Self Assessment

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  • mind the gap
    replied
    Originally posted by max5445 View Post
    Thank you for your response. If an accountant does it on my behalf, does he have until the end of Jan 2013 to submit
    Yes, he does.

    Leave a comment:


  • max5445
    replied
    Originally posted by mind the gap View Post
    You need to complete a tax return to show how much you made for the period November 2011 - April 5th 2012, but if you do it online you have until January 31st 2013. If you are doing it on paper you only have until October 31st 2012.

    And the fine for late submission is nowhere like £1000 - nearer £100, I think.

    If this is new territory for you, I strongly advise you to engage the services of an accountant - at least for your first tax return. They can advise you about all the things you can offset against tax and in many cases they save you more money than they cost you to employ them.
    Thank you for your response. If an accountant does it on my behalf, does he have until the end of Jan 2013 to submit

    Leave a comment:


  • mind the gap
    replied
    Originally posted by max5445 View Post
    I let my property in November 2011, I am about to complete a tax return for that period, however someone has told me that I should have done this before January 2012 and because I have not I could be fined about £1000. Grateful if someone could clarify this. Regard

    You need to complete a tax return to show how much you made for the period November 2011 - April 5th 2012, but if you do it online you have until January 31st 2013. If you are doing it on paper you only have until October 31st 2012.

    And the fine for late submission is nowhere like £1000 - nearer £100, I think.

    If this is new territory for you, I strongly advise you to engage the services of an accountant - at least for your first tax return. They can advise you about all the things you can offset against tax and in many cases they save you more money than they cost you to employ them.

    Leave a comment:


  • max5445
    started a topic Self Assessment

    Self Assessment

    I let my property in November 2011, I am about to complete a tax return for that period, however someone has told me that I should have done this before January 2012 and because I have not I could be fined about £1000. Grateful if someone could clarify this. Regard

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  • Giving/Gifting House to Kids
    by Tony-Edwards
    Elderly parents in early 80s, one in not so good health.

    Lived in the same home (no mortgage etc) for 50+ years - now worth approx £180,000 - £200,000 and they have minimal savings.

    Looking ahead, if one has to go into care (or council provided home care) I understand there...
    11-08-2022, 11:12 AM
  • Reply to Giving/Gifting House to Kids
    by jpucng62
    If they are left with a house bought 50 years ago and nothing else it certainly hasn't been a financially productive life has it? Either they have earned very little or spent quite a lot. Seems a bit odd to then think there would be anything left for the kids after either scenario....
    12-08-2022, 16:55 PM
  • Reply to Giving/Gifting House to Kids
    by Tony-Edwards
    Ha-Ha don't try and deflect it back to me.

    I posted a scenario with info to ask for peoples views - yet you chose to go on the attack lol...
    12-08-2022, 15:25 PM
  • Reply to Giving/Gifting House to Kids
    by gnvqsos
    The house is being exchanged for the provision of care .Why should the family inherit the house, benefit from a windfall, and expect others to fund their parental care? The family could fund the care and then house could be inherited as and when the parents pass on.. There is also equity release as...
    12-08-2022, 14:15 PM
  • Reply to Giving/Gifting House to Kids
    by Neelix
    Then why are you getting involved?...
    12-08-2022, 13:58 PM
  • Reply to Giving/Gifting House to Kids
    by Tony-Edwards
    Ah how sweet - and clearly you CANNOT READ !!!!!

    As previously stated - quite clearly I thought - " (BTW they're not my parents or kids) "...
    12-08-2022, 13:37 PM
  • Reply to Giving/Gifting House to Kids
    by Hollywood
    I'm not even sure the £86000 lifetime limit has come into being yet. I also think the care home fees have to have the personal care cost element removed.
    12-08-2022, 12:48 PM
  • Reply to Giving/Gifting House to Kids
    by jpucng62
    Two points:

    1. Why should the tax payer pick up the bill for the parents care if they have assets? I really don't understand this point of view.

    2. I would rather pay for my care and get a choice than rely on the Council & get possible a worse standard of care.
    12-08-2022, 09:53 AM
  • Reply to Giving/Gifting House to Kids
    by royw
    I'm not quite quite sure why you think they are being robbed? They have assets so can afford to pay for themselves. I would consider the council tax payers - many of whom can only dream of owning their own home - to have been robbed if they have to pay for it.
    Totally agree about those who could...
    11-08-2022, 22:45 PM
  • Reply to SDLT relief for multiple dwellings
    by BIGGYBIBIG
    It would seem there is nobody with any knowledge on here, which is strange as i would have thought many people would have purchased blocks of flats and even if they did pay the wrong stamp duty by mistake as they did not know , HMRC do give you a one year window from completion to claim it back
    ...
    11-08-2022, 18:52 PM
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