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

MOLLYBRUSH

Hello Uncle

Wonder if you could help. I have two properties which I bought quite a while before the boom. Have decided after much deliberation to sell, but is there a way to lessen the CGT. I have not lived in either and they have been rented out for the whole time I have had them. Alternatively if you could point me in the direction of who I might go to for this advice if you can't help. Many thanks in anticipation.

tonyhuds

I am a director/part owner of a small company and plan to make a loan to the company so that the company can make an identical value contribution to the company SASS for my benefit. The company will repay the loan by monthly installments in lieu of my salary. Will these repayments incur income tax or NI charges or will it be repaid in full? Can the repayments be spread over several years to utilise tax benefits?

Many thanks, Tony.

heaven

Hello Phil

I am in the same position as yourself, and dreading completing my first self assessment form - have you had any useful replies to your post?

Thanks!

MOLLYBRUSH

I haven't had any reply under this thread - I think I must have misread something as I thought Martin's uncle had volunteered to give some advice. What I have done though is sent off to Amazon for a book on my particular tax problem, as I want to be more informed about it before I go and see an "expert" as I have had bad experiences with so-called "experts" before. The book has come today and looks great. I have been in the rental property market for a number of years and one which I found to be really useful was the "Which Guide to Renting and Letting" which should give you some information on what you offset and also the IR website will help too.

CIS

From the first post

When will I get the answer?
What we'll then do is compile all the questions together into one Q&A article, published (as long as there aren't too many questions!) as soon as possible, probably a week or so from the closing date.

Former_MSE_Archna

Hi,

We have incorporated the questions into a full article for easy reference and reading.

Read the Taxing Times article here.

cece_3

I run a small limited company with only myself as an employee and myself and spouse as directors. I badly need a new car which will be used for work. Is it a terrible idea to buy a 2000 reg BMW as a company car?. The copany turn over a year is about 24,000 of which I draw a small salary and the rest as dividends.
Secondly, can my husband and I use the same company even though the nature of the businesses are different?

Squeekyclean

I started my own company about three years ago and also worked full time.
In November last year I decided it was time to put all my energy into my own business.

I did not make enough to take a wage from the company but lived off savings to allow me to devote more time to it and build it to a point where it would provide a living.

I did not claim working tax credits as I thought I was not working so couldn't claim.

I have received a demand from the IR wanting a large sum of money within four weeks or on a monthly basis.

Can I now tell them I am working part time and claim working tax credits?

rhinogeezer

Hi
We own a German property, just for our own use. We have a bank account which costs us 8 euro a month to run. So no revenue from either. There have been dire warnings from the inland revenue of late, the message being foreign assets must be reported. Surely not in these circumstances.
Can you help?

fengirl_2

Foreign assets also include deposits in overseas bank accounts on whcih interest is received - this obviously has to be reported. But if you are not letting your German property, then you don't report it - nothing to report!