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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8037
Experience:  FCCA FCMA CGMA ACIS
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I have inherited a house and some savings, my mother and

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I have inherited a house and some savings, my mother and aunt have both died this year and have gifted me and my sister a house and some money. We then sold the house to my sisters son which we sold at the price we inherited the house. So in essence we made no money on the house.Do i need to declare all of this on my 2018-19 return?

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

 

No, but you would be well advised to make a note to that effect in your 18/19 return, but why, was this not in 19/20?.

Customer: replied 1 month ago.
All of these transactions were done in 18/19, I just haven't done my return yet. Also I am a director of my own limited company, I have been paying myself cash, how do I record this on my return

All emoluments paid by limited companies to directors must be made through PAYE channels.

Customer: replied 1 month ago.
I have paid myself via cash all year, what should i do now?

Register the company for PAYE, pass the payments through and use your own funds to meet the resultant tax and NI bill, sorry.

Customer: replied 1 month ago.
is this the only way to solve this issue? cant i sign up for paye now and treat 18-19 as money received?

Then you will have to make your peace with HMRC and pay interest on unpaid tax.

Customer: replied 1 month ago.
so it would be ok as long as i pay the tax and nic on my self assessment?

Yes, but don't do it again!

Customer: replied 1 month ago.
would you put it on the self assessment as self-employed or employed income?

Employed income, all directors are employees per se.

Customer: replied 1 month ago.
will they come back to me that i dont fill the tax section as paid any tax?

HMRC will not be very pleased, but providing the tax and interest thereon is paid promptly penalties may not be imposed.

Customer: replied 1 month ago.
can i say it is a directors loan?

You could, but loans to directors have to be cleared within 90 days of the company's accounting period to avoid horrendous tax complications.

Customer: replied 1 month ago.
im so worried, i just didn't realise and now i dont know what to do :(

Just come clean to HMRC, pay any tax and NI outstanding plus interest and don't do it again!

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.