WTC and CTC - What is income?
My client is an owner manager of a close company. He has a favourable loan account balance with the company (money invested last year) and will choose to draw no salary next year - his regular income to be replaced by the loan repayment.
Does this mean that his income for tax credit purposes is nil and therefore a claim for WTC and CTC is acceptable?
I accept that there are potentially moral issues, but it seems to be a legitimate case for a claim. Afterall, true earned income is nil - the only income is a debt repayment.
All observations and comments welcomed!
- Fees 399 5
- Do you use commercial software for Self Assessment tax returns? 488 17
- ACCA Special Business Resolutions... 259 3
- www.pool.adzio 100 2
- Time to ditch Sage? 359 6
- Losses carry forward to self employed 138 2
- Accounting Web - What is happening? 1,858 43
- Agent Authorisation Issue 273 3
- HMRC Post 551 7
- Transactions with directors 467 3
- CT600 - Credit balance in expenses? 306 9
- Non VAT invoices 236 4
- Travel is part allowable if combined with personal holiday 233 2
- Client in dispute with Customer over cancellation charge 1,420 32
- Correcting earlier year CT600s 271 5
- Form 17 Download 185 1
- Claiming VAT on car lease 584 28
- Small hotel - food for personal use 398 4
- HMRC Information notice 1,007 24
- Recommendations for online payroll software 301 3
- Chart of account segments; Balance sheet vs P&L 765
- Any knowledge of salesorder.com 416
- Could and would anyone here carry out a hot file review of some non statutory audit work please? 369
- Electric Car 302
- S222 Charge 246
- Corporation tax penalties and fines on the CT600 213
- IP trans to holding company 196
- Software to Deal with Amazon and Ebay Sales 189
- AIA 186
- Best way to convert Sage data to VT Transaction+ 181