as this looks promising:
". For sole traders, trade losses of tax years 2020/21 and 2021/22 can claim additional relief by carrying back unrelieved losses and setting these against profits of the same trade for three years before the tax year of the loss."
Purpose of this forum is for Accounting professionals to exchange information.
NOT for getting free advice from Accounting professionals. It says so on the tin. Clearly.
Dont use a bookkeeper for tax advice, whether terminal or not.
Ok good to know.
Because I did not know. And I have a brief look specifically to see where it says that and I cannot easily find it.
So Im afraid in my view it doesn't say so on the tin. Nor is it clear.
I won't ask for advice on here again. But I am grateful those people who have been kind enough to offer it.
Ive always made an effort to be courteous and appreciative of people's help and time as I think that its important to respect, appreciate, and care people.
I have to say, however, I find you most unpleasant, and utterly lacking in empathy.
Yes, I’m pretty sure the Italian tax authorities will be delighted to waive Italian tax in the circumstances.
EDIT: No, actually, thinking about it, they won’t.
They actually do. When I have the answer on the point Ive raised this time, I'll be sure to update here. Meanwhile they actually are waiving huge amount of tax currently in order to attract inward migration.
What have you done since November 2020 about finding that Accountant you said you were looking for? This plan was muted then. Its really not that hard to find someone.
Why on earth do you think any of us should provide free advice?
This is not a charity. We are not charity workers.
So Ive answered your first question
Second question, please explain to me, the idiot, the purpose of this forum.
It may or may not be off interest to you that I don't currently want to trouble my bookkeeper as she is currently dealing with a terminally ill son in hospital and a serious personal health condition.
Personally I feel very charitable towards her, billions of my fellow humans around the world suffering right now and indeed any human being asking for help.
What have you done since November 2020 about finding that Accountant you said you were looking for? This plan was muted then. Its really not that hard to find someone.
Why on earth do you think any of us should provide free advice?
This is not a charity. We are not charity workers.
Im not asking for same advice as in the previous thread.
But to answer your question, for Uk matter I now have a qualified bookkeeper helping with both SA and VAT.
I have also had correspondence with accountants in Italy including a very helpful video call with a specialist.
Although, as it happens, the Italian accountant and KPMG have both confirm that I would in fact qualify for the 'Freelancer' Scheme that has been in place for some time now to encourage migration to Italy and this scheme means for 5 years an effective tax rate of 13.5% in the north and 4.5% in the south.
From memory my suggestion about this was ridiculed by some. But hey ho, no hard feelings here.
As it happens social security rates are extremely high in Italy so its not a complete win.
Thats why having your own Accountant who knows your exact personal (and business) circumstances is better than relying on strangers on the internet to provide answers with only half a story.
Surely you should have been doing some forecasting, so you would have known when sales were becoming problematic?!
Agreed. 100%. Although once those are in place I would still appreciate a diverse range of point of view/ expertise for issues that are debatable.
Actual sales went from £220k per annum to £0 overnight. Had I kept the core business, enjoyed some sunbathing etc, it would still been very challenging to ACCURATELY forecast sales.
But what really through a spanner in the works is that I was working 7 days a weeks 14 hours a day or more c.100 hours a week trying to deliver a mammoth project on a neglible budget whilst only too aware that even large companies with huge resources in staff, money and management experience had never attempted this on such a scale. Niave? possibly. Sales then would have been anything from £100k to £3m.
Hopefully this goes some way to explaining the situation and the results.
My VAT is now a mess. But with good professional help I can put it right.
Recover my health and once Im rebuilt, I can go on to prosper
My point was that you referred only to the difference between 20% and the FRS %. No mention anywhere of the input VAT foregone. I have quite a few clients that make little or no savings using FRS (some are prepared to accept a small cost for the convenience).
This is evidently true, thank you. (and I dont meant its true or untrue in my case but rather that assumptions are often show to be false in the light of the full circumstances). Thanks for all your help.
My answers
All is not lost I think...
as this looks promising:
". For sole traders, trade losses of tax years 2020/21 and 2021/22 can claim additional relief by carrying back unrelieved losses and setting these against profits of the same trade for three years before the tax year of the loss."
https://www.taxassist.co.uk/resources/articles/the-new-rules-for-trade-l...
Ahhh I see. Yes of course. Makes sense.
Thank you very much.
Would you be kind of enough to PM with your details/ website as I could with an accountant who both helpful and nice!
thanks again :)
Ok good to know.
Because I did not know. And I have a brief look specifically to see where it says that and I cannot easily find it.
So Im afraid in my view it doesn't say so on the tin. Nor is it clear.
I won't ask for advice on here again. But I am grateful those people who have been kind enough to offer it.
Ive always made an effort to be courteous and appreciative of people's help and time as I think that its important to respect, appreciate, and care people.
I have to say, however, I find you most unpleasant, and utterly lacking in empathy.
They actually do. When I have the answer on the point Ive raised this time, I'll be sure to update here. Meanwhile they actually are waiving huge amount of tax currently in order to attract inward migration.
A couple of examples below.
90%/ 70% of income non-taxable:
https://www.withersworldwide.com/en-gb/insight/relocating-to-italy-the-i...
100k tax limit:
https://taxsummaries.pwc.com/italy/individual/taxes-on-personal-income
So Ive answered your first question
Second question, please explain to me, the idiot, the purpose of this forum.
It may or may not be off interest to you that I don't currently want to trouble my bookkeeper as she is currently dealing with a terminally ill son in hospital and a serious personal health condition.
Personally I feel very charitable towards her, billions of my fellow humans around the world suffering right now and indeed any human being asking for help.
Thanks again for your time.
Thank you.
Forgive me im confused. I was estimating as follows:
Net Profit 20/21
29570
minus pers. allowance
12570
= 17000 taxable profit
minus
= 17000 loss
= 0
45,000 loss -17,000 offset = 28,000 losses left
Im not asking for same advice as in the previous thread.
But to answer your question, for Uk matter I now have a qualified bookkeeper helping with both SA and VAT.
I have also had correspondence with accountants in Italy including a very helpful video call with a specialist.
Although, as it happens, the Italian accountant and KPMG have both confirm that I would in fact qualify for the 'Freelancer' Scheme that has been in place for some time now to encourage migration to Italy and this scheme means for 5 years an effective tax rate of 13.5% in the north and 4.5% in the south.
From memory my suggestion about this was ridiculed by some. But hey ho, no hard feelings here.
As it happens social security rates are extremely high in Italy so its not a complete win.
Thank you, always for you time.
Agreed. 100%. Although once those are in place I would still appreciate a diverse range of point of view/ expertise for issues that are debatable.
Actual sales went from £220k per annum to £0 overnight. Had I kept the core business, enjoyed some sunbathing etc, it would still been very challenging to ACCURATELY forecast sales.
But what really through a spanner in the works is that I was working 7 days a weeks 14 hours a day or more c.100 hours a week trying to deliver a mammoth project on a neglible budget whilst only too aware that even large companies with huge resources in staff, money and management experience had never attempted this on such a scale. Niave? possibly. Sales then would have been anything from £100k to £3m.
Hopefully this goes some way to explaining the situation and the results.
My VAT is now a mess. But with good professional help I can put it right.
Recover my health and once Im rebuilt, I can go on to prosper
Thank you for you advice and time.
This is evidently true, thank you. (and I dont meant its true or untrue in my case but rather that assumptions are often show to be false in the light of the full circumstances). Thanks for all your help.
Ok thanks to all for helping out and I certainly understand more about VAT now than previously.
Going forward, clearly I need a lot of professional help!
With the business itself, VAT/ SA, mental health and life! :)