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

tom1425

My father's life assurance policy recently matured and the company paid him a lump sum. Is that lump sum taxable? and if so is liable for income tax or capital gains tax?

jilldy

I have rented out a house that although it is not furnished it has carpets curtains and light fittings. do I claim wear and tear is this 10% or do I claim a proportion of the rent.
Also due to the mortgage interest and costs I dont earn anything. Can I expect to get maintainance costs back in the form aof a rebate from the income taxc I pay on my fulltime job.

Thanks
Jilldy

celica

Hi Tony,
Thanks for offering to answer queries.
My wife has been self employed for 5 years and has now decided to retire. Does she need to tell the tax office now or when she sends in her tax return for 2006-7 or when she completes her 2007-8 tax return next year? Also can she now stop paying her NI Class 2 contributions?
Many thanks for any advice.

Subhadassi

Hi there,

My parents are both in their 80s. This last year their health has really gone downhill, and in a few weeks they will, very sadly, go into a care home.

They have around £70K in savings and a house worth around £150K.

They, and their 3 children, are keen that the money that they have worked to save up all their lives doesn't end up in the pocket of the local authority/tax man.

Any tips on how we could avoid the money all being spent on their care so that there will be no financial legacy for their children or grandchildren?

Thanks for your help,

Subhadassi

frazzaq

Hi,

My wife and I have bought and moved into a larger house and want to rent out our previous property. It is currently exclusively in my name - would I have to pay stamp duty on its current value if I want to transfer it into my wife's name ?

Thanks for help.

stephenlondon

Hello Tony,

I'm a self-employed freelance graphic/web designer and I work and live in a "work/live" building, i.e. the tenancy agreement stipulates that usage must include both business and residential.

How can I calculate what proportion, if any, of my rent (NB heating & water are included in the rent), electricity bills and council tax (if appropriate) can be counted as business expenses ?

Many thanks in advance for your help Tony.

gillmac

Hi Tony
I have been self employed working from home for about 15 years. I have been claiming a proportion, 14%, of the house running costs against the business.
Will I be liable for Capital Gains on 14% of the gain during that period, and if so when will I be liable?
Increasing property values means i might be better not exposing myself to Capital Gain liability. Can I stop claiming these expenses? Can I make an adjustment to this effect retrospectively?
Thanks

HIPM

Dear Tony, I hope you can help me.
My husband is self employed working in property maintenance, he has been in business just over 12 months. I work a few hours a week cleaning and I have also just registered as self employed, although I only earn £200(ish) a month. I do all my husbands paperwork, accounts, banking, orders etc, if he pays me, what paperwork do we have to do and how do we show it on his tax return.
Also, we currently have one house (with mortgage), if we buy a second property to do up and sell, how is capital gains tax calculated. Can we deduct all expenses i.e. solicitors, estate agents and cost of work carried out from the amount we sell if for before calculating the profit. Would there be any problem if we paid my husband to carry out the work.
Many thanks for your help.

AlanG_3

Hello Tony

Can you help me fill in the amounts and the correct foreign pages on the tax return. I have asked HMRC helpline and the guy was useless. He hadnt heard of Santander !

I have just the usual 200 shares with Santander. My total 4 dividends for 2006/7 was £9.66 Spanish withholding tax and £51.87 net dividend payment.
18% (£2.52) withheld off gross of the last div of £11.44 nett. Rest withheld at 15% gross.

I am not a UK higher tax payer.
I am a bit confused .HMRC say put the gross div plus credit in column b) F1 and I also need help in if I need to fill in the different pages on foreign income. Which pages for foreign divs need filling please .any carried over and totted up on the other foreign pages.( I will have foreign letting income also so there may be some adding together I need to do)

Thanks

Alan

Kaz1505

Hi Tony

I went self employed last year and didn't earn enough to use all my tax allowance. I have been told that I don't have to claim my capital assets in the first year if it means I lose my tax allowance. Is this correct? and if so, does that mean that next year I can claim 50% as stated for the first year on my vehicle (van - sole business use) or is it just the 25% depreciation allowance. Also as I didn't use all my allowance is there any way I can get any of it in rebate on last years tax paid (not self employed) or on next years profits?
Thanks
Karen