Questions on VAT penalties and foreign business
I have two questions I would like you to assist me to resolve.
1. When a business fails to register for VAT tax upon reaching the registration threshold, out of ignorance, until it comes to light months later how does one avoid maximum penalty and surcharges?
This came to light at the time of preparing the annual accounts for the trader. Trade is hair salon and attached food shop.
2. When one who is a UK resident and ordinary resident trades, I know that tax is assessable on world-wide income. However, for a non domicile I understand that income is assessable to UK tax only when it is remitted to the UK. Is my understanding correct?
Also what do you do to the business expenditure like port and handling duties paid in the foreign country where the goods are sold? In particular where these expenditure far exceeds the reported income from the foreign country? Would the Revenue allow all these foreign expenditures, albeit business related expenditure?
- HMRC BACK AND FORTH FIGHT ON BTL PROPERTY ALLOWANCES 28 1
- Nominal Ledger 374 11
- Gave wrong info to client about tax due 540 20
- Running two businesses from the same premises 377 4
- Fines for filing 12 months of FPS on one submission 188 2
- Base value unavailable re. Capital Gain 177 2
- Old CGT loss 195 3
- Gov.UK = NOT OK! 147 3
- Paper tax return 138 4
- Start up allowance? 366 12
- Will I need to resign? 152 1
- Invest in ''buy to let'' property 1,350 41
- Penalty for late PAYE registration? 239 3
- AIA or IFA 447 7
- Surely not? 446 10
- Batch input of data to Xero - is there an app? 635 9
- Working out private usage for a Taxi Driver? 356 7
- Late Registration for VAT 359 11
- When do consolidated/group accounts needs preparing? 271 5
- Share structures 151 5