Top Self Employed Tax Questions
Thursday, March 13th, 2008What is Business Turnover? Sales turnover is the total amount of income a business earns before deducting business expenses. Turnover includes receipts of any kind for goods sold or work done such as commission, tips, payments in kind, fees and insurance proceeds. Include sales turnover in your financial accounts at the date it was invoiced or earned and not the date received.
What is excluded from Business Turnover? Sales turnover excludes sales of fixed assets such as premises, vehicles and plant and equipment. Also exclude business start up allowances which are entered separately on the self assessment tax return. Money introduced to the business is excluded being capital introduced and not sales turnover.
Tax On Foreclosure
Friday, March 7th, 2008The impact of the housing market and the tighter lending standards has put the homeowners into a dilemma. Lending crisis continues to shake out, it has affected homeowners particularly those who have used creative mortgages. Long-time homeowners who refinanced their properties based on increased value too could find themselves in tax trouble with foreclosures.
The increasing foreclosure rate in the country resulted from the collapse of the subprime loan market. These Subprime loans were sold forcefully to gullible borrowers. Today the real value has suffered and equity has taken a record beating. According to the recent data it exhibited that neighborhoods with home prices less than $250,000 are taking the worse beating, on the other hand, higher-prized communities remain relatively unscathed.
9 Surefire Ways To Increase Your Retirement Income
Thursday, February 21st, 2008The old saying ‘money can’t buy happiness‘ is not necessarily true. My contention is that money can absolutely contribute to a higher quality of life, which in turn can contribute to a higher level of happiness. And at no time in our lives is this more important than retirement, because it’s unlikely most of us will be able to increase our income by going back to work in our 70’s or 80’s.
Top Self Employed Tax Questions
Tuesday, February 12th, 2008What is Business Turnover? Sales turnover is the total amount of income a business earns before deducting business expenses. Turnover includes receipts of any kind for goods sold or work done such as commission, tips, payments in kind, fees and insurance proceeds. Include sales turnover in your financial accounts at the date it was invoiced or earned and not the date received.
What is excluded from Business Turnover? Sales turnover excludes sales of fixed assets such as premises, vehicles and plant and equipment. Also exclude business start up allowances which are entered separately on the self assessment tax return. Money introduced to the business is excluded being capital introduced and not sales turnover.
9 Surefire Ways To Increase Your Retirement Income
Tuesday, February 12th, 2008The old saying ‘money can’t buy happiness‘ is not necessarily true. My contention is that money can absolutely contribute to a higher quality of life, which in turn can contribute to a higher level of happiness. And at no time in our lives is this more important than retirement, because it’s unlikely most of us will be able to increase our income by going back to work in our 70’s or 80’s.
9 Surefire Ways To Increase Your Retirement Income
Monday, February 11th, 2008The old saying ‘money can’t buy happiness‘ is not necessarily true. My contention is that money can absolutely contribute to a higher quality of life, which in turn can contribute to a higher level of happiness. And at no time in our lives is this more important than retirement, because it’s unlikely most of us will be able to increase our income by going back to work in our 70’s or 80’s.
Capital Gains Tax Taper Relief - Capital Gains
Wednesday, January 30th, 2008Capital gains tax taper relief is an extremely powerful form of relief and can result in significant tax savings.Taper relief was introduced from 5 April 1998. It applies only to individuals not companies. This article concerns individuals only, taxation of corporate bodies is dealt with elsewhere.
There are two types of relief, business asset and non business asset.
Capital gains are calculated by deducting the cost of an asset from the net sale proceeds. Cost can include the original cost of the asset, improvement expenditure and an allowance for inflation known as indexation allowance could be added. Indexation allowance only applies up to 1998 when it was replaced by taper relief.