Nothing in this profile is actualy true. Or is it? Who knows, who cares.
@ FG, I think you are coming at this from the nomination angle, rather than deemed residence?
You can use a nomination of "main" where you have two or more properties that are a residence, but you cant make a house that isn't your home your main residence using a nomination alone, although the test is only "residence" and not "main residence" so its a much weaker test and there might be some mileage in arguing it was "a" residence, if not likely to be a winner.
HRMC seem to be quite happy to allow the "city crash pad" with a flash nomination for a few months when the owner has much larger country house where the family live.
I am sure you have seen it, but the manuals deal with this here:
how to compute ROI of spamming
1. Income received
2. Time spent spamming
Your answer will invariably be: "nil"
One assumes your "friend" will be along in just a moment ot promote an appropriate product.
I act for one of my closest personal friends.
But on a strict client basis, and we don't talk work when its play time and vice versa.
This is however the exception, I normally run a mile for acting for friends and family.
I was on a training with KPMG and sitting the 2nd year exams at Xmas.
I was chuffed we had finally got rid of the "portable" macs with an integrated screen I had been lugging about in a large carry case, and got a "hand-me-down" laptop the size of a small brief case.
Our clients are usually a bit busy working on their business rather than speculating on what might or might not happen.
I will have told them in exactly a weeks time what did happen which is all they need to know.
I hope the florists goes well, but by trying to DIY on this all you are going to do is spend twice the money that you would at the year end, when you accountant has to unpick it all.
Its like a client coming in with a load of flowers they picked out of the garden and asking you to make up something. Its 3 times the work than using the ones in your shop.
This is a forum for accountants to help (and be rude) to each other, not for the general public.
Turnover test is something different.
This is VAT, suspend all thoughts of fairness and logic and consistency, its one test at a time.
Its every quarter, unless I think you do annual accounting then (from memory you need to look it up, I think you can get away with an annual comp)
Hence we have no client on it any more, apart from a couple taking advantage of the 1% bonus.
The earliest you can come out is the start of the current quarter, so if you don't find out until you do the return, its too late to change for the Q in question, and you cant opt back in for another 12 months either.
The rules effectively shut the scheme to anyone who is marginal.
Evil tax dodgers that we are using a scheme we have been given to simplify VAT.
Either that or "a kitten"