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Sam
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Category: Tax
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. My ex partner is being difficult about child manintance.

Resolved Question:

hi. My ex partner is being difficult about child manintance. I have just contacted CMS to contact him on my behalf but they are unable to give me any figures and directed me to the CMS calculator. Unfortunately I have no idea how much he earns (he's self employed) 'but I do no his most resent tax bill was £15,000. Please could you give me 'an approximate figure' he may earn to pay this much tax. Thanks
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.
If his bill is £15,000 for 31/01/2014 - this will be the bill plus half again so the actual bill will be £10,000 and within this £10,000 there will be tax and National Insurance (Class 4) so his self employment net income (what he earns less expenses) would be approx. £45,000 (which produces just over £7000 tax and just under £3000 Class 4 national Insurance)
Let me know if I can be of any further assistance
Thanks
Sam
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Customer: replied 2 years ago.

don't no if you can help with this. I'm trying to put into a percentage form what we each should receive on the sale of the house. I invested £240,000 when we purchased it, we took out a mortgage of £220,000 and Andrew used approx. £70,000 to renovate the house (so no actual capital in in the house on purchase, but he did spend £70,000)

We are not going to get the exact amount we paid for the house, we are asking £530,000. I think percentage is fair was of dividing the money after the mortgage has been paid as you would not get the same amount of interest at a bank if you put £240,000 or £70,000. At the moment the house is in 99% MY name and 1% his. I want to be as fair as possible. Thanks

Expert:  Sam replied 2 years ago.
Hi
Thanks for your response -
You would ideally need a legal expert - but as an educated guess so that each gets out what they put in -
I can help but would normally need to send a request for additional funds due to additional Q & A time (as Just Answer policy dictates)but as this is your first time on Just Answer, I shall on this occasion answer, through this same question thread.
So you invested £240K plus (I assume paid half the mortgage) so half of £110,000 - total £350K
Andrew spent £70,000 and also has half the mortgage £110,000 - total £180K
So total position of £530,000
You 66%
Andrew 34%
With the mortgage being paid off first 0 costs to sell and legal costs taken care of then the above split of remaining profit.
Although if you have the property as 99% you and 1% him - you do have the right to take that position forward in law (I understand not in morality though!)
Thanks
Sam
Customer: replied 2 years ago.

Thank you, ***** ***** bit scary as that means for my investment of £240,000 I would only get £204,600 back, whilst for his £70,000 investment Andrew would get a much larger amount of £105,400! that does not seem fair somehow. But thanks for your help

Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
The legal position is that you get 99% of the profits and he 1% but you asked for a fair split which is based on that fact he put a share into the house and also suffered payment of 50% of the amount borrowed -
And you would get £349,800 less your half share of the mortgage outstanding (which at worst would be £110,000) leaving you £239,800 so a £200 loss, which is explained by the costs to buy and sell - (which £200 represents much less than half the share of those costs)
Thanks
Sam
Thanks
Sam