I feel like Bob isn't entirely outside of blame here, surely he must have noticed that his bill went from the usual £££'s to nil and it couldn't just be a result of the 'magical' new software...
Yes, we also had one recently, client received a registration confirmation but neither she nor any of us registered her - she only has a small amount of S/E income so VAT not required anyway.
We asked her to ring the VAT helpline to find out what's going on.
Can't think what this scam is trying to accomplish!
Not a dividend is it. S455 tax is going to be due in the majority of these cases.
We have tons of clients that have used their BBLS in this way despite warnings but they needed the money to live given the lack of support for certain SME's.
HMRC should have announced a 3 year holiday on S455 tax on loans less than £50k. I have a feeling that would have exempted 90% of these situations and been quite fair, under the circumstances.
One of mine has shown a 400% increase in grants. £12,000+ of this they spent on a candle art installation which looked like it should cost a fraction of that, but you can't put a price on art eh?
For the most part, I'm not even convinced subbies or anyone in the building trade should have claimed given that was one of the sectors seemingly unaffected by the first lockdown to a large extent.
Then again, initially the wording was vague enough that they probably can justify it - whether morally right to or not. We've had a few honest types that didn't but on the whole they have claimed which is disappointing to say the least and puts agents in an awkward position.
You must have got lucky, the lady I just spoke to flatly refused to give the information "this call is being recorded, I'm not going to lose my job over it" AS IF.
Completely bonkers given that if I had a P60 I would have the information, more so that I know lots of "private" information from his P45, and don't even want to know the actual NI amount just the threshold figure.
However, it still isn't clear as far as we are concerned. It does specify a "change of tax rate" and that hasn't happened, the "tax rate" is the same, 20%, it is just the way in which the flat rate 'rate' is applied to that, that has changed. We (well my boss & our VAT advisers) think it's still vague enough to be interpreted either way.
I personally would take it to mean invoice date, not least because that would be fairer, but it's certainly arguable either way though! Particularly as that section was not changed as a result of the update to the notice following the low-cost trader rules, which suggests it is referring to an actual change in the main rate of VAT in the future...
My answers
I feel like Bob isn't entirely outside of blame here, surely he must have noticed that his bill went from the usual £££'s to nil and it couldn't just be a result of the 'magical' new software...
Yes, we also had one recently, client received a registration confirmation but neither she nor any of us registered her - she only has a small amount of S/E income so VAT not required anyway.
We asked her to ring the VAT helpline to find out what's going on.
Can't think what this scam is trying to accomplish!
Doesn't a late p11d trigger a £100 fine per employee per month that it is late?
I would avoid that by charging interest.
Not a dividend is it. S455 tax is going to be due in the majority of these cases.
We have tons of clients that have used their BBLS in this way despite warnings but they needed the money to live given the lack of support for certain SME's.
HMRC should have announced a 3 year holiday on S455 tax on loans less than £50k. I have a feeling that would have exempted 90% of these situations and been quite fair, under the circumstances.
One of mine has shown a 400% increase in grants. £12,000+ of this they spent on a candle art installation which looked like it should cost a fraction of that, but you can't put a price on art eh?
For the most part, I'm not even convinced subbies or anyone in the building trade should have claimed given that was one of the sectors seemingly unaffected by the first lockdown to a large extent.
Then again, initially the wording was vague enough that they probably can justify it - whether morally right to or not. We've had a few honest types that didn't but on the whole they have claimed which is disappointing to say the least and puts agents in an awkward position.
They can claim the extra 5p though AFAIK.
I hope that's your only option considering all the fines that will be levied!
You must have got lucky, the lady I just spoke to flatly refused to give the information "this call is being recorded, I'm not going to lose my job over it" AS IF.
Completely bonkers given that if I had a P60 I would have the information, more so that I know lots of "private" information from his P45, and don't even want to know the actual NI amount just the threshold figure.
Ridiculous.
I'll be honest, we hadn't noticed that section!
However, it still isn't clear as far as we are concerned. It does specify a "change of tax rate" and that hasn't happened, the "tax rate" is the same, 20%, it is just the way in which the flat rate 'rate' is applied to that, that has changed. We (well my boss & our VAT advisers) think it's still vague enough to be interpreted either way.
I personally would take it to mean invoice date, not least because that would be fairer, but it's certainly arguable either way though! Particularly as that section was not changed as a result of the update to the notice following the low-cost trader rules, which suggests it is referring to an actual change in the main rate of VAT in the future...
A curious one indeed!