FREE PERSONAL/SMALL BIZ TAX HELP. Self assessment deadline looming

piwi

Hello,


Thanks for the help offered!
Here is my question:

I am a salesperson, with a basic and bonuses based on how much I sell.

My basic is not very high so I don't pay much taxes on it.
But the commissions are pretty high and I usually get taxed around 40 - 50%

How could I be less taxed on them?
Would making a Ltd company invoicing my employer for my services (commissions) be more profitable for me? While still being an employee of my actual company to get my basic.


Cheers,
Pierre

yezdi

Hi,
I am a high rate tax payer. Last year I had gift-aided £1200 to a charity and I wrote to the taxman to get 18% back. They did give out a refund but I think it wasnt calculated correctly. What they did was to simply raise my high rate tax band by £1200. I think they should have raised it by 1200 * 100 / 78 = £1538.
Please advise,
Thanks.

drenton1

Hi,

I have entered my details for my full-time job, and the system has calculated I owe HMRC some money. This figure is exactly what my daughter receives for Tax Credits - have I missed a figure out on my form?

Thanks,

David

nunovalente

Hi Tony,

Many thanks for answering these questions - now I have one for you.

I have just returned to the UK from working abroad for four years, in various countries which have tax agreements with the UK. Now I realise my salary cannot be taxed for what I earned abroad, but what happens when I start my new job in a few days? Will I be hit hard by the tax man? Do I have to pay a year of tax for the seven months I am back in the UK working?

On top of this, I do some freelance work. How do I go about paying tax on this? With my salary from my normal job standing at 32k, when do I go over the threshold and on what will I have to pay 40%?

Thanks.

villeroy1502

Hi,

I'm a sole trader, and I've done some work off shore(Guernsey) - & paid in sterling cheque. How much (if any) do I have to declare?

Many thanks

hobbesandco

I am a base rate taxpayer. I bought US and UK shares last tax year (outside of an ISA). Will I need to pay tax on dividends?

Mike_Murphy

I have a full time job as a college lecturer earning £30,000 and have also been gradually building up freelance 'planning application and building regulation application' jobs into local authorities for a local company.

At first I did a few jobs as favours for family and friends but now I am being 'paid' a fee for doing these jobs. I realise I will have to inform the tax people but how do you advise I go about this.

I have also had to buy large items such as a large format printer as well as other surveying items and advised to buy an indemnity to be able to carry out this work. Can you advise please?

Many Thanks,
Mike

Darrenwilliams

Hi, I have been preparing to be self employed for some years now. As a result I have bought equipment over 8 or 9 years, most is second hand. I do not have receipts for the goods, can I put a value to these items and claim them against my tax now that I am self employed?

Thank you

truebrit

I am 66 and retired but have the opportunity of a part-time self-employed job paying around £200 pw on submitting an invoice. What bureaucratic hurdles am I likely to encounter, do I have to register with somebody, how much tax am I likely to pay (I draw a Govt pension of under £90 a week) and can I offset any expenses against my tax liability? Thanks in advance.

belynda

My mum bought a house for me and my brother to rent from her after university, we both lived there until we decided we wanted to move, at which point, my mum put the deeds in our names and made us joint owners, so we could have our inheritance before she died. We sold the house and kept the profits bar 10,000 each which we paid back to my mum. Are we liable for CGT seeing as it was our main residence till we sold it. I can't work out if we are liable or not seeing as we only owned it for a month till we sold it, or because it was a gift, the only tax we would be liable for is Inheritance tax if she died within 7 years??