Jolinsay

In addition, do I need to an established and successful self employed business before applying as a sole trader. Is there a requirement which I need to use business hire purchase or personal hire purchase would be fine to show that the EV was used as self employed business. Is a YouTuber treated as sole trader, YouTube have requirements to meet before getting income for views, would I need to pass those before applying as sole trader?

Hi, I am planning to be self-employed as a on-demand delivery men in weekend / end of each week days due to I have a day time employed job. And I would like to purchase an EV to support this self-employed work. In order to utilise the 100% capital allowance, do I need to: - work at least 10 hours on self-employed job, to prove that it is not a hobby - only claim the portion that I use the EV in business, or 100% even with private journeys, - declare myself as self-employed before purchasing the EV, or if I immediate do self-employed work after getting the EV, would that be preferred - only work on this driver job, how about on providing other services / handmade goods (how about travelling expense on purchasing raw materials, delivering products to the customers for handmade goods) If my self-employment traded in low income / loss, can I still claim for the 100% capital allowance and set off against my employed income or rental income? Can I use partial of this capital allowance instead, and reserve some for the future years. I believe losses cannot be partially claimed. If I want to be self-employed under residential / commercial rent business, how may I justify myself on this, as I do believe rent a room scheme were treated as rental income but not self employed. If I do continue development by attending housing seminars, perform house viewings, and speak with tax planners and mortgage advisors, showing that I have contribute significant of times in this business, can I be self-employed even if I don't own a second home in the near future?

Dear sirs / madam, I am both employed and self-employed on property rental business, currently limited to renting a room in my house. I would like to expand my business and seek for business opportunities, such as to perform house viewing, continue development by attending conference. Therefore a car is now necessary for me. I have looked at EV that can give me 100% capital allowance to set off any profits from my self-employment business. Assuming the price of EV is £45,000, and my self-employment income is £12,000, that will made my business traded in a loss of £12,000 - £45,000 = loss of £33,000. Assuming my FY24/25 employment income is £60,000 in FY24/25, as self-employment losses can set off against other income such as the employment income, my taxable profit will therefore be £60,000 - £33,000 = £27,000 in simplest scenario. And that's the basis that I will be taxed, bring me from 40% tax bracket to 20% tax bracket, paying income tax of (£27,000 - £12,750) * 20% = £2,850? If I use the EV for personal mileage, will my BiK tax be charged at 20% tax bracket too? By claiming the 100% capital allowance, can I still claim depreciation charge on my EV for the following 5 years of useful life if I am using the traditional accounting method? Is there a differences in how much capital allowance I can obtain if I pay the EV at once or through hire purchase? And must I take out a business hire purchase instead of a personal hire purchase to show that I will use the EV in my self-employment business. Is there any other tax that I should be considering? Thanks,

Hi, I will be purchasing a house with cash gift from my parents, the house price is £515,000, and if the gift was given to be equally by my parents, so £515,000 / 2 = £257,500 each. If unfortunately either of them passed away within 7 years time there is no inheritance tax for me to pay as these gifts are under the inheritance tax allowance of £325,000. Do they count as one or two individual / individuals in this case. Furthermore, there also an annual allowance of £3,000 for gift in one tax year and given that they have not gifted me any money in the last tax year, I will be able to receive £6,000 from each of them this year exclusive of the inheritance tax allowance. Hence the total gift I receive from one of them will be £257,500 - £6,000 = £251,500. Please may you advise if this is the correct understanding as I don’t want to pay the wrong amount of tax. Thus, personally do I need to pay any other income tax for these gifts? Thanks

Hi, My family is going to purchase a property at a cash offer of £515,000 in the next month and my parents are going to gift me the money for the cash purchase. We have a query on the inheritance tax and would like to have further clarification. In the context that my parents are considered as two individuals, and if they gift half of the cash offer £515,000 / 2 = £257,500 each to me for the purchase. Given that the amount gifted is lower than the inheritance tax threshold of £325,000, if unfortunately one of them died within the 7 years period, there is no inheritance tax to be paid as the gift is lower than the threshold? And there is a £3,000 gift allowance for each tax year, given that they haven't gifted me any money this tax year and the last tax year, therefore each of them has a £6,000 gift allowance to me this tax year. So essentially the taxable amount will reduce to £257,500 - £6,000 = £251,500. Please may you clarify if my understanding is correct?