Paying in gift money and not paying tax on it, and paying NI?

textbook

Do I pay my national insurance payments (for tax return) from the account I use for personal stuff or my other one which I use only for business expenses and payments in?wh
If you pay online- there are two accounts you can pay into (for NI payments), which one do I use?   -   HMRC Shipley or HMRC Cumbernauld

Also, if I pay cash into my banks which is a gift from my parents, how do i avoid paying tax on it as it's not a business payment?

[Deleted User]

You can pay from whatever account you wish. If it’s from your business account it will be regarded in the same manner as any other amount that you personally withdraw from the business - a drawing. 

On the the second point - you avoid paying tax on it by not declaring it as business income. It should be ignored. (I presume that you do not prepare a balance sheet within your accounts)

Jeremy535897

"Your bill will tell you which account to pay in to. If you do not have a bill, or you’re not sure, use HMRC Cumbernauld.

Account details to use

Sort code	Account number	Account name
08 32 10	12001039	HMRC Cumbernauld
08 32 10	12001020	HMRC Shipley

From https://www.gov.uk/pay-self-assessment-tax-bill/bank-details

textbook

Jeremy535897 said:

"Your bill will tell you which account to pay in to. If you do not have a bill, or you’re not sure, use HMRC Cumbernauld.

Account details to use

Sort code	Account number	Account name
08 32 10	12001039	HMRC Cumbernauld
08 32 10	12001020	HMRC Shipley

From https://www.gov.uk/pay-self-assessment-tax-bill/bank-details

I'm trying   to pay it on my phone- when I typed in the sort code and account number I got   HMRC PAYE/NIC  CUMBERNAULD  (three choices of these  all with same sort code and account number).  Just tick any one of them and pay?    I'm self employed so is PAYE/NIC the correct choice?

[Deleted User]

DO NOT USE THAT OPTION - I believe that is for employers paying tax and NIC on staff salaries. 

Use this link - on the first page choose ‘No -continue to payment options’

https://www.tax.service.gov.uk/pay/sign-in?traceId=92726080

macman

There is no tax on money received as a gift. The giver can generally gift up to £3K pa outside of IHT.
Don't put it into your business account, as it is nothing to do with your business. 

[Deleted User]

macman said:

There is no tax on money received as a gift. The giver can generally gift up to £3K pa outside of IHT.
Don't put it into your business account, as it is nothing to do with your business. 

Yes - but, at the same time, if the business needs the cash flow, there are no implications. A record of the gift would be advisable though just in case the taxman does query the source of the funds at some point.

textbook

macman said:

There is no tax on money received as a gift. The giver can generally gift up to £3K pa outside of IHT.
Don't put it into your business account, as it is nothing to do with your business. 

So I could pay £500 in cash into my personal account from my parents and write a letter to confirm it's a gift?

What's IHT?

textbook

purdyoaten2 said:

DO NOT USE THAT OPTION - I believe that is for employers paying tax and NIC on staff salaries. 

Use this link - on the first page choose ‘No -continue to payment options’

https://www.tax.service.gov.uk/pay/sign-in?traceId=92726080

Should I select-
hmrc  other types  cumbernauld ?

textbook

Or HMRC self assessment cumbernauld?   There are a few options under same sort code and account number

textbook

Ok,  Ive gone to the direct debit section  selected self assessment payment,  is that correct?   One off payment

WHat's the payment reference I put?

I went into self assessment payments, no idea if it is right?