Taxing Times

Swiss

I have been working in Switzerland since April 5 2004 (leaving date April 4 2004). I have been paying a mortgage in the UK and various debts and therefore have made no extra profits. Am I considered resident in the UK with split-year treatment because I was there from 2003 to 2004? Or am I ordinarily resident claiming split-year treatment? What parts of the form do I need to fill ensure the correct information is provided to the IR? Thank you.

COXALLC

I urgently need to submit my 2004/5 Tax Return and don't know where to start.

I have always had to complete the large booklet form, but in recent years have been asked to complete the 4 page quick Return.

Recently i switched from a company car to using my own and claiming mileage, and so for the tax year 2004/5 my circumstances were as follows:

Aoril and May 2004 - Company Car and have a P11D

June 2005 to April 2005 - Used own Car and claimed mileage

I understand that I can claim some of the money spent on mileage back in the form of a tax rebate. Is this true?

More importantly I don't know which form or return I need to complete, and will it allow for P11D entries as well as mileage when using my own car.

I know my return needs to be submitted by 31st January 2006 and need to do something quickly.

Can you advise?

dwhatmough

Hi,

My wife and i set up a small business earlier this year as a partnership. We both had full time jobs as well. It went so well that my wife has quit her job and is now doing it full time. Should we carry on as a partnership or should i drop out and leave it to her. I still have my full time job (c. £25k gross). If i were to drop out do i have to notify the IR and how will sorting the tax out work??

Thanks!

DW

beedaniel

I started renting out my old house which has an interest only mortgage in Sept 2005. In which tax year should I declare the income. I also spent about £10,000 doing it up before renting, can I deduct this before from future rent.
Thanks

tlee

Hi

I have a small limited company which has about £35k left in its bank accounts. I was the sole employee and shareholder (1 share) ; the company was set up in 2001. It has no creditors I have since ceased to trade and deregistered for VAT and am now thinking/starting the process of liquidating the company as I have had a permanent position (employee) for a few months. Can you advise of the best /most tax efficient method to remove the cash form the company as I am now a higher rate taxpayer and would hate to pay 40% tax on this £ if taken as income when I have not taken £ from the company in previous years! I have heard something about ESC16 but am not sure how this works.

I hope I have given you all the relevant info.

Regards

Tony

spearmint_2

If you are employed and also self employed do you have to pay the £2 per week national insurance or do you just pay class 4 of 8% on profits. And if you do have to pay class 2 is it better to pay it as you go along or apply for a deferment and pay at the end of the year. I know the Revenue will tell you to pay but they just want your money!!!
Also, just to check, normally you pay 8% on profit less tax free pay but being as you have a job do you just have to pay 8% on all your profit.

Thank you

leucite

I am completing my self assessment return for my let furnished property, which I have done for several years, and am still confused regarding the difference between claiming expenses for replacing damaged or old fixtures and fittings, such as sofas and window frames and the 10% wear and tear allowance. Last year I replaced all the old windows with double glazing, because they were rotten and falling apart - can I claim this? Can I also claim for replacement of old sofas and other furniture such as beds or does this have to come out of the wear and tear allowance?

thanks very much for your help - your answer to my last query was very useful and the matter has now been resolved with the IR.

deputy_dawg_2

I inherited a small house with a sitting tenant, and when she moved out I decided to renovate the property before putting it back on the rental market. I am confused as to what I can claim as "expenses that prevent the property from deteriorating" as opposed to "capital expenditure incurred on improvements, additions and alterations to the property". I got an electrician to rewire the property. We completely redecorated, including new flooring throughout - can I claim for new carpets and floor tiles? We replaced the kitchen and bathroom, and all the windows. I'd be grateful for your advice on this. Thanks. (The property is let unfurnished).

MayDiamond

I am self-employed earning up to about £4k pa so I don't want to pay an accountant for what is just a few transactions. When I complete my tax return should include any tax paid as an allowable expense (3.25A)?

druzif

Hi

I run a small ltd business (a childrens theatre company). I pretty much run it myself and it doesn't make a lot of money having only set up in 2003.

Is there any way I can get a cheap accountant or do the accounts myself? For 2003-2004 my accountant charged me over £500 however my business only made £71 in profit!!!

I do my own accounts being self-employed but do not want to pay out too much as the accounts are extremely simple and all on excel so there is little work for an accountant (although he still charged me £500).

Once again this is only for my business accounts. Is is better to find an accountant who works from home? If anyone on here IS an accountant in manchester/stockport, please contact me if you are able to do my accounts for a fair price (or a few free kids parties!!!!)

Thanks