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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7274
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Hi there I would like to know what happened in this circumstance

Customer Question

Hi there I would like to know what happened in this circumstance
I'm self employed and I've just paid my income tax a few days ago what is altgought concerning me is that I don't how much I need to pay on my next tax bills has he deposited in my account 50.000.00£ to help me out throughout the year and I've not made any deposits after that into my account
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.
Hi


Thanks for your question, my name is Sam and I am one of the UK tax experts here on Just Answer.

Can you explain a little more, as I am confused -

I am aware that you are self employed and that you paid your tax bill (which I assume was the tax due for the tax year 2012/2013)

So then please explain who has deposited £50,000 into your account, and whether you have continued to earn income from self employment since 06/04/2013 to date, and whether you will earn anything from now to 05/04/2014

Thanks

Sam



Customer: replied 3 years ago.
Sorry I've not made myself clear yes my boyfriend has deposited into my account also been away for a few months and I've not worked no so I've not deposited since he did , do I still need to pay tax in that amount what are the opinions ?
Thank you Sam
Expert:  Sam replied 3 years ago.
Hi

Thanks for your response and the additional information

Can you advise when you last worked in a self employed capacity, and
whether you plan to continue - and also
1) What was your net profit for 2012/2013 (so total income less expenses)
2) Total income less expenses so far from 06/04/2013 to date - this is ok to provide an approx. figure - and what income and expenses you might have between now and 05/04/2014
3) What was your tax (and Class 4 National insurance) bill for 2012/2013

I ask these questions as there may be the capacity to either cease the self employment, then its a question of from what date OR if self employment in continuing whether there is scope to reduce the payments being asked for

Thanks

Sam

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