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

Solo's_Mum

Hi Tony,

I am recently divorced after 37 yrs. During my marriage I only ever did occassional cleaning jobs & was paid cash in hand.
When my husband left I was forced to take on more regular work in order to fend for myself.
I have two part-time jobs.
1) Pays me monthly by Direct Debit. Hours vary but payment stays the same.
2) Pays me weekly by Direct Debit. I work 7hrs per week.
I have never paid tax or National Insurance on either of these.

I also receive a monthly maintenance payment from my ex husband. This is for the next 18months only.
I am about to add to this by advertising myself as available to visit pets in their own homes when owners are away.

Am I classed as employed or self employed. Will the pet visiting be classed as a business? How do I stand legally on tax & NI?

Thankyou
Angela

seb76

I have been a registered childminder for about a year and notified Inland Revenue and NI office at the time. I completed a small earnings exception for for my NI and received acknowledgment. I have not received a self-assessment form from the IR though. Am I right in saying that the NI ofice will have notified the self-assessment people that I don't earn enough to pay tax??

Thanks for you time

ms_newbie

I am 38. I earn £35,500 but have a salary sacrifice of £51.30 per month due to purchasing a computer through home computer initiative. I pay 10 per cent of salary into pension scheme (based on basic tax payments) and also pay £60 per calander month into another pension scheme (again basic tax relief). I own several properties which I let out. After deduction of mortgage interest, allowance for furnished flats, voids, insurance etc I am running at a loss. One property has been empty for 2 years due to major structural work being undertaken (at cost of £23k to me and £130k grant assistance - listed building). How is the loss on property income dealt with? Can I claim 40% relief on pension contributions?

CThickett

I settled my July self assessment payment at the very last minute on 31st July - the last day possible - directly through the Revenue's website using my debit card (I'm not usually so last minute but I'd been away and forgot until that afternon!). Only trouble is, when my bank statement came through it showed that the payment only went down on 3rd August. But I have a receipt from the Revenue's site saying that I paid on 31st July.

Am I inevitably going to have to pay a fine for this? Should I just wait for the Revenue to send me a new statement of account, or I wonder if it would be better for me to ring them and come clean, hoping they might be just a little lenient?!

Thanks for your help!

Ian1covkid

Hi I have received compensation following a pension mis selling complaint and when I received my yearly statement of payments the compensation figure was also included as a single contribution to my overall fund.
As a 40% tax payer can i include this compensation on my tax return along with my monthly payments to claim back the difference between 22 + 40%.
Thanks very much

hal_2

Hi Tony,

I have started my photography business in July this year. Because I tend to work on projects, and I'm starting out I don't know how much I'm going to earn from the tax year Apr 2006-Apr 2007. I have also recently done a temp accountancy position, which I paid tax on.

I'm not sure what figure I would fill in on income and I don't know what things I can offset against this. For example I do a fair amount of travelling, eating away from home, paying out on equipment etc.

Thanks for helping us all on this site.:j

e_python

Hello

Thanks for all your good work.....

Is sold a property in July last year.

The property was my main residence for about 12 months when I first bought it in 1998.

I paid about £2k in estate agents fee.

Which expenses can I deduct in arriving at the chargeable gain, please? I have no other capital gain in the year.

I am a high rate tax payer.

Thank you in advance.

graham58

I need to raise cash to help my daughter buy her first house and will provide her with a cash gift.
In September 1985 I invested £7000 in a Scottish Equitable Performance Bond and shortly afterwards it was assigned to my wife on a Financial Advisor's advice as I was(and still am,just) a higher rate tax payer.
Since then my wife has withdrawn £3850 under the 5% p.a.allowance from time to time. The Bond is now valued at around £25000.
Will my wife incur any tax liability on encashing this Bond now ?The policy is on my life and her total income in the current tax year will be about £5400.

elhadders

I am a higher rate tax payer who has never completed a tax return. I don't have savings to speak of, but I do gift aid to charity (£100 per month regularly, plus extras as and when they crop up) and have never claimed the tax difference back. I also have a company pension scheme, and believe I can claim the tax difference on that too.

My concern is simply not to rock the boat. I have heard soooo many horror stories about how difficult it is to complete a self-assessment, and how frequently the tax office gets it wrong, that up until now I have figured that it's simply better to lie low and forfeit a few quid! Is this stupid? (Duh...)

steveorange

Hi Tony, I have been s/E for 5 years and grossed over £30K in 2005/6. I am VAT registered and considering forming a Limited Company. What are the advantages for me please>

Thanks
Steve