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

harrylambos

Hi, I have my main residence occupied by myself and wife, we also have a flat that we rent out bought (or buying) with an interest only mortgage. I understand that I can sell my main residence without any CGT liability, if we then moved into the flat, how long must we live in it for that to be considered our main residence prior to selling, thus avoiding any CGT on the flat. Is this possible so that we can keep any gains on both properties without paying CGT?

chemav

I bought a flat with a 90% mortgage and lived in it for 2 years. I then moved into my now husbands house and rented out my old flat. I am not on my husbands mortgage so my flat is my only mortgage. The difference between rental income and mortgage payments is approx £100 per month. I assume that I should be declaring this. Can I increase my mortgage payments to the same amount of rental income so that my profit is nil and therefore not have to pay tax?

gfreelance

I work full time as a journalist but earlier this year began some regular freelance work. I have never done freelance before and was wondering how I go about declaring my earnings for tax purposes. Do I also have to pay an extra National Insurance contribution??

CarolineLynch

Hi,

I am in full time employment, i have completed a few self employed jobs in the evenings (I am a computer programmer) and I have also set up a company for an internet venture, this is only at start up stages not in profit.

I received a tax return from the IR but I'm not sure what I should be doing with it. Is the tax return related to my SE work for the company or both?

Any advice much appreciated.

Skehans

We bought a property to let in Cornwall in Aug 2005. The funding of £160,000 came from borrowing the entire sum from our largely unused "offset" mortgage allowance from First Direct. Obviously, our monthly mortgage interest payments have massively increased, but the nature of the mortgage makes this extra cost very difficult to specify. How can we set this extra cost against our tax liability.
The property was initially let on a six months shorthold tennancy, but is now fully advertised as a holiday let.

kierans

Hi,

Thanks for all your free tax advice

I earn around £37,000 from my regular day job and have recently registered as self employed and become a Sole Trader for some work on the side. I expect to earn around £10,000 profit from this in the first year and more in the subsequent years.

Some advice I got (not from a pro.) was that it probably wasn't worth creating a company because of the extra paper work, but I'm going to be paying 40% on all of that extra income...so how can I reduce that tax burden?

Thanks,
Kieran

flossy_splodge

Hi Tony. I set up and registered as self employed a couple of years ago as I was doing some freelance Telemarketing work for a couple of companies. This work dried up. I submitted my 1st SA in Jan 06 and all was OK, my calculations accepted etc. However I have not done any self employed work for over a year now (not since any that was included in my first SA. I have been an employee of a University since. However I have continued to pay my NI contributions as hoped to get more work self employed. Do I need to do a SA THIS year as it will be a nil return in that part and surely my other earnings will have been taxed at source? Thanks.:o

markyh

I am in full time employment earning £22k and paying tax and NI through PAYE. I have also over the last year earned around £5,000 in self-employed work (have also been paying the extra NI).

Do I need to include my main income and the tax I have already paid on my SA?

Does the £4,000-odd tax-free limit apply to the £5,000 I have earned in my self-employed work or would this have been eaten up on my salary for main employment?

Also, I was wondering what expenses I can claim? It is computer-based work that I do from home, so had to buy a laptop which I hoped I would be able to claim back on and also broadband costs / percentage of household bills?

Any help would be much appreciated.

Annie687

Our 9yr old is struggling at school, so we are currently paying for him to have extra tuition in English/Maths with someone who tutors from home. The cost of this is approx £80pm, sometimes more. Can tax relief be claimed for this? Many thanks.

djuk

Hi Martins Uncle Tony,

When I make a payment to my SIPP the SIPP claims standard rate tax relief so for example I only have to pay 78 pounds into the SIPP to contribute 100 pounds. My question is what amount do I have to put on my tax return to get higher rate tax relief 78 or 100?

Many thanks in anticipation of your advice
Dave J.