HMRC launches free online support for business

Freelance journalist
Share this content
Tags
6

Businesses can now get free help, advice and education from HMRC via a free tax-related email service.

Businesses fill in an online form to avail of the service, which the Revenue says provides "information tailored to your needs". 

For example, they provide guidance about the type of financial records businesses need to keep...

Please Login or Register to read the full article

Replies

Please login or register to join the discussion.

Taxman launches free online support

Would this be a good time for accountants to retire or re-brand?

Thanks (0)

This has been

coming for some time. Whatever happened to "agent strategy" ? Oh yes HMRC want to vet all agents before giving them any power. So the answer is simple get the client to register with all the passwords and then hand over to us.

Thanks (0)

Not so much fishing rods, but nets for catch to jump into.

Nice, they will have it all in  writing.

Thanks (0)

Terrifying

"We're from the government and we're here to help."

Thanks (2)

Taxman launches free online support

From  Dicken's novel (with apologies). HMRC has great expectations.

'Take the case that a taxpayer under S/A has a loss of £30000.00 brought forward.                     In a following year, a profit of £12000.00 is made. HMRC will advise him that the loss has been set off against the profit, resulting in a loss to carry forward of £18000.00.

Take the case that an astute accountant completes his tax return. He will deduct the P/A of £9000.00 from the profit, giving a taxable profit of £3000 and a loss to carry forward of £27000.00

For whom is the benefit of this proposal?

 

Thanks (0)

Correct computation of losses carried forward

ver1tate wrote:

From  Dicken's novel (with apologies). HMRC has great expectations.

'Take the case that a taxpayer under S/A has a loss of £30000.00 brought forward.                     In a following year, a profit of £12000.00 is made. HMRC will advise him that the loss has been set off against the profit, resulting in a loss to carry forward of £18000.00.

Take the case that an astute accountant completes his tax return. He will deduct the P/A of £9000.00 from the profit, giving a taxable profit of £3000 and a loss to carry forward of £27000.00

For whom is the benefit of this proposal?

 

HMRC are correct, the allegedly "astute" accountant is wrong at best (or fraudulent at worst).

Brought forward losses must be used against first available losses BEFORE deduction of personal allowances.

CORRECT:

    ( 30,000)   Losses b/f

      12,000     Profits 

------------------------------- 

    ( 18,000)   Losses c/f

=================== 

Personal allowances are lost unless there's other income to use them against.    Not a "good" result for the taxpayer, but a result that is compliant with tax law.

The demonstrated benefit is that tax losses have been correctly used as prescribed in tax law, and an inexperienced (or incompetent) (or fraudulent) accountant has not been able to mis-apply the rules.

 

Thanks (0)