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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.

HMRC not refunding higher rate stamp duty
When we bought our current house at the end of 2022 we were unable to sell our then main residence, so we had to let it out temporarily. This meant that we were caught for higher rate stamp duty (additional 3%) on our purchase. In January this year we sold our former main residence and I applied for the repayment of the…
Capital gains tax
My mother passed away in October 2023. My sister and I were left her property in her will. The property was owned by my Mum and dad jointly and passed to my Mum following Dads death 15years ago. The property is now up for sale and was valued at £260,000 in November 2023. The property has failed to sell and in agreement…
Action Required: HMRC Application Rejected for Self Assessment
Hopefully someone may have come across this before.A friend of mine needs to register for self assessment and has tried to do so a total of three times now, but each time after a varying period of time they receive an email sayingWe are unable to process your application because the address provided does not match our…
Tax & NI on bonus
Hi I am a standard rate tax payer currently earning £25,500 p/a (but this is set to increase to £30k p/a in May 24. I am being paid a substantial bonus of nearly £13k which my employer has offered to pay in instalments to avoid the initial 40% tax however I understand that I would be better taking a lump sum to avoid…
2024/5 Personal Tax Allowance
Is it just me, or does the fact that my state pension exceeds my tax allowance just means I pay much more tax. HMRC says the negative amount is added to my other source of income. I took this to mean exactly that! Not so, it’s a figure on paper only. If they increased the allowance to £25000 they would clear the national…
Capital Gains Liability on Sale of Overseas Property
In 2003 we moved to Spain and bought a property there. We repatriated in 2009. For the period 2003 to 2009 we were tax resident in Spain. Since then the property has been a second home. We will be selling the property in the next year or so. As the property was our principal and only residence up to 2009, would the UK tax…
How long does a tax refund take to reach your bank via BACS?
Anyone had a recent tax refund and can tell me how long it took to reach your account via BACS? It's been a long process getting this sorted, but it showed I was due a refund this morning. I've given my back details first thing so any ideas how long it should take?
Giving buy to let incoming to student child
I'm struggling to get a simple straight answer to this. I have 3 buy to let properties with a rental income of about 20k, I'm a basic rate taxpayer and currently pay tax on all the "profit", this is my only income. My son is going to university in September and our assessed parental contribution to his living expenses is…
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.
HMRC app 24/25 earnings
My wife inherited her mother's house last year and no iht was due,she sold the house and put some of the proceeds in to isa,s and premium bonds,she doesn't work and is retired, she downloaded the hmrc app and was shocked to see her estimated earnings for 24/25 would be around £100,000 with approx £25000 tax payable. I…
What counts as using part of your home for business purposes?
My friend is staying in my spare room, and has offered to contribute towards bills. Presumably this is not taxable income. But suppose that he stays for a longer time and makes regular payments: at what point am I considered by HMRC to be using part of my home for business purposes? Obviously my main concern is to avoid…
Earning over 100k - do I need an IFA
Hey I've started a new job that means, with my signing on bonus, I'll be earning over 100k this year. I've read about the "60% tax" and am looking to offset some of my salary to avoid paying this. My question is, should I be chatting to an IFA, or is it relatively simple to sacrifice some of my salary (into my pension for…
Acquisition date for CGT purposes
How do I show date of acquisition for CGT purposes on a self-assessment when I have more than one sale/purchase, please? Example 1: 1000 units bought on 1/1/2022 500 units bought on 1/2/2022 750 units sold on 1/1/2024 750 units sold on 1/2/2024 What is the acquisition date for each sale? Example 2: 1000 units bought on…
Pension Fund charges and Tax
When assessing pension contributions for Self Assessment - Can you reduce the fund and maintenance charges from the amount contributed? For example Annual contribution £60k. - One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when…
Student Loan Rebate Due?
Hi, I've recently claimed back some student loan overpayment due to being on mat leave and pay being a bit all over the place. I've had success with some years. However I am a bit confused whether I am due a rebate for tax year 22/23. I am on plan 1. My taxable income was £27257.28 for that year and I paid £973 to SLC that…
Higher income child benefit
Hello all! first time poster so please go easy on me! I am about to start a new job next month on a salary £60k plus £4.5k car allowance. I haven’t been in the higher income area for child benefit before and I am really confused. From my salary I pay tax, NI, and a student loan and a post graduate loan as well, plus my 5%…
PAYE/self employment
Hi Doing my self assessment as I have PAYE and self employment, question is I got some money refunded interest on two loans and paid tax on both of them, what option do I choose on the self assesesment to record that I have got this money and paid tax? I have had a look in other income but not sure which would be the…
Business mileage allowance
Not sure if this is the right forum for this, but I suppose it's a benefit. My permanent place of work is approx 120 miles from my home, and we use a mileage calculator that deducts the normal commute distance from travel to sites, airports etc. If I stay at a hotel by my office, then travel to a client site from there,…
Foreign Income and self assessment
Dear Forumites I am not actually trying to "cut" tax but did not know where else to post this! I would be quite happy to pay the appropriate amount of tax, but am unsure about how to put this on the self assessment form. Fully appreciate no one can give me advice! I have actually tried to register myself on the HMRC…
Reclaim emergency tax from pension lump using form P53
I initiated the closure and full lump sum payment from an old pension policy on 20/03/2024. Obviously I was well aware I'd be liable for emergency tax, which I am now in the process of reclaiming. I received the payment on 10/04/2024. I'm assuming I now have to reclaim it using the 2024/25 tax year. Now to the P53 form…

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MSE News

Bank of England cuts base rate to 4.25% – here's what it means for your mortgage and savings
The base rate has been cut to 4.25% from 4.5% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates.
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.

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Cutting tax

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