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Tax Tips Renting out your own car space- taxable or non taxable?

Accountant, Book kepping, Business structure, H M Revenue & Customs, Legal documents, Professional services, Rental accounts, Self Assessment & Tax Returns, Self Assessment-uk, Self employed, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Who needs to file a Self Assessment Tax Return?, , , , , , ,

TAX TIPs

How many of you who have rented out your own car park space knew the consequences?

Did you know that renting out your own car space and receiving income from that source is deemed as taxable income, even if that means that by doing so you have to rent a space yourself.

Renting out your own car park space on your own driveway means you are responsible for declaring that income on your own personal self assessment tax return when you file it to  H M Revenue and Customs. The entries should be made on the Land & Property pages

Remember to consider that should you enter into this type of arrangement make sure you prepare a contract and include a break clause in case the situation changes.

How care aware are you?

Business start ups and advice, Business structure, Landlords & Rental Income, Mental Capacity Act, Professional services, Rental accounts, UK Tax Self Assessment, Uncategorized, , , , , , , , , ,

CARE AWARE

In todays society amd from personal experience, I know how difficult it can be to decide what to do when a loved one is taken ill or diagnosed with chronic disease and the impact it can have on day to day running of your business.

The benefit of my experience is that I know what questions need to be asked to ensure YOU make the best decisions and what to consider, plan and structure for in the changing times ahead in regards to those old age problems and rising Care Costs. 

THIS NEW service “CARE AWARE” covers various topics such as:

  • Considerations of what you may have to prepare for when older family members need help and how it may affect you and or your business.
  • Health- Social Care – It’s impact.
    know the difference.
  • Lasting Power of Attorney Finance & Health & Wealth fare
  • The importance of making a will.
  • Considering A Care Home, Ask the right questions.
  • How to manage and cope and structure for changing times ahead when dealing with loved ones who are losing or have lost Mental Capacity.

How to obtain US Individual Taxpayer Identification Number)

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How to obtain a US Individual Taxpayer Identification Number)
If you are not a US citizen or resident in the US and you want to publish on Smash words, Amazon Kindle or Create Space, your earnings will be taxed unless you have an Individual Taxpayer Identification Number (ITIN).

Unkless you have an ITIN Number this means that Amazon will tax your royalties before paying you at a rate of  30% .

Contact Jane for further information into this service on 07801 287 213

 

Self Assessment

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Self assessment time for the last opportunity to file your tax return to Hm Revenue and Customs is fast approaching.

Self assessment is an easy way to calculate your tax. One of our professionals would only be pleased to assist.

If you would like help filing your return on line and you would like to make sure you have claimed all your allowances plse contact us at www.virtualtaxuk for a consultation