Tax Tony

Chichi_2

Hi Tax Tony,



Was sent a tax return as I used to have a buy-to-let property, from April 05-April 06 I only received £360 in rent as I 'sold' the property to my ex-husband as part of a divorce court order. He paid me a lump sum which was far less than the value of the property. Do I need to pay CGT on this transfer?

The property was originally my ex-husband's and he had transferred it to me for no cost.

Dino_V

Well it certainly seems extremely complicated to me!

Last year whilst working as a sales executive, i used my own car for a lot of business mileage. I was advised i could claim the difference between what i was paid per mile (13p) and 40p, which was great! i earned myself a £1000 rebate by filling in an 05-06 self assessment tax form.

However, at the same time, they asked me if i could also complete an 04-05 self assessment document? (why, i dont know, as i did not use my own car for that year, just a company car, to which there was nothing to reclaim) However after being threatened with penalities for not completing the form i did so, only to find out my previous employer had under declared my tax code and they wrote back sayin i owe them £915 immediately otherwise interest would also start to accumulate???

I simply cant afford this outright as have just about managed to get my own place on my own.

Is this fair? How can i find out if my previous employer did under declare my tax code and if they did, have i a leg to stand on??

I feel like they simply bamboozle me with figures leaving me with no logical defense!!

Many thanks

Dino

kambel

Hi Tony
Its regarding claiming tax refunds. I am full time employee since 2002 dec. at that time I had payed excess tax for that tax year ( as I worked only for 4 months that tax year and my employer had taken more) and I reclaimed only that during last year.
What I wanted to know is that I havent claimed for the amount I have spend like paying exam fee, paying for membership fee yearly etc which I heard I can ask for tax claim. Is that right? If so can I still claim it though at that time last year I claimed only for excess tax they had taken calculating for the whole year?

Thank you

shekelcatcher

Hi Tony, Can you please clarify two things for me, I've asked the tax office but get conflicting answers. I am starting up in business property maintenance after been made redundant. I have around £2000 of my own tools bought previously for my own use, but I will be using them in my own business from now on. I was told by one tax officer to estimate s/hand value and I could put it down as cap ex another person said I could'nt claim for them. Can I claim the value as capital expenditure.
Cap ex again I was told by one tax officer that anything I bought and would use for over 2 years could be classed as cap ex yet another officer said it was anything over the value of £150. I have bought some hand tools value around £60 each, software and a hard drive for my PC value £80 each? your help would be greatly appreciated as trying to get positive advice from the tax office is like trying to platt fog.

Cheers

666coley666

Hi, I started a small business in Feb 2006. I logged it all with Inland Rev but didn't get much back - just a letter a month or two later and a booklet. I have no clue about tax at all - basically I need to know if I need to submit something this year or if I work a year and then do it (if that makes sense). Also if I DO have to do it this year I'm not sure what date I tot up my books until. I tried to investigate via the inland revs online tax returns form but I needed a reference number to enter the site and I've never been given one (the letter I received was blank in that area!)

i know how much i earned and spent but i dont know which boxes to fill in or how much tax i should pay.

Any advice would be welcomed.

Thank you

fuzzyman

666coley666 wrote:

Hi, I started a small business in Feb 2006. I logged it all with Inland Rev but didn't get much back - just a letter a month or two later and a booklet. I have no clue about tax at all - basically I need to know if I need to submit something this year or if I work a year and then do it (if that makes sense). Also if I DO have to do it this year I'm not sure what date I tot up my books until.

Me too. :-)

Michael Foord

Myra_D

Hi, I left full-time employment in May '06 to become a student for a year. I got redundancy payment and as far as I can work out have paid tax on this payment. I've rented out my flat every month since June '06 till present and intend continuing until my course finishes in October '07. Should I be filling in a tax return by 31 January '07? Is there anything I can claim for my flat to offset the rental income I receive? Rental income is £695/month.
Many thanks

Pankaj_2

Hi Tony,
I am in the process of completing my Tax Return, and have one query if you can help. I owned a flat in 2005 which was my main home, and had one lodger staying with me for few months, and paying me rent. In May 2005, I also bought another house, and moved into that house after few months. From November 2005, I fully let my flat to the same lodger who was staying with me before in the flat. I also re-mortgage the flat under BTL mortgage in January 2006. Do I still qualify for rent-a-room scheme (considering for later part of the year I was not staying in the flat)? If yes, can I declare the full rental income in my self-assement form (although the flat was in joint name with my wife) or do my wife also have to fill her tax return?

Many thanks
Pankaj

pcmummer

My husband's income as an employee and my small income from self-employment entitle us to Child Tax Credit as we have two children at home. Based on our income, our son at University gets a very good grant and bursary that do not need to be repayed, as well as his Student Loan. My self-employed business is doing well but I am struggling to calculate if we would gain finacially or loose out by my business growing. There doesn't seem to be any point in working harder if our son looses out and we then need to support him. Where can I find help to sort through the financial jungle?

pcmummer

My husband's income as an employee and my small income from self-employment entitle us to Child Tax Credit as we have two children at home. Based on our income, our son at University gets a very good grant and bursary that do not need to be repayed, as well as his Student Loan. My self-employed business is doing well but I am struggling to calculate if we would gain finacially or loose out by my business growing. There doesn't seem to be any point in working harder if our son looses out and we then need to support him. Where can I find help to sort through the financial jungle?