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?
- Recovering VAT on property purchase 246 4
- Agent for mobile DJs. Could the DJs be considered to be working for him? 112 1
- UK Subsidiary of Foreign Company 93 1
- How to prove to HMRC that you was not self employed? 1,021 31
- Drop Down Boxes 239 4
- Any Scottish members out there? 13,643 504
- Any other payroll providers transferring from Sage to Moneysoft? 163 1
- Does anyone use quotation software? 596 8
- help needed with rti paye please 176 3
- Cash injection by shareholder 865 9
- Director selling assets to the company that were given to her 423 11
- Can't read my handwriting 819 19
- Undeclared rental income 429 7
- Home Use Costs in Company Accounts ? 353 7
- Sick pay 263 6
- Directors self assessment 186 2
- Employer's Helpline 226 1
- Employment Allowance Incorrectly Claimed for Domestic Payroll 146 2
- Commercial rental property - still Schedule A? 202 1
- Now Scotland has voted "No", when does England get to vote? 1,776 70
- Raiders of the Lost Tax File 1,417
- Chartered Accountant in County Down N.Ireland 545
- National Insurance 442
- Non Resident 332
- Hands on experience of Digita 263
- Best way to take money from a business if you have unlimited EIS allowances? 261
- Does anyone use PS Financials accounting software out there? 172
- Umbrella pay services 147
- VAT on ESS via Apple, Google, Nokia - 131
- EPS Analysis - Change to EURO 125