Cutting Tax

A question about : to VAT or not to VAT?

Hello,

A friend of mine (not me!) is thinking of expanding and moving from self employed to a LTD company status.

His main concern is that by expanding his turnover may in theory exceed the VAT threshold, meaning he will have to charge VAT to his customers (mostly non-VAT registered). As a result he fears his non-VAT registered competitors will undercut him by 17.5%. In practice, he thinks that as he levies and collects VAT he will not increase much above Ј58k, but will still have to collect VAT.

A question about : SA repayments

How long do you normally have to wait for them

I done a TR on the 7th, on hmrc webste it says bank repayment pending....

A question about : n i credits

If i work 20hrs a week min wage = Ј130 will i receive a ni credit

Best answers:

• Thanks v much

A question about : Gift with reservation of benefit

Hi,

My parents gifted their house to me. It's worth less than Ј150K, I live in Scotland and I have made sure they have life rent under Scottish law. This means they can live in the house for the rest of their life and I can't remove them from it.

When I was at the Lawyers in Scotland, I asked them does that mean my parent have to pay me rent. And they said no, it's entirely up to me whether I charge them rent or not.

A question about : DVLA Tax Disc Fine

Hi everyone,

Much to my surprise I received a letter through the post today saying I had a Ј200 fine for having no tax on my vehicle.

To my surprise, given that my current tax expires in June 2015.

Basically I can only think of two options

1. My car for some reason has not been updated on the new system as having tax.

2. It was a very sunny day and this somehow detracted from the (presumably automated) camera that took the photograph.

Anyone else experienced this?

A question about : CGT limit

If I switch a few Funds from a Fund and Share account into a Fund and Share account ISA, without changing the Funds, will the profits be liable to be added to my CGT liabilities for the year?
I will not be taking any profits per se.

A question about : When to stop child benefit due to high income?

Hi all,

After a little bit of advice please.

I pay tax through PAYE. During this tax year, my salary increased to Ј60k. My previous salary was Ј40k. This was applied from July 2014.

By my calculations, this means that my income for 2014/2015 tax year would equate to Ј55k [(Ј3333.33 x 3 months) + (Ј5000 x 9 months)]

A question about : Full time employment + self employed income

Have a full time job where I PAYE. I write articles in my spare time and have started being paid for them. My first payment was on 30.01.2015 and I'm getting regular work. We're talking about Ј200 per month here. I plan to continue doing this.

How do I go about registering for self assessment and paying tax on this? I've done some research but it's all complicated and some things have been contradictory.