I've just exited from a truly awful HMRC webinar on penalties.
We have a subsidiary in Nigeria, this was incorporated in Oct 2012. The first accounts are 15 months accounts made up to Dec 2014.
The tax year in Nigeria ends 31st Dec.
Income for the company £100,000
Two staff salary at £24,000
One staff at £10,000
It's all a bit of a minefield for a non-accountant learning as they go - NIC payments, £2k NIC allowance, corp tax, income tax etc.
Have just spent 1/4 of an hour on hold trying to get through to the agent help line. Same thing the other day too. I guess they have decided we no longer need priority treatment and can wait ages
I currently live in the UK and run my own small business.
Let us assume, for the sake of this question, that my client is liable to a penalty for carelessness in his tax return with an undisclosed error, so 15% penalty being charged.
I am preparing a CT600 for a company which manages and sub-lets a leased property for profit. I am unsure whether to call it a trading company and select 0 on the 'Type of Company' page or select