Ah, I remember in the "good ole days (1980s, does that count)" submitting 10 years of accounts and tax returns. He'd never told them that he was a self employed taxi driver. I only had the 4 most recent sets of records (his ex-wife had destroyed the previous 6 years) and used the RPI to work backwards to create the initial 6 years. Actually (you might say surprisingly (-:) there was very little tax to pay. HMIT were delighted to receive them.
I worked out that my mum, an OAP, owed HMRC £9.99; hardly enough to justify a tax return! So I wrote to them and asked them that question. I even said that my mum could just to send them a cheque and that she was quite happy to throw in the odd penny and round it up to a tenner. They replied suprisingly to say that she didn't owe them anything............ So strange to say the point was never put to the test.
Hang on here, aren't we letting the tax tale wag the business dog here?
Surely the main issue here is if the business goes belly up? Wouldn't the protection of a limited company be essential if here there are a lot of capital/loans involved?
ICAEW will be gone or too expensive in 30 years Whenver I look around a training session run by CCH for effectively small ICAEW firms, I'm always struck by the paucity of two things: non-white faces and people under 45. The former may be a feature of racism or a feature of society when ICAEW last recruited a lot of people in the smaller firms. The latter certainly is. Coupled with the well known antipathy of a number of the larger firms to training too many chartered students as they are more expensive, and you have a recipe for a disastrous
Just like a society that fails to keep it's birth rate up: without a regular inflow of young people to work and provide income, life gets increasingly expensive for those of us left.
Hywel Williams University of Glamorgan Business School
You may have seen a version of this comment in Accountancy magazine - they only printed half of it!
Experience of 10 years creativity Over 25 years ago, before the days of money laundering (or the legislation at least), a taxidriver came into our office confessing that he hadn't paid tax for 10 years. He had the records for the last 5 years but fuirther explained that his ex-wife had destroyed his records for the first 5 years.
So I extrapolated backwards , using the RPI and suprisingly as there was no tax to pay, there were no penalties or interest! Ah the good ole days.............
Comment on answers Thanks for you who took the time to reply properly.
For the level of your humour AB, anybody would think you were an MP! I can spell my name, it was altered in editing!
Also, I am not confusing residence and domicile. That's why I separated out the questions.
The tax treatment of non-UK Domiciled people is the basis of the case the Al Fayeds fought with the Revenue.
The question of residence arises post the case, and relates to his stated intentions, as of course when you are not resident, then you are not taxable on your overseas income whether you remit it to the UK or not. This would then put him beyond the Revenue's clutches apart from his UK income.
The point I was trying to make with the two residence cases was that Al Fayed is still trying to run Harrods and Fulham FC. and has many homes here in the UK. Presumably then he would be pushing the 90 day limit to the wire. Now if days of leaving and ariving are counted and in view of his substantial interests his apparent non-residence is regarded as a sham then HMRC might be tempted to challenge it.
Death is an option, surely? The comment from Steve O'Neill about the company going to the Crown is surely unecessarily alarmist!
The shares wouidn't go to the next of kin but into the hands of the estate surely, and they surely would have all the power of the shareholders to appoint directors.
None needed I went to a seminar recently and was told that under the new 2006 Companies Act only certain companies now need to have a Company Secretary. These as I far as I remember were listed companies.
So hard as it seems to be on the Chatertered Instute of Company Secretaries you may not need one anyway.
My answers
Ah, I remember in the "good ole days (1980s, does that count)" submitting 10 years of accounts and tax returns. He'd never told them that he was a self employed taxi driver. I only had the 4 most recent sets of records (his ex-wife had destroyed the previous 6 years) and used the RPI to work backwards to create the initial 6 years. Actually (you might say surprisingly (-:) there was very little tax to pay. HMIT were delighted to receive them.
Mr
I worked out that my mum, an OAP, owed HMRC £9.99; hardly enough to justify a tax return! So I wrote to them and asked them that question. I even said that my mum could just to send them a cheque and that she was quite happy to throw in the odd penny and round it up to a tenner. They replied suprisingly to say that she didn't owe them anything............ So strange to say the point was never put to the test.
Hywel
Mr
Hang on here, aren't we letting the tax tale wag the business dog here?
Surely the main issue here is if the business goes belly up? Wouldn't the protection of a limited company be essential if here there are a lot of capital/loans involved?
cheers
Hywel
ICAEW will be gone or too expensive in 30 years
Whenver I look around a training session run by CCH for effectively small ICAEW firms, I'm always struck by the paucity of two things: non-white faces and people under 45. The former may be a feature of racism or a feature of society when ICAEW last recruited a lot of people in the smaller firms. The latter certainly is. Coupled with the well known antipathy of a number of the larger firms to training too many chartered students as they are more expensive, and you have a recipe for a disastrous
Just like a society that fails to keep it's birth rate up: without a regular inflow of young people to work and provide income, life gets increasingly expensive for those of us left.
Hywel Williams
University of Glamorgan Business School
You may have seen a version of this comment in Accountancy magazine - they only printed half of it!
Experience of 10 years creativity
Over 25 years ago, before the days of money laundering (or the legislation at least), a taxidriver came into our office confessing that he hadn't paid tax for 10 years. He had the records for the last 5 years but fuirther explained that his ex-wife had destroyed his records for the first 5 years.
So I extrapolated backwards , using the RPI and suprisingly as there was no tax to pay, there were no penalties or interest! Ah the good ole days.............
Comment on answers
Thanks for you who took the time to reply properly.
For the level of your humour AB, anybody would think you were an MP!
I can spell my name, it was altered in editing!
Also, I am not confusing residence and domicile. That's why I separated out the questions.
The tax treatment of non-UK Domiciled people is the basis of the case the Al Fayeds fought with the Revenue.
The question of residence arises post the case, and relates to his stated intentions, as of course when you are not resident, then you are not taxable on your overseas income whether you remit it to the UK or not. This would then put him beyond the Revenue's clutches apart from his UK income.
The point I was trying to make with the two residence cases was that Al Fayed is still trying to run Harrods and Fulham FC. and has many homes here in the UK. Presumably then he would be pushing the 90 day limit to the wire. Now if days of leaving and ariving are counted and in view of his substantial interests his apparent non-residence is regarded as a sham then HMRC might be tempted to challenge it.
Death is an option, surely?
The comment from Steve O'Neill about the company going to the Crown is surely unecessarily alarmist!
The shares wouidn't go to the next of kin but into the hands of the estate surely, and they surely would have all the power of the shareholders to appoint directors.
None needed
I went to a seminar recently and was told that under the new 2006 Companies Act only certain companies now need to have a Company Secretary. These as I far as I remember were listed companies.
So hard as it seems to be on the Chatertered Instute of Company Secretaries you may not need one anyway.