MSE News: New loophole so you pay no income tax uncovered - but go quick

Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
edited 1 April 2015 at 8:23AM in Cutting tax
A loophole uncovered by MoneySavingExpert enables you to get out of paying any income tax on next year's earnings...
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New loophole so you pay no income tax uncovered - but go quick

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Comments

  • dano17439
    dano17439 Posts: 366
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    ba dum tish :-)
  • d70cw6
    d70cw6 Posts: 784 Forumite
    i creamed myself
  • Sue_S
    Sue_S Posts: 300
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    Brilliant! Fell hook, line and sinker!
  • ricz_1
    ricz_1 Posts: 63 Forumite
    What was that saying about a fool and his money...?
  • dvnam
    dvnam Posts: 2 Newbie
    I have zero income so consequently pay no income tax.
    PS - I am the Queen
    PPS - It's still 1992 right?
  • bazinga! Bazinga!:d
  • blanik
    blanik Posts: 121
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    As the newsletter arrived after 12:00, my first reaction was - have I missed the chance?

    So well and truly suckered.
  • Pincher
    Pincher Posts: 6,552
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    Not fair, I hadn't had my coffee yet.


    That was a good one. Cheers.
  • phjnj
    phjnj Posts: 19 Forumite
    The biggest joke of course is the earnings threshhold for not paying tax might be £10,600, but any earnings are also subject to National Insurance, which, although isn't a tax, sure as hell feels like one!!
  • XRAT
    XRAT Posts: 239
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    edited 2 April 2015 at 1:49PM
    Thanks Martin,
    I wondered what you'd do this year, it brought a smile to my face as soon as I saw it.
    But thanks to the advice on this site, having earned £73.5K this year and paid it all into a pension (using past and present allowances) my £19K tax bill will all be refunded.., can't wait to self assess on 6th April.
    The only downer was that if I'd earned £3K more I would have been able to take advantage of the full £190K allowance.
    I'll work 2 more months and do the same for next tax year, then I'm giving up on the rat-race and retiring! Yay!!!


    My thanks to Jem (below) for the correction. It looks like I'll end up paying a few grand in tax after all then. (BOO!)
    Back to the calculator..,
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