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Cutting tax

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Paid Mileage for Self-Assessment tax return
Hi, My wife is self-employed and does her self assessment tax return each year. She gets paid by various clients on a day-rate or an hourly rate for which she raises invoices to them. When she fills in her self-assessment, she claims the mileage expense as allowable mileage at the 0.45p rate (under 10.000 miles). So no…
Salary > 100K and salary sacrifice pension
Hi - I'm in a lucky position this year. My gross salary this year, due to bonus and RSAs vesting, will be > 100K (~ 130K). This is likely to be a one off, and I will revert back to ~80K from next year. I also have a 2 year old child, and income > 100K reduces the benefits I have access to. My employer has a salary…
Self Assessment when no income ?
Hello all, Bit of an odd one. I did speak to NDL but they said to ask TaxAid who I've not been able to contact yet. Anyway a bit of background... Around 2014-2015 I was self employed, earned little but did the return etc, no problems at all there. After that I was no longer working due to health, I did tell HMRC I was no…
CGT - offsetting different investments
Hi, I lost around £1k in total on crypto trading during the year (using a couple of different platforms and making quite a few transactions. Don't have full transaction history as i don't use those platforms any more (Binance, Coinbase & Etoro) but can possibly get it out of them. I assume this loss counts as a CGT loss?…
Self Assessment Capital Gain reporting on jointly owned property sale
My wife and I sold an investment property in 2022 which we need to report as a capital gain on our upcoming Self Assessment return. Do I just divide the property sale price by 2 for the 'Disposal proceeds or market value' field and do the same for the remaining fields like 'Incidental costs of disposal', 'Cost or market…
Inheritance Tax
With the possibility of the government cutting/abolishing IHT (which I don’t think will happen btw), media commentators on the left always say that it affects only 4% of estates. Can this be correct? Seems a very low percentage, given how many millionaire households they claim the UK has now.
Inheritance tax after selling house to fund nursing home
Please could someone tell me if the residence nil rate band will still apply when a house is sold to fund nursing home fees? Will the value of the house be taken into account when the money passes to direct descendants?
DC Pension named beneficiaries - spouse or children in this case?
Hello, Would appreciate your thoughts on this situation from the overall intergenerational tax/access to funds point of view. To cater for situation if one of parents in the below summarised case suddenly (currently no known life limiting illnesses) dies within the next 5-10 years (and if different; after DH turns 75 yo),…
Probate granted will I pay inheritance tax?
My auntie died in June 2018, the executors were the solicitors and probate was granted as the estate was valued under the threshold of £325000 My aunt was not married and had no children.My aunt left me a 25% share of the estate. Along with my three other nieces, all having 25% share. After disputes with other family…
Owner driver courier - customer pays fuel upfront
Hello, I'm hoping for some assistance with this please. I'm a delivery driver/courier operating as a sole trader. I use the simplified expenses aka flat rate mileage system to calculate my expenses. My main customer pays my fuel upfront before each day and I invoice him the total hours (he pays per hour) at the end of each…
Do you have a residence allowance if your wife owns your home
I owned my only house when I got married. If my husband dies first and leaves everything to me, when I die later can I use my own residence allowance plus £175,000 residence allowance for my husband. Ie we will share one million allowances jointly or will it be 2x £325,000 plus 1x£175,000
Capital gains tax on selling our house
Hi, hopefully someone here can help as I can’t interpret the HMRC tax guidance. Currently we rent an annex of our only house out on AB&B. It is attached to our house and is connected to it at both levels. I understand we will be subject to CGT on the increased value of the annex when we sell. But if we stop renting it a…
Inheritance tax if no property being left in will
My mother in law inherited everything (including main house) from her husband when he died. She sold that property and gifted some of the proceeds to No1 son. She bought another house by herself but has since sold that and distributed large gifts to three of her four children. She no longer owns a property. I would like to…
Scottish Budget 2023: Income tax shake-up confirmed from April 2024 – here's what's changing
A shake-up to the rate of income tax people in Scotland pay has been confirmed in the Scottish Budget. From 6 April 2024, the threshold at which earners start paying certain rates will rise for some tax bands, while a new "advanced" rate tax band will be introduced. Read the full story: Scottish Budget 2023: Income tax…
S&S ISA When Overseas
Hi, I'm planning to expratirate in 2024 so need to get my affairs in order. If I have a Stocks and Shares ISA can I continue to contribute some of my foreign income and the ISA remain tax free?
50k limit for child tax benefit.
Hi, Wondering if anyone can help please? So 1 child and getting £96 a month child benefit. I'm currently under the 50k mark but am likely to be told will get a annual payrise pushing me up to 51k from end of Jan so believe I have to this self assessment form (I'm PAYE as an employee for work) My mate has just done this and…
CGT on Class A Shares and “High Income”
Evening all, I need some direction and help. I am married with two children, one is 5 the other barely 2 weeks. my wife has not worked for 2 years through a combination of learning and now the newborn. She will most likely not work for another 6-12 months minimum. I earn 110k before tax, and 4% pension contributions. With…
Self Assessment, State Pension, and PAYE question.
Hello forum people, it's that time of year when I submit my self assessment return but this time there are a couple of issues that I have tried to Google but that has only led to further confusion ... Here's the problem; during the year that I am about to file a return for, I started to receive a state pension and I did 5…
Stopped Working in the UK, Claiming back Tax…
Hi there, I working in the UK after finished my university degree between April - September 2023 before quitting my job. I went travelling before Christmas and now that i’m back, I don’t intend to work before April 2024. I earned approximately £12,250 (so just under the £12,570 personal allowance) and paid approximately…
professional subscriptions & adjusted net income
I’m trying to estimate my adjusted net income for this year to figure out how much to put into my SIPP to get under £100K (nice problem to have, I accept) Do you take away gross allowable professional subscriptions and fees when calculating adjusted net income? I’m sure I read something like that in the past, but can’t…

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MSE News

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.
NatWest to complete takeover of Sainsbury's Bank 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.
Martin Lewis: Is the £20,000 cash ISA limit about to be killed off? What savers should be doing now
Plans to cut the £20,000 cash ISA limit later this year are being considered by the Government. In his latest video, MoneySavingExpert.com founder Martin Lewis explains what's likely to happen, what the changes would mean for savers and what you should be doing now.
NatWest to complete takeover of Sainsbury's Bank 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 1 May. For most, this means little change for now as the Sainsbury’s 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, you'll need to move any excess elsewhere to ensure your cash remains protected.
NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
From Thursday 1 May, Sainsbury's Bank credit cards, loans and savings accounts will be run by NatWest as part of a deal between the two banks. You'll be moved to NatWest in the future, likely towards the end of this year, but for now the Sainsbury's Bank brand will remain and you can continue to use its products and services as before.

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Cutting tax

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