Free tax help

FavershamF

Hi I bought a property in 1976 for £15000 and it has always been let. I wish now to sell it. I believe that one of the considerations in calculating capital gains is that the annual RPI is applied to this sum (until taper relief was introduced). I find the RPI rather complicated over this period. Could you tell me how to apply the RPI to the £15000 or roughly the calculated amount. I thank you in advance for any help

Stephann

Hi there,

Thanks for answering these questions.

I incorporated a private limited company in March last year and soon it will be time to fill out my accounts.

I understand that I can receive a cash rebate for filing my accounts online. Do you know where I can find details of this (as IR don't know much about it). Also do you know how I can go about submitting my accounts online.

I was told by IR that I need to simply produce a balance sheet, P&L account and calculations showing how the tax that I have paid the IR relates to the P&L account. Is this correct? Are there any examples of the format that these three items should take (again, Inland Revenue couldn't help here).

Finally, I don't have any specialist accounting software, but I do have Excel and software to make a PDF file from an Excel document (which I believe is the format required). Is that sufficient?


Thanks for your help,



Stephann

jos22

My wife was employed by the local authority (part time) and was excluded for a time from their pension scheme. She retired early two years ago (no pension yet payable). Since then the Industrial Tribunal & employers have agreed that she (and similar people) should not have been excluded. She has now paid the required money to cover her contributions for the excluded period.
Had she still been emoployed this money could have been deducted from her salary (over a period) & she would not paid tax on that part of her earnings. Can she now claim a refund from the tax office on this pension payment. The only income she has at present is under the tax threshold.

srobinson_2

I've recently set up a new business (pilates instructor) and I also work part time and earn a salary through PAYE. I've notified the tax office who tell me that I will have to enter my additional earnings from the new business into my Self Assessment tax return. I'm wondering how much tax I will have to pay on the money that I make from the pilates business and specifically how much I should aim to put aside during the year). Do I just pay tax on any profit that I make?

heidegeist

My son is a full time university student. Until September last year he was working part time in a club for which he was taxed. Then in September he started full time work in practice. In September this year he will return to University. My question is, how will we be able to check that the tax he has paid this tax year is correct and how does he claim back on the tax paid in the first 6 months of 2006/07? Can we trust his current employer to have the matter in hand?

wellingtoncat

my husband sold his buisness in july 2005 . the procedes are being paid over a 5year period under a legal document.the tax has been worked out with taper relief etc and this sizeable amount has to be paid in jan 2007.is there any step we could take to reduce this amount? his income this year tax year will be around 12000pounds wages from the company from april to july retirement pension from august to march 2007 approx .he has no savings in his name as we were advised any extra income would be taxed at 40% as the total procedes of the sale will be counted as income for tax year ending 2006 for this reason he has deferred taking any private pension,so we were wondering if there are any investments which would allow tax relief against tax which is not on earnings we would be grateful for any advice

steve123_2

Hi

I'm wondering if I or my wife need to declare any overseas income or property in a our tax returns.

I am British, my wife is Greek (part of europe) we live and work in the UK. We have property in Greece from my wife's family, but whilst there is some rental income none of it comes to the UK and is taxed in Greece as it we were living there.

Ironically whilst there is some income in Greece actually in a typical year we will be transferring a few thousand pounds (<5000) to Greece as very slowly we are building a second family home.


The foreign properties are in my Wife's name in Greece, although for tax returns in Greece it is Joint. At this point in time my wife not in paid employment as she is raising our children and is registered as a non-tax payer (R85) with the bank although in the past she was employed here.


What is the tax position ? I suspect it is an increasingly common situation knowing considering the number of friends I have with foreign partners.


Steve

Dan206

I am a member of a local cricket club who last year hired a professional cricketer from Pakistan. A contract was drawn up between the club and the player. Throughout the season he is paid weekly. No tax or deductions are made. This year we are going down a similar road but have been told that we could be liable to tax deductions for the player for last year and this. What is the regulations regarding this?

catrinsian

I have been renting a residential property out for over two years. Do I need to declare this for tax purposes. I am not making any profit on the income. If so, is there a problem that I haven't declared it for two years?
Thanks

T-Mac

Q - My wife and myself remortgaged our old flat to purchase another one. When purchasing the second flat the mortgage was arranged in my name only. We are considering selling the flat and were wondering will we be able to include her CGT allowance when dealing with the tax as her name is not on the mortgage or should we add her name to the mortgage before selling to gain this benefit?