Worked for Inland Revenue for 11 years in the 70s and 80s before I saw the light!
Progressed from working for medium sized firms of accountants to starting my own practice in 1996 and havent looked back since, with hubby joining me in partnership 7 years later.
Many years ago, before HMRC could go back 20 years, a new client (an actor) came to me to tell me he had not declared any earnings to HMRC for 12 years, as he didn't have enough money to pay the tax due. He had picked up a particularly good job and wanted to "come clean".
We prepared 12 years accounts and tax returns and I sent them all to HMRC with an explanation. They duly assessed all of the in-date years and kindly declined to bother with the out of date years! Admittedly the unpaid tax was relatively small but I wonder if the same would apply now!
What if the company has ceased trading and the two directors (husband and wife) have split up. The wife took a large sum out of the company a year before she left, which was added to the DLA the previous year. Husband is willing to try and find the funds to replace the money but is out of work now, so what do we do if he can't manage it? S455 tax was paid last year - is there any way of him getting this back?
I too have found it impossible to reconcile liabilities and payments. It would help enormously if HMRC would not split payments that obviously belong to a single period but just leave any under- or overpayments showing against the period they belong to (even if it does mean interest is charged).
When we first had access to HMRCs detailed PAYE records (due to having a small number of clients we were allowed to "join" the new system early) I had real hopes that we would be able to sort out discrepancies going back several years but it is just too difficult to do.
At least with the PAYE system you can actually find payments made - with the CT system it is next to impossible to locate payments unless they have been allocated correctly to the year concerned.
Would you claim for a baker developing a new product, researching how to produce the product on a larger scale and trials for baking and how best to package the end result?
Is this not routine for any new food product? My client has been on a course where they told him he could claim!
Two more of these incorrect tax calculations received this morning! I rang about them and asked how they were going to be picked up if we did not tell them. He said a "fix" is being put in place. Hope it works, as it is a pain to waste time on this.
I thought cash basis was compulsory for residential lettings from 2016/2017 and switched all of my clients over last year. For most of them only the accountancy fee was affected as they had no claim for one year.
My answers
Now seen it below.
Nope, I have been asking and none of mine have had a letter yet! Disgraceful.
So they'll sort it out but only if we waste our time (in January of course!) telling them they have got it wrong. Great!
Many years ago, before HMRC could go back 20 years, a new client (an actor) came to me to tell me he had not declared any earnings to HMRC for 12 years, as he didn't have enough money to pay the tax due. He had picked up a particularly good job and wanted to "come clean".
We prepared 12 years accounts and tax returns and I sent them all to HMRC with an explanation. They duly assessed all of the in-date years and kindly declined to bother with the out of date years! Admittedly the unpaid tax was relatively small but I wonder if the same would apply now!
What if the company has ceased trading and the two directors (husband and wife) have split up. The wife took a large sum out of the company a year before she left, which was added to the DLA the previous year. Husband is willing to try and find the funds to replace the money but is out of work now, so what do we do if he can't manage it? S455 tax was paid last year - is there any way of him getting this back?
I too have found it impossible to reconcile liabilities and payments. It would help enormously if HMRC would not split payments that obviously belong to a single period but just leave any under- or overpayments showing against the period they belong to (even if it does mean interest is charged).
When we first had access to HMRCs detailed PAYE records (due to having a small number of clients we were allowed to "join" the new system early) I had real hopes that we would be able to sort out discrepancies going back several years but it is just too difficult to do.
At least with the PAYE system you can actually find payments made - with the CT system it is next to impossible to locate payments unless they have been allocated correctly to the year concerned.
Would you claim for a baker developing a new product, researching how to produce the product on a larger scale and trials for baking and how best to package the end result?
Is this not routine for any new food product? My client has been on a course where they told him he could claim!
Two more of these incorrect tax calculations received this morning! I rang about them and asked how they were going to be picked up if we did not tell them. He said a "fix" is being put in place. Hope it works, as it is a pain to waste time on this.
I thought cash basis was compulsory for residential lettings from 2016/2017 and switched all of my clients over last year. For most of them only the accountancy fee was affected as they had no claim for one year.
I have found this HMRC guide very helpful in the past.
https://www.gov.uk/guidance/catering-takeaway-food-and-vat-notice-7091#P.... Your situation is covered in it.