Recent content by alisonpeters

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    Why Do I Not Owe Class 4 National Insurance?

    Oh im a twit , please ignore. I ticked the Class 4 exemption box :) Sorry
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    Why Do I Not Owe Class 4 National Insurance?

    Just a bit confused so maybe someone can help. I have just completed my SA on the HMRC online portal. My Self Employed profit for the year is £8775. No other income at all. My query is this, the calculation at the end has calculated my Income Tax, but has not given me a figure for Class 4...
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    Demand for payment of Class 2 NIC

    Hi I am self employed, however I did not arrange to pay Class 2 NIC by DD. I now have received a bill from HMRC wanting NICs for periods covering 2010 - 2011. During this period, I have completed 2 SA returns, both indicating a loss. My self employment is my only source of income. Do I...
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    Self Employed Accounting Period/Basis Period

    Hi, hope you can help as I am soo confused. I have read the HMRC helpsheet http://www.hmrc.gov.uk/helpsheets/HS222.pdf but am still really confused! I started a partnership in January 2012. I received notification to complete my tax return for the period 2011-2012. I have started to...
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    Closing Self Employed Business - VAT Obligations

    Thanks.....so by reading that, Im correct in assuming that I have to repay the VAT I have reclaimed?
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    Closing Self Employed Business - VAT Obligations

    Hope you can help. I am a sole trader who has been trading for 3 years, but have only been registered for VAT in the last few months. I have completed only one VAT return which was a repayment for assets bought (computers etc.) I have now been offered a job, which I am going to take, and close...
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    Do I, and how, have to complete a Self Assessment?

    I am employed, and have shares (part of my bonus) in the company I work for. I have not before completed a self assessment, but I was told today by a friend that since I receive dividends on those shares in 2011-2012 I will have to complete a self assessment. However, I have looked on HMRC...
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    Annual Investment Allowance and Writing Down Allowance

    My year end is 31 Aug 2012. So I have calculated 7/12 of £100k = £58.3k And 5/12 of £25k= £10.4k Total of £68.7k However I spent 100k. So am I correct in assuming that £68.7k can attribute 100% for AIA, remainder of £31.3k expenditure. Then....hybrid rate calculated at 212/366 x 20% = 11.58...
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    Annual Investment Allowance and Writing Down Allowance

    Hi. I usually do my own Accounts and Ctax return as my business is not complicated, but this year I have invested heavily and would like some clarification. Since my accounting period spans April 2012, I understand that the AIA has to be proportioned. Got that bit. My question is this. If I...
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    Rental Property Stamp Duty Allowable Expense?

    Probably a daft question :) If i purchase a property to rent out, and pay stamp duty on the purchase, can I use this as an allowable expense in the first year?
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    Trasnferring Ownership Of Property

    Hi, hope someone can help. I own a property jointly with my partner. We are splitting up amicably, and he says that he will give me his share of the property for no cash. The property is mortgaged, and so I will be taking on his half of the mortgage. Is this half of this mortgage value...
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    Self Assessment - Payment On Accout Help!!

    Sorry perhaps I didnt make myself clear. The calculation for 2011-2012 shows what I owe for the year, and what I must pay on account. However the calculation for 2011-2012 does not include the payments I have already made for that year, and I cannot see anywhere on the return to put it.
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    Self Assessment - Payment On Accout Help!!

    Hi, please can you help me. I complete my Self assessment for my little business online with HMRC. I did this for the first time last year (2010-2011), and had to make payments on account for 2011-2012. I made the first payment, and will pay the second this month. I have just completed...
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    Lossess Carried Forward Ctax

    Hi. I have a limited company and my transactions are very simple so I do my own ctax return. I made a loss of about 2k last year, and showed on my return as loss. However, being a twit I didnt put this figure in the box losses to carry forward. Will I still be able to apply them to this years...
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    Non registering for Self Employment

    I have a friend (seriously, it is a friend!) who started working as self employed in Jan 2011. They did not notify HMRC that they have done this. Their business has been quite profitable and know that he will be liable for tax, which is not an issue. Naturally they need to register as self...
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