Free tax help

roskdav

Would putting my assets into a limited company avoid Inheritance Tax, or do I simply change the problem to Corporation Tax if I do?

rawdj

Hi,

I've been DJ-ing for a couple of years now. It started as a hobby in my spare time, but in the last few months its really taken off and I pretty much live on the earnings from it now, relying less and less on my occasional employed shift work which used to be my main income source.

The thing is that I always get paid for my DJ work in cash or cheque (hence I don't pay income tax on this portion of my income) and I'm obviously concerned about the Inland Revenue catching up with me one day.

I want to register to pay tax but I'm unsure if I should just ask to fill in a tax return each year or register as a sole trader to take advantage of offsetting tax against all my expenses as a DJ. I'm also worried that the Revenue might want to go back through previous income and I don't have the records I need or the money to pay them. In the last few months I have started saving all my invoices and receipts.

I'd appreciate any advice you can give me on this.

Thanks

DKane_2

As Paediatricians we are not permitted to wear hospital-laundered white coats, and our clothes are subject to 'accidents' from various bodily fluids/colouring implements/food etc from our young patients. Colleagues have mentioned claiming clothing and dry cleaning allowances, but I have been unable to verify this and the amount per annum either via the Inland Revenue or the Paediatric College. Does this benefit exist? Thanks for your help.

ydarin

HI dear uncle
I have a commercial property which has 3 years mortgage left on it. I pay approximately 2K in tax on its rental income. Is there any tax complication if I raise money on the equity and pay my residential mortgagee with it?

Many thanks

Darian

kabluckyj

having worked for the same plastering contractor for nearly 3 years continuously, the Inland Revenue is now saying that I should be employed by this contractor as opposed to being Self Employed (CIS) as I am now. My yearly gross wage is aproximately £46,000. The contractor doesnt want to do this as he says it will cost him money and has instead suggested that I get paid through a payroll agency (for this service I have to pay them £28.00 per week) and they set up Single Person Company for me, by where I get paid a minimum wage and a further wage in dividends. I am totally confused and wondered if you could shed any light on what would be best for me to do, would I be better off, worse off, or could you suggest any alternatives to me.

Thankyou

Paul

ANTILUCE_2

Hi please help, Will i pay tax on a lump sum claim payment from a mis sold pension? Thanks

gizmoleeds

Hello Tony :hello:

At the beginning of this tax year I wasn't working (having previously been a student) and so I was having my interest paid gross. I forgot to inform my bank in time for my September interest (it is paid twice a year) and so that was paid gross. I sent them a letter asking them to pay interest net from now on (and to obviously adjust the March interest).

However, I have received no response since. If they pay my March interest gross as well how difficult is it going to be to get it sorted? It is only going to be about £15 tax which is what is really annoying. Could I just go to the tax office and write them a cheque or something?

I wish now I had just let them pay it net - sometimes moneysaving is more hassle than it's worth!

bobdauilda

Last year I was working at a hospital 160 miles away from my home and commuting daily. Am I eligible to claim tax relief on my travel expenses to and from work at the max rate of 40p for the first 10000miles?

In_for_a_penny

Hello,
I live with my partner and we own our own home. Recently my parents retired and moved into rented property after selling their home in order to release the equity. They were paying rather a lot of rent so I bought another house, which I pay the mortgage on, as a long term investment as pensions are performing relatively poorly. My parents have moved into this other property now and pay their own bills, council tax etc. and give me a token amount (I suppose which could be construed as rent). This amount does not cover anywhere near the money I pay out each month on the mortgage, term assurance and buildings insurance. However, I am not concerned at that because the second home was bought for investment and hopefully will provide my partner and I a reasonable pension (and give our impending new arrival some inheritance.)

Where do I stand regarding tax being as I am paying out more than I am getting from my parents?

Thank you for any advice.

RoCas

Hi Tony,

I wonder if you could tell me how I can reduce inheritance tax liability. Mum has flat, assets, personal savings way above threshold. We are four siblings, three in the UK and one permanently resident abroad. Unfortunately, when dad died he did not will half to the children, so we'll get hit with the full IHT liability.

I've heard about trusts but am also aware the government has closed many "loopholes" recently.

How can we reduce our liability without removing the financial security mum needs whilst she's alive?

Thanks.