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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.

IHT calc please
Hi, still can't get my head around this. Have done various on-line calcs. Your help please Single 72 £450k house. No mortgage £200k cash investments. No ISAs £30k gifted to each of 3 sons 3.5yrs ago. No other gifts made, ever Ignore car/contents, etc Entire estate to be left to 3 sons, 1/3rd each IHT liability = £? TIA
CGT on sale of late mother's shares. Better to sell through the estate or me personally?
I am the executor of my late Mum's estate. She had a small number of shares which I have left till the end of the admin process to do anything with. I now want to sell them. They are worth a couple of hundred pounds. My question really is can I sell them through the estate and benefit from any CGT allowance therein OR is…
P87 Tax rebate on tools - advice and which section of the form to use and have 2 questions
1st question: Been working part time as a maintenance engineer at a leisure centre for 2 years and I'm paid the UK minimum wage. I have to buy my own tools. I want to claim back the tax on the tools purchased. Which section of the p87 form do i use? 2nd question: I bought tools when I started but I wasn't paying tax as I…
Inheritance Tax Residential Nil Rate Band Spousal entitlement
My husband is not named on our property's title deeds/land registry. Does this mean that his Residential Nil Rate Band for Inheritance Tax can still be applied to our total estate should he die first, as well as his generic Nil Rate Band? Thank you.
Council Tax Court Summons
Hi All I feel that my council is using a stacked system to rinse me again. They have sent me a Summons out of nowhere adding a hundred pound fee. The thing is they gave no warning that I was in arrears or that they were preparing for this action. My instinct tells me that they have to have prepared the grounds to be able…
Reducing child benefit charges
Hello everyone, Due to recent changes to the Child benefit threshold, I am now considering applying for it. The threshold is now 60k instead of the previous 50k. My salary is 65k on a permanent job,and I will have to pay approximately £332 in charges for being above 60k. I know there are ways to reduce these charges by…
Self assessment with Power of Attorney
I am attorney for my sister in law, who is in a nursing home. She started renting her house last October, so now needs to do a Self Assessment for 2023/24 tax year, HMRC have received the POA code to register it. I have tried to do the SA via the online portal, but I do not know if she has a Government Gateway account, and…
Income tax and savings query
Where the gov website says: "You’re not eligible for the starting rate for savings (i.e. £5,000) if your other income is £17,570 or more" With regards to my salary, what figure am I looking at for income in this context (or any in fact, to do with income tax and allowances); is it gross or net pay? Thanks
Help with information on how to pay tax on youtube income
Hi, my son has a full time job and has just recently started to get an income from his youtube channel. The youtube account is set at 'personal' (rather than business) and the income is going into a personal LLoyds account. How and when does he pay tax on this youtube income and can he 'claim' for expenditures such as…
Tax payable by freeholder on extension of leasehold?
I’ve recently purchased the freehold of the building I live in for £10K which has two flats. I am the leaseholder of my flat. The other leaseholder will be extending her lease soon. Will I be liable for CGT or any other tax on the £5K cost of her extension . Thank you.
£100k Childcare, Financial Years and Childcare terms
Hoping someone can help me as completely confused and getting mixed answers from HMRC. Last financial year (23/24) I went over the £100k threshold (not by much and appreciate I am lucky to be in this position). Knowing I would just be over I didn't apply for Tax Free childcare. I know for financial year 24/25 I will be…
Self employed and PAYE in same tax year - is it a problem?
I am currently self-employed, but I am considering taxing a PAYE job for 3 - 6 months, after which I will return to being self-employed. I have been told by friends and family that this will cause a problem with my taxes, that I will be taxed more etc, but no one can tell me why exactly this is. Any thoughts welcome!
Income tax on part time secondary job
Hi, I currently earn just under £44000 per year working around 42 hours per week. My wife earns just above minimum wage but it works around the kids. I already pay 13.5% of my wages to the pension scheme (which I can't opt out of without losing most of what I've already paid in) as well as the usual income tax which leaves…
Backdating a Council tax single occupancy discount
Hi all, I would like to solicit your opinions and advice on a situation regarding the council tax sole occupancy discount. I am relatively new to the UK. I arrived from France in March 2022, on a company sponsored working visa without kids or other family member with me.When I moved in my rented flat, I knew I was subject…
Checked my latest Council Tax Bill - The Figures are wrong
I’ve just received my Council Tax Bill 2021/2022. A cursory glance at the figures aroused my suspicions that there was something not quite right with them. They’ve broken the bill into 4 categories, one has a large figure and the other 3 have relatively smaller ones. They’ve indicated the percentage increase in each…
£1000 Trading Allowance
Hi I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k. TIA
Tax owed - no detail given
Hi, I've logged into my HMRC account and just spotted that it's recently updated (1 month ago) saying I owe £44.58 plus interest from a SA return I did for 2019-20. It says the money owed is a "balancing payment" but there's no further explanation. Should I contact them for further information or is it normal for them to…
Selling crypto currency and do i pay tax whilst it's still on the exchange?
I'm wondering about this. I have some crypto currency on a crypto exchange. When i sell it and convert it into Pounds Sterling on the exchange i intend to withdraw some to my bank and keep the rest until the market bottoms and then buy more crypto currency. My question is at what point do i have to pay tax? Do i have to…
Reducing payments on account?
I save 40% of all sales income for the purposes of paying my tax bill twice yearly. After a reasonable xmas period I managed to raise just enough to pay my January bill. However despite this due to low sales since January I am defintely not going to save enough by july. It's keeping me awake at night with worry. I am…
CGT property advice
We own two properties, A & B. Property A was purchased in 1992 and I lived there for approximately four years, after which it was tenanted. We then purchased property B in 2003. Property B was initially tenanted for about three years but we subsequently moved in and are still here. Our aim is to move back into property A…

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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
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
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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