How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Sam Your Own Question
Sam, Accountant
Category: Tax
Satisfied Customers: 7508
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Type Your Tax Question Here...
Sam is online now

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: 4 years ago.
Category: Tax
Expert:  Sam replied 4 years ago.

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



Customer: replied 4 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 4 years ago.

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