Hello, Happy late Easter everyone 🐣 This question is not exactly business related, but maybe someone has experience in similar situation? I have lent some money to a family member few years ago (no interest, just plain family helping family) and they'd like to start returning what's owed. It's relatively significant sum, i even consider opening a separate bank acc as not to mingle that money with my PAYE income. Are there any considerations from tax point of view? Will i need to file tax return? Would that money count as income? For the sake of argument, would HMRC classify it diffedently if it is £500, £1000, £5000, £10,000, or £15,000? Kind regards, Just B
Hi Just, Whilst we can’t give specific 1-2-1 advice here due to professional regulations, in general repayment of an interest free loan isn’t going to incur income tax. If you imagine you likely lent it from tax paid money and they are likely repaying it with such.
Another great video. Yes a video on a Ltd company adding to a SSAS would be very useful - I've been reading up on it with the carry forward rules; opening a pension trust fund; registering it with HMRC for the official code for the relief etc etc (I think if for 1 person it doesn't need to be registered with the Pensions Regulator) and plan to do it in the coming months to reduce the future corporation bill / gain some relief on that side of things!
Hi Adam, Think we may well do a vid on pension basics but SSAS might be a bit ‘advanced’ for what we can talk about. Where financial advice is regulated in many areas we are slightly hamstrung in what we can talk about.
@HeelanAssociates I fully understand 😀 my accountant said exactly the same thing! So I'm 'going it alone' and just doing a very simple SSAS with an approved government provider ie NS&I as a Trust Fund structure - easy to do - and highly tax efficient. Keep up the great work and videos! I shared this channel with my accountant as a benchmark idea to think about. They are very useful. Have a good weekend. Best wishes, Adam
Great video. When you say "note the dividends" do you mean you can just write a document declaring dividend withdrawal from 23-24 but not take them out until 24-25 at the 23-24 rate?
That’s effectively right yes, you need the legal paperwork in place to ensure it’s taxed in this year. Check out some of our dividend videos for more on this, or our blogs at our website.
I just registered as a sole trader and only been trading for 5 weeks. Apparently I can just carry it over to the next text year. Do I need to do anything?
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That was brilliant .Thank you very much
Glad you enjoyed it!
A good checklist Dan.
Thanks Baldeep!
Dan, does a personal credit score ever become a problem when starting up a limited company? Thanks
Not when forming it. If you’ve had something like an IVA or similar sometimes getting a bank account with some banks could be a challenge.
@ Thanks!
Hello,
Happy late Easter everyone 🐣
This question is not exactly business related, but maybe someone has experience in similar situation?
I have lent some money to a family member few years ago (no interest, just plain family helping family) and they'd like to start returning what's owed. It's relatively significant sum, i even consider opening a separate bank acc as not to mingle that money with my PAYE income.
Are there any considerations from tax point of view?
Will i need to file tax return? Would that money count as income? For the sake of argument, would HMRC classify it diffedently if it is £500, £1000, £5000, £10,000, or £15,000?
Kind regards,
Just B
Hi Just,
Whilst we can’t give specific 1-2-1 advice here due to professional regulations, in general repayment of an interest free loan isn’t going to incur income tax.
If you imagine you likely lent it from tax paid money and they are likely repaying it with such.
Many thanks, i was thinking along the same lines :)
Another great video. Yes a video on a Ltd company adding to a SSAS would be very useful - I've been reading up on it with the carry forward rules; opening a pension trust fund; registering it with HMRC for the official code for the relief etc etc (I think if for 1 person it doesn't need to be registered with the Pensions Regulator) and plan to do it in the coming months to reduce the future corporation bill / gain some relief on that side of things!
Hi Adam,
Think we may well do a vid on pension basics but SSAS might be a bit ‘advanced’ for what we can talk about.
Where financial advice is regulated in many areas we are slightly hamstrung in what we can talk about.
@HeelanAssociates I fully understand 😀 my accountant said exactly the same thing! So I'm 'going it alone' and just doing a very simple SSAS with an approved government provider ie NS&I as a Trust Fund structure - easy to do - and highly tax efficient. Keep up the great work and videos! I shared this channel with my accountant as a benchmark idea to think about. They are very useful. Have a good weekend. Best wishes, Adam
Great video. When you say "note the dividends" do you mean you can just write a document declaring dividend withdrawal from 23-24 but not take them out until 24-25 at the 23-24 rate?
That’s effectively right yes, you need the legal paperwork in place to ensure it’s taxed in this year. Check out some of our dividend videos for more on this, or our blogs at our website.
@@HeelanAssociates Very helpful, thanks.
I just registered as a sole trader and only been trading for 5 weeks. Apparently I can just carry it over to the next text year. Do I need to do anything?
Thank you.
You're welcome!