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

zoladog

Hello

I am self employed IT Consultant and have a ltd company (just me) are the any tax benefits to me using a LLP instead, with my wife (house wife) as my partner?

thanks

TFN

Hello,

I am considering going VAT registered voluntarily.

Most of my work involves fitting relatively expensive equipment so the VAT I pay for the equipment is generally much more than the VAT I would charge for my labour.

Can I claim back all the VAT I pay for the equipment I supply? If so is it then possible to get a rebate from IR if I pay more VAT than I charge?

Also I am fitting renewable energy systems so do I charge 5% VAT for my labour?

Thanks

polo2000w

Do I need to fill in a self assessment form if I am a higher rate tax payer? I don't have much savings but presumably if I don't fill in a self assessment form I'm not paying enough tax on any savings I do have. Is there a savings threshold above which you need to do this? If not, does that mean that essentially all higher rate tax payers need to fill in a self assessment form?

mondy_2

Hi Tony,
My wife kept on her flat when we got married in 2004 and has let it out for the last 3 years but has only just realised via advice on Radio 2 that she should have been paying tax on this income! What sort of fines/interest penalties will she face and how should she approach the Inland Revenue?
We are also looking to take out some of the equity which we require by increasing the mortgage which would mean that after expenses there would be little profit - would increasing the mortgage be allowed by the revenue and would there be any issues/penalties with doing this?
Any advice would be appreciated as we are both very unsure about how tax works and do not know any accountants who could help.
Thanks

gillianhudson

Please help,
I have run a small business/hobby for 29yrs and during this time have always filed my tax returns but have only passed the tax threshold during the last few years. Class 4 contributions have always been taken care of by the tax office but I have never paid Class 2. How can I rectify this? It worries me that I will either end up with a huge outstanding bill or no state pension.

mikeinlangport

Hi Tony - I'm employed full-time by the company I work for, but also do some work for other parts of it on a freelance basis. I make between £500 and £1000 a year on top of my regular salary this way.

Due to the vagaries of the finance department, it's possible but difficult for them to pay me internally (so it goes into my regular pay packet and the tax is calculated as PAYE) and in the past I've always stood firm and asked for this to happen to avoid having to spend ages calculating my own tax.

However, I've always been kind of aware that you can write off certain expenses against tax for equipment you use while working and wondered whether it might be worth going the self assessed route.

I've just received a cheque for £400 paying me as an external contributor - and am debating whether to go back and ask to be paid internally, or to go self-assessed.

What would you advise?

mondy_2

My wife kept on her flat to rent out when we got married in 2004 and we are likely to sell it next year so I was wondering if the title needs to be in both our names for us to both use our GCT allowances to offset the GCT liability. If so, would it be better to transfer ownership now and what effect would this have on the tax due on rental income as I could become a 40% tax payer and my wife is only 22% and claims the rental income in her name only at present .

enzed

For emigrating to OZ or NZ contact a company called Prism Expat for tax/pension advice http://www.prismxpat.com/ & HIFX www.hifx.co.uk
for transferring currency out there

Hotspur

Hi Tony,

I have the opportunity of taking voluntary redundancy (effectively early retirement as I am over 50) from 31.03.08 and will receive redundancy pay, lump sum and a pension from that date.

Is the end or start of a financial year the most tax efficient time to cease employment or doesn't it matter?

I am also intending on taking some employment after that date so are there any other issues I should be considering?

Thank you.

eagleboy

Hi Tony,

I am a self-employed Business Analyst and I am about to replace my car. Currently I get 40p per mile from the tax man for travelling expenses when using my car and was wondering what the tax benefits would be for leasing a vehicle rather than an outright purchase? I would go for the total package including maintenance and repair for the leasing option if I decide to go down this route. I would appreciate your advice. Thanks