The info on that HMRC page can't be relied on unfortunately. I have seen loads of clients with Class 2 noted on there even though they ceased self-employment years ago (and HMRC were informed)
Right... after a bit of back & forth, I've realised in my specific case there was a further quirk. Total income would have triggered a small amount of higher rate tax if the MAT was claimed, hence the calculation not reflecting it (the numbers in my originally post were obviously over-simplified too much, sorry!)
TaxCalc support managed to eventually spot this but I needed the links in this post to get my point across - thanks for all comments!!!
Thanks but yes I knew that bit - I was interested whether anything could be done post-year end to enhance the calculation. I don't think there is anything...
I did mean if they could alternatively get below £25k, e.g. if they happened to want to make suitably high pension contributions before trade ceases (seems unlikely).
As there are 2 individuals with 2 annual exemptions which can be used in the next few months, we can get more out at 0% with a MVL.
I have a client who I tried to register for SA and it got rejected as a UTR already existed which client had no knowledge of (as he's always been PAYE). He then received the standard HMRC rebate security check letter about a refund due to be paid to him (which he had no knowledge of). We wrote and explained we thought it was fraud and they probably need to issue a new UTR but they've done nothing about it since (nothing that we've seen anyway!). Client still needs to file a SATR for 21/22 so we are a bit stuck...
I have a client who registered at a similar time, there was a huge delay, we were told to resubmit the application, then the client got a VAT number, then a few days later got that letter you have (but re another VAT number). Turns out that number has now been allocated to a tennis club.
Could there have been 2 submitted VAT applications around the time HMRC changed their VAT reg process?
My answers
Thanks all for your helpful comments.
I did email phishing@HMRC already but haven't heard back as yet.
To give an update, client has now been given a 'Check of VAT Returns' letter by email which does appear to be genuine...
Do you actually tell people this is a requirement? I have never ever seen a client need to do this.
The info on that HMRC page can't be relied on unfortunately. I have seen loads of clients with Class 2 noted on there even though they ceased self-employment years ago (and HMRC were informed)
Right... after a bit of back & forth, I've realised in my specific case there was a further quirk. Total income would have triggered a small amount of higher rate tax if the MAT was claimed, hence the calculation not reflecting it (the numbers in my originally post were obviously over-simplified too much, sorry!)
TaxCalc support managed to eventually spot this but I needed the links in this post to get my point across - thanks for all comments!!!
I did the transfer when both taxpayers had income between £12,570 & £50,270, on a few separate occasions.
Thanks but yes I knew that bit - I was interested whether anything could be done post-year end to enhance the calculation. I don't think there is anything...
If u are are referring to staking it is usually taxed as 'other income' rather than interest, this may help
https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto21200
I did mean if they could alternatively get below £25k, e.g. if they happened to want to make suitably high pension contributions before trade ceases (seems unlikely).
As there are 2 individuals with 2 annual exemptions which can be used in the next few months, we can get more out at 0% with a MVL.
I have a client who I tried to register for SA and it got rejected as a UTR already existed which client had no knowledge of (as he's always been PAYE). He then received the standard HMRC rebate security check letter about a refund due to be paid to him (which he had no knowledge of). We wrote and explained we thought it was fraud and they probably need to issue a new UTR but they've done nothing about it since (nothing that we've seen anyway!). Client still needs to file a SATR for 21/22 so we are a bit stuck...
I have a client who registered at a similar time, there was a huge delay, we were told to resubmit the application, then the client got a VAT number, then a few days later got that letter you have (but re another VAT number). Turns out that number has now been allocated to a tennis club.
Could there have been 2 submitted VAT applications around the time HMRC changed their VAT reg process?