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

AlanG_3

Jennifer wrote: »

Following the forthcoming withdrawal of the 10% Tax rate, I will have to pay
£152.82p more in tax based on my present income.

As I earn only £10,964/year, this is a large extra tax burden, as I already pay £991.68/annum in tax.

I retired early and am nearing 57 years old and receiving an Armed Forces Pension and a very small Annuity, on which I manage. BUT come April 2008, I will have this extra tax to pay.

I receive no benefits and have never had any.

This is unfair on people earning under £14500/year.

Why did the then Chancellor treat low earners in this way?

JH

I agree. It is an absolute disgrace the way Brown tricks people with taxation.
The government agree that the absolute minimum wage is £5.52 ph , thats £11,481 pa at 40 hours per week. Yet they still tax you on that minimum and tax again with NI,plus other taxes again with VAT, council tax etc.
Similar with pensions , what is the point of 'giving' people a minimum pension if tax is then removed from it so they are now below the minimum.

What they should do is ensure the minimum you get is at least the minimim and not below it. So the nil tax band should start at say £12,000 and you get refunds of VAT ,council tax etc if your net mimimum is below that. Instead of forcing people to fill in a vastly complex form called 'tax credits' to confuse people.

Alan

Jennifer

Tax Credits - for people in work AND/OR with children. Benefits/tax breaks for families with children are numerous - but I am 57 and retired so why offer me anything? An extra tax charge should get me back to work again I suppose?

So don't bother planning an early retirement unless you can earn more than £14,500/year.

AND my extra tax is EVERY year - not just 2008/2009.

National Insurance is a tax - yes?

The government has planned, in 2010, to reduce the number of years that women have to contribute to NI for full pension rights.

Will this legislation be binding should Labour lose a General Election before 2010?

JH

sharnad

Jennifer wrote: »

Tax Credits - for people in work AND/OR with children. Benefits/tax breaks for families with children are numerous - but I am 57 and retired so why offer me anything? An extra tax charge should get me back to work again I suppose?

So don't bother planning an early retirement unless you can earn more than £14,500/year.

AND my extra tax is EVERY year - not just 2008/2009.

National Insurance is a tax - yes?

The government has planned, in 2010, to reduce the number of years that women have to contribute to NI for full pension rights.

Will this legislation be binding should Labour lose a General Election before 2010?

JH

Yes it is a law so unless the law changes

irenemead

My Aunt and Uncle signed over their house to me over 10 years ago. They have since died and I have now sold the house for £79000. What tax will I pay. Thank you.

OliverHale_2

Hallo Tony
My wife and I run our own small business (Limited company, VAT-registered) in the UK. We currently rent an office but shall soon be having a separate annex built in the grounds of our home property. This annex will serve as both office and guest space.
We are buying the office building as a kit from Germany, and our UK builder shall assemble it. As we are buying the building from abroad, we are considering putting the cost of the building through the company, so enabling it to be invoiced net of VAT. We are concerned, however, about any other financial implications this might have, for example, Capital Gains Tax should we sell the property in the future. Also, we have a loan from the bank for the business. If the business should fail in the future with the loan outstanding, would the lender be able to seize the office as an asset?
The alternative, of course, is to buy the building privately and tax-deduct all business use. Can you advise on the best course of action and any other implications I have not mentioned?
Thank you.
Oliver

mrpete

Hi,
I do some web development work, often with clients from the US. As its easier to receive payments via paypal, i often get money in USD from paypal. I never really transfer it to my bank account though (i either use it to buy (personal) things, or to pay for services from other freelancers etc). How am i meant to work out how much to say each payment is? As far as i can tell paypal use their own exchange rate and i can't find a list of historical exchange rates they use. Can i just use a "normal" exchange rate for the date of each payment?

thanks

hoppalong_2

Hi - it's good to have somewhere to ask a question. I received, through PAYE, a gain of £4119 in this tax year as the company I work for was taken over and all shares had to be sold. Will this affect me being able to give my daughter £3600 in this tax year so that she can pay into her ISA in April. I want to give it to her this tax year as I will then owe her £9400 that I would like to give back in 08/09 tax year. Can I do both of these, or will I need to put on tax return somewhere (I fill one in as I rent out a property). Look forward to hearing from you.

VikG

Hi Tony, following on from your answer entitled "Renting Out Property", you mention that "The deductible interest would be limited to that on a loan up to the market value of the property when you first put it up for rent". Is it possible to deduct interest from two loans on a single property which in total are less than the market value when the house was first put up for rent? If so, could I deduct interest from my student loan? I know this may sound a bit dodgy, but the student loan was actually used to make up the deposit for the house in the first place.
Thanks.

ricksta_3

Hi Tony,

Myself and sister have inherited a property through a relatives will. The property ws previously signed over to us but the relative remained living there until they passed away. We are in the process of selling and have found out that we could be liable to pay CGT. I believe the rate changes in April but are there any other ways we can reduce the amount of tax we will have to pay but also proceed with the sale?

Thanks very much.

PS The site was a great find!

Adoois

I'm a self employed freelance camera operator.

I work for a company filming sporting events overseas. They get me to search for my own flights, buy them, then send them an invoice for the amount with proof of purchase.

I keep these invoices seperate from my actual work done invoices.

I assume I don't have to declare these amounts coming in as earnings, which they clearly aren't. The company I work for just uses the invoice method as I kind of I.O.U.

Is this wrong of them?

Or am I at fault? Should I really be declaring the amounts, then claiming the money back as a travel to work cost?

Hope you can help!