Higher rate income tax relief
With the freezing of personal tax allowances up to 2027/2028, I am concerned about breaching the Higher Rate tax threshold. If my earnings reach £51,270, I will pay 40% tax on £1,000, so I am looking at ways to mitigate this. I understand that my earnings will include any untaxed interest whether or not it is within my…
Should I cancel Marriage Allowance
Hi, I think I am understanding how the allowance works, but before I cancel it could someone please just put my mind at rest? Several years ago, I was earning well under the yearly allowance so transferred the allowance to my husband who was earning much more. Now I am earning more than the yearly threshold (£12,570) so am…
Voluntary self assessment or something else?
In 2020 I was required to complete self assessment and have continued ever since. After submitting last year I got a letter saying I no longer needed to. However as a higher rate tax payer I’d like to claim tax relief on my gift aid donations and business mileage. As well declare my savings interest. I like to get…
HMRC say I have overpaid £3,500 in tax; I haven't. What is going on at HMRC?
I sent in an R40 in September to reclaim some tax on savings interest for 2023/2024 that was paid as part of an estate distribution to me as a beneficiary. The estate had paid the estate administration period tax on savings which was above the de minimis limit and so the estate distribution included net savings interest. I…
Childcare salary sacrifice
Has anyone signed up to a childcare salary sacrifice scheme? I can’t find any information about this on MSE website. I’m told it could save my hundreds of £s a month on tax savings as childcare fees come straight out of my pre-tax salary. I’d save more than the “Tax Free Childcare” scheme. What are your thoughts/opinions?
Help with updates to personal tax account
Hi all Couple of questions- I ended up in a bit of a mess with my tax due to an error by a previous employer, HMRC over-estimating my savings interest and under-estimating my salary due to having a gap in employment. Due to much investigating, calculating and detective work I’ve managed to report changes, fix the…
Paye tax code has gone down last 2 years
Hi all, Posting on here for advice as frustrated trying to get to speak to tax office. The last 2 years my tax code has decreased, i guess to repay unpaid tax. I've been in same job over this period, no income from pensions, benefits or other jobs, less than £1k interest on savings so can't understand how i owe them money.…

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MSE News

Is now a good time to fix your mortgage or should you wait? Brokers answer as rates continue to fall ahead of expected Base Rate cut
Interest rates on fixed mortgage deals have continued to be cut ahead of this week's decision by the Bank of England on whether to change the Base Rate. But will fixed rates move much further – and should you fix now or wait?
Fixed-rate mortgages continue to fall ahead of expected Base Rate cut – so do brokers think now is a good time to fix?
Interest rates on fixed mortgage deals have continued to be cut ahead of this week's decision by the Bank of England on whether to change the Base Rate. But will fixed rates move much further?
Martin Lewis: How to call your bank by dialling just three numbers
How to call your bank by dialling just three numbers… simply dial 1-5-9. Then you know it's legit. Watch MoneySavingExpert.com founder Martin Lewis' video below, which explains it. And please share – the more people know, the fewer will be scammed.
Martin Lewis: How to call your bank by dialling just three numbers – as 'anti-scam' phone number called over a million times
One million calls have been made to the '159' anti-scam phone number since its launch in 2021, new figures reveal today (Wednesday 30 April). MoneySavingExpert.com founder Martin Lewis – one of the well-known faces most used in scams – explains how to call your bank by dialling just these three numbers.
Martin Lewis: How to call your bank with just three digits – as 'anti-scam' phone number called over a million times
One million calls have been made to the '159' anti-scam phone number since its launch in 2021, new figures reveal today (Wednesday 30 April). MoneySavingExpert.com founder Martin Lewis – one of the well-known faces most used in scams – explains how to call your bank by dialling just these three numbers.
Revealed: Holland & Barrett's supposedly cheaper 'Subscribe & Save' often costs more – it's promised a review after our investigation
Holland & Barrett's 'Subscribe & Save' scheme claims to offer regular shoppers "the best value" – but it failed to do so in the majority of cases MoneySavingExpert.com checked over a five month period. The retailer has now promised to review the scheme after our research found it was often more expensive.
Don't get your passport by post – 360,000 paid more than needed last year
If your passport is due for renewal, apply online if you can – it'll save you £12.50. More than 7 million Brits did just that last year – but over 360,000 missed out on savings by using a paper form instead, MoneySavingExpert.com can reveal.
Sainsbury’s Bank customer? NatWest takes over 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.
Chase customer? Check if you can get its newly boosted 4.8% easy-access saver
If you've got a Chase account, check if you can boost your easy-access savings to 4.8% – made up of a 1.8% AER fixed six-month bonus plus its standard 3% variable rate. Chase says over 2 million customers can get the boost, which would top our normal savings tables if it were open to all, though it's beaten by the top easy-access cash ISAs.

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Cutting tax

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