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

NigeWick

I do mystery shopping and need a fax machine to send/receive some assignments. My old one went bangphut and I bought a new one. Am I allowed to claim its' cost against tax?
TIA.

Nigel.

trogit

My wife has been self-employed as a music teacher for a number of years, and does a proportion of her teaching from home. I do her accounts for her. Having had a quiet year last year because of time off to have a baby, this year's payment due in January has come as a bit of a shock as she did not need to make payments on account last year, so I'm trying to reduce the £1,300 liability for this year (+ another £650 for the first payment on account) by making sure I'm claiming all the expenses we can.

Previously we've claimed some capital allowances for new instruments purchased (reducing by a % for personal use), and expenses for music and stationary purchased and miles driven to a couple of schools she teaches at, as well as 10% of phone, utility and council tax.
I read somewhere else that I could be claiming the home running costs based on number of rooms (she uses the study - though it's not exclusively for teaching, one of 6 rooms in the house, therefore 17% - and there is some overspill into other rooms). I also read that mortgage interest can be included. As turnover is under £15,000 I'm only doing the short return, so really the numbers are academic until HMRC ask to look at them, but would this sound like a reasonable amount to claim (ie. is it sufficiently 'normal' that they're unlikely to question it)?

I know she could also pay me a salary as I do her accounting and some accompanying for her, although since I pay higher rate tax that would be counterproductive, but are there any other normal 'working from home' amounts I'm missing?

Thanks,
trogit

ncurrie

hello Tony,

I am a party planner and run home parties. I purchase products at a wholesale price from the head office and sell them at a higher retail price.

If I also use products myself and so not sell them on do I have to pay tax on the ones I use as if I have sold them on. Or is there a personal use allowance.

Many thanks

Nicola

:beer:

Simon&co

I'm looking for some quick tax advice from your kind Uncle Tony...
Myself and my wife are currently paying base rate tax and have our main home and a let property each. Following the birth of our son a year ago, my wife only now does part-time work, whereas my next wage rise will take me above the £38,335? limit (This includes the gross earnings from my let property). Questions:
1 - Are the earnings for the let property calculated seperately;
2 - If not, how do they work the tax, if my wage without the rental income remains on base rate tax;
3 - If the total figure is relevant, can I gift just the rental earnings to my wife without gifting the house, to save on solicitor, mortgagee fees etc or do I have to go the whole hog;
4 - If I have to gift the house, would the current increased market value be looked at or would the original purchase price remain the relevant figure (This isn't so that I can re-mortgage at a higher figure, but more to do with CGT in years to come) and I assume that CGT would not be payable after this gifting process;
4 - I'm doing my first tax return this year, so am not sure as to whether our joint earnings/ savings etc can be pooled and taxed accordingly;
5 - As the purchase price of the rental property is of relevance when re-mortgaging in years to come, so that the interest of the mortgage up to this value can be offset, does the tax form ask the question regarding the original property value or is it up to me to ensure that the figures stack up.

I would appreciate your advices and then clearly need to fill in my online tax form pretty quickly before the end of the month. Many thanks...

graham58

My wife has just been paid her state pension for the first time.£86-80 pw(£4513 pa). Her only other income is dividends from Company Shares which amounted to £2388 gross (tax credit £237) last year and she has bank interest paid gross (£242 last year).
Can she still have her Bank Interest paid gross in future bearing in mind that tax is deducted from her dividends as she will be over the tax threshold next year? I expect a small increase in divs and bank interest in future.

currychris

Dear Martin's Uncle,

I am a sole trader and my accounting year end is 30th April. I wish to retire on 30th Oct 2009. I understand that any profit earned between 1/5/09 and 30/10/09 is added to my 09/10 liability. Is my overlap relief able to be offset against the whole liability or just that part earned between 1/5/09 and30/10/09? What happens to any unused capital allownaces? Can I leave it to my tax return for the year to 5/4/10 to let the revenue know of the cessation or am I required to inform them earlier and if so would the tax due fall sooner? Very many thanks in advance for your advice!

lee_c_3

I Am an IT contractor who has worked for my employer for over 2 1/2 years.

I use an umbrella company to manage all my tax and Ni obligations.

Mileage i do between sites is invoiced back through my umbrella at .23p. They then put vat on top.

Am i able to cliam the tax between the 23p and 40p government allowance, and how do i go about this.

I do not currently recieve a tax return.

Thanks in advance
Lee

offsoon

HI,
I am going to start my career break Jan 2007 and will be renting out my home to cover my mortgage. I will be abroad for over 6 months so I think I qualify as a non-resident landlord so can receive my rent gross and pay any tax due later, presumably I will receive a tax return.
I have spoken to the tax office and they don't see very clear on it.
As its 3/4 into the tax year will I have to wait until the new year to start? How much tax might I pay, I am told my property will rent for around £425 pm and I am a standard rate tax payer, Can things like agents fees and other costs be taken off before paying tax? Someone suggested to me I may also be due a tax rebate for the current year.
Anything anyone can tell me about this would be very appreciated. Thanks.

monster30

I am a sole trader who builds websites. A very small amount of my income comes to me as cheques in American dollars, which are then paid into my bank account. My bank take £5 from each cheque for commission.

Do I need to include each of these £5 commissions as income on my tax return, even though they never actually appear in my bank account and I never receive the cash?!

bs2005

In the last financial year, I received only 6 months rent instead of 12 on a small commercial property. What can I do to maximise my expenses? Thank you.