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transfering assets from 1 bussiness to other
i had a dvd and games shop i shut it down and carried on as a mobile i bought a few sunbeds to try last year i stoped doing dvd and games and bought a load of sunbeds to rent i was just going to carry on as one bussiness but been advised to split it up into 2 bussiness and fill in my final accounts for dvd games business i…
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Selfbuilding while selfemployed tax advice please
:confused: Please advise if you can: I am self-employed but have not earned anything in this taxyear. I have been paying taxes since 1994 as a self-employed builder since 94.The last tax year I was building my own house, to live in not to sell on. I was given £32.000 by my German parents (they are not likely to die in the…
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SA - Payment on Account Query
Last year my business had a net profit of just under £4,000 so obviously have tax to pay. However, this year, the business has taken a significant downturn, but HMRC are requesting nearly £500 on account. My turnover has halved from £9k to £4k in comparable year to year terms. Is there a way I can request to pay a smaller…
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100% Income Tax on Sale of Shares? Help!
Hi I'm a third year student at Newcastle University studying an Engineering course. From August 2007 - September 2008 I took a year out to work in industry, where I was paid a full time salary and paid all Income taxes and national insurance as normal.# I also opted into the 'shareplus' scheme where a portion of my wage…
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Help with SA - 0 Income for Self Employment
Hi all I am trying to complete my S.A online, but have run into an issue. Essentially I became self employed on 31st March 2008. That means that in the tax year 07 - 08 I was self employed for 6 days. In that time I earned no money, as I didn't invoice anything out until the end of April 08. The period 06 April 07 - 31…
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Im gonna be in trouble!!! Advice Please
Ok Iv been living in Northern Ireland and been working in the South of Ireland but have been commuting each day to work. For the past year I havent been paying taxes to the North and as Im aware I should be making tax contributions. Can anyone advise me on what i should do, I understand I am going to be billed for the…
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Self assessment - contract work?
Hi Scared witless by tax forms so have delayed and delayed and delayed filling in! Please help me someone! I did some contract work between Jan 08 and July 08 at a set rate per week. I also received Child tax credit to help with childcare fees. Not claiming any expenses or anything as that was part of the weekly rate.…
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tax help on two incomes
Hi all I need a bit of advice so hope someone can help. I have a pension that pays £22000 a year and pay normal tax rate on that I have just been told that I have got a job that I applied for that pays £21000 initially and increments to £27000 after time. This is a 37.5 hour week. They have told me that in the future, if I…
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Extracting funds from a limited company through rent
Can i do the following: I own a company called SHOES LTD (a completely separate legal entity) which sells shoes. It rents the shop to sell shoes from me John smith. Shoes Ltd makes a profit of £30000. But instead of declaring it as profit it pays it to me as rent (after I John smith invoice shoes Ltd for £30000 rent and…
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15% Vat ?
We have had the 15% VAT rate for a while now. Most people agree it was a waste of time & cost to reduce it by 2.5 %. so what was the real reason to do this ? I notice for example Luxembourg's vat rate is 15%, is there any other country in Europe with a VAT rate @ 15% ? :think:
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Sa Help!
I have done my partners tax return for the last 3 years he is SE HGV Driver who is attached to an agency who finds him the work, it has occured to us that he may be paying more tax than he needs to but i would like to clarify 1. Can he claim mileage/petrol for his journey's to/from his jobs? 2. What other home usage would…
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Government Gateway notification
I'm confused - I registered with Government Gateway a few years ago, and I've been using it since, no problem. But five minutes ago I got an email through thanking me for registering with Government Gateway, and going on about activation etc. Is it an error in their system? Has anyone else had this?
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WARNING Phishing Inalnd revenue mail
Have just receieved a phishing e mail with INLAND revenue heading saying I am due a tax refuns and ask for Credit Card details
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HMRC - Always check interest charges
For those of you who have made arrangements to pay outstanding tax over several months, make sure you check the amount of interest you are being charged by Debt Management. I didn't get my self assessment in this year before the 31st December so what tax I owed couldn't be calculated into my regular employment meaning HMRC…
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Authentication Failure. The supplied user credentials failed validation for the reque
The title of this thread is the response I get from HMRC when trying to submit my partnership tax return on line. I am using third party software from Quality Management Software (QMS) called "SA200". I paid for it to to enable me to file the partnership tax return on line, as HMRC do not offer this facility yet. This…
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Help with Driving Instructor Taxable Allowances
Hello there, I normally get a tax company to sort out my tax return but this year I'm on my own. I want to get it completed for the 31st January. What I want to know please are the taxable allowances (proportions?) for : Fuel Car maintenance Phone (landline) Mobile Internet Mortgage/Gas/Electricity/Council tax ie. running…
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just a quickie
hi, i have just filled in my SE. I am in full time employment and have just started my own business 07-08 i made a loss of £1800 having set up costs but its telling me the i owe £4999 now and £1599 mid year, am i right in thinking that i will have already paid this through the tax on my full time job. thanks for any help.
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Property Tax Return claim as furnished or not
Just filling in return - last minute as usual!. Letting out a property which has certain fittings, such as fridge, dishwasher and some wardrobes. Uncertain which way to go with tax claim. Should I go with wear and tear 10% of monthly rent or full cost replacement when needed?.. Not sure if I can claim wear and tear as not…
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Best way for company car?
Hello, I would be grateful for any advice here. My partner and I are currently filling in our first SA tax return for his business and have just realised that he can claim 100% tax relief on a car if it's less than 120gm CO2 emissions. He needs a new car anyway so is thinking of buying but somebody at work mentioned…
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Claiming Capital Gain or Dividend on SA?
My partner closed down his limited company in 2007 and paid out the remaining of the business account to us both as 50% shareholders. I have done some research on line and see that it is possible to declare some of the payment as capital gain but it seems we have to apply to HMRC to do this. We did not file this…
