My son-in-law is a one man Limited company, trading for just over 18 months, and his accountant has just informed him that he has to fill in a self assessment tax return. Why is this?
Here's a situation I've not come across in 40 years of practice.
About a month ago an important tax case was to be heard. Donaldson v HMRC. It was the one about whether the £900 late payment penalty was legal or not.
Sorry just need to rant about the lack of help from HMRC. Client (small Ltd company) has a 3 employee payroll, one on maternity leave for much of 2013/14 tax year.
My client ceased trading on 31/03/14. (previous accounting periods in line with tax years, no overlap)
I was registered with NI as self employed on 3rd July 2014 started trading on 15th july 2014 .
I established a Ltd. company on 22th April 2014 , and started trading on 15th July.
My client is a VAT registered property rental company (fully standard rated) with a bank loan of £1.2million.
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