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Where Taxpayers and Advisers Meet

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by Lambs
Fri May 29, 2020 10:00 am
Forum: Income Tax
Topic: Registering as Self Employed with no tax liability
Replies: 8
Views: 275

Re: Registering as Self Employed with no tax liability

I am not convinced that these payments are taxable. They are almost certainly not subject to NICs, if the parent and carer are living under the same roof. Depending on the payer's income sources, the amounts could well comprise "gifts out of income" and be wholly exempt from consideration for IHT pu...
by Lambs
Wed May 27, 2020 8:31 pm
Forum: Income Tax
Topic: Registering as Self Employed with no tax liability
Replies: 8
Views: 275

Re: Registering as Self Employed with no tax liability

A, I am not sure that I would consider the money given to you by your mother to be earnings that are taxable. From memory - and please note it is many years since I have dealt with such a case - HMRC accepts that such payments can be made out of one person's love and affection for a relative, and no...
by Lambs
Wed May 27, 2020 8:09 pm
Forum: Income Tax
Topic: Dividends given but not recieved
Replies: 3
Views: 222

Re: Dividends given but not recieved

J, You / your husband may not have physically received the cash or had it credited to a personal bank account, but that does not necessarily mean that anything is "wrong". For example, it is very common in small limited companies for the director/shareholders to use company funds to pay for private ...
by Lambs
Mon May 25, 2020 6:47 am
Forum: General
Topic: Webcam Model looking for Tax advice
Replies: 6
Views: 702

Re: Webcam Model looking for Tax advice

P, In broad terms there is indeed a risk that you could be perceived as employer. It would depend on the nature of the relationship that you have with your models, the extent of control you have over their work and various other factors. Having said that there is a risk, it seems to me that the rela...
by Lambs
Fri May 22, 2020 4:16 pm
Forum: General
Topic: Webcam Model looking for Tax advice
Replies: 6
Views: 702

Re: Webcam Model looking for Tax advice

S, They are already separate. If you are running your own cam site / subsidiary-site then you will be self-employed which is entirely separate from employment. Assuming you make more than a very modest amount out of that self-employment, then you will need to: Tell HMRC about your new source no late...
by Lambs
Sun Apr 26, 2020 7:06 pm
Forum: Income Tax
Topic: Chang of accounting period
Replies: 1
Views: 347

Re: Chang of accounting period

E,

Are you talking about a company or about a sole trader? The rules for Income Tax v Corporation Tax are quite different.

Regards,

Lambs
by Lambs
Tue Apr 21, 2020 1:16 pm
Forum: Property Taxation
Topic: Transferring properties from parent to children
Replies: 5
Views: 621

Re: Transferring properties from parent to children

M,

I was assuming kids were adult, given that the querist spoke of direct sale / lease.

VB,

Lambs
by Lambs
Mon Apr 20, 2020 8:13 pm
Forum: Property Taxation
Topic: Transferring properties from parent to children
Replies: 5
Views: 621

Re: Transferring properties from parent to children

D, Option 1 does not avoid IHT if there is a sale, since the brick and mortar assets will be replaced by money or a debt from the company and some shares in what may be a valuable company. Note that if the properties are not transferred for full value then CGT is charged on full value anyway. If the...
by Lambs
Sun Apr 19, 2020 10:24 am
Forum: Income Tax
Topic: 16 yr old (in FT education), earnings above £12500
Replies: 4
Views: 607

Re: 16 yr old (in FT education), earnings above £12500

J, You will be liable for a small amount of Class 2 NICs for part of the year from August to 5 April 2020. As regards proving your expenditure, so long as you have documentary evidence that clearly shows your having reimbursed your mother for specific items then you should be OK. Usually bank statem...
by Lambs
Sat Apr 18, 2020 5:05 pm
Forum: Income Tax
Topic: 16 yr old (in FT education), earnings above £12500
Replies: 4
Views: 607

Re: 16 yr old (in FT education), earnings above £12500

J, You are right that if your taxable income - including your profits from self-employment - exceeds your tax-free Personal Allowance then you will have tax to pay. I am assuming you are entitled to claim Personal Allowances (the vast majority of people in the UK are so entitled). If you are now 16 ...

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