Free tax help

T-Mac

Q - Can wear and tear allowance be applied during a properties void period or is it based on 10% of the annual rental income as opposed to what would be 10% of potential monthly income during that void period?

T-Mac

I have a Ltd company and also have a job (PAYE) I want to pay myself for work that I do through the company. Can I submit invoices from myself to the company to avoid PAYE and deal with the personal income gained for myself via my tax return?

JJx_3

Hi Uncle Tony

I work full time and get taxed in the usual way and also part-time as a fitness instructor. In my part-time job I get paid direct to my bank and get taxed at source but am still considered freelance as I could teach elsewhere and have to be self employed. To do my part-time job I have to pay my insurances, licences, workshops, buy clothes etc without which I could not work. I understand if I was self-employed I would be able to claim these back - am I able to although I am paid direct and taxed direct.

Thanks. JJx

T-Mac

Can mortgage arrangement fees be included as expenses on my tax return?

T-Mac

Hi

Q - How can I deal with the cost of purchase and use of a Van in relation to managing my property?

Nick67_2

Would I be correct that the Mother of my 8 month old baby should be entitled to a tax rebate as she paid tax between April 2005 to June and also continued to be paid by her company for a fixed period of time whilst on maternity leave? What other benefits, bearing in mind she is to return to work in June 2006 should we be entitled to. For you info we live together but are not married and I earn approx £40k b4 tax.

Rubyroo_3

My husband and I bought a property in 2000 and lived in it as our main residence for two years until 2002 when it was let out. Then we bought a second property which became our main residence for two years until it was also let out in 2004. We then bought our third property and am living in it as our main residence. We wish to sell our first property to pay off the mortgage of our now main residence and intend to keep our second property as an investment for our future pension.
The estimated gain on the sale of our first property will amount to approximately #120,000. Do the same CGT exemptions apply to this sale taking our second property into consideration and will we then be liable for any CGT if we decide to sell our current main residence in the future to move to another property?

SHIFT_IT

I freelance at various company premises through a composite company thingy as limited status receiving weekly final pay via a dividend payment structure, the company handles all my IR35 compliance and tax/N.I. payments etc and sends me a nett pay weekly. I also do 'odd job' design work direct for other clients from home. I will be filling a tax return for all this. Am I right in assuming that my 'composite company handled' freelance work is categorised as employment earnings (they will supply me with the breakdown at the end of the finance year) and that I fill employment pages pages in for that and the extra work I fill in as standard self employment. Where do I stand in relation to National Insurance payments because i am classed as self employed.

although my 'freelance' contract work is self employed i am classed as employed by my composite company.

confused of confusedville

skintchick

I've just gone SE full time and also have a casual PAYE job (couple of Saturdays a month) and a lodger (income under the allowance for rent a room scheme)

I have just found out about Class 4 NICs - what is classified as profit for that purpose? I will be earning probably less than £15,000 - can I just count all that was wages rather than profit?

I am a writer so don't manufacture anything. Should I just pay myself everything I make to avoid paying this ( i have two bank accounts, one personal, one for work)? Will the fact I am also PAYE make any difference? Is my lodger's money profit or included in the calculation in any way?

It's yet another stealth tax! Grrr.

Thanks for any help!

Parisien

Hi Tony, bought a series of apartments in Paris over the last 8 years, all paid for by re-mortgaging my main home.

Basically, I have declared the income since the start, to clarify, these are let as furnished holiday lets in line with ALL the guidelines, I have also checked with the IR that this was in order, and all the returns I have submitted have been in the red, ie when I accumulate the interest on the loans, all the other costs, rates etc, its MORE than the income, so I declare a loss....this year after 7 years they send me a bill for the full amount owed on this years account, plus on account for next year!!

Can you explain, help?

Thanks.