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Help! Don't know what to do.
-
mrs.optimistic
- Posts:1
- Joined:Wed Aug 06, 2008 4:09 pm
Hello everyone. I earnt £11000 last year workig for my husbands company but it hasn't been declared. Then, in september i started a new business with a friend which we told HMRC about.This hasn't worked out so myself and business partner have decided to close business and have actually made a loss. What is the best plan of action. When my tax return is due to be subitted Should i tell an accountant to declare what i earnt working for my husband previous to starting the business? Will this get me and/or my husband into trouble?? Grateful for help. Thanks.
The only way of getting into trouble is by not getting it sorted out or telling lies or part truth. You will always do better getting an accountant, telling them the full facts and may be able to claim the loss against the employment income.
Revenue will gross up 11000 to say 12350, leaving 1350 tax, add to that nic say 11% of 12350 another 1350, so you will owe tham 2700, plus interest and penalties (negotiable), plus your husbands company should have operated paye and will be persued for employers ni say 12.8% of 12350 ie 1580. This is before loss relief of course.
Sean
Revenue will gross up 11000 to say 12350, leaving 1350 tax, add to that nic say 11% of 12350 another 1350, so you will owe tham 2700, plus interest and penalties (negotiable), plus your husbands company should have operated paye and will be persued for employers ni say 12.8% of 12350 ie 1580. This is before loss relief of course.
Sean
Mrs Optimistic
I agree with Sean that the best plan is to come clean and get things sorted.
Depending on the facts, a more favourable scenario may be possible. For instance, perhaps you were self-employed when working for your husband's company?
In any case, your self-employed losses can be set against other income.
Feel free to email me.
chris @ taxattack.co.uk
I agree with Sean that the best plan is to come clean and get things sorted.
Depending on the facts, a more favourable scenario may be possible. For instance, perhaps you were self-employed when working for your husband's company?
In any case, your self-employed losses can be set against other income.
Feel free to email me.
chris @ taxattack.co.uk
