Free tax help

MSE_Martin

We're just a month away from the end of the tax year.


Tax Accountant Tony Tesciuba, (who also happens to be my Uncle) has offered to answer your basic tax queries in the Chat Forum over the next few days.

Why's he doing this?

First because I asked him to, and he's a site user, and second because I promised if he does I'd put a link to his site www.tesciuba.com in here!

Where else to get help?

Answers to many tax questions can also be found on the Inland Revenue website.

IMPORTANT! What to ask about?

The first thing to do, if you have a question, is check it's not been answered before. The answers to previous questions are already compiled in the Taxing Times and Taxing Times 2 article. Please do read those first as many questions have already been answered there. If not then ask it here.

Ask any basic tax questions about small biz or personal tax. Obviously if it's hugely complex and specific then it can't be done. Also don't put any bank account/overly personal details in your question as this forum is public and will be read by many people.

As general guidance questions should be no more than a paragraph long

How long will Tony be doing this for?

All questions should be asked by the end of play on Sunday night. At that point this thread will be closed.

When will I get the answer?

What we'll then do is add all the new questions, with answers, to the Q&A article as soon as possible (as long as there aren't too many questions!) after the closing date.

TO ASK A QUESTION SIMPLY CLICK REPLY.

PLEASE ONLY PUT QUESTIONS NOT COMMENTS IN THIS THREAD

Lendusapund

Hi
Ive heard that builders can claim back tax/get relief on their travel to & from work. Can anyone else (employed and using own car to work & back) get assistance? Ive a 80 mile round trip per day.
Thanks
RichT

MrsTinks

If a business was started over 2 years ago but only traded or the first 6 months (a matter of a couple hundred pounds) but is registered with Companies House, but haven't told the Inland revenue, how should we go about trying to make it legal or is the easiest going to be closing it down?

gtheak

Hi, I wonder if you would be able to help.
I live in a flat which was bought for me in my parents' name 5 years ago for £42000. my parents now wish to transfer it over to me, but as property generally has increased in value since and none of us can afford to pay cgt on that increase, I wondered if there was a way that its value could be "declared" between us to the revenue at a level which limits the cgt bill; the flat has been underpinned, is uninsureable as it is sliding down the hill, and thus unmortgageable. the flat upstairs completely failed to sell when they tried a year or so ago.
Similar properties (without these faults) sell for almost £100,000 here now.
I am afraid to do any improvements to the flat which would increase any capital gains tax bill!
Surely its value would not be "market value"? Would the revenue accept a professional valuation taking the faults into account, or is there another way to accurately declare its value?
many thanks

robospike

A friend has started working for his self while employed. He has asked me to help him out with the "paper stuff" to get him started.

He has only done a few jobs (Labour) raising around £300, and has had to buy in "services" such as web hosting etc. He has also bought and sold around 60 items with a small profit, (Very small 50p here, and £2 there) to enable the labour side of the work to take place.

He has been working on this for nearly a year and is aware that he should have spoken to the Revenue to declare himself self employed. This hasn't been done as yet and he's aware that he will have a £100 fine. (Can the £100 be a business expense next year?)

The self employed stuff is just about breaking even, maybe a small profit.

As he works full time too what requirements is there RE: Tax, NI etc, are there any others?

I have given him the CWF1, is it just a case of sending this off?

Many Thanks in advance for any pointers, he is stuck, and I am doing what I can!

purnell929

Hi

As a director of a small limited company (incorporated March 2001) I'd like some advice on reducing our Corporation Tax bill.

Last financial year we paid a bill of £27k to the Revenue, with only a couple of weeks left on this financial year our estimated bill is £60k.

We've always purchased as much new machinery as we can afford.

What other ways do we have to reduce our Corporation Tax liability?

Best regards
purnell929
:j

Dora_the_Explorer_5

I'm over retirement age but still working for few hours a month as an independant consultant. I pay tax on my earnings by way of completing my self assessment each year.
Recently I opened a cahoot savings account with a deposit of several thousands and the interest is paid net of tax each month. I would rather have all the interest earning further interest and pay tax on it through my self assessment at the end of the tax year.
I would be grateful if you could advise me what I can do to prevent cahoot paying my interest net of tax, and start paying it gross?

ltlmiles5

I'm thinking of hosting some French students in my spare room during the Easter and summer holidays. I have been told that any income I get will be mine to keep, tax free as the government is trying to encourage more families to open their homes to tourists as there is insufficient housing.

Is this true?

Will the same apply to those who are currently receiving some kind of state benefit, eg working families tax credit?

Thank you very much in advance.

mumtoE

Hi. I have recently moved in to my partners house. He owns the house I have moved into and I own a flat which I am now renting. My rental income is about £80 less than my mortgage payment (redemption mortgate). Am I liable to tax as I'm not even covering my mortgage? I have a young baby now so strictly speaking I guess my principal place of residence is at my partners house.
Thanks for any advice!
C

handyandy105

Hi, I have been self employed for 18yrs i'm not VAT registered. I'm a carpenter with an old van that has just been written off by the local bus!! The insurance has just offered me £1200 settlement and I wondered what your thoughts are on buying a NEW van can I get tax relief on a brand new van or would it be better to go for a second hand van either way I need some form of either business or personal loan to buy one. Thanks in anticipation A

nickh28

Hi, I work in the Engineering Construction Industry. I used to be based on site (all over the UK- permanent employer, no permanent place of work), but now I'm based in the office (permanent on both counts). I used to claim tax relief on my mileage as expenses at the recommended rates, and the remainder I used to claim as expenses deductions on tax credits (according to them this is lawful to do). My question is, since I was permanently based in the office, and I lost any allowance I was claiming, can I claim for tax relief and/or expenses deductions for expenses I incur now as I don't live near work?

Thanks in advance,

Nick