I don't find this easy at all. I thought it qualified but wasn't sure in what way - hence revenue or capital (R&D CAs) question.
The prototype had to be constructed to ensure that the new features within fitted together as envisaged (sufficient space etc.). The exterior itself is also a new design. Given this, are you of the opinion that it may not qualify please?
If, for the purposes of "inflating" a very small second income of a household for the purpose of a mortgage, the taxpayer refused to claim the £1,000 trading allowance (genuinely, there are no allowable expenses to claim), is that fraudulent/deceptive/wrong?
Omitting the claim might make a difference to the tax liability as would take income above the PA.
I don't know if mortgage lenders and brokers are sophisticated enough to look through a trading income allowance and see the true higher level of income or whether they accept only the taxable income on the HMRC calculation.
Edit:
I now see this same point was raised earlier but I can't see an answer.
My answers
Thanks wob.
I don't find this easy at all. I thought it qualified but wasn't sure in what way - hence revenue or capital (R&D CAs) question.
The prototype had to be constructed to ensure that the new features within fitted together as envisaged (sufficient space etc.). The exterior itself is also a new design. Given this, are you of the opinion that it may not qualify please?
Gov.uk has now updated! I was too hasty in posting.
I do too actually!
I've joined this thread too late I fear.
If, for the purposes of "inflating" a very small second income of a household for the purpose of a mortgage, the taxpayer refused to claim the £1,000 trading allowance (genuinely, there are no allowable expenses to claim), is that fraudulent/deceptive/wrong?
Omitting the claim might make a difference to the tax liability as would take income above the PA.
I don't know if mortgage lenders and brokers are sophisticated enough to look through a trading income allowance and see the true higher level of income or whether they accept only the taxable income on the HMRC calculation.
Edit:
I now see this same point was raised earlier but I can't see an answer.