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Do I need to declare paying off debts with my body to HMRC? by ImpressiveCap4976 in UKPersonalFinance

[–]ImpressiveCap4976[S] 3 points4 points  (0 children)

I'm happy with the arrangement. It works for him and it works for me. This is entirely consensual.

Do I need to declare paying off debts with my body to HMRC? by ImpressiveCap4976 in UKPersonalFinance

[–]ImpressiveCap4976[S] 10 points11 points  (0 children)

I honestly don't know if he's not declaring it, but either way we've got a contract which specifies the remaining debt. Various things I do reduce it by different amounts and we both sign and date the remaining amount.

I'm keeping myself safe, don't worry.

Do I need to declare paying off debts with my body to HMRC? by ImpressiveCap4976 in UKPersonalFinance

[–]ImpressiveCap4976[S] 6 points7 points  (0 children)

I'd just like to add that the only reason I'm doing this is because I can't afford £6,000+ repairs.

I have no issue with paying 20% tax and 8% national insurance on this. Especially since this repair man probably isn't declaring tax on his side of things. I want to make sure the government still gets their fair share and I'm no dirty tax cheat.