Member Since: 24th Jan 2014
23rd Mar 2020
It sounds like if it is accepted as a business it will be a 'hobby business'. With paying rent and traders insurance will there be any profit?
Do hobby businesses qualify you to pay class 2 NI?
20th Mar 2020
The fee may be your problem but as you make no reference to bank statements, mortgage statements or invoices for expenses I would not want to touch it without underlying evidence.
17th Mar 2020
I think you will have to get shot of this client. They obviously have not grasped how the tax system works. What ever words HMRC uses they are not customers of HMRC but tax payers.
10th Mar 2020
Can I suggest 'ultra vires' meaning beyond the legal power or authority of the directors.
Probably a dividend in excess of the profits available to distribute.
6th Feb 2020
You might get a response if you phrase the question better. I assume you mean are people using the Receipt Bank app? O had to google to find out this app existed
1st Feb 2020
I would not want to 'rubber stamp' some one else work.
23rd Jan 2020
I find that you have to not tick( My software un-tick) two boxes on page 6 of SA100 under heading ''if you have not paid enough tax''
Boxes number 2 & 3
Then if a tax return not required HMRC will generally take the client if the list.
19th Jan 2020
Thanks for replies. I was sure in the past that HMRC notified the NI people. I have never had to notify HMRC in 25 years.
I will look for the on line form for cessation of trade.
7th Jan 2020
Check that Life assurance was Life Assurance and not one of those Investment bonds (5%p.a. for 20 years then chargeable events).
If it was an investment bond then death gives a chargeable event, treated as income of the deceased, and falls in estate unless written in trust.
4th Jan 2020
Both You and client state the farming is not a hobby. However if no profits made for 5 years and no prospect of a profit it is not a business trading to make a profit. I cannot see why HMRC should permit future losses to be set against his pension.