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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.

Tax on expenses
Hi Im starting an online business and am partnered with someone abroad. His fees are 40% profit and he does everything. So my question is, if I give him 40% profit and he invoices me for the amount, will I pay tax on it. Because its an expense?
Tax relief on SIPP contributions
Can anyone explain why my tax code has been reduced please? I put £2880 in my SIPP every year (the max allowed since retired) and always had £3600 added to my gross of private and state pensions as tax relief. This year my private pension has gone above the 37700 20% tax limit by a small amount. HMRC has taken the 12570…
How much tax am I actually paying ? tax code notice confusion
Hi, I've received two tax code notices from HMRC a few weeks apart and am completely confused by the most recent one. My cirmustances are I retired in mid March, live in Scotland and in receipt of a defined benefit pension of £40927pa and also a SIPP from which I'm drawing down £7500pa, i.e. a total income of £48427pa.…
Transfer 10% Marriage Allowance
Back in February or March on his ITV show Martin mentioned the above which was worth £256 a year and you could go back five years before April for £1000 ish by cheque. It had to be done by post I filled form in and posted off middle of March anybody know how long it should take to get it sorted / paid. Just to be clear…
MTD compulsary letter-2026 self employed -no computer skills what to do ?
hello - received a letter yesterday about having to use MTD for my next tax return 2026 / already done 2025 no computers when i was at school and self employed market trader for 43 years and have no computer abilityall this time i have kept pen and paper accounts and done all my own self assesment tax returns for decades…
Winnings from Prize Money
Good Afternoon Not sure if anyone can help? Do you have to pay tax on prize money over £1000. I know you now have to declare if you earn over £1000 on say eBay or Vinted, but what if your prize money winnings are over £1000 from Greyhound Racing? And is a regular income.
Advice sought on selling sharesave scheme shares and limitting the CGT I will have to pay
Disclaimer: I am a bearer of little brain. I have tried to research this but just find myself getting more confused. Layman’s term would be very much appreciated please.I am looking for advice on how best to limit my exposure to Capital Gains Tax on the sale of shares. The shares were bought by me when I participated in a…
Self assessment - carry over property loss
Hi, last year I submitted a self assessment for the first time for my rented property. It made a loss, and on my completed self assessment SA105 form (as generated by the HMRC website) it shows the loss in box 41. Am I right in thinking that this figure should go in box 39 in my next assessment? Thanks
Self employed offset van purchase
Husband is semi retired but needed new van. Sub contractor using cis. Has used simple expenses up to purchasing new van. Has changed to cash basis, so can claim van cost as expense. If the cost of the van exceeds his profit from self employment, can he use pension income to offset the loss when he completes the self…
Trust & Estate form SA900 2025 Change to box Q9A??
Hi - in previous tax years the Trust that I am a Trustee for has had Box Q9A with a nil rate band of £1,000. This year 'Box Q9A not in use' which has meant that all of the interest earned by the Trust is taxed at 45%! I have Googled, but not found an explanation for this change. Can anyone explain it please? Many thanks
How to calculate a tax code
If you are a higher rate earner. For example, earn £60,000 If you pay £8000 into a sipp. What would the tax code be, given no other benefits or deductions. £2000 would be added as relief at source, giving a total to declare to HMRC of £10000. Would the tax code change by 10000, or 5000 points ? Thank you
Marriage Tax Allowance
How can I tell if it is worth me doing the marriage tax allowance for my husband this year when I have a untaxed interest on savings element in my tax code for £945, which with my pension income takes me up to the £12570. My husband is the slightly bigger earner.
Payment on account not appearing on self-assessment calculation?
I am just completing my self-assessment for 2024-25. I made a payment on account for 2024-25 in January and have another payment on account in July. When I look at the calculation for tax for my 2024-25 self-assessment I cannot see where a deduction has been made for the payments on account? Does the deduction happen after…
Your Income Tax has not been calculated yet for 6 April 2023 to 5 April 2024
Just wondering if anyone else has this message on their tax account In reality my 2023/2024 tax has been finalised. I received an incorrect P800 in January that said that HMRC owed me about £3,500. This was incorrect I was owed only about £100 ish. Eventually this and some other issues with savings interest were sorted out…
My understanding of IHT, gifts and when a person dies penniless
Reading various websites and Google AI today. I've come to the following conclusion. If you gift money/assets (more than the IHT threshold) and then live in a rented place via the hand-to-mouth route and die within the IHT year tax rule. Any IHT that may have been due is written off. EG: A person gifts 3 million pounds of…
Tax return and Buy to Let mortgage
Hi, I'm a landlord filling in my tax return for the first time, and as the title suggests I have a buy to let mortgage. I know that I can't list the interest on this as an expense, but I should be able to use it to get 20% tax relief. However, I have no idea where I am supposed to enter the details in order to claim this…
Backdated DB pension could cost me 45% if I get paid in one go
Hi everyone, I'm not sure whether this should have been in cutting tax or pensions because it's a bit of both, but hopefully someone can help here. Following a four year dispute with my former employer and the pension fund authority, the Pension Ombudsman got involved and have now confirmed that I should have received my…
Adjustment to rate band
I wonder if you can help? I have three pensions. One Military, one Private and one HMG. The Private pension is taxed at basic rate, before I receive it. My recent notification from HMG calculate the total amount of pensions (3) places me in the higher tax bracket and included in that amount, is the private pension BEFORE…
Family cash gift
I was given a large cash gift by my mum so I could help my son remortgage his house. He no longer needs it. Can I return the gift without tax implications?
Continuing self assessment for a closed trust that held an overseas investment bond
Hello all.An overseas investment bond (Isle of Man) held by a friend's mother meant that the family had to register the associated trust with the TRS when the rules got changed a few years ago. Shortly afterwards the mother passed away and the bond was assigned across to the various children who then all cashed in their…

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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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