Free tax help

momsgill

My daughter has run her own business for 18 months as a Fashion Designer. She is also employed 2 days for someone else. She has recently acquired a car which she paid for out of her business. What is the position re. claiming for the car against tax?

T-Mac

Hi Uncle T.

I was wondering how do I transfer my share of property income into my wife's name as I am already within the higher tax band and she has enough room within hers to absorb my part of the property income without going into the 40% arena?

summersnearlyhere

Hi - my husband is a self employed builder and we are having to rebuild our garage which houses quite a lot of his building equipment etc. Are we able to claim any tax relief on the cost of the rebuilding? We estimate the materials will cost about £6000 and then there is the time involved to rebuild is there a way of being able to claim any tax relief at all on this?

Many thanks

PPJ

IR35 and 5% expenses rule.

I work as an IT contactor under the IR35 rules. I believe I am allowed to make an allowance for expenses of 5% of gross income. This is meant to cover things like accountancy costs, printing and postage, training costs etc. I have set up a Limited company for work purposes.

So far, the only direct outlay I have made (i.e. paid from the company account) is for accountancy expenses. The total for this will come to less than the 5% allowed.

My question is this: what should I do with the "extra" money - i.e. the money left over from the 5% allowance, after the direct expenses are paid?

Am I actually allowed to reimburse myself (as director) for the addtional deemed expenses, like heating, phone bills, broadband etc. so that the total expenses come to 5%?

yraunaj

I work 30 hours a week and pay tax and national insurance. I receive around £500 a month from money invested in a company tax has not been paid on this which started last Aug i think i'm right in saying that i wont pay the tax until next year but how do i pay this, how and who calculates this, if its the self assesment form which bit do i fill in, any help would be great.

theresa1

My husband has been advised by the IR that he has underpaid tax for the past 3 years. They did not take into account his company health plan, they admit it is their error as all the relevant forms were submitted by his company.
They want to collect the underpayment of 2000 through 06/07 tax year and 1500 the following tax year. What is his legal position, does he have to pay or can he ask for a reduction?
Thanks for your advise.

barrywilson_2

Since 2001 I have received a pension after retiring, I then became employed again for which I received a salary and paid into a second pension. My pension and salary each attract tax at 22% although when added together attract tax at 40% which I pay through self assessment. My pension contributions are paid in respect of the salary which only attracts 22% tax, can these pension contributions be used to reduce my overall 40% tax liability? The Inland Revenue seem confused but say no.

billycasper_2

Hello, My wife has given up her employed job to become self employed earning roughly the same per year(approx 7000). She has set up NI contributions by direct debit (£2.10) a week, as i understand it these are class 2 contributions. Will she be sent a bill for NI along with her tax bill at the end of the year or does it all come as 1 big bill.
What are all the different classes of NI ?
thanks
bc

Tomaso_2

In addition to a full-time job, I have been partly self-employed (small earnings from self-employment) for many years. However, at the end of April, I will be leaving my salaried job to go fully self-employed. My employer, however, wants me to help out after I've left, as a replacement might take some months to arrive. They will probably want me to be employed through an agency, who will take off tax and N.I, obviously. Would it be better for me to offer my services on a free-lance basis so that I can make a clean break to become fully self-employed, or should I accept the agency work (or perhaps decline to work for them once I've left)?

telg

Further to the sale of O2 plc to Telefonica, S.A I have received 2 loan
notes for different amounts.

Could you please advise if I will require a tax residency certificate for each of the loan notes or will one certificate suffice for both of them.

Could you also please advise if there is any Spanish tax payable on monies received on redemption of the loan notes.


Thanks

TELG