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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.

Unsure how to do tax return now I am employed
I know that this is probably quite a stupid question but I don't think I am Googling the right thing to get the answer I want. I always used to be employed by my own Ltd company so my accountant used to do a self assessment for me every year. I have since closed the company and am now an employee of a large company. The…
Can I find how HMRC has said I owe more Tax?
I am on simple PAYE but HMRC says I have had some extra income last year, about £550. The only thing I can account for is £408 interest. I thought the first £1000 interest wasn't counted. Can I easily find out where they think this extra £550 has come from? Regards, Rich
Speeding up P800 calculation process?!
Evening all, I wonder if some of you may be able to help. In the last tax year (2023/2024) I was working full time PAYE from April through to end of January. During this time I was paying tax on my earnings. From February- end of 2023 tax year I was unemployed and not in receipt of any benefits or taxable income.…
HMRC chat to an advisor online
Just wondering if anyone has managed to chat to an HMRC advisor online lately? https://www.tax.service.gov.uk/ask-hmrc/chat/self-assessment?_ga=2.208246292.743612226.1715159974-933285547.1701094917 I have found it a really useful service in the past but lately there have not been any advisors present. Just wondering if…
Confused about increasing pension contributions in order to lower tax bracket
Hello, I'm a higher rate taxpayer and i am looking to increase my workplace pension contributions in order to save a bit on income tax. Employer is using relief at source method. My confusion arises mostly from my self assessment and whether I need to tailor it or not. When my SA asks about my gross taxable income, should…
Company's VAT lapsed?
Hi! We got an invoice from a tradesman (apparently VAT-registered, but their VAT number doesn't check out on the 'Check a UK VAT number' page on gov.uk. They've sent me a HMRC letter dated April this year and entitled "VAT notice of assessment" as extra proof, but the VAT number is the same as the invoice. I'd quite like…
Self-Employed for 1 month - can the tax be paid early?
Hello all, If someone who has always been PAYE was made redundant in April, started a new PAYE job in June, but earnt money over the threshold on a self-employed basis during May is there any way they can declare this and pay the tax/NI straightaway (basically so they know how much of it they can spend!) rather than wait…
Relief for finance cost on BTL
I have completed my self assessment for 2023/24 and I am not being given the full 20% relief of the finance cost that I had paid for the BTL property. I had paid £5,324 but it restricts this to £1,717 before the 20% is applied. This £1,717 appears as the first figure in my basic taxable amount under "Pay, pensions, proft…
Which property would incur CGT if a couple live in 2 different properties?
Hello, My husband and I bought our 2nd property and used it as our main home in 2016. The previous main home was rented out. 4 years ago we separated and he moved back to the 1st property and I stayed in the 2nd property with our child. He helps to pay half of the mortgage of my home (the 2nd property) as we paid off the…
Am I being financially abused by my Father?
I’ve had a strained relationship with my parents, but in my culture, we always look out for each other. In 1994, my dad bought a commercial property with a business partner. Their agreement became strained around 2000, and my dad’s business partner became mentally unstable so my dad bought him out. I’m not sure what…
Paying 40% tax
Hi I have currently got 2 jobs, my main job I earn approx 55,000 per year, second job I earn approx 15,000 per year. This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax…
Tax-Free Childcare, but have breached 100k
Hello, My partner earned ~95k for financial year 23-24 (a bit more as it is variable due to on-call additional payments). We rent out a property with a join ownership and have earned a little over 10k (after repairs and other deductions) . For the period of time we expected that he will not earn more than 100k and have…
IHT transfer married couple threshold
Just a quick question for IHT tax planning My husband and I have £40k in savings in our own names + house worth joint owned worth about £450k If my husband passed - that £40k would come to me I understand we both have a £325,000 nil Rate Band therefore after the £40k comes to me there is left £285,000 unused allowance -…
Flipping
hi, I have two houses A and B and have lived in both of them over the last 5 years and have rented out one while occupying the other. I have accepted an offer on House A and will move into the House B. If I am right, I can declare either A or B as my principal residence and pay capital gains on the other whenever it is…
Capital gain tax
I am thinking of selling a rented property . Can anyone help with the tax calculation before I make a final decision . Bought for £40000 sold £56000 costs buying / selling / improvements £4000 basic rate tax payer . Never lived in property . Can anyone advise before I decide to sell .
Charitable donations
Hi MSE Forumites, I'm a higher rate taxpayer, and donate regularly to various charities. I believe I am eligible to claim back marginal tax on these donations, but the HMRC website says as someone paid by PAYE that I need to call them to inform them of my charitable donations. Does anyone know if this is this correct? I…
Calculating CGT liability on an accumulation fund with contributions in different years
Hi All, I hold an accumulating (dividends reinvested) index fund which I have purchased additional units of over the course of several years. I am now looking to sell the holding and I am trying to work out how to calculate the CGT liabilities for this. I have declared the reinvested dividends every year as part of my…
Capital gains tax on temporary second home?
Scenario: - I own and live in 1 house - I see a house that I'd like to buy - I haven't yet sold mine, but don't want to lose out, so pay for house #2 in cash - Purchase for house #2 completes - I manage to sell house #1 several months later Would I be liable for paying capital gains tax on this last bullet point, since…
Single with 2, 12yo, 14yo kids - planning early retirement
Hi Help me to understand if the estimates are correct Planning early retirement/pause due to health issue (not a disability , mental health/menopause etc) Salary: 0 Interest: 600 (last year) Dividend: 13000 (last year) Capital Gains: 10000 (Guess, need to sell 20k, 50% from capital gains) Total Income = 13600 Personal…
Gift Aid for Higher Rate Taxpayer
Can anyone explain how HMRC calculates gift aid tax relief as I am struggling to understand my tax code calculation. The actual charitable payments totalled £1068 and HMRC has calculated a tax free amount of £684. I understand that the charity claims an extra 25% as if I was a basic rate taxpayer and the tax calculation…

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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
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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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