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Cutting Tax: Discussions that will help you
To help you find the Cutting Tax threads quicker and easier we're collating our previous sticky/pinned threads into one single post. Cutting Tax board: Tax instructions - please read Useful Websites TaxCalc alternative? How does the Taxman Know? Inheritance Tax Planning Useful Tools to Help With Taxes Washing Uniform at…
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How do taxable savings affect a tax code?
Hello all, My code has been 1257L for a few years, but I was notified that it's been reduced to 1187L this tax year. I believe this £700 reduction comes from the taxable savings interest I earned last year, as the deduction amount shown on the HMRC app lines up perfectly to the pound with my account's gross income…
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Paid in one tax year, work in another - reporting question
Hello, I'm self employed (sole trader). An organisation wants to pay me for some work before the end of this tax year but have me do the work in May. Do I have to report the income in my self assessment for 2025-26? I'm in Scotland and this work will take me into the next tax band if I have to report it for this tax year,…
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Self Assessment & duplication of tax on savings
Just as background information - During 23/24, 24/25, 25/26 I received savings interest in excess of £1K that I am now repaying via tax code change for this 25/26 TY. The 23/24 calculation is accurate, however, they have also used 23/24 to estimate my potential interest for 24/25 & 25/26. Although I also received in excess…
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Moved: Whopping stamp duty or wait it out?
This discussion has been moved.
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Are UK take-home calculators too complicated?
I’m trying to understand whether people prefer simple tax calculators or detailed ones. I built a stripped-back prototype to explore this and would appreciate critique. Thanks in advance.
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Pensions & IHT from 2027
From 2027 the new rules on pensions will mean (on current numbers) a potentially large IHT bill. My drawdown fund is substantial so my question is: If I buy an annuity with a guarantee which potentially pays a lump sum upon my death, is that lump sum still classed as 'pension' or will it be classed as cash? The purpose of…
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Marriage Tax Allowance
I am a married woman in receipt of full SRP. My only other income is interest on savings. I do not currently pay income tax. For the past 4 or 5 years I have transferred the marriage tax allowance to my oap husband who does pay 20% tax on his private pension. After April next year assuming that the tax bands do not change…
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HMRC have overestimated tax for savings - how do i inform them incorrect
Hi can any one tell me if it is possible to inform HMRC that I no longer receive interest on savings accounts via the personal tax account (PAYE not self assessment). I can see that it is possible to update income or pension but not how to inform them about a change to savings interest. Have tried the chat but not getting…
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HMRC Tax Bill
Hi, Not sure the best forum on which to ask this question, but I know there are many very knowledgable people on this that may be able to help. My wife has a tax statement (paper) that has been reissued from 2021/2022 where she now owes £192. The reason is that she transferred 10% of her income tax allowance to me, back…
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Income Tax Payment on Account
My 86 year old Mum receives an uprated state Pension. I do not know the full detail but when my dad passed 20 years ago he had paid extra in or something and she inherited it. Anyway instead of the basic state pension of £12K she gets a state pension of approx. £20K. Every year we do her self assessment for her and also…
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HMRC PAYE 26-27
I have been trying to input my projected earnings for the next tax year on the HMRC website. This will include part time job earnings, a small annuity, a state pension due in July and some withdrawals from my DC pension. i have allocated these earnings and submitted them to HMRC online. 2 of the new incomes have been added…
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Online tax account - letting HMRC know I will have no more untaxed interest next year
I have seen several helpful threads and links, but would really appreciate a sanity check. I have been paying a lot of tax this year due to untaxed interest from previous year (I am PAYE only) and the assumption that this year will be the same. I logged into my online tax account and saw the same "untaxed interest" amount…
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Child Benefit Threshold (Scotland)
Hi, Sorry if this is a common question but I just can’t seem to make sense of the gov pages on it. I earned 59k last financial year, and I think that was the first year I went above 50k. Should I be cancelling our child benefit claim as I know I will earn the same again this year? It seems I should complete a tax form to…
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Business Mileage Allowance with Company Fuel Card
Since my company replaced company cars with an allowance, I lease a vehicle for business use. My company provides a fuel card and each month I submit my business miles; they then calculate a business mileage cost using a rate of 20p per mile and the difference between fuel purchased less the business cost is charged back…
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Charity Donations and Inheritance Tax
I am one of 6 benefiiciaries in a will, where the estate is divided equally between 3 family members and 3 charities in equal shares. Am I right in thinking that the estate will not attract IHT becuase the deceased, ( my relative) was a widow without any children, and has her husbands NRB plus the three charities? The…
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Confused by tax code
Hi Please be nice, numbers are not my forte! I earn £28,399 per annum from my employment. I also have an income of £10,970 from an NHS survivors pension per annum (since 2011). I live in Scotland. I pay basic rate tax on the pension and use my full allowance against my salary ( I used to split the allowance across the two…
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Marriage Tax Allowance Eligibility Change?
I’m married and have taken my wife’s portion of tax allowance for this for the past 4-5 years. When it was set up, my wife earned under the 20% threshold, and I am a 20% tax bracket earner. However this year things have changed, due to fiscal drag my wife is now approx £2k over the threshold and now pays 20% tax.…
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Making Tax Digital (MTD) for Landlords
If you receive qualifying income from self-employment and/or property, you’ll be legally required to use Making Tax Digital (MTD) for Income Tax – based on the level of qualifying income – from the following dates: • April 2026, if your qualifying income is over £50,000 in the 2024 to 2025 tax year • April 2027, if your…
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60% Tax Trap
Hi guys, I've been s bit naive with my finances and realised that I'm likely to fall perfectly into the 60% tax trap this year. My base salary plus a cash bonus and the sale of deferred bonus shares from three years previously (which are treated as income for tax purposes) has meant my total annual taxable income is…
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Claiming 40% relief on pension contributions
I'm on self assessment because of dividends, retired with a SIPP funded at the max of £3600 a year for unearned income. In the past the 3600 has always been added to my personal allowance for PAYE on my pension. This year the SIPP allowance has been decreased to 3462. After some head scratching I worked out personal…
