Declaring money coming in that's not mine

[honeybee13]

Hello again.

 

I hope your accountant and the bank can help, but I'm wondering if the various agencies will be interested in who is the beneficiary of the policy? That would be the person entitled to the money, sorry if that's teaching you to suck eggs.

 

Do you know who the beneficiary is please?

 

HB

[physicsgraduate]

The beneficiary is the person who paid all the money in to the policy without my knowledge, and who now is entitled to the proceeds. This case is now closed. Please delete this thread if possible admin. When I'm a successful artist I will reward you. £>

[ericsbrother]

I dont think it is income but a capital gain and would thus be entered as a cash asset. Tax on this is mitigated over a number of years and so the amount you are taliking about would not attarct tax at all.

Filling out your self employed tax returns is actually very simple if your turnover is below a certain limit, basically you tell them the turnover, outgoings and net income and pay class 2 or 4 national insurance and then tax on the net income if it is above the threshold set for the year. No complicated accounts, just a 2 page short form for the business.

[blondebubbles]

I dont think it is income but a capital gain and would thus be entered as a cash asset. Tax on this is mitigated over a number of years and so the amount you are taliking about would not attarct tax at all.

Filling out your self employed tax returns is actually very simple if your turnover is below a certain limit, basically you tell them the turnover, outgoings and net income and pay class 2 or 4 national insurance and then tax on the net income if it is above the threshold set for the year. No complicated accounts, just a 2 page short form for the business.

 

The original question was more about declaring it for tax credits. They ask for details of taxable income, whether or not tax was paid.

[honeybee13]

Thank you to everyone who has contributed to the thread and tried to help physicsgraduate.

 

The thread seems to have run its course so I have closed it.

 

HB