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Where Taxpayers and Advisers Meet

Need experienced advice

raging666
Posts: 1
Joined: Wed Jun 26, 2019 2:45 pm

Need experienced advice

Postby raging666 » Wed Jun 26, 2019 2:54 pm

Good afternoon. I have following situation. I'm full time employed, but was involved in property sale in one company as an agent, then my contract with them got terminated, but as I done the deal before, I was paid 43,000£ , I provided them invoice for that amount, and I'm responsible for tax payment on that. In order to do this deal I had another agent involved who provided me client database and he claims 33,000£ from this income. What he should provide me and what should I provide to HMRC? I appreciate your help in this case.

pawncob
Posts: 4352
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Need experienced advice

Postby pawncob » Wed Aug 07, 2019 3:41 pm

Can anyone make sense of this>
With a pinch of salt take what I say, but don't exceed your RDA

robbob
Posts: 2827
Joined: Wed Aug 06, 2008 4:01 pm

Re: Need experienced advice

Postby robbob » Thu Aug 08, 2019 8:05 am

Can anyone make sense of this>
Yes sounds like raging 666 needs to register as sole trader and declare the £43k as income with £33k of expenses - might seem a little bit fiddly for one deal but presumably the intention was to do this as a trade type activity so registration as sole trader - completion of tax return detailing income and expenses and notification of cessation of sole trader activity.

well thats my best guess :)


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