Tax Tony

Wild_Wales

Hi Tony,

Losses brought forward. I work in a PAYE job part-time, my part-time self employment is currently showing a small loss for this and next year. I can claim my current losses against my PAYE income - but is there a way to claim losses brought forward against my PAYE income. Thanks.

bestyman

Dear Tony,

I work as a self employed plumber and pay tax as a sole trader .

My wife has a full time job elsewhere and pays tax in the normal way .

She sometimes helps out with paperwork and answering the phone , If I were to pay her would the benefit me and what would the tax man say?

Thanks

Mark

Deejay

Dear Tony

This is the first time I will need to pay tax as last year I had a refund :-).
I would like to pay via the P.O. but as the I.R. has not yet advised me of the amount outstanding, I have no payslip. Naturally I wish to avoid surcharges and fines. I will need to pay tax and NI on account. Please advise me of the best way of doing this.

Thanks.

Straykitten

Hi Tony,

I went on a government-run business course this year where I was told (by an IR representative) that there are two ways of calculating depreciation on capital items:

1. 25% off the total cost in the first year, then 25% off the remainder each year after that until it's cleared (this is the IR's preferred method).

Or

2. 25% each year for 4 years.

(Financially, the second option is better for me - and, let's face it, it's a lot simpler too).

However, when I contacted the IR about this they said you can only use the first method - is this correct?

Thanks,

Gail

skipton

Dear Tony,

My partner and I are directors and shareholders of 5 companies, one of which is now in Administration.

Over the last three years the companies have accrued losses of circa £3.7m.

Is there any way we can derive any benefit from the losses.

We no longer need any of the companies.

Thank you.

Jo

BILLIEBRONTE

I AM A SELF EMPLOYED COLLECTION AGENT BUT WORK SOLELY FOR ONE COMPANY. I WILL TRAVEL APPROX 25,OOO MILES ANNUALLY.HOW DO I CLAIM FOR FUEL ,WEAR AND TEAR ETC, ON MY CAR.ALSO I NEED INTERNET,MOBILE PHONE AND LAND LINE TO CARRY OUT MY WORK, CAN I CLAIM FOR THIS. THANKS

sapphire5

Hubby is self employed and bought an estate car last year in a private sale which he uses for work purposes. A friend has advised him NOT to claim the car on his tax return.......is this the wisest option ?

Thanks

jab17

I received a permanent health insurance benefit from an insurance company under a group scheme provided by my employer. As I was unlikely to return to work I accepted a lump sum from the insurance company in lieu of any further payments. As this payment was made via my employer they treated it as a redundancy to minimise tax payment as some of it was at higher rate. I've since heard I shouldn't have paid tax at all anyway as payment connected with ill health. Is this correct and should I contact tax office with this or leave things as they are?

Thanks for help.

XHFS1

My wife and I are both PAYE employees. 2 Years ago we bought what used to be her parents' home from the rest of the family for £85000. The mortgage, interest only, is £50,000. We hope to sell our current home in a couple of years time when we retire and move to my wife's parents' home. We have spent a great deal of money on doing up that property and it is now valued at around £150,000. As from Dec 1 2006 we are renting it out unfurnished for £500 pcm less 12% estate agent's management fees. Until that time we were paying all utilities inc council tax. The mortgage interest is approx £200 pcm. The property is 100 miles from our home. It is in Scotland, we are in England. There was some furniture in there which we now have in store up there at £10 pw. Can we claim this? Can you tell us what our tax lablilities are likely to be? When do we need to inform the IR? What about self assessment? We don't do that at the moment. Is there any source of information on what small time landlords like us can claim against income from a single let? I've looked on the web but haven't found anything useful yet.
Thanks

Ramonica

My wife is a part time employee and a basic tax payer. She volunteer to meet weekly with two elderly women with learning disabilities to give them opportunity for social experiences or outings under the Adult Placement Scheme from the Social Services Directorate. She receives payment of £36 per week to cover her expenses. The payment is made under a voucher payment scheme. The Guide, which she received from Social Services states: “The payment made to you is counted as unearned income and it is up to you to declare this to Inland Revenue”. As a voluntary “carer of adult” does she needs to include the voucher payments into her SA as income? Does she need to keep the receipts of all her travel and other expenses?