Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 1st Apr 15, 9:13 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: New loophole so you pay no income tax uncovered - but go quick
    • #1
    • 1st Apr 15, 9:13 AM
    MSE News: New loophole so you pay no income tax uncovered - but go quick 1st Apr 15 at 9:13 AM
    A loophole uncovered by MoneySavingExpert enables you to get out of paying any income tax on next year's earnings...

    Read the full story:

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




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

    Last edited by Former MSE Helen; 01-04-2015 at 9:23 AM.
Page 1
    • dano17439
    • By dano17439 1st Apr 15, 9:25 AM
    • 332 Posts
    • 283 Thanks
    dano17439
    • #2
    • 1st Apr 15, 9:25 AM
    • #2
    • 1st Apr 15, 9:25 AM
    ba dum tish :-)
    • d70cw6
    • By d70cw6 1st Apr 15, 9:33 AM
    • 742 Posts
    • 485 Thanks
    d70cw6
    • #3
    • 1st Apr 15, 9:33 AM
    • #3
    • 1st Apr 15, 9:33 AM
    i creamed myself
    • Sue S
    • By Sue S 1st Apr 15, 9:35 AM
    • 286 Posts
    • 197 Thanks
    Sue S
    • #4
    • 1st Apr 15, 9:35 AM
    • #4
    • 1st Apr 15, 9:35 AM
    Brilliant! Fell hook, line and sinker!
    • ricz_1
    • By ricz_1 1st Apr 15, 10:52 AM
    • 63 Posts
    • 14 Thanks
    ricz_1
    • #5
    • 1st Apr 15, 10:52 AM
    • #5
    • 1st Apr 15, 10:52 AM
    What was that saying about a fool and his money...?
  • dvnam
    • #6
    • 1st Apr 15, 10:56 AM
    • #6
    • 1st Apr 15, 10:56 AM
    I have zero income so consequently pay no income tax.
    PS - I am the Queen
    PPS - It's still 1992 right?
    • WrexhamRob
    • By WrexhamRob 1st Apr 15, 1:10 PM
    • 2 Posts
    • 0 Thanks
    WrexhamRob
    • #7
    • 1st Apr 15, 1:10 PM
    • #7
    • 1st Apr 15, 1:10 PM
    bazinga! Bazinga!:d
    • blanik
    • By blanik 1st Apr 15, 1:25 PM
    • 107 Posts
    • 28 Thanks
    blanik
    • #8
    • 1st Apr 15, 1:25 PM
    Too Late
    • #8
    • 1st Apr 15, 1:25 PM
    As the newsletter arrived after 12:00, my first reaction was - have I missed the chance?

    So well and truly suckered.
    • Pincher
    • By Pincher 1st Apr 15, 2:05 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #9
    • 1st Apr 15, 2:05 PM
    • #9
    • 1st Apr 15, 2:05 PM
    Not fair, I hadn't had my coffee yet.


    That was a good one. Cheers.
  • phjnj
    What about NI?!!
    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
    • By XRAT 1st Apr 15, 2:40 PM
    • 214 Posts
    • 197 Thanks
    XRAT
    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..,
    Last edited by XRAT; 02-04-2015 at 2:49 PM. Reason: correction
    • TomFTJ
    • By TomFTJ 1st Apr 15, 2:41 PM
    • 12 Posts
    • 0 Thanks
    TomFTJ
    Stupendous. . . . .
    Awesomely and stupendously. . . . . pathetic.

    MSE apparently signing up to the bankers' bloodsucking club, or so it would seem !!!

    Hidden commissions anyone ?
    • jem16
    • By jem16 1st Apr 15, 2:57 PM
    • 18,737 Posts
    • 11,594 Thanks
    jem16
    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.
    Originally posted by XRAT
    How would earning £76.5k allow you to get tax relief on £190k?

    Carry Forward rules allow you to carry forward the annual allowances but they don't allow you to carry forward the tax relief.
    • dibbydoos
    • By dibbydoos 1st Apr 15, 3:03 PM
    • 11 Posts
    • 2 Thanks
    dibbydoos
    Lol!
    Thanks for the laugh - I'll drop my hours then!!!!
    • Spidernick
    • By Spidernick 1st Apr 15, 8:10 PM
    • 3,708 Posts
    • 8,232 Thanks
    Spidernick
    A good April Fool's joke is no excuse for bad grammar - it should be 'go quickly' or better still 'act quickly'!
    'I want to die peacefully in my sleep, like my father. Not screaming and terrified like his passengers.' (Bob Monkhouse).

    Sky? Believe in better.

    Note: win, draw or lose (not 'loose' - opposite of tight!)
    • mattyprice4004
    • By mattyprice4004 2nd Apr 15, 12:15 AM
    • 4,324 Posts
    • 4,008 Thanks
    mattyprice4004
    Awesomely and stupendously. . . . . pathetic.

    MSE apparently signing up to the bankers' bloodsucking club, or so it would seem !!!

    Hidden commissions anyone ?
    Originally posted by TomFTJ
    Well if you'd bothered to read the comments on this very page, or even heaven forbid read the article, you'll see it was an April Fools prank.

    I bet you're incredible fun at parties.
  • purdyoaten
    How would earning £76.5k allow you to get tax relief on £190k?

    Carry Forward rules allow you to carry forward the annual allowances but they don't allow you to carry forward the tax relief.
    Originally posted by jem16
    Typo - one hopes? 90K?
    There are 10 types of people in the world - those who understand binary and those who do not.
    • jem16
    • By jem16 2nd Apr 15, 11:47 AM
    • 18,737 Posts
    • 11,594 Thanks
    jem16
    Typo - one hopes? 90K?
    Originally posted by purdyoaten

    It could be £90k but wouldn't really make any difference if it was. If earnings are £76.5k then that's the maximum tax relief available.
    • XRAT
    • By XRAT 2nd Apr 15, 2:38 PM
    • 214 Posts
    • 197 Thanks
    XRAT
    Thanks Jem19,
    Damnit.., should have read more carefully!

    Purdyoaten,
    £190K being the maximum pension contribution allowance available using roll-up for this and the previous three years.
    Last edited by XRAT; 02-04-2015 at 2:55 PM. Reason: Clarification
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

996Posts Today

6,825Users online

Martin's Twitter