The tax return needs to be filed within 3 month of date of issue. So in fact you will have until early April to file the return without a £100 late filing penalty if it is issued now. HMRC could charge a late notification penalty (don't think I have ever seen one of these) but what they will do is charge late payment penalties if tax s unpaid by 28 Feb.
I have just received this email today:
I would like to arrange a time to meet a tax advisor to discuss my Personal Tax. It would be preferable to meet this week (w/e 25/01/2019) if possible to ensure my Self Assessment can be completed and submitted by the deadline on 31/01/2019.
Would you please contact me via email to advise on availability?
Just wondering where to start with my reply...................
We use Verify too - seems to do what we need!
Have been too busy to keep up with A Web this week...
vt is great
then I use BTC for tax.
You may be able to claim a personal capital loss if the loan is irrecoverable. See
You will only be able to set this against future capital gains however.
Based on the info provided
She is not self-employed based on the info you have given. She is an officer/employee (and shareholder??) of the company. The fact that she does not take a salary does not matter. Even when she does start taking a salary, she will not be self-employed. Her salary will need to be processed through PAYE (unless below certain thresholds) in the same way that it would if she was employed by anyone else.
But I agree with the above - speak to an accountant to ensure it is all dealt with properly.
wholly and exclusively?
I'm not convinced it passes the wholly and exclusively test, although happy to hear other people's views.
A client at the practice where I used to work was a mean arrogant xxx. He did employ a few staff (all of whom were desperate to leave as he was so unpleasant), but one thing that used to really make me laugh when I was round there, was listening to him on the phone. The phone would ring - if he answered it, he could not possibly admit to the caller that he had lowered himself to answer a mere telephone - "can I speak to xxx" to which he would reply "ah, you need our finance director who is not here at the moment and then hang up - even though he was the only boss there and all the rest were very lowly (he would allow anyone any authority).
I am not suggesting that you are in any way, shape or form in his league or would take this approach, but I thought it was ridiculous at the time. I think it is much better to be open and honest about your setup and actually, many clients prefer it - no chance of being passed on to the junior.
speak to the bank
I suggest he speaks to the bank to see what they will do. He can't apply for an informal dissolution of the company if it has any outstanding liabilities - which it currently does, so he should see what they would charge to break the contract.