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Taxing Times/ MoneySavingExpert.com Discussion
Comments
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NMckay15 wrote:Guidance is needed for peace of mind!
I just started taking over filling in my husbands online tax return, as he is a self employed contract cleaner. He has previously used an expensive accountant, but only earns around 14k pa. I used all his petrol receipts as I should have but didn't allow for personal use, not related to the business (probably only totalling 10% of total). This tax return has gone through now, what should I do???
Hi there, Can I just ask you how you set about working out what allowances or % you put where on the form. My husband is a plasterer, I have totalled all his income, materials, petrol etc. etc. and I can work out "Total Sales, Cost of sales" but it's the allowances that have got me stumped. Is there any easy advice somewhere?0 -
Hi
I became s/e on 14/1/05 and am in the process of completing my self assessment form.
I am a bit unsure about how to treat the purchase of a van.
My turnover (amount invoiced out) is £3300 for the 2.5 months. My expenses are £2900. I then have the purchase of the van. I bought it for £7285 (inc VAT) which was financed by a loan, with a deposit of £1000 and monthly payments of £200.
Do I treat the purchase as a Capital Allowance in Year 1 (i.e. First Year Allowance) of £7285 / 2 (£3692.50)? Or, do I treat it as Capital Allowance of £1000 (the deposit) / 2 (£500) with additional monthly expenses of £200?
If I treat it as £3692.50, it will give me a massive loss for 2.5 months trading. If treated as £500 + monthly payments, it will show as a far smaller loss.
As you can see, I am a bit stuck and could do with some help urgently!!!
Thanks in advance
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One point I've noticed in the article is the part on whether to pay voluntary NI in lieu of class 2 exempted by a small earnings exemption.
The article states that you can pay class 3 in place of the SEE, what it doesn't mention is that for the same benefit as paying class 2 NI, class 3 NI is about £5 more expensive per week.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0 -
I thought that the first year 05/06 capital allowance has dropped from 50% to 40% ?I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
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It's back up to 50% on Plant and Machinery for SMEs for one year from April 2006.0
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Not sure if these will help, but they helped me work out how much i should pay , what % and all that.
National insurance Rates
Income Tax Rates.
Both are links to HM Revenue & Customs for tax a NI.
HTH.:wave: Smile, you only get one life, LIVE IT.0 -
Hiya all. First post - so be gentle plz!!!
We bought a second property 6 years ago, because my hubby had to change jobs.
He lived in the house, more than he lived here in that time.
He's now retired, and we need to sell the second house, but we don't know anything about capital gains at all.
Does the fact that he lived in the house, more than he was at 'home' make any difference?
Thanks
x
Also, we don't have any mortgage on the property, and it's currently empty.0 -
I have a ltd company that owes coporation tax for year 07-08 and obviously for the current year Aug-08 upto Mar09. I may be offered a permanent position of employment in another company and would like to take up this position. My company is not in a position to pay the CT - would it be best to file the company as insolvent ? Am I personally liable for the CT - would HMRC ask for a regular payment from my new employment salary ?0
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The limited company is a separate legal entity from yourself so you would not be liable for the corporation tax owing by the company.
Having said that, though, I must ask how come the company cannot pay the corporation tax?
If it has made losses then, fair enough - no problem.
The danger is where you have withdrawn money from the company which has not been taxed as a salary nor treated as a properly authorised dividend.
You can be made personally liable for tax on salary that has not been paid over by the company. Any dividend can also be reclassified as a salary payment if it was not documented correctly. This could leave you liable for tax and national insurance contributions on these payments.
But if all your withdrawals from the company are properly accounted for then you cannot be held liable for the debts of the company.If it’s not important to you, don’t consume it0 -
My husband when to work aboard (outside the EU) for a UK based company and did not pay tax on his earnings although he paid NI. He had originally planned to be away for a full tax year but things didn't work out and he returned to the uk early. He has since been working for nearly 2 years paying tax on a PAYE basis but has never paid any tax for the time he was abroad.
He seems to think the tax man has to ask him for what he owes and is not about to contact them any time soon as he thinks that if he leaves it long enough he'll 'get away with it'. :eek:
Please help!0
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