Because he has continued to draw money from the company on an ongoing basis, I was under the impression that this would be classified as bed and breakfast and only declaring a dividend to try to avoid the tax and penalties. Happy to hear others experience and advice. Thank you.
Without a doubt but the client is acting quickly and not waiting so I'm just seeing if anyone knew about anything whether anyone knew if factories could put their staff on furlough or not? If no one knows that's absolutely fine. Just reaching out really.
It was obvious but I was doubting myself and started thinking it was too straight forward and should be accounted for somewhere else. Thanks for clarifying and putting my mind at rest.
Thank you for your input must appreciated, I'm not sure if my confusion has been lost in translation.
Where I'm struggling to get my head around and there is nothing in the guidance as far as I can see is what happens when the business has only been started in the latest tax year, can you still carry back losses to other income or is it only in the years the business has been trading?
I had been using the HMRC help sheet HS227 as my initial guidance.
My answers
Because he has continued to draw money from the company on an ongoing basis, I was under the impression that this would be classified as bed and breakfast and only declaring a dividend to try to avoid the tax and penalties. Happy to hear others experience and advice. Thank you.
AA123456A worked this morning for one of ours. It might fall down later but it accepted it at the moment.
Hope that helps
Clara
Without a doubt but the client is acting quickly and not waiting so I'm just seeing if anyone knew about anything whether anyone knew if factories could put their staff on furlough or not? If no one knows that's absolutely fine. Just reaching out really.
The employers sorry to not clarify. The employers seem to think they cant furlough.
It was obvious but I was doubting myself and started thinking it was too straight forward and should be accounted for somewhere else. Thanks for clarifying and putting my mind at rest.
That's brilliant thank you very much for your help.
Yes that's correct.
Thanks for your help -
The website went live in December 2016.
Most of the expense was on getting the website up and working, design, production of videos for the website etc. The first sale was in February 17.
The expenses started in June 16.
The losses are all incurred through the sole trader business and all other income is PAYE.
Thanks again everyone, really appreciate it.
Hi All
Thank you for your input must appreciated, I'm not sure if my confusion has been lost in translation.
Where I'm struggling to get my head around and there is nothing in the guidance as far as I can see is what happens when the business has only been started in the latest tax year, can you still carry back losses to other income or is it only in the years the business has been trading?
I had been using the HMRC help sheet HS227 as my initial guidance.
Thanks all
Clara
Thanks for your help, much appreciated.
Clara