If a self employed person has 18months books showing a small profit, and hasn't registered yet (commencement date 1st August 2005) what would the small earnings exemption figure be, to avoid the £100 penalty for late registration?
Apportioned profit for 0506 is £2937 and 0607 £5035 (capital allowances restricted).
Would this avoid the penalty, or does the 0607 figure mean penalty payable?
Couldn't find a clear answer in Tolley's so thought I'd see what you all thought!
Thanks
Jenni
Replies (2)
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Penalty due...but
As things stand a penalty is due, as the 06/07 is over the small earning exception limit. Would it perhaps be worth claiming more cas to reduce the profit?
Penalty
Reading my question back, and seeing your reply, I feel like kicking myself, what a stupid question and what an obvious answer of course a penalty is due as things stand!
I guess it's Friday afternoon. ;)
And yes, I'd already decided to up the CA's if needed.
Thanks for the reply Alastair, have a good weekend
Jen