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?
- Value pricing 2,100 91
- CVA guidance 74 1
- LLP members share of profits 359 20
- SDLT on land 100 4
- Payroll Charging too much Tax? 212 2
- Can UK ACCA Practice prepare accounts for Indian company? 120 2
- why prior period posting will be single entry transaction and it wont have any balance transaction 215 3
- HMRC request for Sage Back Up 1,979 20
- Accountancy software for an imac 155 3
- PAYE coding notice - deliberate misstatement 559 15
- VAT Box 7 and supplies from unregistered traders 411 13
- PAYE Coding Notices 453 7
- March RTI Submission 137 1
- VT accounts licence key 544 9
- SDLT implications on an informal lease 83 1
- Renewable Heat Incentive Income - Taxable? 110 1
- VAT Option to tax 249 1
- From Ireland. Self-Employed or Foreign Income? 103 2
- Current tax asset 139 2
- Grants 192 5
- Residential Property Purchase Above £750K 880
- Using Sage with Sofa Categories 614
- Free Tax Legislation? 362
- Goods shipped inter EU and VAT Reporting 354
- Director Loan account operation 353
- Non-Resident Director - UK Tax Position? 312
- transferring simply accounting 2010 from xp to windows 7 299
- Understanding the implications of January 2015 VAT changes for downloads on threshold for VAT registration 284
- Sage 200 and Access Dimensions reviews 272
- Paye procedures for CVA 203